Inventors make a ton of money when the invention is needed and when the process is done properly. There are different types of inventions.
Some inventions are more practical, making the everyday lives of individuals easier (pens for example), some inventions are simply for entertainment purposes (television), and some inventions are multi-purpose (educational devices that are also entertaining). In addition, some inventions are simply answers to medical problems, as in prosthetic devices while others are simply “improvements” made to existing inventions. As you can see, inventing something successfully can be done in many styles and through many creative pathways.
Overall, though, inventions either succeed or fail, depending upon the need or desire for the product by consumers. Let’s face it, if something is not needed or desired, no one will buy it, no matter how clever it is! Even Thomas Alva Edison (he invented the light bulb), failed thousands of times before inventing many successful products, as did the famous British inventor, Sir Clive Sinclair. One of Sir Clive’s “famous failures” included an X-Bike that was a cross between a pair of scissors and a bike. Thomas Edison’s biggest failure overall was a mining operation invention which would separate iron from more low-grade ores, and Mr. Edison spent his fortune and lost it eventually, trying for a successful “invention method”.
Inventors, though, are seldom deterred, and continuing to try and invent eventually leads to extreme success, as in the cases of both Thomas Edison and Sir Clive. Successful inventing entails a certain number of steps or processes that will routinely lead to successful inventions:
The realistic assessment of the invention’s potential. Let’s face it, if it isn’t “needed or wanted”, it won’t sell. If a patent is needed. In some cases, believe it or not, it is not.
The legal protection of ideas. Not allowing ideas to be stolen or copied. The development of a marketable product. Besides being needed or wanted, a product should be affordable enough to build that prices will appeal to a consumer.
The methods of developing prototypes and engineering to bring an invention to fruition. This needs to be done properly for successful marketing.
Licensing issues. Some inventions require research into existing licenses and also the obtaining of licenses. Proposing to companies and approaching companies for promotion of the final product. The correct methods of approaching interested businesses and investors.
Royalties and advance payment options. Without knowledge of these issues, investors may very well lose money in the long run. Checking existing patents, trademarks and copyrights. No sense inventing something already protected by another.
