November 2007 Summary
Inventors in our group gave us insight this month into the real world of innovation. Having a good idea and making a few items is just the start. You need to be creative, take risks, establish personal contacts, and persevere. A little luck helps too!
What should you invent? Start with what you know best - the field in which you work. Ron Jackson (Jackson Systems), who works in the field of heating & air conditioning, has invented some 35 products (mostly unpatented) in that field. He believes that if you have a good idea, understand marketing, and beat others to the marketplace, you have a good chance of dominating the market. Protecting that advantage with a patent may be a good idea if your invention is unique and you think someone might infringe.
How do you create a place for your invention in the marketplace? Let the public know about your invention. Bob Dunlap (The Cement Solution) brings attention to his Reusable Concrete Mixing Bag in a YouTube video, in holding the Guiness Book World Record of fastest concrete mixer, and by appearing on HGTV coverage of the 2007 National Hardware Show. A video can attract viewers to your website. And website data can surprise you - Bob learned that over 75% of his website customers are women who like the convenience of mixing concrete without creating a mess.
How do you finance early stages of innovation? The first sources of funding are often yourself, friends, and family.
Matt Thie (Ameriflo) and others helped us understand that a prototype of your invention can:
- lead you to optimize your invention before you invest in manufacturing
- help you gain investors - reality is more persuasive than possibility
- help you test the market - does your invention have the "Gee Whiz! factor" in the eyes of consumers?