I coach a number of inventors whose ideas are cutting edge and exciting. One of the analogies I often share with them about getting an invention to the market place successfully is the idea of connecting an electrical circuit. All of the multiple components need to be in place and in the right order for the circuit to function and the energy to flow and do useful work.
As with an electrical circuit, all of the different innovation pieces have to be synchronized and working with one another to develop the end result. True innovation-driven growth can be delivered if you develop a roadmap that aligns the leadership team on key priorities and capabilities.
The energy of innovation requires what I’ve coined, “Completing the Circuit of Innovation™,” by plugging in a holistic intellectual asset strategy that goes beyond simply getting a patent. (To learn more about this, I recommend taking a listen to my Incite Innovation podcast about Completing the Circuit of Innovation. Click here and scroll down to #004.)
So in the spirit of “Top Ten” lists, here are the essentials for entrepreneurial success:
- Start right! Have a clear definition of your idea or invention.
- Find a coach or mentor to help you through the process and increase your chance of succeeding.
- Keep searching. Conduct additional research of the art to better define the competitive landscape.
- Develop Intellectual assets to strengthen your competitive advantage.
- Define your territory. Learn what potentially can be owned by you or your competitors, and develop a vision for a pipeline of offerings and inventions.
- Do your diligence. Due diligence and a defined market entry strategy will help exploit channels and potential targets.
- Identify potential strategic partners and companies for your business proposition pitch.
- Target the decision-makers. These often are the marketing people or innovation leaders with expansive networks who will open the doors and pave your way.
- Develop partner relationships (and development licenses) with end users, equipment manufacturers and packaging raw material producers.
- Find a coach with the expertise to help you establish reasonable royalty rates and a pricing structure as well as assist with commercial negotiations.
If you can check these off, you are well on your way to connecting the Circuit for innovation success!