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'The Mom Inventors Handbook'

Excerpts from 'The Mom Inventors Handbook: How to Turn Your Great Idea into the Next Big Thing' by Tamara Monosoff

By TAMARA MONOSOFF
Myth Busting

Build a Business Around Your Invention

The Mom Inventors Handbook

'The Mom Inventors Handbook' is Tamara Monosoff's official guide for women who have the ideas but not the experience in creating a product and getting it to market.

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    Myth: Build a better mousetrap and the world will beat a path to your door.
    Reality: We live in a sales and marketing culture. Which means that often it's not the best invention that sells -- but instead, the best-marketed one. Few inventions -- if any -- are good enough to have the world line up to buy them without being prompted or encouraged. Thomas Edison said it best: "Genius is one percent inspiration and ninety-nine percent perspiration." In today's world, sales and marketing equals perspiration.
    Myth: A patent = inventing
    Reality: People with a new invention idea often believe that the first thing they need to do is to file a patent. Rarely should it be your first step. It's more important to first determine if your invention is marketable. In fact, only 2-3% of patented products ever make it to market. Plus, many inventors run successful businesses without ever filing a patent. Though a patent can be a valuable tool, it should seldom, if ever, be your first step in the inventing process.
    Myth: Invention idea = million dollars
    Reality: Earning a million dollars on an invention is highly uncommon. However, there are an abundance of $50,000 or $100,000 dollar ideas! Learn the process and you can find success -- especially if you have more than one marketable idea.
    Myth: An inventor is not a businessperson
    Reality: Business is about making a profit. Successful business people come from every aspect of our society including arts, healthcare, and science. Inventing is just one of many creative ways to make money.
    Myth: An idea is worth money
    Reality: A truly good, useful idea has likely visited many minds. Action is what distinguishes the successful inventor, and what turns an idea into a potentially profitable venture.
    Myth: Someone else has already patented my idea, so I can't pursue it.
    Reality: If another inventor patents your idea, there are several great strategies that will allow you to still take your idea to market (legally).
    Myth: Nobody has ever thought of this great idea before.
    Reality: If nobody has thought of it before, it probably doesn't address a real problem.
    Myth: If I tell people my idea, they'll steal it!
    Reality: The theft of a new invention idea is rare. A lot of sweat equity goes into developing an invention, which is a big barrier to most potential "thieves." When it does occur, ideas are typically stolen only after a product has proved successful.
    Myth: It's not lady-like to talk about ways to make money.
    Reality: Money equals freedom and independence. What could be sexier than that?
    Myth: Successful inventing is about ideas
    Reality: Creative, inventive problem solving is critical, but to really succeed you must think like a businessperson. Ask, "What is the commercial viability of this product, and who is my potential market?" You're then on your way to determining whether your idea is marketable.


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