An additional test that may be performed to assess your product’s marketability is to approach a buyer. However, this must be done in a very specific way.
“If you express your idea to a buyer in very general terms, and make clear that no, you’re not ready to sell and aren’t even completely sure you have a product, they will be much more likely to shed some perspective. Don’t get too specific, for fear that they might take your idea to a pet supplier.”
Getting feedback from a buyer is also an excellent way to secure credibility and validity with potential manufacturers. The more evidence you amass that people want to buy your product, the better chances you have of convincing others to license that product, or help you produce it on your own.
Which begets the question: to license or to manufacture?
Jack doesn’t support one over the other, but believes the question is better answered in terms of skill set.
“A spectrum exists between entrepreneurs and inventors. Entrepreneurs are essentially businessman and businesswoman. They may have two or three great ideas in their lifetime, or even only one. The inventor is more of a radical character, a dreamer. He or she is constantly coming up with new ideas – before they’ve finished working on one, another two have popped up. And somewhere in the middle is the entrepreneurial inventor, who has a better chance of getting his idea to market.”
It’s important to assess where you fall. If you need help, ask your friends and family to analyze your best qualities and strengths. An inventor is more likely to achieve success if he licenses an idea, rather than trying to undergo creating an entire business. At the very least, an inventor should pursue a partnership.
Jack and I agreed that we often hear people with ideas complain that they “just don’t have the money” to begin undergoing inventing. Jack doesn’t hold back.
“You’ve got to get serious. Start saving some money, now. Create a two-year, three-year, five-year plan, and recognize that you may have to make some changes in your spending. Ask yourself: is it worth it? And if the answer is yes, then you can make it work. If you skimp on making prototypes or other funding issues, your chances of succeeding are lowered.”
Jack provides a great service to individuals with ideas. After a questionnaire is filled out, Jack forms a plan to commercialize the inventor’s product, including development, protection, marketing, and even finance. The client can approach Jack with questions regarding the plan and their product forever – six months, two years, twenty. Use this resource!
Check out Jack Lander at http://inventor-mentor.com
Click here to listen to the interview.