What is the state of invention funding as we speed ahead into the digital age and beyond? Is there a new way for funding the great ideas that could change the course of the next 100 years? My guest today is Reid Creager, an entrepreneur, writer, and student of inventions and innovators. In our conversation, we explore how crowdfunding has impacted the inventing industry, the unique advantage of crowdfunding an invention, tips for creating a new product, the inventor’s best first step, and much more! I can’t wait for you to learn from Reid’s fascinating perspective.

What is the best first step for any aspiring inventor?

If you find yourself considering how to begin inventing a product, what would be your first step? Do you start with testing your idea with an audience? What about drawing up plans for invention funding? According to Reid Creager, before you get too far down the road, it’s important to conduct a patent search. Too often, well-intentioned inventors get started with an idea that has already been patented. Don’t waste your time and energy unnecessarily, heed the advice of invention experts and do a patent search! Reid also mentions that it is highly recommended to have a patent attorney perform a patent search on their end to cover all of your bases. Get more helpful insights into the world of inventions from Reid on this episode!

Tips for creating a new product.

What does it take to bring a new and innovative product to the marketplace? What are some of the best practices that will set your product or idea up for success right out of the gate? Reid Creager wants to help prospective innovators get all the tips they need to hit the ground running. In our conversation, Reid provides several tips innovators can use as they consider testing the waters with a new invention.  

  1. Does your invention fill a function or provide a service that people care about?
  2. Consult people whose opinions you can trust, don’t just rely on friends and family!  
  3. What are the chances that your product will get knocked off by others?
  4. Have you counted the cost? Are you prepared for the massive expense of inventing?

Reid brings up some very helpful angles for prospective investors to consider before they venture too far down the road. Listen to this episode as Reid expands on these tips and much more!

The unique advantage of crowdfunding an invention.

There are so many great options available in the marketplace for invention funding, but which one is the best one for inventors to consider? Reid Creager says that it really depends on the individual and their priorities. While going the route of licensing a product, partnering with angel investors, or connecting with venture capitalists are all good options, Reid is a huge fan of exploring the crowdfunding route for invention funding. The two primary benefits to crowdfunding that Reid sees are the ability to monetize the invention without a lot of money up front and the ability to get an early indication to how the public will respond to the invention. Discover more unique advantages to crowdfunding an invention on this engaging episode featuring Reid!

Inventing is not for wimps!

What is the biggest lesson you can learn from years of interacting with amazing innovators and inventors? Reid Creager says that his biggest takeaway from interviewing inventors over the years is that inventing is not for wimps! He says that he was surprised early on as he was getting acquainted with the history of inventors that Mark Twain owned several patents. In fact, Twain went bankrupt because he was so obsessed with inventing that it consumed all of his time and resources. Beyond securing invention funding and dealing with the jealousy and criticism of others, the biggest lesson is that inventing is demanding. You have to count the cost both resource-wise and the personal toll. Learn more from Reid’s unique perspective on inventing by listening to this episode!

Key Takeaways

  • [1:10] Reid Creager’s background and how he got involved with inventing.
  • [3:20] What sparked Reid’s interest in inventing and innovation?
  • [4:30] Why a patent search is the inventor’s best first step.
  • [5:30] Tips for creating a new product.
  • [7:00] The unique advantage of crowdfunding an invention.
  • [9:30] Reid’s favorite crowdfunding story.
  • [11:00] Has the rise of crowdfunding changed the inventing industry?
  • [12:30] Inventing is not for wimps!
  • [14:30] What inspired Reid to be an entrepreneur?
  • [17:00] Reid favorite invention.
  • [18:30] What does the future of crowdfunding look like?

Links

Connect With Reid Creager

Sponsors

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Transcript

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