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Invention Business Ain’t No Kids’ Play

Written by Bryan Daigle

Quite a few, new inventors think that inventing a product and setting the market on fire is child’s play, as long as you have the right idea. Of course, it doesn’t take long for them to find out that it isn’t always quite so easy. In fact, almost 98% of the patents issued every year are not commercialized. One of the reasons for this is the steep price that many inventors ask from the licensees. Here you will find some common problems that inventors create for themselves, and you may find solutions if you’ve already landed yourself in a mess of your own making.

Problem 1: One problem that is created by inventors arises from their love for their inventions, which makes them feel that their inventions are priceless. They become reluctant to part with their inventions and therefore quote outlandish prices for licensing their products.
Solution to the problem: Do not be so possessive about your invention. You must realize that you are not the only person to have come up with a unique invention. There are many others who have invented things that have changed the world. Sell off your invention at a reasonable price. It rarely happens that a first invention is a major success, but with a sale, you can be on the road to success.

Problem 2: The second problem that inventors often bring on themselves is delaying their second invention by not selling off the first one.
Solution to the problem: The faster you sell your first invention, the quicker you will understand the patent and license processes. This will help you negotiate a more lucrative arrangement for your second and subsequent patents.

Problem 3: Many inventors think that invention is like a lottery, and that you should be selling your product at a huge price.
Solution to the problem: This is a wrong notion. Inventing and inventions are a serious business. The more you invent, the more are chances you have of being successful. Only serious business people should you venture into this field. Sell quickly at the right price, and get on with your business.

All in all, keep a level head and strive for success.