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Showing posts from October 18, 2013

About Your Invention: Introducing A New Product Or Service

Finally, the high risk alternative is to introduce something wholly new and untested. 

From talking with hundreds of prospective entrepreneurs - inventors and people with ideas for innovative new products - I realize that many people feel that this is the way to go: to invent and cash in on something the world has never seen before. 

Some people I've met seem to be addicted to building better mousetraps in the misplaced hope of getting rich.  Misplaced because the sure way to get rich isn’t with a new product or service.  It's through a sales job, but that's another story for another post.

The history of new product introductions is a history of abject failure, even new products from huge, multi-national firms that specialize in innovation.  The reality is that with a new product or service you are treading unknown ground from beginning to end, and any number of very minor occurrences along the way can trip you up and cost you everything, the most common occurrence bein…