Invent It, Sell It, Bank It!: Make Your Million-Dollar Idea Into a Reality (7 page)

8. Is It Safe?

It is not acceptable to leave it to the marketplace to decide whether a product poses a serious risk or not. If you suspect your product could be dangerous even when used by its intended audience for its intended purpose, it is imperative that you refrain from taking it to market until you have eliminated the risk. Toys, in particular, need to be vetted extremely carefully. Kids put objects in their mouths—even children who should be old enough to know better. You don’t want to be the next BuckyBalls, those rare-earth magnets that were not just recalled but banned because children kept swallowing them. But it’s not just inventors of children’s toys and products who need to be careful. Food is extremely risky, as are energy beverages and baby formulas. Anything that requires batteries is going to have to go through its
own battery of tests. Count on just about anything you create being tested for lead content.

9. Is It a Consumable?

There are a few product categories: apparel, cosmetics, soft goods (like textiles or fabrics), food, and consumables. Consumable goods are fabulous products because they provide you with continual revenue; they must be replaced once they’re depleted. They can be the household items that appear frequently on your shopping list, like razors, dryer sheets, vitamins, and soap. They’re in your office, too—paper, pens, and toner are all consumable. I wish I invented consumables! Somehow, I’m always struck with ideas for durable goods instead. Though I don’t make consumables, I love to invest in them, and most investors feel the same way. Think about that when you’re developing your idea.

Let’s say you’ve answered all nine hero-or-zero questions. What do your answers mean?

It depends. If you’ve decided that your idea isn’t as robust as you thought it was, that means a lot, because the earlier you determine that you’re running with the wrong idea, the sooner you can start thinking up the right one. But aside from that, even if you answered yes to all of the questions above, nothing will confirm without a doubt that your invention is a hero except putting it out on the market and watching people buy it. If no one does, you have your answer. Still, you can improve your chances of success by doing market research. A drawing will not be enough; people will need to be able to see your product, touch it, and use it. If your answer to the questions in this chapter gave you reason to believe that your idea has commercial potential, you’re ready to take the next leap. It’s time to build a prototype.

HERO OR ZERO CHECKLIST

Some indicators that your product may be a hero:

It serves a function.

It solves a problem.

It is unique.

People want or need it.

It is demonstrable.

You can sell it at a reasonable price for what it is.

It is appealing to the mass market.

There are not a lot of competitors.

It is a consumable.

It poses no obvious danger to the public.

You can explain it in a few short sentences.

You have a patent or patents.