For all the inventors out there needing a reality check, I have found the secret to life is to not be too greedy. Too many inventors use the business plan: have idea, get patent, make money, buy an island.
It really REALLY doesn’t work this way. I honestly wish it did, but like most fairy tales, this one is just that.
If you get forced by outside influence to become a “startup” you will probably go broke long before you get to the “island” part.
Now there are exceptions to everything. But I am talking averages. For most inventors spending the family savings is NOT a good business decision.
Important Reality Check Concepts to Keep in Mind
The Multiple of 5
The multiple of 5 is probably the best Reality Check available. If you’re not sure what I mean by that, please check out the following video on YouTube:
Licensing your product is often the most lucrative option realistically. You will still need to spend some of your money to get started but there are steps to follow to help make the right decisions.
So what about licensing? Someone else makes it, sells it and sends you a check. Someone else does the heavy financial lifting and sends you MONEY.
What I hear back from inventors when I tell them the average amount paid is 5% of wholesale is “I can do better myself.” Really! Remember the secret in life is to Not be too Greedy. And reality check- 100% of nothing is still nothing.
Most inventors who go through the startup process are exhausted and too often broke before there is success.
So What Should an Inventor Do?
I’m glad you asked. There is help available and that help is Archimedes Offspring. This company was created with the idea of helping the private inventor with the funding part of the process.
You are no long all alone and you are not giving up any of your patent rights or responsibilities. We can help you with that reality check and getting through this process without losing hope or your life savings!
