5 Overlooked Keys to Inventing Success: R – Resources, Find and Develop Them

The previous blog – B – Balancing Risk versus Opportunity – pointed to mitigating the high risk associated with inventing by choosing and pursuing opportunities carefully.

Regarding resources for inventors, there are a variety of recognized resources, including: patent searching via USPTO.GOV or Google/patents (I prefer the former), inventors groups both locally and nationally, Alibaba.com (for manufacturing leads etc.) and quite a few good books on inventing. Check one of my previous posts for a variety of useful resources.

Key resources are often overlooked or unrecognized. Why? They are hidden within challenges, problems and efforts that don’t succeed as planned.

Years ago, I took my patented thin wallets – Savvy Caddy – to a large manufacturer hoping to obtain a licensing agreement and ongoing royalty payments. I met with the CEO and his team and after strong initial interest – they had said they were interested in seriously considering the item – they passed on licensing it. I was mortified.

But, there was hidden value within the meetings. The CEO suggested that I take my product to QVC (which I later did, successfully) and I chose to keep his contact information and to follow up periodically. He turned out to be a great information resource for me recommending, among other things a good Chinese manufacturer for my product and a variety of marketing strategies. Had I ignored his QVC suggestion and not chosen to follow up with him, I would have overlooked a key resource for my business. A positive result evolved from a very negative event – this happens all the time in the inventing world.

As you meet with people, always look for a hidden gem of opportunity for your business. Ask yourself before the meeting: what, specifically, do they know that could be valuable information for my business? I once had a short meeting with a retail buyer for men’s products at JC Penney even though I was almost certain he would not choose to buy my product. I just wanted answers to two key questions: did my product look like one his company would buy under the right circumstances (answer was yes) and was my proposed wholesale price within their range (answer – no it was too high). By meeting with a buyer who wouldn’t actually buy, I obtained very valuable information.

The executive summary: look for valuable information and resources everywhere; never leave any meeting without securing useful information for your business.

The next key to inventing success is I – Invent Things that are Simple and Low Cost

B – Balance Risk versus Opportunity
R – Resources, Find and Develop Them
I – Invent Things that are Simple and Low Cost
C –
K –

Stay tuned!

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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.
This entry was posted in Invention, Keys to Success, Patent resources, Product success, Strategy and tagged , . Bookmark the permalink.

2 Responses to 5 Overlooked Keys to Inventing Success: R – Resources, Find and Develop Them

  1. Good Ideas! I will usually ask any contact made for someone else that I should speak with to help me. I like your collumn. Tom Baugh

  2. Pingback: 5 Overlooked Keys to Inventing Success: I – Invent Things that are simple and Low Cost | ideaworth

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