The Power of Selectivity
At Lightning Launch, we have seen inventions ranging from brilliant to forgettable. While we consider and evaluate inventions on all ends of the spectrum, we make it a priority to only work with those we believe have real merit. Whether it’s a clever household product, innovative piece of fitness equipment, or a useful pet accessory, there’s no greater pleasure for us than bringing a great idea to fruition, and watching it succeed in the marketplace. To truly provide the value our inventors deserve, however, requires us to be incredibly selective with what ideas we take on.
We believe that saying ‘No’ to ideas that aren’t quite fully-formed, or which we believe simply won’t find a home in the market, is as important as saying ‘Yes’ to ideas that deserve it. We understand what works and what doesn’t work, and pride ourselves on being able to educate inventors on how they might be able to improve upon their concept. A ‘No’ can really help the inventor realize that their money is better invested in other ideas, and save a lot of wasted time and resources. While we do specialize in brand building, marketing, business development, and securing licensing/sales contracts, we also strive to foster an inventor community that understands what it takes to create a successful product, and trusts our judgment. Often, this requires some trial-and-error on the part of the inventor. First attempts aren’t always successful, and it usually takes a few ‘No’s’ from us before the inventor gets that highly-anticipated ‘Yes’. By maintaining an honest relationship with our inventors, our goal is not to discourage them, but to give them the tools and information they need to succeed down the road, and lay the foundation for a lasting relationship.
Many invention companies find it relatively easy to scam inventors by telling them exactly what they want to hear. Regardless of an idea’s merit, these companies will accept 99.9% of submitted inventions. They are able to do this because they provide little value to their clients, and can afford to be unscrupulous in their decision-making process. It’s important to watch out for companies who only heap praise on your product (even the best ideas will have areas requiring improvement), harp on how much money you’re going to make and guarantee certain earnings. If you’ve submitted a few ideas and each one is ‘the next big thing’ or ‘one of the best ideas that we’ve seen in a while’, you should be suspicious.
At Lightning Launch, after our review meetings we select only a small percentage of products for our roster. The rest are declined, and we explain to the inventor exactly why they were declined. We put a lot of value on the learning and education process, and hearing ‘No’ a few times is a big part of that.