Common Inventors Myths #1

There are a range of myths associated with taking an invention from the idea stage to commercialisation. We will explore the top 3 myths over the next few days, with some commentary on the reality from Andrew Fern at the Australian Institute for Commercialisation.

Myth #1: “My product will go from idea to market in a year or two.”

Andrew says: “This is almost always a myth. Usually it will take a long time to get to market. Five to ten years in most cases. You will need a lot of patience.

As an example, we have a company that we are currently dealing with where the idea was first thought of in 1992, a proof of concept was finally built in 2004 and it looks like going to market in 2011. Being constantly capital constrained means time frames will out of your control a lot of the time.”

Better to be aware of this and plan accordingly than to rely on unrealistic hopes!

Myth #2 will be about cost… stay tuned.

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