The Commercialization Process Advisor

Unstick Your Invention Idea

Did you ever get stuck on an idea or concept?  Hit a wall?  Run out of ideas?  Most inventors experience tough challenges and obstacles when working on their inventions.  Some run into these obstacles during the design phase while others run into barriers at the prototype phase.  Still others encounter problems when they are seeking certifications and approvals.  It can happen anywhere in the invention process.

It happens to all creative people whether they are artists, writers or inventors.  All of these people have at least one thing in common - the drive to create something new. 

In order for them to create something new they have to sift through the plethora of thoughts about the problem, challenge or obstacles that they are solving or overcoming.  Don't mistake these seemingly unrelated thoughts for flotsam - use them to move your invention process forward.

A great way to use the invention idea thoughts that you capture is to organize them.  This is usually very unnatural for a creative person.  For the new inventor, "having a method to your madness"  is essential to invention process progress.  You can get there without establishing some type of method or system but it will be a lot harder.

You can capture your thoughts and record them in a matrix.  List your thoughts in a column along the left hand side of your spreadsheet or table and also create the same list along the upper horizontal row.  Add to both as you come up with new thoughts.  Make notes of new thoughts or ideas where the various thoughts intersect.  Most it may be gibberish, but at some point you might find that gem that starts you down a novel train of thought to the answer that you seek.

If you want to jump start your thoughts than use a mind map.  This helps you to capture thoughts on the fly and then organize them later.  It is great for both group and individual brainstorming.  A great free software that does an outstanding mind mapping job is Freemind.  It has enough bells and whistles to get the job done without straining your budget.

Sometimes looking at something a different way is the path to the solution.  Most of us have heard "Think outside the box," at least once over the last few years.  This saying, but for its popular contriteness, actually holds a kernel of a main characteristic for most successful inventors. 

That characteristic is the ability to think different from the norm.  What could be more different than the opposite of your ideas or thoughts?  Take your thoughts and ideas on a potential solution and REVERSE them.  Think about the total opposite.  That should be a good kick in the head.  It will definitely get your mind working and some other ideas to start flowing.

After all of this you may have stumpled upon a workable solution to your specific invention process problem.  If not, there is still one other trick that many of the most sophisticated scientists and technologists use everyday.  Look to nature.

Go for a walk outdoors and look at nature.  Look at the land, water, plants, animals and sky.  See what nature is doing.  Ask yourself, "What would nature do?" 

You may be surprised to learn that many inventions were inspired by nature.  There are so many that it has become a science of its own.  It is called biomimetics.  The key thing that you need to know is that it is a proven technique.

Nature has a way of solving all of its problems - over time - and this thought pattern may lead you to the solution to your invention idea or invention process problem.

Lots to Learn from this Inventor

A unique solution to a common problem.  Pay particular attention to the inventor's comments on building a prototype and making a business case for the invention.  These are two critical steps for the successful new inventor. 

Remember - no market - no value!

Developing Winning Inventor Presentations

We work with lots of inventors and one of the things that we have noticed as a commonality amongst most of them, if not all is the poor presentations that they develop to market their invention.

Invention presentations have to be tailored to the specific audience that the inventor is presenting to.  Your presentation will be different for each of the following audiences:

• strategic partner
• investor
• potential customer

The presentation cannot be the same for each.  It will lead to rejection. 

One of the first things that the individual inventor needs to know is that very few people really care about the technology that drives their invention - no matter how good it may seem.  Inventors are enamored with the results of their labors, and they feel that people will be overly impressed with it as well.  This is just plain wrong.  Most people don't care about the technology - they care about what the technology does.  They want to know how it will improve their lives, their profit margins or their general standing in business or in life.

Don't spend the majority of the presentation talking about the technology.  Spend your time telling them what problem your invention is designed to fix, how it fixes it and why they either want to be a part of the team or need the invention to make their life better.  Of course you have to mention the technology and give an overview, but giving every detail will bore the audience and give them a reason to bail.

If your audience starts asking lots of technology oriented questions, then by all means, answer them.  But don't use that as an excuse to tell them everything that you know, or think that they want to know.  Answer the question and move on.  They will ask more detailed questions if they so desire. 

The focus of the inventor presentation should be on the benefits of the invention to them.  Once they understand the benefits, they can make a decision as to how this compares to other options that they may have.

That's right, other options.  No matter how great you, the inventor, may think that your invention is, the audience always has other options.  Sometimes the other option is to do nothing and maintain the status-quo.  Sometimes there is an alternative technology that suffices.  Know their options so that you can speak about them intelligently. 

If I had a dime for every inventor who told me that there is no competition for their invention than I would retire now.  Everyone has some type of competition.  There are alternatives to everything.  The alternatives may not be as technologically advanced as your solution, but your audience may not care about that.  They may equate new technology with more headaches.

Do your homework, know your audience and present your invention in a way that is tailored to their needs.  Talk problem, solution and benefits; not technology and novelty.  This is a key step in the commercialization phase of the invention process.  This will yield much better results in your invention presentations.

Problem Solving for Inventors

Is the problem a puzzle, obstacle or limitation?

The answer to that question will determine the best path to start solving the problem and overcome the challenge that is staring you in the face.

If it is a puzzle - think creatively.  Look at the problem from totally different perspectives.  Look outside of your immediate area of expertise.  Brainstorm, both alone and in a group.  Collaborate with others who think creatively and be ok with trial and error.  Think of each error as one step closer.

If it is an obstacle - think about what you have to do to follow the path of least resistance.  Should you go through it or around it?  Some obstacles should be tackled head on while others should be side stepped.  You have to decide which is which.  Be open to creative thinking.  Use relationships to help you overcome the things that are blocking you.

Getting money to develop a prototype is an obstacle.  Network until you get there.  If you focus and develop a plan, any obstacle or barrier can be overcome.  You just have to be flexible in your approach.

Now, last - but in actuality - the most important problem to lick in the bud - is limitation!  If you think or believe that there are limitations placed on you, then there are.

There are only the limitations that you put on yourself.  It might not be easy - the invention process never is, but it rewards those few who stick with it to the product commercialization stage.  Edison and Tesla, two of the greatest inventors of all time, did not lead lives of comfort.  They had to toil, make mistakes and continue striving toward their vision.  That is what you have to do.  Keep striving to make your vision a reality.

Don't place any limitations on yourself.  Be realistic, make decisions based on facts and then take action.  Perseverance will overcome all of an inventor's problems - whether they are puzzles, obstacles or limitations.

True Innovation Breaks with the Status Quo

Sure, we all know that innovation is an overused word that means different things to different people.  True innovation rarely comes from the status quo.

Here are some examples of innovation and innovative thought that challenges your presumptions and possibly your view of the world:

• Auto innovation is not limited to Detroit and the major global car manufacturers.

• Economic development innovation may challenge your worldview and can happen independent of traditional government tools.

We are in a time of unique challenges.  Unique challenges require unique solutions, and that is where true innovation comes in.

7 Technology Transfer Officer Recession Beating Tips

Times are hard for everyone and most technology transfer officers know this.  They see potential invention commercialization partners face significant financial and market challenges and as a result reduce their research and innovation investment and spending. 

Here are 7 tips to help the technology transfer officer weather the recession storm:

1. Maintain a list of problems that are relevant to the research and technologies that are in your university's research pipeline.
2. Develop long term business relationships before you think you might need them for your commercialization efforts.
3. Find business mentors for your lead researchers.
4. Develop alternative commercialization strategies while you are focused on your primary strategy.
5. Reduce risks for everyone in the commercialization process - the researcher, the business partner, and the university.
6. Teach your entrepreneurial researchers and start-up teams how to bootstrap their business.
7. Partner with other technology transfer offices in basic business support, product commercialization and innovation development efforts.

Tough times require flexibility and unique solutions to problems.  These 7 simple tips can make the difference between success and failure in these challenging economic times. 

In many cases failure in technology transfer means that the university does not reap any financial rewards for its research investments.  These tips can make the difference between the technology gathering dust waiting for obsolescence and making some money for the greater good.

Companies Open to Money Making Invention Ideas

It's the New Year and time for all of us to set goals, kick old habits and start anew.  It is even more true this year as we say goodbye to the earth shattering economic cycle that rocked 2008.

Companies are also blazing a new path, or at least reaching back to reclaim an old one.  They are interested in your invention ideas, that is, as long as you can show them how your invention ideas can help them make money.

Gone are the days that companies lauded the innovations from their R&D departments at the expense of all others.  They no longer have the attitude that they know what the customer wants to buy better than the customer.  They want to hear from you, the customer and/or outside inventor.  They want you to tell them what you want to buy.  They want you to tell them what would make you part with your hard earned dollars.

The key phrase is "what you want to buy" not "what you want to invent".  Companies are listening to their customers and outside inventors more now than they have in quite a few years.  They want you to help them gain or keep a market advantage.

Keep in mind, they don't just want to know your invention ideas - for the most part, they could care less - unless you can show them how your invention ideas can make them money.  To do this, you have to do your homework.  You not only have to have a solid viable invention concept, but you also have to understand the market that your invention will be sold to. 

Save some of that time and energy to do market research while you are developing your invention and you may be rewarded handsomely.  Approach a company with an invention idea and no concept of how they can convert that to revenue or market advantage and they will probably show you the door.

Companies with Innovation Culture Survive Recessions

As our politicians continue to debate the merit, size and shape of an automotive industry bailout, companies like Better Place are innovating their way to the future.  Better Place is creating the infrastructure to support electric cars.  They are negotiating deals all over the world, but have been snubbed by our domestic automotive industry.

This, and many other forward looking companies with an innovation culture will be the business successes of the future.  By taking the innovation risks today, in a recession, when talent and supplies may actually be cheaper, they will develop the valuable new products and services of tomorrow.

The McKinsey Quarterly, a McKinsey & Company publication recently reported that many innovation investments made during the Great Depression led to some of the greatest products in our modern society.

The way is clear - make innovation a part of your business strategy.  Create an innovation culture in your business.  Recessions are part of the economic cycle.  Innovation will help insure that your business survives this recession so that it can be a part of the next economic recovery and boom.

Domestic Innovation is a New Priority

These are innovative times.  The Big 3 are on the verge of collapse if they don't receive an immediate loan.  Energy prices are plunging almost as fast and furious as they rose 6 months ago.  These and other economic crises open the door for innovation.

The incoming Obama-Biden administration plans to invest in domestic innovation and research to foster new economic opportunities.  The plan to make the research and development tax credits permanent will entice business to take more innovation risks.  These risks are where monumental innovation happens.

These policy tools are necessary if we are going to get serious about alternative energy, improved cost efficient health care and sustainable wages for our citizens.  The world is a much different place, and as always, old industries with low skill level commodity jobs that can be done anywhere do not create high wages.  Innovation and new leading edge industries and jobs will change this.

If you are an inventor - keep inventing.  If you are an entrepreneur, keep innovating and if you are a university - keep researching.  Pretty soon inventing and innovating may be seen as our patriotic duty.

New Product Sales Forecasting is Tricky Business

Most new products that make it to the market place have overcome tremendous challenges just to get this far.  Successfully overcoming all of these challenges is nothing compared to meeting the new product sales forecasts for the invention or innovation.  75% of new products fail in the market place.

It is never too early to start thinking about your new product sales forecasts.  The accuracy of this one planning tool can make the difference between financial success and total sales obscurity for your invention.

Forecasting sales of new products is very risky.  Many new product sales forecasts are totally wrong.  The forecasts must take into account:

• sales in price to customer dollars
• sales history of similar products
• adoption rates of target customers
• repeat sales potential
• test market results
• market entry simulations
• brand loyalty of target customers
• competitors most likely responses to new market entry
• multiple distribution scenarios
• planned discounts
• multiple sales scenarios
• advertising and marketing expenses
• volume credits
• affiliate and associate fees

Lot's of stuff to think about.  My experience is that most inventors, researchers, technologists and innovators need help to implement new product sales forecasting.  Some hire an adviser or consultant while others look to business plan software.

Both of these paths work, that is, as long as you provide realistic data and assumptions.  An adviser may not know your exact target market as much as they say that they do.    Your projections as the inventor, may be too emotionally attached (and therefore optimistically inflated) to be accurate.  This is your baby, so don't balk at the fact that your attachment to it may be biased.

A business plan software package, regardless of the brand, will only be as accurate as the data that you put in it.  There is an old computer adage that seems to be forgotten in this era of the blogosphere - it is - "Garbage In, Garbage Out".

The data that you put into your new product sales forecast will determine the accuracy of the information in your new product sales forecast.

Don't get railroaded by missing your forecast for your new invention or innovation.  Not being able to support and defend your new product sales forecast can send investors, partners and occasionally customers running to the hills thinking - "What a Rube!"