If no one has told you, I will. It’s important to be careful when getting into the game of coming up with ideas. If you’re getting into this business because you want to make a million dollars, please, stop right there. If you’re getting into this business because you love products, you can’t stop coming up with new ideas, and you’re creative, I’d encourage you to pursue your dreams. You can make a career out of bringing your ideas to the marketplace. I’ve turned my napkin sketches into products on the store shelf through licensing. But be aware: if you’re just chasing the money, you might be luckier buying a lotto ticket. And here’s why.
The inventing industry is a numbers game, like anything else. You’ve got to play numerous times in order to be successful. If you have the attitude that you’re a professional with a lot of ideas, you’re going to build relationships along the way. This business demands that you contact company after company to sell your ideas to. They’re going to tell you “NO” way more than half the time! But if you’re serious, you’ll come back to them with other ideas later. If you’re in it for the long haul, you’ll understand that building long-term business relationships is critical.
If you’re in the game for a long time, you’ll realize that you have to find tools that allow you to get your ideas in front of companies without it costing you an arm and a leg. You simply cannot file for a patent every time you invent a new idea. I assure you that.
If you’re not motivated by your passion for ideas, the process itself may drown you. It demands commitment. I do believe that it’s possible to make a lot of money from ideas. And furthermore, I believe that making a living and enjoying yourself, maybe having your products on TV, having the freedom to choose where you work and when – these are all of value as well. These factors add up.
Please, I hope you’re doing this because you love it.
Stephen Key is a successful award-winning inventor who has licensed
over 20 products in the past 30 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 listen to the weekly radio
show on inventing. Get In The News, list your invention to have media
outlets find you for news stories.