FAQ on Innovation

Many people talk about innovation, and experience shows that there are not enough people working with innovation. When you work with innovation as an inventor, and try to create a line of innovative products, you get experience which is important to share with others in this situation.

Experiences such as:

Inventions:

The art is not to have the “good” idea. The art is to get a unique idea and subsequently realising it by making sure it will be a commercial success. There are more people, who talk about inventions than there are people actually commercialising the good ideas.

Patents:

A patent is the only legitimate way of buying monopoly of your idea. The downside is that the patenting process is very long and expensive. Way too many people have faulty ideas on how to get a patent and the cost – it is hard and very costly.

Partnerships:

Most inventors have a dream of entering into a partnership with companies who have the ability and determination to commercialise their ideas. However, practical experiences show that there is a lack of companies who have these previously mentioned capabilities to enter into a partnership with innovative people. The majority of companies aim for further development of existing products rather than working with new products.

Financing:

If you are to create a commercial success, it costs money. Experiences show that despite the fact that many people talk about innovation, it is still very difficult for the unknown inventor to raise enough financing to successfully realize their ideas.

Distribution:

To create broad distribution is the biggest challenge for all inventors. It is one thing to get an idea, but quite another to manufacture it. The biggest hurdle is and will be to get it to the clients who have the ability and will to buy the invention.

As an inventor and via my work in the inventors’ association – www.opfinderforeningen.dk and commercial equipment factory www.lem-maskinvaerksted.dk I have gained a lot of experience in relation to the above mentioned subjects, both good and bad. I have also learnt that the art is not to have an idea, but to make the idea a commercial success.