An article written April 6th in the Wall Street Journal confirms what I’ve been stressing to inventors over the last months: now is not the time to sit the game out and watch from the sidelines. The article was titled “R&D Spending Holds Steady in Slump” and the opening line began, “Major US companies are cutting jobs and wages. But many are still spending on innovation…”
I’ve read a lot of comments from inventors that state they’re just going to “wait it out.” You’re right: in a lot of ways, the economy isn’t doing well. But as the article went on to describe, the largest US companies aren’t cutting funds devoted to research and developed. History has taught them (and us) that they must be ready to seize the day when the economy does begin to swing back. They’ve got to be prepared to introduce innovative new products – and they can best take advantage of the opportunity if they’re positioned correctly.
A lot of great innovations have been created during periods of economic slump. For example, Apple released the “Ipod” after the .com bubble burst in the early 2000s. Apple made a killing in the music category because their product was the only one like it in existence.
Take comfort in the facts the article displays, if you can’t take confidence in solely me! Now is not the time to sit on the sidelines, to withhold your idea until a better time arises. Start creating if you haven’t, and if you have – don’t be too scared to get off the couch and into the marketplace.
Stephen Key is a successful award-winning inventor who has licensed
over 20 products in the past 25 years. Along with business partner
Andrew Krauss, Stephen runs inventRight, a company dedicated to educating inventors about selling their ideas and the skills needed to succeed. You can ask questions and get advice on the inventRight forum, check out the resource center, and listen to the weekly radio show on inventing. Get In The News, list your invention to have media outlets find you for news stories.