| "To have a great idea, you need a lot of them."
--Thomas Edison
At our Roadshows, we generally see two types of inventors: Those who come with a basic idea and maybe a "napkin" sketch. And those who walk in with a prototype that's been road-tested, revised, and revised again.
While it seems that the inventor who puts more into the prototype has the edge, there are hazards to this approach. We see too many inventors spending hundreds of hours refining and polishing essentially mediocre ideas.
The most successful inventors are more selective. They keep a notebook of many ideas that they carefully winnow down. Based on feedback, reflection, and homework, they decide which ideas look most workable, marketable, and profitable.
Take the example of Edison, who knew the value of vetting and volume. Or John Osher, creator of the Spinbrush and one of the savviest inventors around. Osher will tell you that the best invention decisions he makes are on the ideas he doesn't pursue. He actually spends months picking through dozens of possible ideas. Only after considerable analysis will he then dedicate himself to pursuing an invention.
So how do you winnow your inventions? To gain the distance you need (we all tend to fall in love with our own ideas), set up a checklist to realistically rank how promising the invention seems. Here's the list we use at Big Idea:
Key Questions to Ask When Evaluating Inventions
- What is new and different about the innovation?
- What other things like this are out there? Why is this better?
- How big is the market? How many people have this problem?
- How much would it cost to make this product? And what will the market pay?
- How defensible is it? Is there good Intellectual Property?
- How is this innovation strategic to client's business?
- How easy is it to communicate the innovation?
- Where does this innovation go--is it extendable?
- Where would someone expect to purchase this product?
- What will be tricky or difficult in developing this product?
Though this list isn't complete, it's a start in posing some key questions that you should address before digging into development. It's better to face a reality check up front before investing your time, money, and emotional capital in an idea that the marketplace will ultimately veto.
Think innovation. Think BIG.
Mike Collins |
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Big Idea Group was created by Michael Collins. Mr. Collins is an inventor and serial entrepreneur. Mr. Collins has an undergraduate degree in engineering from Dartmouth and an MBA from Harvard Business School. He founded Kid Galaxy, a specialty toy company and producer of the award-winning Bendos line. Mr. Collins is a frequent speaker on the business of innovation, appearing at industry conventions, university forums, and inventor groups. He can be contacted at