The key to determining whether to develop an innovative product or service is to evaluate the return on investment you are likely to generate, writes Bobby Grajewski, president of Edison Nation Medical. In addition, you'll want to account for the amount of time it will take you to generate a profit. "In our experience, those who view their invention as a business opportunity (and keep their emotional attachment to their idea out of the equation) are the most successful," Grajewski writes.

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