Let’s be real. Not every invention out there makes it – many inventions fail. In fact, experts estimate that 1 out of 5,000 inventions have gone on to successful product launches. That’s a 99.9% failure rate, folks. Surely, these numbers would frighten any inventor, however, that does not necessary that if you have an idea for a product that it will fail.
Typically, invention failures are due to numerous factors. However, there are a lot of tools that inventors can use to help them avoid costly and time-consuming failures by the time they reach the prototyping process. But what else can kill an invention? Continue reading below, as we reveal some of the most common reasons inventions fail.
With television shows like Shark Tank, turning your idea into reality can seem pretty simple. What shows like this do not reveal, however, is all the struggles, long hours, stressful days, and years of hard work. Without a doubt, the invention development industry is far more complicated and detailed-driven than what you see on the screens. If you’re an inventor, it is important to try to ignore any misguided expectation. Doing the opposite will make your invention more prone to failure.
Poorly Executed Strategy
When your idea or invention is at the beginning of the developmental stage, it is important to have a plan of action. A non-existent or poorly executed strategy can send you on a path that could be incorrect throughout most of the rest of the process, which can lead to a costly recovery. Following a poorly executed action plan can result in thousands of dollars lost, money that can be used down the road.
Underestimating Your Budget
When you have an invention in the works, your budget plays a significant role. Of course, this doesn’t mean that you should invest every penny you own into your invention just in case something goes wrong. Instead, you’ll want to ensure that you have a budget that is big enough to cover all of your costs. Running out of money part way through the developmental stage of your invention will cause the entire process to come to a screeching halt. It may even cause your invention to come to an end. However, by not low balling your budget, you are likely to avoid this obstacle.
A Complicated Product
When it comes to inventions, typically the simpler the better. If your idea or invention is heavy on electronics or bells and whistles, relies on various forms of connectivity to function, or is just too complex to explain to a consumer, the chances of failure are likely to increase. Products that have extremely high production expenses to manufacture is going to become an issue. As an inventor, you need to simplify things as much as you possibly can.
Not Seeking Professional Assistance
There are a variety of disciplines involved when it comes to bringing your idea to the market.
Product design, marketing, licensing, and advertising, to name a few, are all factors that are needed to ensure success. Even the most experienced inventors will often seek professional assistance sooner or later. It’s difficult to manage all aspects of an invention by yourself. so you should reach out to a professional to ensure you are heading in the right direction. Luckily, there a lot of invention prototype companies out there that can help your invention reach its full potential.
Lack of Motivation
With all the struggles, delays, and other hurdles inventors face, it can become very difficult to stay motivated. Many inventors will tell you that motivation is important during the developmental stages of your idea. It is very easy to lose the drive and enthusiasm that is required for a successful invention. Plus, with failures along the way it is easy to start having doubts about the success of your product. Being able to stay focused, driven, positive to see the process to the end is not always easy to do, but doing so will make your invention more likely to succeed.
Avoid Failures When You Are Working For Success
The hurdles above can really derail your invention plans and can be costly in both time and money. Being able to avoid these obstacles will help ensure that you are following the right path with your product idea. At Glober Design, we can help ensure your idea or invention is successful. As one of the best invention prototyping companies in the nation, we can help you with all the development stages of your invention, from product design, prototyping, manufacturing, and more! Contact our experts today for a hassle-free consultation. Let us look at where you are, the budget you have in place, and your gameplan. We may be able to give you that extra nudge to turn your invention into a product.