5 Pain Points Invention Makers Have and How to Power Through Them

For most invention makers, coming up with the concept for their product is easy after they’ve had their ‘Eureka’ moment. The hard part is deciding what to do next. With years of experience working alongside diverse startups, invention makers and entrepreneurs under our belt, we’ve grown accustomed to their way of thinking. That’s why MAKO Design + Invent is here to help you work through the 5 biggest pain points most invention makers face during the product development process.

#1 Funding

This seems to be the most common pain point that we’ve noticed our invention makers struggle with. But it’s actually more of a phantom pain point in our eyes, and here’s why. Funding seems daunting when you are beginning your inventor journey, but there are a plethora of options to gain the backing you need to fund your project. Whether you’re looking at grants, loans or using a Government-funded program, all of these routes are advantageous ways to get your product to market quicker.

But how exactly do you acquire the capital? There are numerous branches of Government that give out grants and loans to fund your research and development to make your new product. The only catch with these grants and loans is that they are often quite specific. Limited to what type of funding is given as well as the type of inventions allowed to apply for them. For instance, the Government of Canada gives out business grants to new businesses to springboard their business ventures. See under ‘Financial support for tech innovations.’ As of now, they are accepting new clients, so all Canadian invention makers can secure their funding today.

As for American residents, the U.S. Department of Energy awards grants to invention makers who need help developing their environment-friendly innovations. If your innovation can help save energy, they are all for it, #GoGreen2019. Don’t feel left out if your invention isn’t about saving energy; though, the U.S. Department of Small Business gives out loans to new small businesses, startups, and entrepreneurs who need to get their company off the ground.

If you don’t fall into any of the requirements for these Government loans and grants, try crowdfunding and crowdsourcing, with GoFund Me. It’s free and it’s one of the best ways to not only get funding but also backing for your product and a following before you even launch. There’s also Kickstarter.com and Indiegogo.

#2 Finding An Investor

If you’re not looking to begin a small business or startup, but just want to create an invention then finding an investor will be your best shot at success. You will have to put in the work before presenting your intellectual property or innovation to potential investors. Similar to the pitch you would give the Government to receive a grant or loan, you’ll need to get your business model in order for potential investors to see. As well, you’ll need to prove to them they are making an investment.

This can be done by doing the hard work prior, like getting the prototype made by a product development company like MAKO Design + Invent. After creating your prototype and conducting several rounds of testing to ensure functionality, try selling a few samples on your own. All of this will serve as evidence that consumers want what you’re selling. For invention makers, this gives you a higher chance of success. You want to make it easy for them to say yes to you!

#3 Hiring Engineers or Outsourcing Manufacturing

We understand how important inventors’ ideas are to them. This is your baby, and we get that. It can be hard to just let go of the reigns and give over control to an outsider. Invention makers have to be humble and open when it comes to discussing their ideas with a product development firm like MAKO. We are here to help, encourage, and support you throughout the development process. We want your product to achieve resounding success in the market just as much as you do. Hundreds of brilliant invention makers have trusted us with their ideas and have done just that. Check out a few of our client’s unique products that we helped them realize here.

As scary as it seems, it’s your best chance at taking that idea from a sketch on a napkin to store shelves. We also have you sign an NDA before we discuss anything to protect your intellectual property, as we are here to listen and guide you in the right direction.

#4 Getting A Patent

Here at MAKO, we have multiple resources and connections we can help you with to get you your patent. Read our recent blog post on the entire invention process here. There are 2 types you can get; a provisional patent and the full patent. Provisional just means that for 12 months, you’re on more of a trial run, whereas the full is when you are completely ready and have tested your product out. Both of these will keep your IP protected. Provisional patents are for those who are looking for investors and want to sell their ideas.

The reason we see this as a common pain point invention makers have is because many see it as a slow and complex process. But it doesn’t have to be that way. This plays into wanting to keep all control and not delegate the development and manufacturing processes to professional firms. We get it, it’s your baby! Here at MAKO, as we said before, we offer comprehensive resources and connections, like patent lawyers, that we can leverage to set you up for success. No need to worry, dear inventors.

#5 Getting Onto the Market

Now for the fun part! The end is near, and you’re ready for your exceptional product to hit the store shelves. This can be the stage that scares most invention makers because of the unknown success rate and risk involved. This is also the stage where real business and marketing strategy comes into play, and for most inventors, this isn’t their area of expertise. As we cater primarily to home inventors, it’s rare that they are experts on all of this. With their patents protecting them from another person snatching their idea, inventors need not worry their invention isn’t good enough. Generally, big companies won’t steal an idea until they know if it’s successful or not.

The best thing to do if you’re not business savvy is to research your competitors, study what they are doing, and what they are failing to provide their consumers with. Take notes. The key is to start small, make a few products and see how they sell. Gradually expand your customer base and see how much the demand goes up. If you’re American, check out the UIA, they afford a wealth of advice for inventors just starting out who need guidance. We feel the key to being successful in the industry you’re entering is to stay informed, do your research, and stay up to date on changes within your consumer base.

If you have a great invention idea and you’d like to learn more about this process, get in touch with MAKO here and visit our website to find out more! Feel free to give us a call at 1-888-MAKO, and we can set you up on a call with our product strategist.  

About: MAKO Design + Invent is the original firm providing world-class consumer product development services tailored to startups, small manufacturers, and inventors. Simply put, we are the leading one-stop-shop for developing your physical product from idea to store shelves, all in a high-quality, cost-effective, and timely manner. We operate as one powerhouse 30-person product design team spread across 4 offices to serve you (Austin, Miami, San Francisco, & Toronto). We have full-stack in-house industrial design, mechanical engineering, electrical engineering, patent referral, prototyping, and manufacturing services. To assist our startup and inventor clients, in addition to above, we help with business strategy, product strategy, marketing, and sales/distribution for all consumer product categories. Also, our founder Kevin Mako hosts The Product Startup Podcast, the industry's leading hardware podcast. Check it out for tips, interviews, and best practices for hardware startups, inventors, and product developers. Click HERE to learn more about MAKO Design + Invent!