What Really Is Invention Success?

Over the years I have heard from hundreds of inventors who have told me ‘I am a successful Inventor’. When I ask them to define what ‘successful’ means they almost always tell me ‘I have a patent.’

My response to them almost always is ‘Yeah, but have you made any money yet?’ Can you guess what their answers are?

I call these inventors ‘ego I.P.-ists.’ I.P. stands for Intellectual Property which is a patent, trademark or copyright.

To merely say your success as an inventor is that you have a patent is like saying ‘I’m a major league baseball player and I have a ticket to every game in the stands but have never played a game.’

In essence, having a patent and not doing anything else with it like making money is just like sitting in the stands watching the ballgame. In both cases you paid money to get your patent/ticket, however, that’s all you got.

Here are some statistics to think about. In 2008 the United States Patent and Trademark Office (USPTO) reports that there were 485,312 patent application filed. In addition, there were 185,224 patents granted (issued). (It’s important to understand that the issued patents did not come from the applications in 2008 because the patent office is running anywhere from 3 to 5 years behind from application to issuance). The application figures have increased over the years as more and more private inventors and institutional inventors are filing both domestic and foreign.

A more revealing statistic and one to be more concerned about is that the USPTO claims that ‘only about 3% of issued patents have made more money than the inventor invested.’ That claim includes issued patents from both the private and commercial sector. If you eliminate the commercial sector, I would venture to guess that figure of success is closer to 1% or less in my opinion.

So, let’s calculate that in real numbers;

1. 485,312 applications, 185,224 issued patents. That’s about 38%. Keep in mind it took 3 to 5 years to issue.

2. The 3% success figure: 185,224 issued patents vs. a 3% success rate. That’s about 5,500 patents that made money.

3. The 1% success figure: 185,224 issued patents vs. a 1% success rate. That’s about 1,800 patents that made money.

4. Applications to the 3% success rate: 485,312 applications vs. a 3% success rate. That’s about 14,500 patent applications that may become successful. Again that is over a 3 to 5 year period.

5. Applications to the 1% success rate: 485,312 applications vs. a 1% success rate. That’s about 4,800 patent applications that may become successful.  Once again, a 3 to 5 year period.

6. A 1% success rate over a 5 year period vs. 485,312 applications means that about 960 inventors will have the potential to make money per year with their invention.

If you look at these statistics carefully it is bound to scare some new inventors away from the invention process. The numbers can be too much of a risk for a novice to begin their invention journey. However, and this is a big however, it should not necessarily prevent a new inventor from entering the invention industry. Quite frankly it should educate the new inventor about something completely different.

Here is the education.

1. There is a right way and a wrong way to begin the invention process.

• a) The wrong way is to immediately hire a patent attorney or agent before you know if you truly have a marketable product concept. If you do, you will become nothing more than a USPTO statistic mentioned above. You will be an ego I.P.-ist.
• b) The right way is to have a professional invention evaluation completed to see if you truly have a marketable product concept.

2. The WRONG WAY is to hire a deceptive invention company.

• a) They will do absolutely nothing for you other than to take (legally steal) your money.
• b) They will tell you what you want to hear and try to convince you to buy their services. Do not fall victim to the commissioned salesperson.
• c) They will skirt the issue of telling you that they will evaluate your invention whereas they do not.
• d) They will tell you that they will get you a patent, however the patent they get for you is usually very weak and/or just a design patent. As stated above, don’t get the patent first.
• e) They are a waste of your time and money – period.

3. The RIGHT WAY is to read and learn as much as possible before you jump into the invention process.

4. Understand the risk to reward ratio prior to making any substantial investment.

5. Ask as many questions to the experts as you can without divulging details of your invention.

6. Understand that the invention process is to be attacked as a business venture and not an emotional activity.

7. Save your money to save your invention.

     If you follow the 7 steps about, it will help you to reduce your risks and increase your statistical chances for success.

    Here are some just some of Thomas Edison’s famous quotes.

“Anything that won't sell, I don't want to invent.

“Everything comes to him who hustles while he waits.”

“Genius is one percent inspiration and 99% perspiration.”

“I have not failed. I've just found 10,000 ways that won't work.”

“I never did anything by accident, nor did any of my inventions come by accident; they came by work.”

“Many of life's failures are people who did not realize how close they were to success when they gave up.”

“The chief function of the body is to carry the brain around.”

In conclusion, do you want to be an ego I.P.-ist, or do you want to be a successful inventor? The choice is and will always be yours!

Copyright © 2009 InventorEducation.com - Helping Inventors One Patent At A Time. All Rights Reserved