Inventors Only

By Chris McKay

I’ve heard three good reasons why ideas don’t make it to market.

1. You never tell anyone. It can’t go anywhere if it stays in your head. Sketch it out, make a prototype, get a non-disclosure agreement and start showing it to people. Keep track of everyone you show it to and write down any comments.

2. You are unrealistic about what you want for it. People look at a product that can be made for $2 and retail for $10 and ask why do I only get 25¢. It’s a reasonable question but once you look at the margins (see margins) and the costs involved 25¢ might not seem so bad. Be reasonable and don’t expect too much.

3. You expect everyone else to do all the work. It’s your baby and no one else is closer to it than you. Do your homework and figure out how much it will cost to make, where will it go, how much will people pay for it, why they will buy it, who is the competition, how do you extend it. Never stop asking these questions. The more you know the better your chance of success.