Invent your way to riches
"All you have to do is make a better mousetrap and the world will come running to your door," said the American writer, Ralph Waldo Emerson.
Sadly this isn't true, as thousands of inventors in the United Kingdom find out every year. Making a financial success out of your initial ideas can be a complicated and time-consuming process. But for some, the rewards make tine effort well worthwhile. Dr Ruben Rausing, inventor of the modern cardboard drinks carton, made a fortune from his invention, and the creators of Trivial Pursuit also became multi-millionaires.
However, when it comes to inventing, a number of difficulties stand in the way. For example, obtaining a "patent" can be complicated - a company must be found to develop and market the product, and of course international sales must be considered as well. The first step, ideally, is to look for a gap in the commercial markets and then invent something to fill that gap.
The company Inventorlink receives over a thousand ideas every year and helps about 300 inventors to take their ideas further. Their inventions range from I small developments in everyday tools to a giant £300,000 oil separator for the use in the North sea to clean water which has become mixed with oil.
According to Richard Payne, marketing manager of Inventorlink, inventors come in two different types. Half of them are experts who have seen a use for their product, the other half are talented amateurs who have just had an idea.
For most inventors with a good idea the first thought is to get a patent. This is vital, but Richard Payne says he prefers to talk to inventors before they've applied for one. "Patents are expensive, and we like to give the inventor some idea of whether the invention has a chance of being successful before they spend money."
What are the characteristics of a successful invention? "It's original and it's wanted," says Richard Payne firmly. "There are three things that inventors all too often overlook. First
Sadly this isn't true, as thousands of inventors in the United Kingdom find out every year. Making a financial success out of your initial ideas can be a complicated and time-consuming process. But for some, the rewards make tine effort well worthwhile. Dr Ruben Rausing, inventor of the modern cardboard drinks carton, made a fortune from his invention, and the creators of Trivial Pursuit also became multi-millionaires.
However, when it comes to inventing, a number of difficulties stand in the way. For example, obtaining a "patent" can be complicated - a company must be found to develop and market the product, and of course international sales must be considered as well. The first step, ideally, is to look for a gap in the commercial markets and then invent something to fill that gap.
The company Inventorlink receives over a thousand ideas every year and helps about 300 inventors to take their ideas further. Their inventions range from I small developments in everyday tools to a giant £300,000 oil separator for the use in the North sea to clean water which has become mixed with oil.
According to Richard Payne, marketing manager of Inventorlink, inventors come in two different types. Half of them are experts who have seen a use for their product, the other half are talented amateurs who have just had an idea.
For most inventors with a good idea the first thought is to get a patent. This is vital, but Richard Payne says he prefers to talk to inventors before they've applied for one. "Patents are expensive, and we like to give the inventor some idea of whether the invention has a chance of being successful before they spend money."
What are the characteristics of a successful invention? "It's original and it's wanted," says Richard Payne firmly. "There are three things that inventors all too often overlook. First