For the past few evenings I have talked with new inventors seeking advice on developing their inventions into viable retail products. All but one had already started down a road that had cost them large sums of money to achieve almost nothing.
I know what you’re thinking…those darn Invention Companies -but you’re wrong. In each case, the inventor had sought out and received advice from people they thought were knowledgeable about this process -when in fact they were knowledgeable about a single part of this process. This process is long, and often complex. There are many facets to it, and few people are experienced in the entire process. A very common mistake Novice Inventors often make is thinking one discipline has knowledge of the others.
Let’s take the Computer Assisted Design (CAD) person. In CAD drawings you take that vision from the inventors head and interpret it into a computer generated design. The CAD person is going to give you great input into design, but has no experience in packaging, branding, sales, manufacturing, market research, etcetera….. Doesn’t mean they are bad, just that they have experience in that area and not the others.
When looking for advice in this industry. PLEASE look for people who have actually done it. If you are looking to license a product to a manufacturer approach someone who has products already on store shelves using that method (Note: just because someone used a License Agent does not make them an expert on licensing….so ask the question) If you want to try your hand at manufacturing the product yourself. Find someone who has been through all those steps, not just one or two.
If a person has actually gotten products to market they will be able to show them to you and will have no problem telling you the method they used to get there…..ask lots of questions, and get second opinions!
It can save you lots of money in the long run.