Successful Inventing from A to Z: V – Value Proposition – Is this Product Worth Developing?

In the previous post – U – Understanding and Planning Importing Logistics – I described 5 key importing timeframes or milestones. Once you know and understand these timeframes for your product, you can effectively plan logistics to import your product.

As I have done at several points in this A to Z series, it is good to take a step back and re-evaluate your current circumstances and reconsider your next steps. Notice I use the terms “re-evaluate” and “reconsider” as I assume you have already evaluated and considered the subject and judged that the product indeed is worth developing.

But, why might you now choose to change your mind?

Bear with me for a brief analogy that illustrates the process. You are a skilled sailor and fisherman about to set sail with your group of mates sailing into the Atlantic Ocean to spend 3 or 4 hours fishing. Though the skies are sunny, there is a bit of a chop to the seas and some dark clouds in the distance. You reason that if stormy weather begins to move in you will simply return to shore sooner than expected, so your fishing expedition is still a go. Just as you are about to set sail, you receive new information that the dark clouds and choppy seas are the leading edge of a hurricane that is gathering speed and strength and moving towards landfall nearby. Are you still going fishing? Maybe not.

Inventing is a lot like the above analogy. Early on in the process, you may choose to move forward based upon the relevant facts as you know them. But, as you get further into the process, new facts will develop which may cause you to reconsider your initial decision. With rare exceptions, you will be your own banker for all expenses of your venture; you are risking your own money. Reconsidering and then choosing not to proceed might be one of the best decisions you could make.

In reconsidering whether your product is worth developing, below are some circumstances where your answer could be “no”:

• Manufacturing your product will require unique molds that will be very costly
• Your patent attorney feels you can get a patent, but it will likely be very narrow in scope
• A very large competitor with a less robust product controls most of the market

Below are circumstances where your answer may be “yes” to develop your product:

• You can manufacture fairly small quantities initially and later scale up as needed
• Your patent attorney feels you may obtain a strong patent
• You are aware of key retailers who would benefit from the product

In the next post, we’ll discuss: W – Website – Do I Need a Website?

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About ideaworth

Ideaworth is a blog on a variety of invention topics to help inventors to avoid pitfalls and to find resources to help them in their quests for success. Alan Beckley's first invention, the Wonder Wallet is a DRTV hit, selling on television, HSN and available in Walmart and other major retailers.
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One Response to Successful Inventing from A to Z: V – Value Proposition – Is this Product Worth Developing?

  1. Pingback: Successful Inventing from A to Z: W – Website – Do I Need a Website? | ideaworth

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