People with a passion for learning and making new discoveries often dream of being able to create something that has an impact on the world in a meaningful way. I created this invention help review as a warning for those that may not understand the real journey we all must take as inventors.
Inventing things has been a passion of mine since a very young age. I started by taking my toys apart to learn how they worked. From there, I assembled crude devices like flashlights, robots, and other contraptions. I would get lost in my own world for hours, sometimes even for days.
As I got older, I began to look around and see possibilities for new inventions everywhere I looked. I don’t know if this ability came naturally or was just a skill that developed over time. The true driving force behind my motivations was more as a way to earn a living than anything else. The desire to make a difference came much later once I had achieved my goal of inventing products that people wanted to use and buy.
My invention help review: they are lying
The desire to achieve notoriety or change the world in some way leaves us vulnerable to the smooth-talking, empty promising coming from invention help companies that we see on TV, hear on the radio or get bombarded with ads on the internet.
In this post, I will try to give you an honest review by explaining all aspects of what it really takes to bring an invention idea to life. In my opinion, the only real way to succeed is by doing most if the work yourself. If you pay one of these invention mentors or help companies, you will be throwing your money down the drain.
Invention ideas have no real value
Unfortunately for us, rarely do ideas have any financial value. That’s not to say that you can’t make money from your sudden inspirations. You just have to understand that the idea itself simply won’t be enough. We must learn to take a concept and go beyond our imagination to bring it to life in some way.
It is understandable for one to think that they lack the skill needed to build a prototype or the physical product. In reality, with today’s advanced technologies most of us have everything we need right in front of us. All it takes these days to launch a product is a click of a mouse.
While these innovations give all of us the opportunity to succeed as inventors, they also present a danger due to the readily available bad information we find while searching the internet. There are dozens, if not hundreds of companies out there preying on your dreams while trying to convince you that there are many companies out there willing to pay you for your ideas.
If I had a dollar for every one of my invention ideas
It’s true, even as a professional inventor, I have had thousands of ideas over the years. Most of them were just mental exercises in trying to come up with new ways of doing things. Even now, I spend my days dreaming up my next million-dollar idea. Most of the time, these ”big things” just stay in the same place they started inside my head.
As a seasoned inventor, I have learned how to take ideas and nurture them in a way that not only keeps my interest but also ensures that my better ideas are more likely to see the light of day. When an idea of mine makes it far enough for me to start building a prototype that usually means it has the potential to earn me a few hundred thousand dollars or hopefully, a few million. The only way I will find out is once I make it available for sale. Getting to that point takes a huge investment in time but also a little bit of money.
There are no good ideas or bad ones
If you want my honest invention help review, then you need to realize that none of us know which ideas will succeed and which will fail. If you are ever told by any invention help company that you have a great idea, it is important to understand their motivation for telling you what they have no way of knowing.
The sole purpose of those invent help companies is not to teach you how to invent right. Their mentor programs, training, and everything else they do exist for the sole purpose of making money for themselves and not you as the inventor.
Once you are able to step back and think about your invention idea in a more realistic way, you should start to see where the real opportunity lies. I have mentioned this many times but making money with your invention should be your primary focus. In most cases, this will mean that you will need to build a fully functional, almost ready for the market prototype. By building the prototype you will gain more knowledge So you can make better decisions regarding your next steps.
We are not talking about some cheaply made proof of concept here. If you are serious about your invention, you will be the one turning it into a reality. This means that you will need to need to learn how to harness the power of technology to help you during this process.
The internet is full of companies and individuals with the ability to help you design and build your inventions. This includes everything from designing in 3D CAD software, creating a one-off functional prototype to manufacturing your entire product line. But the truth is that you can do most of the work on your own with very little investment other than time.
Most businesses are not waiting for your inventions
My review of the invention licensing marketplace is not very favorable when it comes to this misguided idea that there are companies just waiting to pay you for your thoughts or ideas.
Most businesses have their own plans and projects they are working on. That’s not to say that if you have a truly unique and marketable invention idea you won’t be able to find someone willing to pay you a few percentage points for sales of the product. You just need to be realistic and understand that the company licensing your idea will be taking all the risks so there won’t be much in terms of royalties left over for you.
The license royalties aren’t big
This is where those invent help companies are really misleading you. There are a few companies out there paying for ideas but in most cases are not making deals favorable to the inventor. If you are one of the rare people that gets a licensing deal, your product becomes one of the hundreds, if not thousands of products that the company is already selling. To them, products are just disposable commodities that move off their shelves. Once that product’s sales lifecycle ends, they simply move on to the next.
In most cases, you can expect to get a few years out of a product’s life. Personally, I have had products that have lasted anywhere from two to twelve years depending on the industry and rate of technology development that made a product I invented obsolete over time.
Licensing deals pay 2%-3% of sales
If you do some simple research on Google, you can easily find the truth about the average percentage that these kinds of invention licensing deals pay. Before you get excited keep in mind that the money you will earn for your idea may not be a percentage of the gross retail sales. It will more likely be a percentage of the wholesale cost for the product which could be half of the retail price. Your deal will be with the manufacturer and they usually sell in bulk through distributors.
The amount of money you earn will depend on many factors.
- Size of marketplace
- Retail price for the product
- Cost to manufacture
- How your percentage is calculated (gross or net)
- Product lifecycle
We talk about the marketplace for a product throughout this website. Some markets have people willing to spend hundreds or thousands of dollars while others only spend a few dollars. Products for the photography market can go for hundreds of dollars whereas a tool in a hardware store will likely only go for a few dollars. The types of products you invent can significantly impact your potential for revenue.
Design and manufacturer costs will also impact your percentage and potential for income. The more it costs for a company to develop your product, the less that will remain for your licensing deal. You must keep in mind that if there is a large investment needed to turn your idea into reality it also means there is a huge risk involved for the company.
Accounting is the part that many new inventors will ignore until after their first check arrives and it turns out to be only a few dollars. A percentage of gross sales is a much larger figure than one calculated after all the expenses are taken into consideration for the sale of an item. Make sure you know what kind of deal you are making before you enter any agreement.
If your product is one of hundreds or thousands being sold by a company, that means that the time and money that goes into marketing each product will be spread thin. Make sure you pick a company that will do their best to move your product off the shelves so you have a better chance of making money from your invention idea licensing deal.
You can expect to get at least a few years out of a licensing deal once the product hits the shelves. You need to be realistic and understand that the first few years will likely be your best.
It’s only a few grand over the lifetime.
Every deal I have seen so far has only been for a few thousand dollars over their lifetime. Now that isn’t bad money for just an idea but you must keep in mind that these inventors were preyed on by dishonest invention help companies promising them life-changing deals where they could sit back and watch the money roll in. They made these promises while charging thousands or even tens of thousands of dollars in fees to these new inventors.
These people likely paid thousands of dollars for an invention mentor program, invent help review, design services and other information that could have found for free on the internet. That doesn’t leave them with much chance for a profit in my opinion. Had they done the work themselves, built a prototype and then simply sold the product online to customers, they probably would have made a real living. Instead, these first-time inventors are stuck with debt and broken dreams.
It’s your dream so you should control it.
If you have a good idea, why not just make it yourself? There are literally thousands if not millions of people around the world already doing this now. Technology and the internet have made it easy for anyone to take an idea, build a prototype, manufacture it and then sell it around the world. It’s just a matter of knowing how to do it and believing in yourself.
Once you control the destiny of your own ideas, the opportunity for earning real money becomes limitless. Knowing how to find the right ideas and marketplace to sell those products is the first step. make sure you check out the Twelve Steps Of Invention before you go and waste your time thinking about licensing your ideas.
This review was just an overview of the knowledge I have gained by talking to many inventors on my Youtube show. It’s up to you to decide if this information was useful to you. The more knowledge you uncover about inventing, the better prepared you will be to make the right decisions.