The Key Question Inventors Don't Ask Before Seeking Funding Wondering what makes investors back an invention? The new History Channel show 'Invention USA' points out a key factor that can make the difference in landing funding.

By Carol Tice

Opinions expressed by Entrepreneur contributors are their own.

Invention USAWondering what makes investors back an invention? The new History Channel show Invention USA provides a crash course in the fundamentals of creating an appealing new product.

The debut episode earlier this week opened with an oddball inventor whose idea is even more out there: A gun that fires two chemical pellets that, when they strike the target, combine and cause an explosion.

The inventor explains that the primary use he envisions for this is -- get ready -- for stopping Bigfoot from attacking you. No joke.

What's the problem with that?

Even if you believe in Bigfoot, how often would you encounter one and need to defend yourself? Even Bigfoot enthusiasts would have to admit sightings are rare. Even if you broaden the appeal to people who might encounter a bear, attacks are still infrequent.

Translation: The potential market for this invention is tiny. And that's a big turnoff for investors.

Investors want businesses that can scale big. That means their market opportunity has to be large. The product must also be something a mass audience would want.

Unsurprisingly, the Bigfoot-stopper is a bust with the show's hosts, Reichart Von Wolfsheild and Garrett Lisi, who connect promising inventions with angel investors on the show.

The second invention in the episode is more promising -- a glove you can use like a Bluetooth cell-phone transmitter. This avoids the usual scrabbling around in your pocket or purse to try to grab your phone before it stops ringing.

The hosts are skeptical at first, but decide to do a little on-the-street market testing, and discover consumers love the idea.

How many people own cell phones? Estimates are, half of all Americans will by year-end. And that's just one country.

In sum, the market is huge. No surprise that Von Wolfsheild and Lisi sign up to invest.

How did you size up your company's market opportunity? Leave a comment and let us know.

Carol Tice

Owner of Make a Living Writing

Longtime Seattle business writer Carol Tice has written for Entrepreneur, Forbes, Delta Sky and many more. She writes the award-winning Make a Living Writing blog. Her new ebook for Oberlo is Crowdfunding for Entrepreneurs.

Editor's Pick

Related Topics

Innovation

4 Ways to Bring Your Team Back From the Brink of Innovation Extinction

Innovation often seems constrained by not enough time and resources — but really, it's a lack of playfulness that prevents our best ideas from emerging.

Franchise

How the NLRB's New Joint-Employer Rule Will Affect Franchisees and Franchisors and Redefine Franchise Relations

Discover the pivotal changes in the NLRB's Joint-Employer Rule and how they could reshape the dynamics of franchising.

Science & Technology

10 Tips to Protect Your Device From Hackers While Traveling

Here are some helpful tips to protect your device from getting hacked at airports.

Business News

One Rabbi Saw a Gap in the Market for Giant Menorahs. 35 Years Later, He's Gone From Selling 20 a Year to Thousands.

Menorah.net is on track to sell more than 5,000 menorahs this year, the most in its history.

Leadership

If You Want People to Follow You, Stop Being a Boss — 8 Steps to Truly Effective Leadership

Understand the key differences and embark on the journey from boss to leader with these eight vital steps. This article unveils how to inspire and lead teams with passion and purpose.

Leadership

Want Employees Back in the Office? What Leaders Are (Still!) Getting Wrong About This Ask

For leaders facing the tricky task of getting employees back to the office, here are four communications strategies to soften the blow.