ORIGINALLY POSTED AUGUST 17, 2005 BY KURT P. LEYENDECKER
I am asked that question a lot. The fact of the matter is that I have no better idea than you whether your idea will be successful. If you want an evaluation concerning the market viability of your invention and the chances of success in the marketplace, see a marketing professional.
While those with skill in marketing are much better than your friendly patent attorney at determining you invention’s chances of success, don’t expect them to be infallible either.
The real difficulty at evaluating inventions and new product ideas was brought home to me on a recent family trip to the local Big Lots store. For those of you not familiar with Big Lots, it sells overstock and clearance merchandise from no name to brand name manufacturers. Much of the merchandise is stuff that never made to mainstream retailers. Many of the merchandise at Big Lots failed in test marketing and the remaining stock was then sold to Big Lots for liquidation.
In the most recent circular, Big Lots is advertising Jolly Rancher soda at a mere $0.37 for a 16oz bottle. Apparently, this idea failed miserably. But you have to realize that big time, high paid marketing and product development types at the Jolly Rancher company as well as their executive bosses must have thought the idea for Jolly Rancher soda pop was a great idea. And they must have thought they would make millions. Instead, the idea failed miserably with the remaining product is currently being liquidated for mere pennies at Big Lots. To be honest, I love Jolly Rancher candy, but the thought of Jolly Rancher soda pop kind of turns my stomach.
There are plenty of other examples at Big Lots. A trip to your local Big Lots might be an educational trip worth taking for the budding inventor and entrepreneur.
So what the moral of the story: success is never guaranteed; determining whether your invention is market worthy is as much a leap of faith as much as anything else; rely on your patent attorney to advise you on the patentability of your invention but not its marketability; the marketplace is a very complex thing and accordingly is very difficult if not impossible to figure out; and perhaps most importantly, you chances of success are fueled more by your belief in your invention and dedication to it then whatever advice your receive from others whether good or bad.
