I read an article the other day about unfortunate inventors who managed to kill themselves with their inventions. I think it’s safe to say that most of those inventions never made it mainstream….
But the article did reinforce a stereotype….inventor’s are crazy, “mad scientist” types. “Inventors” clearly need a new image. A “Brand Makeover” if you will.
In order for this to happen…..we have to learn to help ourselves.
And that means Stopping Inventing Stuff For Yourself. Stop it. Now.
If you want to be taken seriously as an inventor, if you want to sell your inventions (products) to other people, if you want to build a business and retire happy, healthy and wealthy…you have to avoid The Self Operating Napkin Syndrome.
Simply defined, this Syndrome is:
“The compulsion to invent complicated contraptions that only no one wants. Except you. And maybe your Mum (and she’s only being polite)”
There is nothing wrong with creating weird and wonderful contraptions as a hobby and I have personally been impressed by the ingenuity and craftsmanship of many inventions, but I would never buy them, and my guess is very few people would either.
If your dream is to create a product that you can build a profitable business around then you need to follow these 5 rules. No exceptions.
- The product has to solve a common problem.
More than one person needs to have this problem. And when your product solves this problem, it needs to be an improvement to people’s lives – not create another problem. I saw an episode of Dragon’s Den where a poor applicant had invented a cardboard “thingy” that attached to a take-out cup of tea, and stopped the string on your teabag from dropping in the water.
“But I never have that problem” said one Dragon, ‘The plastic lid stops my teabag string from falling in”.
” I don’t drink tea” said another Dragon.
And then there was a rather unpleasant comment from the “Mean Dragon”, that I won’t repeat here.
Unfortunately, this applicant couldn’t convince the Dragons that there was a problem that needed solving. So therefore there was no market to sell to.
- It has to be easy to understand and therefore easy to sell
Did you have to think for a second before you got an image of the cardboard ‘thingy”? I had to think a bit before I could describe it. And obviously it didn’t have a memorable name, otherwise I would have used it, rather than “Thingy”.
If people can’t remember it, and they can’t understand it, they won’t buy it.
So your invention should be SIMPLE (not like the Self -Operating Napkin) and it needs to have a memorable name that describes what it does like….er… “Self Operating Napkin” (OK, it does tick this box)
- You have to build your product for your CUSTOMER!
This means that your customer must be top of mind from the moment you start designing until the product is on the shelves. Colour, size, weight of the product is important, as well as packaging, branding and marketing.
So you should get acquainted with your Ideal Customer as soon as possible!
- You have to make money from your Product.
Otherwise you don’t have a business, you just have an expensive hobby. Back to Mad Scientist status. Knowing your numbers is essential. How much will it cost to build your product? how much can you sell it for? Preferably the latter should be higher than the former!
You have to develop an entrepreneurial mindset, and keeping an eye on the Profit is a big part of that.
- You have to be able to build a business
One product does not a business build. In order for you to build a sustainable business to keep you in the manner to which you would like to be accustomed, requires further innovation, business strategy, a team, a vision for the future. You may need to acquire new skills, or work with people who already have them, you will need to think like a business person. All that, and you will still want to practice your passion – inventing!
It’s not the path for everyone. I can tell you from personal experience, that it is not always easy. It can be risky. But it is so worth it in the long run.
Or….you could go back to inventing Self Operating Napkins!
If you have some amazing ideas, but unsure if they will make great products and profitable businesses…..download our Ten Point Checklist – Is Your Product a Hit or Miss?
