I read (and commented on) a post this morning that stated only 1% of inventions are successful. As an inventor with over 25 inventions and having founded successful businesses based on inventions I feel this statement is a bit pessimistic. If an aspiring inventor follows a few basic principles than the success rate can be closer to 80%. There are a lot of “inventions” out there that just aren’t needed or wanted, why waste the time?
Other unsuccessful “inventions” haven’t been adequately developed so that they can be useful, and if not useful it’s not successful. Other unsuccessful inventions sit in closets or shop floors waiting to be discovered, they are unsuccessful. Innovation is the final step in successful inventing. Invention is a process of discovery, Innovation is a process of action, of putting invention to work, creating value and worth for those who use it. That is successful inventing.