“…and has no regard for how much energy you have invested in your business.”
Inventors often face this issue. They spend years and much of their own fortune designing the perfect product and they spend thousands on patent costs, only to be frustrated when they can’t raise funding or find out how little they can get for licensing their idea.
That’s because all this activity does not equate to value in the business world, nor does it guarantee that customers will buy the product. The thing that builds value is whether the invention solves a problem for a lot people at a price they are willing to pay.
Dr. Adams will tell you to spend the first 60 days and at least 10% of your budget interviewing customers to see if your idea addresses a real problem in a market. That way, the money you spend on development and intellectual property isn;t wasted on a hobby.
Definitely read “If Yo Build It, Will They Come?” by Rob Adams
Blogging Gazelle is published daily by Shawn Carson