Innovating is always a stressful process. In my experience, the biggest stressor during the innovation development process is financial concerns. Finances are going out and there is not only nothing coming in, but there may not any future return on the investment. The longer your innovation development period takes, the worse this stress can be. Here are five ways to overcome the stress of innovation development.
1. Do market tests. Pitch the idea to a number of people in your target market and gauge their response. Knowing people are excited about your innovation makes it easier to manage the risks and leads to a big drop in stress.
2. Sell your prototype. If you can, approach a few key potential clients in the industry and sell them your prototype. Essentially, they are pre-buying your product. This not only starts brining money in, it also helps you accurately forecast sales.
3. Find investors. If the financial stress is too much for you to bear find an investor or partner to share the burden.
4. Have a stream of passive income. The term passive income is thrown around a lot these days. Generally it refers to income that you can count on each month, which you do not actively work to bring in. The stress reduction here is a low effort way to offset the expense of developing an innovation.
5. Don’t even think about mortgaging your home. Talk about stress!! It doesn’t matter how great you think the idea is don’t’ mortgage your home to finance your innovation. Let me be blunt, if you need financing, get an investor. If you can’t get an investor then maybe your idea is not that great after all. Trust me if an idea is actually good enough to mortgage your home for, investors will be knocking down your door!