Each of us at some point in our lives have experienced an inspirational moment where the following words pour enthusiastically out of our mouths - "That would be a great invention!" Such musing is usually followed with a realization that the old adage 'It takes money to make money' rings all too true. Inventions require raw materials to develop prototypes and attorneys to put together requests for patents: in short, inventions cost money. All these components add up quickly. In fact, a domestic patent can cost around $10,000, while an international patent can be as much as $100,000, far more income than the average person has to spend on a risky investment. In light of this, many people may consider alternative options: wealthy investors, credit cards, and even fast online payday loans. However, before one resorts to these options, a closer look at some statistics is in order.
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The first and most alarming of these statistics is the fact that only one percent of inventions make any money at all, and only two percent make decent money. This means that you are more than twice as likely to land on double zero at the roulette table as you are to make money on a patent, and more than four times as likely as you are to make good money! Such a daunting percentage alone will prove to be a determent for most would be inventors. Those with a higher than normal sense of adventure will be wise to ponder a couple more figures before heading off to their local payday loan lender to fund their budding idea.
A second figure to consider when investing in an invention idea is the number of patents which are approved each year. Only about fifty percent of claims make it past the patent office. A two to one shot does not seem so intimidating, but one should keep in mind that the patent costs listed above are the rates for simply filing a patent claim; these fees do not guarantee that the patent will actually be approved. Thus, your chance of spending thousands of dollars on an invention idea to no avail is at fifty percent right away. The one percent success rate for inventions applies to those patents that make it past this hurdle. In other words, only two percent of successfully filed patents make any money, rendering the overall chances of your invention becoming lucrative at only one percent and the overall chance of your idea making the kind of money you desire at only half of a percent.
Those who are brave enough to follow through with their invention ideas despite these daunting figures are usually enticed by other figures. Since its invention in 1945, the Slinky has made over $250 million in sales, the Super Soaker has made $200 million since 1990, and the inventor of the Rollerblade has brought in over $10 million in royalties since 1985. These numbers are a strong motivation for pursuing one's invention, as some seemingly simple ideas have turned out to become multi-million dollar empires for those who were adventurous enough to follow through with them. However, anyone who is attracted by these success stories must keep in mind that they are astronomically rare, and most people who do choose to go after their dream of becoming an inventor are left only with the debt of whatever credit card advance, payday loan, or borrowed funds they secured to fund their project. If a payday loan gets your idea going, make sure it's the first thing you pay back when you are enjoying the fruits of your labor!
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