Venture Inventor

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Two choices for an inventor:

Venture your invention or let someone else make it. The wise choice for most inventors is to let someone else make it. A few take the venture path and fewer still succeed.

 

Venturing an invention means that the inventor is in the business of making and selling the invention.

Inventing is a learned art, like music, sculpture, and writing.  Like art, it is not enough for the inventor to have good craft skills. The great inventors display talent, inspiration, and vision.

An invention without a business case is like the phone without service. The great invention turns into a brick.

Read: One of the best books for venturing new products is written by Robert G. Cooper and his team.   

“Cooper, R. G. (2011). Winning at New Products: Creating Value Through Innovation. New York: Basic Books a Member of the Perseus Books Group”.    

The business case includes thirteen elements: Voice of the Customer, product definition, comparables, launch plan, product plan, development plan, competition, numbers, product expansion line, operations plan, market analysis, preliminary sales price, the size of the market, product justification, and risk assessment.

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Planning involves resources, time, and money.  Sophisticated tools like open source Project Libre provide comprehensive planning opportunities, paid programs (Eg. Basecamp, Zoho) provide interesting, non-traditional, intuitive project planning.

Project Libre and other traditional project management tools (Eg. Microsoft Project) offer good communication with industry.  See the “user examples” from the Project Libre site.

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Development requires management skills.  The inventor conducts the music of the inventive process.  Disparately located teams test and make components of the invention without face to face interaction.  Mikogo and other screen sharing programs are vital to making communication of the inventor’s vision.  Real-time understanding of mechanical processes is available via Skype, Facetime, and other video software.

Sales work best with thoughtful product launches.  The twelve considerations of product launches:  website, boots on the ground, pricing, salespersons, creative deliverables, prospecting, social proof, directories, strategy, advertising, public relations and technical matters.

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