How inventors can build successful businesses?
“The way I see it, all of us are inventors.”
We have ideas consistently in our minds & we dream of solutions for issues or find innovative approaches to get things done. That innovation and capacity to ideate is the foundation of entrepreneurship. The Yin and Yang between the creative and the analytical is significant in the business world.
This article clarifies how you can make invention a key business cycle and describes the various methodologies. It offers you guidance on planning innovation and establishing the right business climate to foster your ideas.
Here we have jotted down a few basic points of how inventors build successful businesses.
1) Approaching with an entrepreneurial mindset
2) Establishing key partnerships
3) Controlled marketing channels & campaigns
4) Create revenue streams
1) Approaching With An Entrepreneurial Mindset
A perspective that empowers you to conquer challenges, be unequivocal, and acknowledge responsibility regarding of your results. Anyone willing to put in the efforts can develop an entrepreneurial mindset. Inventions need not be a completely new idea to be transformed into a fruitful business. Very often, inventions are created from existing items, or they include a better approach of looking at a processing to make it more efficient. Take the example of the Snuggie business, basic blanket with sleeves. It was not the first sleeved blanket ever created, there were a few antecedents; the Slanket and the Freedom Blanket. The Snuggie made this is a success because of a fruitful field-tested strategy including an aggressive marketing campaign.
2) Establishing Key Partnerships
Having key partners or having third party agencies will assist you in achieving key activities & successfully delivery the value preposition along with collaborative relationship. This complimentary relationship together can help you build businesses that can commercialize your inventions & turn them into valuable assets bringing in revenue. A partner than understands what the consumer exactly needs & wants and can provide the unique value proposition.
A strategic partner working in synergy & building a business around your idea & generating the same enthusiasm.
3) Controlled Marketing Channels & Campaigns
Marketing is the jet fuel that develops your business. Great inventors share ideas through different advertising channels to target at various demographic by demonstrating remarkable pieces of Value Proposition to the suitable Customer Segments to drive the right sort of attention & to sustain them into buying your item. Research suggests that it takes about 7 times so that a lead could hear about your item or brand before they convert into a client.
Hence, controlled marketing through selective channels to reach to the targeted audience is very important. Rather than just marketing it on every marketing platform.
4) Create Revenue Streams
Building revenue streams is one vital component that helps inventors manage & structure a streamlined business plan. With revenue streams your business makes money. It is the ultimate fruit for all the efforts you’ve put in. Finally, you’d ponder your thoughts on how the customer would pay for my product. This can be achieved by applying one or multiple purchase model mentioned below:
❖ Selling it directly to the customer from a brick & mortar store, online stores & other channels.
❖ Coming up with a subscription model for repetitive business. Keep your customer away from the competitors. The main agenda being providing a delightful customer service.
❖ In terms of usage fee: like a sim card plan. The more you wish to use, the more you pay for it.
❖ Leasing or renting it out month-on-month to keep the revenue stream alive.
❖ Licensing: A cherry on the cake of the inventors. The most popular and promising way inventors build a revenue stream is by licensing their invention to users. Prior to licensing it you want to demonstrate that your product has traction to bring down the risk exponentially to potential inventors, customers & buyers.
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Technotreon Intellectual Ventures is a B2B Research and Development technology solutions provider and intellectual property developer specializing in engineering and world class product developmental services tailored to cater to startups, inventors & manufacturers. In simple words, we turn your ideas into products which are proprietary and protectable. As a deep-tech R&D expert, we consult in variety of industries, with expert in design, engineering & intellectual property.
Alongside being an expert in inventing proprietary industrial products. Technotreon has a revolutionary offering via a course on “How to Innovate” where we educate students and professionals on “How to Ideate, Innovate & Invent”. Our sister company “Technotreon Innovation Academy” provides a course “Ideas to Inventions”, a unique course on educating people from being able to invent a product to patenting it. All of it and more alongside live projects on developing products & a patent certificate with your name. To sum up, Technotreon Intellectual Ventures is where inventions are created & Technotreon Innovation Academy is where inventors are born.
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