Can You Turn an Invention into a Business?

Can You Turn an Invention into a Business?

A human being is a naturally curious being. It is through this curiosity that we have managed to bring about and witness progress in our lives. Innovation has gone hand in hand with the evolution of humankind. It is a symbiosis relationship, and it is expected to continue throughout our existence.

Much of today’s progress can be credited to early inventors like Leonardo da Vinci and others like Isaac Newton. Though they may seem, ancient innovators, they set the groundwork for future inventions.

In modern times, to be able to invent something, you don’t need to have an excellent education background. On the contrary, we know that the simplest of ideas are the ones that are more embraced by people compared to complex innovation. People prefer things that make their lives easier and don’t take much work or energy.

Let’s take a computer for example. During its initial stages, no one could lift it. It was huge and filled an entire room. Then there was the age of desktops, and later on, we had laptops. The evolution has continued until currently where we have hand-held devices that function similarly as any other computer. It is estimated that in the future, we might have other sophisticated devices that will be much simpler to use and carry.

Can you build a business around an invention?

When an opportunity meets passion, it’s possible to go from a mere startup to a five-star company in a short period. A good example would be the transportation industry that was changed by the introduction of Uber Inc. The idea behind the app was as simple as it gets; turn any car into a taxi. Though it wasn’t well received in many countries, it has proven to be an ingenious business idea.

An invention idea can only be turned into a lucrative business if only its market exists. We have also seen other forms of inventions that are ahead of time, and the market is not yet ready for them. It doesn’t mean that they are irrelevant but simply that they are ahead of their time.

When is the right time to invent?

Identifying the market need is the starting point. There is always something that the market needs at a particular point in time. Satisfying this need may result in a huge business opportunity. Companies like Amazon and eBay are a great example of this method.

The motive behind an invention idea should not entirely be a financial one. Seeking to improve peoples’ lives and change the world should be the primary driving factors. People identify well with a product/service that is created with them in mind other than their wallets.

Innovation still has a long way to go. There is still room for more improvement and more to be done. Technology is the core of it all and is still evolving. According to data released by American Research Group Inc., more startup companies are a direct result of innovation today than they were a decade ago. We can conclude that innovation is changing the way we conduct business, go here for invent help: