The good, the bad and how to handle success and failure
By Jack Lander
Other than abundant creativity, perhaps the most common trait we inventors share is failure. Failure?
Jack Lander
This magazine is supposed to be about success. It is, but failure is also the reality of inventing. To experience a flop with our first (or early) inventions is often a vital part of how we learn to succeed.
We typically experience failure not because our inventions lack merit, but because of problems of marketability – not knowing how to approach the market, finding that we are too early or too late getting to the market, or even finding that our invention has already been produced and sold. But armed with even the best advice, it seems that most of us have to endure being blindsided before we get it.
Should we attempt to solve this problem before we invent, or should we let human nature takes its usual course? I suppose that’s a matter for each of us to answer for ourselves.
If you’ve had a flop with your first invention, you are in good company. In fact, many venture capital firms reject proposals from highly qualified persons who haven’t experienced at least one significant failure. Apparently they consider the “school of hard knocks” to be as important as the university.
The other possibility is early success. No doubt that’s the goal of most of us. The danger is that the inventor may believe he or she has some special touch or intuitively knows the secrets of success.
But every invention has its own unique path to its conclusion, whether it is a success or failure. DuPont first produced the ubiquitous nylon, but had to drop the ill-fated Corfam, an artificial leather substitute, after trying for seven years to gain market success. Conversely, Ford experienced a major flop with its Edsel, but went on to create the highly successful and iconic Mustang.
In any event, if you haven’t yet had a success or have not yet ventured with your first invention, I would not aim for failure in order to get it over with. Someone once suggested that we should start with a “throw-away” invention and use it as a learning experience. I don’t agree with that. Why waste money on what could be a successful product? Try for a success from the beginning, but accept the idea that not everything you invent is going to make it to the marketplace and produce a profit.
To increase the odds of early success, follow these simple rules:
1) Even if you’re wealthy, don’t take on a complex invention that requires thousands of dollars to create a demonstrable prototype. Mark Twain, who financed the inventor of a monstrous typesetting machine, lost his fortune and had to exile himself in Europe for years until he paid off his many creditors. Keep it simple. Very simple.
2) Research the market from your desktop. Go first to Google.com/patents, and find what’s out there. This is not a patentability search. It’s intended merely to reveal that the optimum timing for your great idea may have passed. If your invention is completely original with no similar patents you’re a genius, no doubt. But it’s likely that the market isn’t ready and waiting for your invention. If there are hundreds of patents on similar inventions, you may be too late. Even though you have invented novel features, the market may be well satisfied and you won’t gain entry.
3) Try for product pricing between $9.95 and $99.95. Products in this price range are attractive to catalogs, TV and the Internet. The ideal range to interest these markets is $19.95 to $29.95. Products that sell for under $9.95 are difficult to profit from and those priced above $99.95 find consumer resistance. Whether you intend to produce and market or license your invention, its marketability determines its licensability.
So, strive for early success, but if your invention flops don’t lose heart. Even Edison experienced a large share of failures.
Good afternoon Jack, your article was very informative and inspirational I must say, and I will be following some of your wise advice. I currently have an idea for an invention that’s only on paper right now yet I have found no dead on accurate patents for the same invention thus far. However my patent search did find a few simular inventions that do serve a similar purpose but none unique in design and specific usage methods as mine. I’ve just finished reading a book by another inventor by the name of Harvey Reese, and his suggestions are good also. Now before I go any further with this, I know my invention should be evaluated by a qualified professional first to determine if it is indeed marketable. I live in New York City and was wondering (1) if you know of any professionals in my area who might offer this service? and (2) Should I have a prototype developed before even entering the evaluation process?
I have forwarded this to Jack Lander directly. Best of luck!
My first invention was a good idea but flopped because I didn’t believe in myself enough to go beyond the first couple of rejections. We even had a great market test to indicate it would work. But low self esteem and the “out of money syndrome” wore me down as a young inventor. Within 2 years the market had changed and developed solutions that made mine no longer viable.
My second invention did better- I spent more on market testing and packaging, but ran out of money too soon as well.
I began to realize that the best thing I could do was find the market FIRST, then develop products within that market instead of trying to “create” a market”. It is completely contrary to an inventors spirit, but if you want to make a living and have the time and money to do what you love to do, start with that mindset.
It has changed my life and I now run a very fast growing company with new developments and changes that I am bringing to the industry as well as the surrounding and related industries.
For the first time, I have investors wanting to throw money at me, instead of me trying to convince someone to finance my ideas.
Is it hard work? You bet! But every time a customer or potential customer asks me a question about something (whether it is a product we stock, or a product we don’t carry) I look at it as a potential new market. I find a resource or invent a solution and within weeks it is adding to my sales.
That is finding the market first, then creating the solution…
The USPTO is full of both the brilliant and useless offspring of inventors. We love our ideas like our own children, and get offended when others don’t see them as we do. But ultimately, our success is determined by the market place. It does not know us, it does not care about our success, it doesn’t even care if we have hundreds of patents in our name.
It is finicky, cold, and many times impossible to read. Which is why we must, as true inventors, find what the marketplace desires and turn our creative juices toward solving its problems in a practical, affordable manner first, and use the fruits of that to pursue our more esoteric inventions…
That is my opinion
Hello my name is Paul and I live in Dublin Ireland.I recently invented a very simple product which solved a problem I had. I realised the idea had wider applications so I got in touch with a company in the UK which helps inventers on the long road (not for free)I must add.My question is how much information do you have to supply to a company or patent agent to draft a patent my product is very simple and they are asking for line drawings and more info has any one been here before. thanks paul.