Possessing the level of creativity, willpower and drive it takes to invent a new product, something the world has never seen before, is truly one of the great marvels of the human mind. In a burst of creativity, or sometime as the result of a long strategic struggle, an inventor seemingly conjures an idea from thin air and makes it real before our very eyes.
But even though there’s a burst of brilliance in every successful inventor, that doesn’t mean that they don’t make mistakes, either in the development or launch or evolution of their invention. Here are some common mistakes that inventors make that could ultimately doom their inventions.
No one person is an island, and seldom is an idea perfect when only one person has worked on it. Inventors can be so passionate about their creations that it’s hard for them to take constructive criticism about what they’ve made.
Without vital feedback from people trying help or improve a product, it’s possible some unforeseen flaw could rise to the surface and stifle a new invention before it’s had a chance to get out into the marketplace.
Teamwork is the best option in many cases, and product development is most definitely one of those instances.
Stopping with the prototype
There are inventors who spend years working on the initial version of their inventions, tweaking and polishing and making adjustments to their prototype before there’s even been a pitch or a whiff of interest from investors.
Remember, what you’re presenting or working on will almost never be the final version of the creation. Have some confidence in the idea, and some faith in the process of refining it after you’ve gotten some interest from those in a position to fund it.
Stopping with the patent
It’s a big step getting a new invention patented, for sure, but it’s not the last step by a long shot. The patent process can be a long and complicated one, and it’s a mistake to wait until every step of the process is complete before seeking out financial backing or support.
A head start on seeking out buyers for a product can go a long way to making a successful launch once your product is ready to hit the market.
Relying too much on others for financial backing
You don’t just need investors for your invention. You need some sort of nest egg for yourself during the process of pitching, developing and manufacturing your product.
That’s not to say your one-of-a-kind idea won’t make you wealthy, but it seldom happens overnight.
Put as much money away as possible before you get too deep into starting up your product. Remember, very few inventions turn a profit right away, and it’s vital that you have something to live on while you’re getting started.
Focusing on one single product idea and nothing else
Yes, it takes a special amount of devotion to a new idea to get it off the ground. But that doesn’t mean that that one idea is the only one you should be working on.
You’ve come up with a great idea for a new product, so who’s to say you can’t do it again. What if your sure-fire idea isn’t as can’t-miss as you thought it was? What if you hit a snag during development or manufacturing that you hadn’t foreseen?
An idea that seems perfectly workable and practical when it’s in the theoretical stage might not be that simple once it’s become a real-life product, so it’s important to have some backup ideas or inventions at the ready in case the worst happens.
No one’s saying that’s easy, but very little about inventing is.
Pivot International can help with every stage of your invention’s evolution. Between our extensive experience with product design, development, engineering, manufacturing, regulatory compliance, supply chain management and data security, we’re a one-stop shop for those with an exciting new product idea. Read about some of the products in our portfolio here.