25. Helping a New Inventor Escape the Cult-Like Tactics of Inventing Design Firms
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- Опубліковано 14 бер 2024
- Do invent and design firms employ cult tactics to trap eager inventors into a bottomless money trap? Sitting with a novice inventor who has a new take on an old design as we uncover how to monetize art!
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The Invent With Me Podcast
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Welcome to the latest episode of the Invent With Me podcast, where we dive into the world of investing, product development, and turning your ideas into money-making ventures. In this episode, we explore the common challenges faced by aspiring inventors when working with design and engineering firms, and how these firms often charge exorbitant fees for subpar results, trapping clients in a cycle of disappointment. Our guest shares his experience with these firms, likening their tactics to a cult mentality where clients feel obligated to continue with their services despite diminishing returns. We also discuss the importance of monetizing art and innovative designs, exploring different avenues for turning creative ideas into profitable products. Join us as we uncover the secrets to successful investing and product development for beginners, and learn how to navigate the challenges of bringing your inventions to market while maximizing your potential for passive income.
Todd discusses the creation of a unique three-dimensional version of the yin yang symbol, with emphasis on its potential as a sculpture and the process of obtaining a patent. The speaker recounts their journey of conceptualizing the design, seeking expert feedback, and ultimately patenting it to claim ownership. The conversation delves into the motivation behind patenting, which includes the desire to protect the rights to any potential artwork and potential income. Additionally, the speaker explores avenues for manufacturing the product, considering options like Alibaba and a product design firm in Northern California. The speaker ultimately hired the firm for around $20,000 to develop the design and facilitate manufacturing. Overall, the discussion revolves around the speaker's entrepreneurial journey, from conceptualization to patenting and manufacturing, with a focus on originality and potential profitability.
Todd discusses his interactions with a factory regarding the manufacturing of his product. He expresses frustration with the complexity and cost of the process, particularly with regards to design iterations and manufacturing options. His friend offers advice, suggesting alternative approaches such as 3D printing and questioning the factory's pricing and methodology. They discuss the importance of investing in quality and the need for Todd to take a more hands-on approach to understand the manufacturing process better. There's also a discussion about the potential advantages and drawbacks of working with overseas manufacturers, particularly in China, and the importance of finding the right balance between cost, quality, and ease of communication. Todd reflects on his decision-making process and expresses a desire to learn and improve as he navigates the challenges of bringing his product to market.
The conversation then turns to various topics related to entrepreneurship, investment, and business development. There's discussion about selling products through platforms like Amazon FBA for passive income, exploring licensing deals, and investing in oneself through education and self-improvement. The speakers also touch upon challenges faced in entrepreneurship, such as dealing with pressure, family dynamics, and the importance of persistence. They emphasize the need for practical action and learning by doing rather than getting bogged down by analysis paralysis. Overall, the conversation underscores the value of taking initiative and charting one's own path in the pursuit of success.
The excerpt emphasizes the importance of not relying on external companies to realize your invention's potential. It underscores the notion that such ventures often result in the inventor owning nothing substantial in the end. Instead, it suggests taking control of your invention's journey, even if it means starting small. By building a brand, creating a story around the product, and exploring different avenues for selling, like Shopify or Amazon, inventors can maximize their potential for success. The conversation also touches on the importance of focusing on achievable goals and leveraging personal connections to source manufacturing and establish IP protection.
The last part of this podcast episode emphasizes the importance of taking ownership and initiative in pursuing one's inventions and ideas.
It highlights the value of the "Invent with Me" podcast as a resource for new inventors because it provides practical advice and encouragement for taking action.
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What an interesting story!
Well I’m glad I’m not the only one who can’t explain the Torkstap!
I like the “story” of seeing things from the other person’s perspective. That is always wise and empathetic. Plug that Todd!
Thanks Linda! I think there's a definite story there beyond just the visual aspect.
Great idea and great advice. Love the persistence and drive. If it was easy, everybody would be doing it! 👊
So true. I admire your drive and determination on your venture.
Absolutely!
Great interview
Todd is an inspiration
Thanks!
He sure is! He has done the inventing community a huge favor in sharing this experience.