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Should Your Idea Pass Go?

Monopoly Pass GoA die-hard belief in one's business or product has been the key to the success of many entrepreneurs and inventors. Generally speaking, I’m a strong advocate for determination and action, and the press is filled with stories of successful entrepreneurs who refused to give up. Less well-publicized are the opportunities entrepreneurs decided to pass up. So how do you know when it’s time to let go of an idea or invention?

Frankly, most inventions, and most new business ideas for that matter, should not "pass go" -- not because the ideas are not creative, clever or innovative, but because there is no market to support them. I’ve met many inventors who have filed a patent and handed thousands of dollars to an invention promotion company only to wonder if the invention was worth the money and effort.

So inventors and new entrepreneurs should ask themselves if they are willing to change their minds if necessary. It’s important to be willing to change your mind for two reasons. First, in today’s economy, people who are seeking a new way to generate income cannot afford to waste time or money. Launching an invention can cost thousands of dollars and years of effort. If something is not going to work, it’s best discovered early in the process.

Second, when you enter the process with a willingness to change your mind, once you have concluded that the idea is indeed worth pursuing, you can do so with all the more conviction... Continue reading the rest of Tamara's March Inventions column on Entrepreneur.com...

If you want help with market research and determining your next steps when developing your idea, check out our New Product Evaluation Program. You'll get a patent search and legal opinion, a review of manufacturability and marketability, a phone consultation with Tamara Monosoff and more!

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  • Ivy sandbank: HI, i am looking for someone to help with plastic injection molding in the Maryland area
  • sarah: hi! i am getting ready to launch my business. i have a patent pending status on my product. i have not trademarked or registered my logo. do you advise against that? thank you!!
  • candice: Do you have any manufacturers in this case that you recommend? And I am actually more interested in understanding first step in making a plush toy. Any advice or direction?. Thank you, candice.
  • Stefanie Huber: Hi Fellow Inventors. I have a quote for 3,000.00 minimum for insurance annually for my company, Kuviez. Is this reasonable? Any recommendations for insurance carriers? Hope so. Stefanie Huber
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