Your great idea for a new invention is just that - an idea only. Until you move on it, you take the risk of someone else coming up with the same idea or one that's amazingly similar. It happens to would-be inventors all the time.
To help assure that your invention goes from those scribblings of inspiration on a notepad or napkin to success in the marketplace, you'll need to move quickly and confidently. But most importantly, you'll need to make the right moves, and that begins with enlisting the help of an experienced attorney specializing in invention and patent law. Often, first-time inventors attempt to go it alone, only to hit trouble. And more often than not, that trouble involves one of five common mistakes:
- Failing to search the market for identical inventions: Failing to thoroughly research the market to assure that another inventor hasn't already produced an identical product can cost you dearly - financially and potentially legally if you continue with an invention that's deemed to infringe upon an existing patent holder's.
- Failing to gauge your target buyer's market: Once you've confirmed that your idea truly is unique, the next question you'll need to answer - and truthfully so - is whether people will actually want to buy your invention. A key is to make sure your target market is large enough to warrant mass production of your invention, or that it serves a specialty market that will mean higher, more targeted demand and less competition.
- Slacking on the business side of things: A great idea is only as good as the business plan backing it up. If you lack experience, acumen and thorough knowledge of contract law, do yourself a huge favor. Hire trusted professionals with proven track records. Chief among them - an attorney experienced in business, patent and trademark law.
- Sending your idea and money to an invention promoter: They're late-night infomercial regulars - companies that promise to give you an honest review of your invention and, if it passes muster, help you produce, promote and sell it to the masses. Unfortunately, many of these companies are in the business of convincing you to part with your money rather than helping you.
- Having unrealistic expectations: Make no mistake - coming up with a marketable idea is just the beginning of a long and arduous road. You have lots of manufacturing, marketing, financial, contractual and legal work ahead of you. Understand that few inventors, particularly first-time inventors, make millions on their creations. Keep your expectations realistic, while taking steps to boost your chances of success.
If you're a first-time inventor, working with an experienced invention and patent attorney will help assure that you avoid the most common pitfalls that can derail an inventor's success. Daniel Law Offices can walk you through all the pertinent steps of developing, protecting and promoting your invention. Call 866-37PATENT to schedule a consultation.