While it may sound like something out of a Disney film or a sci-fi epic, inventors do exist in real life.
They aren’t the eccentric or mad scientist types that you see in animated movies or read about in fables. Instead, inventors are often well-qualified individuals who have the business acumen that spots a problem and try to solve it with a new product.
This then goes through stages from prototype all the way up until bringing a product to market. There are many incredible inventors throughout histories such as Edison and Graham Bell, but they haven’t always made a fortune.
Nowadays, inventors can become millionaires if they have an idea that is revolutionary, marketed well and priced right. Read on to discover how you could make it with your invention.
The Idea
If you have an idea that can solve a problem or issue, then you need to act upon it. Forget about keeping it in your head and seeing someone else run with a similar idea and making millions as a result.
Start by creating a prototype. You don’t always need lots of funds for this and can do this as a side hustle. Go to some people you trust, such as family and friends and get their opinion on your product.
If they like your product, think about applying for a patent to protect your idea. This means you will own the idea and the integrity and core of your product cannot be copied.
The patent costs money to apply for and get granted, but it is vital to ensure that your product is protected. Don’t ever take your product to market without a patent.
Roll Out
If you have a complex product that has many components, you will need to solidify a productive and high quality supply chain.
Consider using a contract electronics manufacturing services provider to assemble your circuit boards and configure your electronic components to order. Going with reputable firms are crucial to ensure the integrity and quality of your standards. Quality control is an important facet of your invention so don’t cut corners.
The cheapest supplier or producer will not always be the most economical if your items breaks or falls apart. Spend a little more and achieve a superior product to take to market.
Sales
Inventors can be the brightest minds when it comes to creating new products but they often lack the sales expertise to achieve profits and make money. This is where an angel investor can come in handy.
Your idea will need an injection of money to fulfill orders and ship out your products. A business angel can be perfect for your concept.
They will take a look at your business plan, you will pitch them your idea, and they will invest their own money if they feel like your concept is profitable. They will also come armed with a book of contacts and their expertise to help your product succeed when launched.
Inventors often keep things small scale and make relatively modest incomes. However, by following this guide and being ambitious, you can make a success of your invention dreams.
Are you an inventor?
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