Inventors - Why So Many With Great Products End Up Failing...

[Dien Rice]

There are several problems many inventors have... And not realizing this is one of the big reasons so many of them end up failing...!

The inventor may end up inventing something which improves on an existing device. That's great!

They therefore think - "this will change the world (and make me millions)!"

What they don't realize is that there is a lot more to it...

Because they think like this - they tend to think they've done all the "hard work" - by having created an improvement to an existing device.

However, they don't realize there's a lot more needed than that, in order to be a success...

For example...

• The invention has to be made economically.

Let's say an inventor builds an amazing mouse trap, it almost always catches the mice, much more quickly than existing mousetraps.

However, let's say an existing moustrap costs $1 to make - and the newfangled moustrap costs $100 to make.

Who would pay 100 times the price for the new mousetrap? Very few people would!

So - the economics of making the invention is an important factor.

(Joe Sugarman once sold a "Laser Beam Mousetrap" - it used a laser beam to catch the mice! However, it cost $1,500 to buy - and he didn't sell a single one!)

• Another issue is that the invention needs to be easily distributed.

For example, let's say you've invented a new, wonderful kind of cola. It tastes better than Coke and Pepsi. Clearly, you'll outcompete them and take over the cola market, and your new cola will be in food outlets and convenience stores everywhere!

Well... One problem you have here is distribution.

A big advantage that Coca Cola has is that it's often tied up existing distribution in places where cold drinks are sold. These food outlets have a limited amount of storage space - and often Coca Cola has much of the space already tied up for their products. There's no room there for yours!

That's one reason why Pepsi went on a "buying spree" a few years ago, buying outlets like KFC, Pizza Hut, and Taco Bell. They bought these food outlets to get better distribution for their drinks! They've sold these fast food outlets now - but the contracts to sell Pepsico's drinks at these restaurants are still in place. That was what was really of value to Pepsico.

So - you have to be able to get distribution...

• Finally, the inventor needs to have someone who has sales and marketing skills.

No matter how great the invention is, you still need to persuade others of that fact, and let people know about it - and that's where sales and marketing comes in!

Many inventors are not good at sales and marketing. They should probably find an arrangement where they can work with someone who has these skills - or learn to develop these skills themselves (which takes time and effort).

However, because many inventors don't think this is valuable - they find it hard to get someone to work with them, because they're not willing to give sales and marketing skills the value (and respect) it deserves.

These are some insights that dawned on me recently (trying to help someone out)...

Best wishes,

Dien