In most cases, coming up with the invention can be the easiest step. Making the invention a commercial reality can be like climbing Mount Everest in the worst possible conditions with no climbing experience. The journey from start to finish can be fraught with disaster and a large number of people fail before they get anywhere near the summit. Commercialisation of an invention has to be planned carefully, just as any other investment opportunity. However, getting started can be the beginning of the end. There are some certain things that inventors should be aware of when getting started to maximise chances of success and minimise the risks:

1. Keep the idea confidential. Always use a confidentiality agreement (also known as a confidentiality non-disclosure agreement or CDA) when discussing the idea with anyone so you have some legal recourse in the event that the idea is plagiarised. Also, do not publicly disclose your idea as you may negate your chances of obtaining some valid form of intellectual property. Once an idea is in the public domain, it is no longer patentable.

2. Do your homework. Is your idea original? Are you certain that somebody has not or is not already selling a product that is the same or similar? If it is or has been, how is your idea better? Does your idea have a competitive advantage? Is there really a need for your idea? Who will buy it and why? Can it be retailed at a price that the end user will consider as acceptable? You will need to understand the answers to these questions if your idea is to be successful.

3. What is the IP status? Has somebody else already protected the idea by way of intellectual property (IP)? Will you be infringing on somebody else’s IP if you manufactured and marketed the product? What options are available to you in gaining IP protection for your idea? Is your idea patentable? Preliminary IP searches will help you answer these questions and avoid costly problems that may arise in the future.

Why Inventors Fail

Success Essentials

They are obsessed with protecting the idea rather than developing the idea. They think that the key to everything is a good patent when there are many other variables that must be considered and addressed in the commercialisation of new products and ideas. They are too secretive. They focus so much on the possibility of someone stealing their idea, that it prevents them from showing the idea to people that can help and the idea gets nowhere. They publicly disclose the idea too early, before proper IP protection is obtained. Their own idea then becomes prior art and they are unable to gain protection for their IP. They don’t research the market properly, or they interpret their findings too optimistically and they only get feedback from friends and relatives, who will only tell the inventor what they want to hear as they don’t want to offend. They don’t carry out proper patent and product searches and then spend lots of time and money developing an idea that is not original.

Seek the right advise early on before you spend time and money developing an idea that is clearly flawed from the outset. Talk to people who have relevant experience and are able to give you realistic and unbiased advise about your idea. Ensure that when you do speak to people about your idea, that they sign a CDA.Do proper patent and product searches as early as practical. Do proper patent and product searches as early as practical. Don’t think of your idea as an invention…. Think of it as a business opportunity and plan out your strategy carefully. Know your own limitations and seek out help in areas outside your own experience and expertise.

Remember, having a limited budget should be a comforting thought as throwing large amounts of money at a project will not ensure success. It may only ensure a more expensive failure. Having a commercially viable idea can be tremendously rewarding, both emotionally and financially. The NIC has known and worked with many successful innovators Australia-wide and is dedicated to advising and assisting inventors and innovating companies in the commercialisation of new products and ideas. For more information, please contact us.