Hundreds of thousands of people around the world get fabulous invention ideas, but only a handful of them succeed in turning those ideas into reality. The main difference between the people who succeed in following their dreams and the ones that are left behind in consistency.
Coming up with an idea is the easy part. Turning that idea around and convincing people to invest in it and the market to purchase it is the hardest part. Before an idea becomes an invention, it has to go through several steps and stages. Some of these steps are lengthy and complicated. Some invention ideas never make it to the market simply because the inventor didn’t follow the ‘right’ channels or lost interest along the way.
Many ideas have been taken from their original inventor due to lack of knowledge of proper protection of the innovations. To protect your innovation from potential copyright, you need to patent your innovation. A patent prevents any other party from making an exact copy of your device for a given period. Just like any other process, patenting is complex and requires licensed and highly qualified people to take you through the procedure.
Another equally important but complicated stage is the funding stage. Unless you have sufficient funds to grow your idea, you need people to fund your invention. When approaching an investor, you need to consider the following:
Financial capability of the investor: Will they manage to fund you all the way and how much are they willing to ‘risk’ with you?
Market Connection: Going for an investor with deep pockets is a good idea, but going for an investor with deep pockets and a market connection is the best idea. This investor will not only give you funds, but he/she will use their influence to the market to get your product in the market in a short period.
Percentage of equity they are demanding: An investor will only fund your business if they in return are given a certain percentage of your company. Some investors make a mistake of giving away a huge percentage of their business to someone else, and by the time they realize their mistake, it’s already too late.
The points mentioned above are just a tip of the iceberg. There are so many corporate and legal things that go into turning your invention into a successful business. That’s why inventors are always encouraged to seek help from people with enough experience in dealing with such matters. These people will guide you and make sure you don’t make mistakes that will have harmful effects on your business.
A great place to start for any innovator is InventHelp. The company is dedicated to helping people turn their invention ideas into reality. It has served thousands of people around the world, and by doing so, it has changed the lives of many. Next time you plan on pursuing your invention idea, make sure to pay InventHelp a visit to understand what they can do for you https://www.facebook.com/inventhelp/.