Get Paid As an Inventor
An inventor is a person who is different from the average person since he looks at the things differently in life. He or she takes the objects, technologies, and other process quickly into the blueprint of creation which is the foremost thing that comes before manifesting the object. In order to become an inventor you have to identify something new which is not available in the market as a product. It might not be that much effective, expensive, designed poorly or inconvenient. Start thinking everything you see as they are waiting for you to discover it. You organize your life first by programming your mind and planning your each and every day. Once you start organizing your days then you have started thinking of invention exploration. Think about the steps to accomplish the task of work by changing the elements of a product.
You are already an inventor so start thinking things differently instead of seeing things with same eyes as others do. Believe in the words “I am an inventor” which are true. Take the steps to place yourself in the opportunity of making things differently before anyone outsmarts you. Take the things in different direction and apply your innovative ideas to discover something new which does not exist at all. While working with your ideas, you may get criticized or get discouraged by someone else. At that time never take those words into account until you think it as a valid point. Since these words will make you to pause your work for some time and allow you to have a look on your idea and you will start thinking in different angle. This will give you opportunity to do corrections if you find any drawbacks.
Better advice to overcome destructive criticism is:
- Questioning others since all professionals won’t think in the same way. They obviously have different thought of mind on different things.
- You should be firm and stand by your own principles and ideas to challenge other people.
- Keep on moving even if your idea is faulty. Make a pause, do corrections, do re-analyzing and move ahead with your task.
If you are ready with your idea and searching for marketing, better you have to deal with more focused and willing to take risks companies than preferring large corporations since bigger companies are more bureaucratic and easily lost focus.
For new inventors, the following steps will help you in stepping forward with your ideas:
- Being focused and documenting – Always write your invention in paper by defining ideas, its purpose, limitations and benefits. Don’t over complicate your idea, take a step back, do re-analyzing and make the things simpler. Documentation will help you to expand your ideas. Always focus on your original ideas and always try to ignore adding the extra superfluous features since it may muddle your vision. Later you can do these things to shape your invention
- Check for uniqueness – Do some legwork, surf internet and hit the libraries to find whether your idea is unique. Before arranging a patent lawyer by allocating large amount of payment, better to do initial research by yourself and save big lawyer fees. If you find your idea already exists, don’t get discouraged but take it in the positive way that someone else has come out with the similar conclusions. Thus you have a competition which is far good and healthy. It will make you more careful and gives extra work to do research on that product to find out how your product can be differentiated from it. Know its limitation and how your competitor is successful with marketing, work on it.
- Safety – Whatever your product is, you should take care of potential hazards associated with it. Work on improving the safety of your product and check for the products operation from going wrong. Recheck the product materials you have been used, list out the safety features of your product and fix your design before marketing it.
- Target audience – Prepare answers by yourself for the questions like what age of people are going to use your product, when and where it should be used and for which gender is it suitable. By correctly answering these types of questions will help you in staying away from abreast of the competition. It will help you in putting finishing touches for your product and you should also target the geographical region for your target with desired characteristics.
- Model of the product – It is very important to produce a working model of your product. This real life model will help you in identifying the limitations, correcting the errors and final enhancement of your design. Its physical touch will help you psychologically and you will feel better with your own mind creation. It will motivate and boost you more. Draw the final version of your product in paper in a 2D or 3D effect so that it will help you in thinking under different angles. Make your initial drawing into highly technical engineering drawing with the help of technical person with drawing skills. Select the materials you are going to use for the construction of your product. Material selection is the most important thing since product cost is completely depended on production cost.
- Cost – Benefit analysis of your product will help you to work out with the cost estimation of your product.
- Marketing – Success of your idea wholly depends on your marketing strategy. When you are going with the marketing company, it has two groups. One group of company is expensive having specific knowledge and link with broad range of industries. They might be frauds so you have to be careful while dealing with them. Another group of company will give you complete freedom and give respect to your ideas and suggestions.
There are three paths available for you to Get Paid As An Inventor:
- Selling – Selling your product out for a large amount of fee will transfer the property to the company and you won’t get any future opportunities. It is the complete transfer of ownership even the royalties is no longer yours.
- Licensing – It will help you to continue the ownership quality of the product and you can earn money by renting or giving a license to more than one party with or without time limit. You can charge for the royalty for each unit sold. It has some financial risks.
- Doing it yourself – You have complete independence with your product since manufacturing, marketing and selling are completely your action. You will be having complete ownership of your product and it will give you most satisfaction and pride.
Difference between an inventor-of-royalties and entrepreneurial inventor:
- In case of inventor-of-royalties, invention will be sold out to a third party company but you will get your royalties and property is no longer yours. You won’t be having any rights to do changes with your projects at anytime. So better have an agreement with the company so that they will allow you to add some inputs to your product.
- In the case of an entrepreneurial inventor, full ownership of the product will be retained. You should be the good businessman in order to challenge the mass-producing of your product. You are supposed to know the ins and outs of the trade and you should have a big amount of money to produce your product in the market.
To avoid the most repeated mistakes by an inventor, do follow the below listed points:
- Do the best to your product and also allow others to give their ideas on your product.
- Don’t completely focus on patents since they will take a long time to issue your products in market. Prefer small company instead of trying with big legal department.
- Don’t have the fear of stealing your invention since it is a waste of time. No one will copy your idea and stand for competition. If they come out with your copied idea to the market, you will be presenting your net model at that time.
- Presenting your product to the industry through the companies will charge you thousands of dollars and their job won’t be that much perfect as your interest. So better you can try to present your product to some good industry with passion.
- Spend some money to make your product perfect with the help of customers’ feedback. Do your own testing before selling your product.
- Invention of the product is just the small part of the overall effort. A further arrangement requires great attention.
- Don’t make your product price as low as possible because your product is so special and you won’t be getting the chance to change the price.
- Large companies won’t steal your ideas always but also it gives best opportunity for you to succeed in life with your product.
- Large retailers will get your product only if it makes them the most money.
- Don’t become complacent and get excited with your own hype but think it like your competitors.
Benefits of being an inventor:
- Your invention will make your personal resume the special one and make it to stand out from the rest of resumes. It will show your inventory, creative and problem solving skills to the interviewer. Most of the employers believe those skills as important skills in this corporate world. It will make your employer to remember you as a unique and exciting person.
- It opens door to launch a business and it will give confidence in you to start up with the business with your promising idea. It will be the great deal of money if your plans go well.
- Get Paid as an Inventor by selling or licensing your product in the business world. Earn healthy income through your ideas.
- It will develop your problem solving skills methodically and systematically. It will enhance your mind by developing innovative thinking power.
- It will give opportunity to meet new people which can result in many ideas by setting brainstorming sessions. It will help you in thinking outside the box and you people will start supporting each other.
- It will give complete freedom to explore your ideas and won’t stop you in reaching your goals. This is entirely free and does not require any financial backup. It provides you rewards and make you feel proud.
Serious advice to escape from stealing is to obtain some form of patent protection before promoting and advertising your idea. Patent is the legal protection given to your idea against unauthorized use. It can be sold out but owner of the patent is not the owner of product. To get patenting for your invention your product is supposed to have the necessary attributes and there should be a definite need for taking up the product in the market. You should also be aware of confidential agreement which is a legal binding between you and the third party member which has only limited use and not suitable for advertising and publishing your product.
Sometimes potential rejections may discourage you after lots of preparation, potential and perseverance but as I mentioned before rejections and competitions are good and healthy. Take those things in a positive way and try to determine your weakness and carefully examine your product. Study full scale version of your competitor’s product, its market and demographic. Prepare a document and analyze where you are lagging with your ideas. Store your analysis in the safer place because when you partner with the companies they will ask you to prepare business plan documentation overnight which is an impossible task to do. So always be prepared with your business plan documentation. Final thing is not to be afraid of anything just be confident and have belief in yourself and your thoughts. Most of the inventors will be in final confusion that whether they have to license their products or not. They have only two options- if they want to hold the ownership of their product then they should act as an entrepreneurial inventor to be proud with their invention. If they want to earn money then go for an inventor-of-royalties option which will pay you huge amount for your ideas.
Hope this article might motivate you and my hearty wishes to you to succeed in your life in becoming an inventor. Get Paid as an Inventor with the help of the above discussed ideas and advices.