Four Hot Inventing Trends

Like any activity, the process of inventing and launching products is subject to changes and trends. In this column, I'll talk about the latest trends in the inventing world, and in addition to my own perspective, I've got information to share with you from two other highly successful inventors whose opinions I respect.

Peter Russo is the founder and CEO of New Approach Development LLC and has hundreds of inventions to his credit. Stephen Key is one of the first people whose advice I sought when I started my company four years ago. He's the founder of both Stephen Key Designs and inventRight, affiliated with Inventors Alliance, and has seen hundreds of millions of units of his inventions sold.

Based on our discussions, here are the most current trends affecting the marketplace:

1. Inventors are becoming more diverse. For many, the word "inventor" conjures the image of an eccentric guy tinkering in his garage workshop or a lab-coated scientist working on his top-secret formula. If these images were originally based in reality, that reality has changed. Developing a good idea presents an equal opportunity playing field, and those who were formerly underrepresented are exploring those opportunities.

People of diverse demographics are entering the field. "There are great kid inventors, moms, seniors -- inventors of every kind," says Russo. Key agrees, noting that he sees more and more parents who tap into their experiences and create solutions based on everyday challenges.

2. Inventors are stepping into the limelight. More often than ever, inventors are being featured as spokespeople for their products. TV shows and media have also placed inventors squarely in the spotlight. Last year, for instance, individual inventors were featured and celebrated on the high-profile show American Inventor. And TV shows like Modern Marvels feature an inventor as much as his or her invention. Good Morning America has held the Mothers of Invention Challenge two years in a row, and QVC regularly invites inventors to appear along with QVC hosts to present their products. After all, who can better explain a product's virtues than its creator?

3. Inventors' mind-sets are changing. It used to be all about the idea. Now it's about turning the idea into a thriving business. One day I looked around my office and had a realization: I didn't have a single book or magazine on the subject of inventing! Instead, my desk and bookshelves are covered with issues of business magazines and countless volumes on branding, marketing and the other elements critical to growing a successful company.

While Russo, Key and I agree that there's still a tendency for people to believe they'll hit it big with a single invention, we also think the recent burst in media coverage benefits inventors by educating them more about the sales and marketing process -- and its outcomes. In other words, inventors are realizing that a great idea, even if it's patented, is only worth the paper it's printed on unless someone buys it.