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