We come across many inventors who have been referred to us to move their invention or innovation closer to market. Here are the top 3 mistakes that hold them back from commercialisation and market success:
There’s no such thing as perfect. Making a small change, tweak or update to your invention or prototype is extremely unlikely to drive new interest. While making an improvement is gratifying and a great personal or team achievement, it’s highly unlikely that anyone outside your team understands or appreciates the improvement, especially if they aren’t yet excited by your core product even without the bells and whistles. In circumstances like these, it is important to use the S-curve to identify if your effort should be focused on other activities to gain traction.
Assuming the things that Matter
The inventor who chases perfection usually does so based on their own assumptions and understanding of what people want. However, the mistake isn’t that they’ve relied on assumptions as part of the development, but in their assumptions in communicating the benefits of the invention to customers, investors and licensees. Communication of what you are trying to achieve through a clear vision, and openness to feedback are critical for commercialisation.
Stop waiting by the phone and refreshing your inbox
You’ve developed your product, talked to some friends, relatives and colleagues and applied for a patent. You’re hoping that someone will find you after hearing about your product through the grapevine, or someone scouring the patent register will come across your invention and make contact with you. Does this sound familiar?
The only way to get a reaction is by taking action. Hustle, hustle, hustle. In order to get interest you need to actively communicate with others and create awareness – others just don’t have the time to find your needle in the haystack unless you rustle the hay.
Inventing and innovating requires boldness, not just in terms of what you develop but the lengths you need to go to convince others that what you have is better and worth considering.
Innovateur helps large organisations source new innovations, technologies and solutions from the Asia-Pacific Region. We provide advice and assistance with open innovation programs, licensing, and IP strategy, while also assisting inventors, startups and SMEs with the commercialisation of their IP.