You have a great idea, but you don’t know what to do with it? Any experienced inventor will tell you that this is just the beginning and that you need to do so much before your idea becomes a patent. And they will also tell you that it’s a process that isn’t as creative or fun at all as you might think. There will be obstacles and pitfalls at every step.
During that process, many great ideas failed and we were certainly left without many inventions that would have a great and very positive impact on humanity. It will be especially difficult for you if you are a beginner. Especially if this is your first time, you have no chance to do everything right without help. To help you, we have written this article where you can read what are the most common mistakes which are made during this process and also how to avoid them.
Table of Contents
1. To think that an idea is enough
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As we have already said, it is easy to believe that an idea is all you need and that the other steps on this path come of their own accord. This is absolutely not true because then it is only at the beginning. You must first investigate in detail whether your idea is unique and that someone has not already patented the same, so just get yourself in trouble. Then to research the market, potential costs, to make a prototype and everything else that we will write about in the article. So, start making a detailed plan right away that includes everything you need to do.
2. Trying to do everything without money
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If you don’t have the money, you need to immediately start looking for sponsors and other people who are willing to invest in your idea. Before that, first calculate approximately how much money you will need, to know how much to ask for. But to think that this is a cheap process and that you can do it without or with little money is a huge mistake, which will lead the whole venture to ruin. Just filing for a patent will cost you a few thousand dollars, maybe more.
And where are all the other costs you’ll have until you get to that, which is the last step? It is also a mistake to spend too much money. Be realistic and frugal, because if you spend too much money, there is a chance that you will not be able to earn it back if your patent is not successful at all or successful enough. Many went bankrupt because they spent hundreds of thousands of dollars. You have to find a balance.
3. Failing to seek help from experienced
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You absolutely need help from many different people. You need it from your friends and colleagues, especially if the field from which your patent is, is familiar to them. It is very possible that they can give you some very important tips to further improve your invention. Then you need industry insiders who will tell you the real state of affairs. This will affect your decision on how much to invest in the patent, which trade shows to go to and many other things that mainly concern production placement. Also, companies that deal with providing assistance to inventors can be of great help. Visit inventhelp.com to see how one of these companies can help you.
Public use before patentingUsing or talking about your future patent before you apply for patent registration can lead to someone stealing it from you without you being able to do anything about it. In the USA, you must apply for registration within one year of first appearing in public with a patent, otherwise, you lose the right after that and someone else can register it as your patent. In some countries, the deadline is even shorter. That is why it is best not to appear in public at all before applying for a patent. Don’t show it in public, and let as few people as possible know about it, especially the details. You should inform you about details only those in whom you have the greatest trust because it can happen that someone steals it from you and registers it as their own.
4. Intended for too large or too small a market
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You need to know in advance if there is a suitable market for your patent and how competitive it is. Don’t forget that you are limited by money and that you have to watch the competition. Ideally, you should find some middle ground between a large and a small market. If you are trying to enter a large market, it is very likely that you will not be able to deal with large companies unless you have devised something groundbreaking. Big companies will always be able to invest more money than you in marketing, offer lower prices and everything else that will get you out of the game. On the other hand, if you are targeting too little market, the question is whether you have enough potential customers at all or will you invest money in something that needs so few people that it is not worth it.
5. Marketing failures
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You must not neglect the importance of advertising your product. No matter how good it is, it is important that as many people as possible hear about it. So you have to invest a certain amount of money in marketing, even though it doesn’t have to be a large amount at all. Nowadays, it is easier than ever to advertise through social networks, e-mail and all that for free or with very little investment, and great benefits. Use all methods to get as many people as possible to hear about you, including guerrilla marketing, as well as to ask people you know to recommend your product to everyone.
Conclusion:
These are some of the most common mistakes made by inventors. Also, pay attention that the production costs are not too high because then the product will be too expensive. Also, have a financial plan for the transitional period. If you do everything right and you have a good idea, just be patient until your patent pays off.
