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Sep 19 2007, 8:29 am / None
Hi everyone -
I have written about this many times and cannot stress the following points enough:
- You MUST have a complete and comprehensive business plan if you plan on raising money to launch your invention.
- You MUST realize that it is rare for an inventor to simply license their invention or idea. You MUST have a basic infrastructure built which includes having a working product, packaging for the product, pricing for the product, retail market research for the product, and preferably some sales of the product. Licensees are not interested in an idea - they want to distribute your "ready to sell" product and they want YOU to prove to them that your product can be successful. Just telling someone your idea is great and can save the world is just not nearly enough.
- You MUST be willing to invest money into preparing your product for retail sale. Preparing a patent cost money, making working prototypes cost money, creating a business plan cost money, making a website cost money, selling your product to retailers cost money, etc, etc, etc. Nothing happens for free so everyone needs to wake up to this reality that you must spend money to make money. There is no free lunch in this world!
- You MUST realize that success does not happen overnight. There is no fast or easy way to become successful in this business. It took me many years and endless hard work. The old fashion way still applies - work hard, do things correctly, and you have a good chance at succeeding!
Thanks...Jim
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