Mom Invented

So you have a GREAT IDEA. And whether it’s been percolating in your head for a week or marinating in your mind for years, the key to transforming this idea from concept to profit is ACTION. If it is truly a problem-solving idea, rest assured that someone else has thought of it. Acting on that idea is what will differentiate you! The time to take action is NOW! So what do you do?

We believe that you are the best person to take your idea forward, whether you choose to make it and sell it yourself, or to sell the invention to another company (manufacturer) who will make it and sell it and pay you a percentage of the profit. To achieve this, more than anything, you need information. And, DO NOT assume that a fast-talking invention promotion company you saw on TV will do it for you. Most don’t and worse; many are known to bilk enthusiastic inventors for their hard-earned savings. There will be many people eager to spend your money at this stage. Hold onto it! You may need some later but not now. All you need now is some energy and access to a computer and telephone and get a bound notebook to document and date each of the following steps.

First Step: The great hunt…

Is your product (or a variation of it) on the market?

• Search the Internet
• Visit stores you would expect to carry this item
• Ask retailers if they’ve seen something similar
• Talk to people who would be likely to use this type of product and ask if they’ve seen one

Is your product already patented?

• Search the Patent section of the United States Patent and Trademark website for similar items to see what has been patented (www.uspto.gov)

Decision: If you find your product, decide whether your idea is different enough to pursue or decide to abandon it.

Second Step: Analyze this!

If there is truly a need for your invention, someone has likely thought of it but just not moved ahead with it. So, find out why it hasn’t made it to market.

• Is the market / customer base perceived as too narrow to justify it?
• Is it too costly or complex to produce?
• Are there challenges in obtaining the materials to produce it?
• Does another company have a lock on the market discouraging entry?
• Are there other barriers to production, e.g. extensive regulatory or safety issues?

Decision: Move forward or abandon it.

Third Step: You are going forward, so which path should you take?

In the inventing process, there are really two paths you can take. While you can change direction along the way, in order to really begin, you need to choose a direction.

Do you want to make and sell your invention yourself versus licensing? A few of the pro’s and con’s are
spelled out here:

Benefits of making and selling it yourself:

• Increased percentage of profits: 95% versus 2% to 5% (if licensed)
• Control over product development such as design and distribution
• Development of full-fledged business and benefits of being an entrepreneur

Challenges of making and selling it yourself versus licensing:

• Substantial development costs and challenges, e.g. design, safety testing, legal protection, mold or pattern designs, production runs, sales, marketing, warehousing, fulfillment, insurance…
• Little input in future of product
• Complexity associated with running a business
• More than full-time job

Decision: Choose to start your own business or find a licensing partner

Fourth Step: Design it.

If you've reached this stage, then you are going forward. Whether you intend to license your invention or start a business, you will need a prototype.

Make a rough sketch
Make it from whatever materials you can find
Get feedback, redesign, get feedback, redesign

Decision: Either have a professionally made prototype made for licensing presentation purposes or skip to the manufacturing phase by creating technical drawings

Fifth Step: Intellectual Property Considerations.

Educate yourself as to the basics of Patents, Copyrights and Trademarks. Once you’ve done this, consult with a professional in this specialized field of the law.

Tagged as: Business Secrets, how to, intellectual property, inventing, inventing guide, invention, licensing, manufacturing, patents, Product Development, startup