With shows like Shark Tank being a huge success, everyone today seems to believe that they have these great ideas that could make millions. While in most cases this is just hot air, there are those times when someone actually has a viable idea that could solve problems for millions. But in too many cases, ideas end up dead in the water because of classic mistakes inventors make. While mistakes will usually be made during the creation process, some could end up ruining projects entirely. Here are some of the most common mistakes inventors make and how to avoid them.
Going too Big Too Soon
This is often an issue in the electronics hardware space. Too many people end up creating devices that are too out of this world when they could have made something much simpler instead.
Another example of this mistake is trying to do too much themselves. Why create a device from scratch when you could be using ready-made components instead? For instance, sites like Gumstick.com sell a Raspberry Pi board that is Amazon voice ready. If you want to create a device that has voice activation and smart capabilities or add it to an existing device, a board like this could save you a lot of time and money on development. Try to find shortcuts wherever you can and don’t try to do everything in-house, especially when you have a small team and limited resources.
This is one of the most classic mistakes made by inventors. Too many seem to believe that this is a get rich quick business, when in reality, very few inventors make it big with their first product, if ever at all. In most cases. This will be an opportunity to get familiar with launching a product, finding out what went wrong with the production and development, and making adjustments. It could take you two, three, or more products for you to really get familiarized with the process and get your first big break.
Overspending on a Patent
For some reason, some people believe that sinking thousands of dollars into a patent is an absolute obligation, but that could be a huge mistake. A patent can cost you in the tens of thousands, and this isn’t an investment that makes sense in all cases.
Do you know that only 3% of all patents ever see the light of day? That’s why you first have to make sure that the product is financially viable. Meaning that you can produce, distribute, and sell it at a price that will allow you to actually make a profit. And you also have to know if people will actually want it.
Not only that, but there are thousands of products on the market that have no patents at all. This is something that you can get away with if you’re not infringing on anyone else’s intellectual property. While a patent will still offer you some protection, it is grossly exaggerated, so we suggest you speak with an intellectual property lawyer first and find out if that would be absolutely necessary for your business.
All these mistakes happen too often and could be easily avoided. Make sure you do all the research necessary before you start spending a single penny.