Why Innovating New Technology Isn’t Cheap – An Inside Look

• Technology
• Technology

The 1980’s cult classic film ‘Weird Science’ is fun, kitschy, and nerdy, but it oversimplifies the processes that go into cutting edge innovation. Technology buffs still look up to Steve Jobs, but they would likely be uninterested in watching a television series that covers how many lines of code it took to program the very first Macintosh-based operating system. Although the STEM fields are highly valued in theory, the hardware, skills, and repetitive tasks that go into creating new technologies are largely seen as boring. Indeed, creating new technologies, making cutting-edge electronics, and introducing new innovations is laborious and taxing – yet it is rewarding enough that it inspires countless individuals to take up their own do-it-yourself projects regularly. Discover why even the simplest of creations take years in order to complete and determine whether you are willing to invest in innovation yourself.

New Technologies Usually Require Teamwork

To create an original, innovative and fully functional technology, you have to see the whole process through from start to finish. There’s the part where you brainstorm, do research, and sketch up mock-ups. Hours must then be spent soldering wires to circuit boards, assembling everything piece by piece until you get some semblance of a prototype. To actually get a project completed. It is likely that an entire team of dedicated workers will be necessary. Even if you are innovating something new as part of a passion project. The money will still have to be chipped in. At least, in the beginning, the primary source of funding for these projects generally comes from the innovator him or herself.

Technological Innovation Essentials Cost Money

Whether your home is a virtual ‘graveyard’ of computers, discarded smartphones. And broken electronics, you are going to need to invest in at least a few essentials. There are tools that are necessary for building and taking apart electronics safely. And quite a few of them can be costly. Learn more about obtaining no credit check loans online so you can fund your innovations and focus on the creation stage. You will need money for spare parts and essentials, for research and testing. At some point, angel investors, venture capitalists, and other sources of seed money should become more plentiful. However, every new technology starts off being funded solely by the inventor.

The Complex U.S. Patent Process

The world of technology isn’t just fast moving – it is also highly competitive. An idea is sole that until it is translated into working, moving parts. In short, anything that exists in the realm of technology needs to be patented so that other entities can’t claim them for their own. Patenting a technology is expensive and tedious., And most inventors aren’t well versed enough in the realm of patent law to successfully patent their technologies without help. So, in addition to paying for the patents themselves, innovators usually hire legal counsel.

If all goes well, within a few months to a few years a patent will be awarded. In case another inventor attempts to patent a similar technology within the same timeframe there can be a period of the convention. You might need to file a patent just to ensure that an idea has been trademarked. Which would prevent a large company from receiving credit for your technological advancements? Irrespective of how you have your technology patented, money and funding will be the biggest obstacle.

Innovation is a Time-Consuming Process

When working on developing new technology, you have to go slow. You must document each step, creating diagrams, technical drawings, and three-dimensional models. If a mistake is discovered, you might spend weeks backtracking. In short, innovation is a time-consuming process. Naturally, long and tedious projects cost backers more money. As time goes on, overhead goes up. If you are intent on creating new and exciting technology. You must be invested enough to keep pumping cash into your project without knowing the end date. Even if you estimate that a project will only take six months to complete, you must be prepared for it to drag on for months longer.

Each second that you spend working on a new technology brings you that much closer to seeing it be completed. At the same time, you can’t be dissuaded by a temporary setback. Perhaps your reason for innovating something new is to solve a common problem or just to make people smile. Whatever your motivation happens to be, don’t let time get away from you or cause you to try to rush your creation.

Going Up Against Major Players in the Science, Engineering, and Technology Industries

In February of 2019, Samsung unveiled its completely innovative new smartphone that offered a feature that mankind had never seen yet; a foldable screen. A decade ago, flip phones were all the rage, but a foldable screen was something totally different. Coming with a $2,000 price tag, the Samsung Galaxy Fold is just about twice as expensive as the latest iPhone. Even taking price markup into consideration, simply manufacturing a phone like this has to cost Samsung at least a couple hundred dollars.

Welcome to the world of the behemoths of the technology industry. Apple has factories all throughout China that are dedicated to manufacturing, packaging, and shipping its vast suite of products. Even the lithium batteries that come standard in most modern electronics are too difficult to buy or source for the average person looking to innovate new technologies. Those truly interested in creating new technologies. And seeing them enjoyed by the masses live by the saying, “If you can’t beat them, join them.”

Before an electronic product goes into mass production. And prior to a new technology even being advertised, massive amounts of cash go into getting it just right. There’s the product testing phase when new technologies are tested for durability, security, and wear and tear. Consumer testing is performed to see how people respond to technology, with feedback, changes. And updates made so that new technologies are received well by the public. These things cost money and a lot of it. After creating something that you are sure will impress the world. You can start to worry about money less and the next step more.