Dr. Roberto Garcia-Ibáñez, CEO, Potens Allergy.
It’s no surprise that innovation in business is essential. As business leaders, we must constantly be on the cusp of new ideas, while always paying attention to evolving consumer needs and trends. However, not all patents actually make it to market, and between 65% and 75% of new products fail completely. That’s a whole lot of innovation that doesn’t find its way to the homes of consumers who may need it most.
Bringing a successful invention to market requires more than just a great idea. Surviving months—or even years—of navigating complicated legal waters, patent processes, production timelines and supply chain decisions takes a certain set of characteristics. How can you lead your idea to be part of the small percentage of successful inventions? Here are the characteristics that I’ve found are key to making this happen.
1. A Passion For People
Entrepreneurship is not just about innovative products or lucrative markets; it is fundamentally about people. Inventors must have a passion for solving a consumer need, creating efficiency, or like myself, finding a way to make people healthier.
The goal of making an impact on lives can serve as a profound motivator. For example, in medical school, I observed the direct link between socioeconomic inequalities and health inequality. Since that time, I’ve been forever motivated to help close that gap by developing an allergy treatment that is more accessible to the general population and can help a broader number of people.
2. Belief In Your Product
The idea that an inventor should believe in their own product may sound obvious. However, some inventors are only motivated by profit. Without a firm belief that your product will change lives for the better, the necessary steps to bring it to market can quickly become a hassle.
When I witnessed how effectively the protocol I had developed for allergies improved the health and quality of life of people suffering, I knew it was a cause I wouldn’t give up on—no matter the odds. This belief in improving people’s lives with your product must be at the core of every successful invention.
3. Resilience
To put it lightly, the path to bringing an invention to market is an arduous one. An inventor must follow several key steps, from thorough market research, to developing a prototype, to securing intellectual property rights through patents or trademarks. And that’s all before developing a comprehensive business plan, securing funding, manufacturing the product, establishing distribution channels and developing effective marketing and sales strategies.
These steps can take years to complete. Without resilience to overcome the myriad obstacles that could derail the entrepreneurial process, an invention is bound to fall short at one of these key milestones.
4. The Ability To Adapt
No invention is perfect at the onset. Those who believe that their product is the exception to that rule are often the ones who fail. Be prepared to change the product during its journey to market.
You will need to compromise, perhaps even in manufacturing or development, to make your invention the best it can be. When our laboratories were unexpectedly shut down, I had to adapt to an altered production timeline. If I had given up due to delays, my company may not be in existence today.
5. A Team With Shared Convictions
One of the world’s most famous innovators, Henry Ford, is believed to have said, “If everyone is moving forward together, then success takes care of itself.” As business leaders, we simply cannot drive progress by working alone. There are simply too many steps and too many potential roadblocks. It is essential to build a team of people around your idea who share the same passion and conviction.
I’ve found that these characteristics, coupled with a well-planned strategy, are the ingredients to successfully bringing an invention to market. To see your product in the homes of those who need it most, you’ll need a passion for people, belief in its worth, resilience, the ability to adapt and collaboration with those who feel the same way. Now, isn’t it time to go beat the odds?
Forbes Business Council is the foremost growth and networking organization for business owners and leaders. Do I qualify?
Read the full article here