Most beginner inventors get spun into the “Get Rich Quick” furor which is mistake One. Mistake Two is that beginner inventors are unaware of the risk, effort, money and resources required to bring new inventions to market and make a profit. Then because they are spun into the furor and unaware of the risk, effort, money and resources needed, the beginner inventor believes that there is a simple and easy answer to bring a new product to market and this is number Three. Number Four is the typical human trait fault of “Hearing what we want to Hear”. These Four “Mistakes” of beginner inventors is a recipe for disaster.
Mistake One: The “Get Rich Quick” furor
There are news stories, magazine articles, books, web sites and businesses that propagate the “Get Rich Quick” furor and yet the US Patent Office statistics states that 97% to 98% of all patents issued for new products never make it to market. Although it is not clear how many of the 2% to 3% new patented products brought to market are generated from established manufacturing companies introducing new products, it can be assumed that it is the majority. The multi-billion manufacturing sector of the economy risks many millions of dollars on research and development and employs countless business professionals, marketing professionals, industrial designers and engineers to guarantee new products will be brought to the market place. Therefore it can also be assumed that independent beginner inventors likely makes up a very small percentage of the 2% to 3% of patented new products that make it to market. To believe the “Get Rich Quick” furor is the biggest mistake that beginner inventors can make. If it can be believed that there is a “Get Rich Quick” solution to bring new ideas and products to market, it could also be believed the multi-billion manufacturing sector of the economy would employ that solution. But they employ many professionals that work hundreds hours and spend many hundreds of thousands of dollars per each new product launched, not a “Get Rich Quick” solution.
Mistake Two: Unaware of the risk, effort, money and resources required
Yes, the multi-billion manufacturing sector of the economy employs many professionals that work hundreds hours and spend many hundreds of thousands of dollars per each new product launched. These staffs also utilize expensive resources like their prior company product data of similar products, their existing customers and distribution networks, their test laboratories, their prototype facilities and their existing manufacturing facilities to effectively bring their new products to market. The average new product that is brought to market takes 1 ½ to 3 years to develop and launch. When the general public makes a trip to any store, they are unaware of the grand effort and expense that is behind placing those products on the shelves. Similarly, because beginner inventors emanate from the general public and not the manufacturing sector, they are unaware of the risk, effort, money and resources required to bring a product to market.
Mistake Three: Believes that there is a simple and easy answer
Because the beginner inventor believes the “Get Rich Quick” furor and is unaware of the risk, effort, money and resources required to bring a product to market, the beginner inventors also believes that there is a simple and easy answer to this end. However, again the multi-billion manufacturing sector of the economy would employ those simple and easy answers. But they know all too well of the risk, effort, money and resources required to bring a product to market. Even as part of their grand effort that they employ, they are also endlessly trying to simplify and make easier these costly processes because of the need to maximize profits. It is expense and hard work to bring new products to market and there are no simple and easy answers. Someone has to take the risk for the new product, execute the work and pay for all resources and this is neither simple nor easy.
Mistake Four: “Hearing what we want to Hear”
Beginner inventors are especially vulnerable to the typical human trait fault of “Hearing what we want to Hear”. This vulnerability is driven by the belief in the “Get Rich Quick” furor and as the beginner inventors slowly becomes aware of the risk, effort, money and resources required and learns that there maybe are no simple and easy answers, they fall victim of “Hearing what we want to Hear”. It is only when the beginner inventor fully accepts that there is no “Get Rich Quick” solution and it requires a grand amount of risk, effort, money, and there is no simple and easy answers, will the beginner inventor stop being vulnerable to “Hearing what we want to Hear”.
These four mistakes made by beginner inventors are a recipe for disaster. These four mistakes can cause for the beginner inventors to loose money (big money) and never get their patented new product manufactured or placed into the market place. Beginner inventors should not fall prey to the to the typical human trait fault of “Hearing what we want to Hear”. Beginner inventors should understand that there no simple and easy answers to bring a new product to market. Beginner inventors should understand that the multi-billion manufacturing sector of the economy employs many professionals that work hundreds hours and spend many hundreds of thousands of dollars per each new product launched. Most important of all, beginner inventors should not believe the Get Rich Quick” furor. So, what should beginner inventors do, at the very least they should not make these four mistakes.
(c) Copyright 2005, M. R. Benson. All rights reserved.
About the Author
Benson ( benson@AceMfgServices.com ) has 24 yrs experience in R&D, Product Design and Manufacturing and is senior engineer of ACE Inventors Services ( http://www.aceinventorsservices.com ). Benson has (7) U.S., (1) European and (3) German patents. Benson holds a BS in Mechanical Engr. (University of Texas at El Paso) and has held the title of Senior Engineer in Fortune 500 corporate positions