I’m very excited because “Twist N Chill”, a children’s beverage line that features Disney characters, is about to drop in stores soon. The beverages will use my Spinformation technology to display images of these characters, such as Hannah Montana.
For those of you that are familiar with Spinformation, you understand that this is a triumph. When the technology was first developed, each label cost ten cents. It now costs less than a penny to produce a Spinformation label. When it was decided that the technology would no longer be produced because it was too expensive, I was crushed. Donny Deutsch interviewed me on his show about that very subject: how do you go from success, to failure, to success again?
Understand that ideas have a life cycle. They go up. The go down. You have to ride out the roller coaster. If you truly have a great idea, stay close to it. You may be able to breathe new life into that idea later. You may be able to redesign it. Technology changes. The price point was always Spinformation’s biggest roadblock – and now, ten years later, that roadblock ceases to exist! I never gave up hope, even when I was frustrated.
There are always highs and lows as an inventor. If you want to survive them, keep your happy “highs” and your “depressed” lows in check – never feel too much emotion for any one event, because it could all change. Timing is huge. With this second round of Spinformation, I’m a different inventor. I’ve matured. I know so much more.
Stick with it. When your product runs out of steam, ask, “What went wrong? What went right?” And then launch it again.
I’m planning on licensing the Spinformation technology to a number of other companies. Yes, the economy sucks. The timing still isn’t perfect. But it never is. I’m just taking the ups and downs as they come.
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.