In his latest blog, IP expert and accountingcpd.net author, Rob Lucas shares his top ten tips on developing inventions.
By Rob Lucas
- Be invitational, not confrontational. Many inventors turn their back on sound advice because they are over-precious about their idea and think they know best.
- At every stage of your invention’s progression, seek the skills of relevant experts.
- No matter to whom you disclose your idea, make sure you have a confidentiality agreement in place first. Failure to do so could result in the idea being copied or see the project collapse completely.
- If your invention seems to be worthy of a patent filing, do not file at the beginning as your invention will change as it develops; file at the prototype stage.
- Be prepared to invest your money; many inventors want everything done for nothing, ultimately leading to failure.
- Do not go on a fool’s errand; many inventors still pursue their idea even when experts in their field say it is not worth doing so, resulting in wasted money and time.
- If seeking an investor, be prepared to give a reasonable amount of the reward away. Remember 60% for example of a successful invention is better than 100% of bugger all!
- Do your marketing homework; is there a market for it? This is one of the greatest failings of any inventor. They believe everyone will want it, but with no substance to back it up.
- When having come up with your inventive idea, don’t rush to believe that you have the finished article from the outset, take your time over weeks or months. It is surprising how you will evolve the idea for the better before developing it.
- The best ideas that are developed come from those with a passion for such, so enjoy developing your idea. It is so easy to get stressed in doing so.
Rob's new online CPD course, Intellectual Property and New Ideas is now available from accountingcpd.net.
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