Invention Goals
As you set your invention goals, here are a few tips to help you stack on track and achieve success.
Although there may be several things that you would like to accomplish, focus on the most important. It is easy to lose sight of the finish line if you are taking too many detours. Prioritize the resolutions and choose which one will take precedent over the others. This will keep you from spreading yourself too thin.
Similarly, you do not want your goals to be set too high. Set your resolutions at a level that is reasonable for you to achieve. Becoming discouraged because the goal is unreachable will only create resistance when trying other resolutions.
Now let’s put this into perspective.
Sally has resolved that she is going to sell her patent by the end of 2011. Great! Good for her! Well, kind of. The only problem is that Sally has not started the patent process, she has no contact with companies, and she is on a fixed income. This may not be a reasonable goal for Sally, while the ambition is admired.
For the type of situation that Sally is in, a more conservative goal may be to file for a provisional patent by the end of your time frame. This will allow her to work on saving money for the cost of filing the provisional patent while researching the product’s market.
After the reasonable goal for 2011 is set into place, it is time to set up a schedule for when the process will begin, how much time will be spent on it, and how long it will take. Make sure to start working on your resolution when it is good for you. You will be more likely to work on your resolution if you start it during a time best suited for you and your schedule. If you are NOT a winter person and find it hard to get motivated during the season, start working on your resolution in spring. If you are an accountant, start your resolution on April 16th. The goal you have chosen is intended to better your life, not to make it more stressful.
Choosing a schedule is important to keeping yourself on track! Make sure that it works for you. Back to our example:
Sally has decided that she is going to save $50 a month toward her provisional patent. She is going to spend one hour a week researching her product and the market. Every other Wednesday, Sally has a PTA meeting. Scheduling her one hour a week for research will not work on Wednesdays, so she will choose Thursdays.
By allowing your resolution to become a habit, or part of your routine, you are more likely to achieve it. After two or three months of researching her product every Thursday from 9-10pm, it will be part of Sally’s routine, and she will be one step closer to achieving her resolution.
Before the resolution is a habit and engrained into your schedule, try setting up a reward system for yourself. Once you have completed a step of your process, reward yourself with someone applicable to the resolution. For Sally, maybe she could spend one of her Thursday nights designing a logo or packaging, or try setting up a website for her product.
A friend in a similar situation or a mentor that has been through the process could benefit you greatly in achieving your goal along with providing resources and advice along the way.
Whatever your resolution, do your best to stay on track. Hold yourself accountable, and make sure you are completing steps toward your goal!
Recommended Invention Goals from The IdeaBuyer Team:
- Make company contacts within your industry.
- Create a Pitchbook, if you don’t already have one.
- Limit expenses to items that will give you a return on your investment. (I.E. Prototype, Pitch materials, contacts)
- Find out if there is a market for your product.
About the author of this article:
Lindsey Yeauger is the Director of Communications for Idea Buyer LLC, a new product development company that owns and operates IdeaBuyer.com- The Online Marketplace for Intellectual Property. The site gives inventors the opportunity to showcase their intellectual property to consumer product companies, entrepreneurs, retailers, and manufacturers. You can email her at Lindsey@IdeaBuyer.com.