Top Ten Ingredients for Successful Inventing – by Lawrence J.Udell

October 20th, 2015

Have an invention idea that you are looking to develop? Study these tips from experienced inventor and intellectual property expert Lawrence J. Udell for a successful inventing experience:

  1. Believe in what you are creating, but never be blinded by the potential for success, always remain realistic
  2.  Solicit the advice of others that you trust, to assist in the design, the research, marketing, financing, etc.
  3.  Conduct extensive market research by using data bases and the reference sections of major libraries
  4.  Don’t invest a dollar until you have explored the potential and the realistic opportunity
  5.  Never fall in love with your creation, since if it could be successful, then you may have to release it to other for commercialization
  6.  Consider the competitive advantages of your invention and how it will positively or negatively affect the existing product
  7.  Evaluate whether it is logical and feasible to go into business to make and sell it, or license it to an existing company
  8.  Never do your own negotiating in a licensing-royalty arrangement, always hire someone with experience to represent you
  9.  Always remember, if you can create one invention that has success, then you can probably think of many more
  10. In everything you do, never let greed be your judgement factor, it will always destroy the greatest of opportunities

larry-udell4-300About Lawrence Udell – Executive Director of:

  • California Invention Center – founded with a Federal Grant in 1995
  • Center for New Venture Alliance – founded in 1990 as part of California State University
  • Intellectual Property International, Ltd. – founded in 1998 with 50 colleagues worldwide
  • Founder of Licensing Executive Society (LES) Silicon Valley Chapter in 2000 and serves as Chairman Emeritus

Next step: What’s your idea worth? Find out with our “Invention Calculator