“Know when to hold ’em, when to fold ’em…” You’ve probably heard this saying among poker players. Well, it holds true also when developing a product or advancing a project or even trying to run a business.
You really need to realize at what point you are spinning your wheels and forward progress has ceased.
When you have an idea then go on to get a patent, have a model made, and are truly convinced the world will be better off with this product, but no one is offering to buy it, you have some decisions to make. If you have done everything you know how to do, you might need either to give up your idea for good, or stop working temporarily, regroup and wait for a better time.
This holds true for a project you want to progress, too. Maybe the timing isn’t right and the amount of time you are spending on the project is no longer justifiable.
And remember, even though a project ends and the initial goal is not reached, there is something to be learned from every experience. Sometimes the process is more valuable than the end result.
About six years ago a man brought me a prototype pair of eyeglasses that were supposed to adjust themselves for the person wearing them! The man was a brilliant man and was trying to solve a real problem. However, the prototype had little motors on the sides and was way too large. The glasses were awkward to use and it was impossible to “see” how they would work or be marketable. I believe you must always have a near-perfect, workable prototype if you want someone else to “see” your idea at work. Their creator, however, had a clear vision of how they would work.
It was obvious to me he had invested a lot of time and money on the project looking for someone who would help him get those glasses into the marketplace and he had a patent.
After reviewing all the work he had done and contacts made, I advised him to drop that project and work on something else. I felt that while he had a very good idea, the timing was not right. I didn’t think the project had any commercial value at all.
Then a few years later we found an item in a magazine about glasses similar to those the inventor had brought me for review. I contacted him and sent him to a friend of mine to have the glasses re-engineered. Together they contacted a company that was indeed interested in his concept. I think his idea was too early and the break helped him.
When you get to the point where you feel that your idea (or project) is not going anywhere, sit down and do the basic “pro” and “con” list. If the “cons” win, it’s time to either shelve your idea or to scrap it.
I have many ideas in various stages of development around my lab and even finished products that haven’t been commercialized – yet!
Article – Copyright 2000 Stanley I. Mason. Syndicated by ParadigmTSA
