Should I Invest In My Invention?

Posted on July 24, 2012 by Ron Reardon

Before you heavily invest in your brilliant idea there are some basic questions that you should answer. These are questions that must be answered, whether you plan to sell your product yourself or license your product to an existing company.

1: Is there really a market?

Are there people who will really buy my product? If you believe that “I have no competition!” there may be a good reason why other companies aren’t making a competing product. The only real test is a market test. Only live customers can tell you if you have a winner or not. (Your family and close friends do not count; often they don’t want to hurt your feelings and will tell you what you want to hear). After filing a Provisional Utility Patent application create a prototype, a model, a written description or picture, and test your new product in the marketplace. Offer it, sell it, or give it away to customers and see how they respond.
Get immediate feedback. Get responses from those you expect to buy your product just as soon as it is available. In most cases, your initial product or service idea is deficient in some way. But by changing it in response to customer comments or complaints, you can tweak your product to be a market leader. Record this marketing data if you plan to license your product.

During this process assume that a competitor is rushing to bring a similar product to the market. Develop the action habit. Avoid paralysis by analysis. Instill a sense of urgency at all times. Remember: “Only the paranoid survive!”

2: Is the market big enough to make this invention worthwhile pursuing?

Is the market large enough to justify all the time, trouble, effort, and expense necessary to develop your product and bring it to market? Can you sell enough of your product to make it economically worthwhile? There are many products for which there is a definite market, but the market is too small to make them worth pursuing. Market research in this area can be invaluable in helping you decide go/no-go.

3: Is the market for your product concentrated enough?

If your invention survived the first two questions, does the means of advertising and promoting the product exist that would enable you to sell to that market in a cost effective way? If your target customers are difficult to reach, identify or educate for any reason (geography, demographics, awareness, etc.) this could be a real show-stopper. While the Internet extends your reach to access unique customers your competitors have the same advantage as you.

4: Who is your competition?

Who are your main competitors in the market? There is always competition, even if the competition is your potential users choosing to live with their problem instead of buying your solution. Make a list of potential competitors. How long have they been in business? What are their products? What benefits do they highlight? What features do they have? What are their price points? Do they have a guarantee? What are their product extensions? What accessories do they have as companions to their products (the sale after the sale)? There is a graveyard of new products that died because there was no market, the market was not large enough, the market was not reachable, or the alternative to the new product was more compelling than the new product.

Finally, remember that luck and timing has a role in the success of a new product. Do your homework and if all the lights turn green, put it in high gear and make your own luck before the market window closes.

Ron Reardon, Patents & More, Inc.

How to Get your Invention on TV

Posted on July 5, 2012 by Ron Reardon

Imagine seeing your invention on NBC’s Today, Show, Dr. Oz, Jimmy Fallon, etc.!

One pathway for this to happen is through Steve Greenberg, the Innovation Insider.

The way that Steve works is that he is given a “theme” by a show’s producers, e.g. recently it was “Summer Safety Gadgets”

Once Steve has the theme he posts that theme in 4 venues:

- he tweets about it at @stevetv

- he posts it on Facebook at www.facebook.com/stevetv

- he posts a query on Profnet.com

- he puts out a request on HARO: http://www.helpareporter.com/

If you follow Steve on one or more of the above venues, then you will know what he is looking for a any particular time.

If your invention FITS the theme, let Steve know by contacting him through his website: www.stevegreenberg.tv

Steve creates a list and submits to the show and the producers pick the appropriate products (so don’t get mad at Steve if yours does not make the cut).

It is a simple process and doesn’t cost you anything except your time – what a deal!

Ron Reardon – Patents & More, Inc.

Everyday Edisons

Posted on June 26, 2012 by Ron Reardon

Everyday Edisons is a public television series that celebrates American ingenuity, resourcefulness and innovation. Now airing its fourth season, the Emmy® and Telly Award-winning show depicts the reality of “light bulb” moments and how to turn those ideas into viable products. The series celebrates everyday people who have an idea for a new product or a solution to a problem, and follows that solution from concept to product development.

Created by prolific inventor-entrepreneur, Louis Foreman, Everyday Edisons was the first show on TV to positively reward the inventive spirit and empower those to bridge the gap between an idea and a successful new product.

As the world’s economic landscape continues to shift, it is important for this and future generations to creatively work together to develop innovative solutions that benefit not only consumers, but also the community as a whole.

Take a look at some of the “Everyday Edisons” that Season Four features, from a husband and wife team to a physics professor, and learn about their inventing struggles and triumphs for other ‘Edisons’ out there.

Brian Smith: A dog walking-related accident left Brian Smith with an aching shoulder—and a desire to do something to prevent other owners from injuries because of their beloved, yet often excitable dogs.

Charlie Lumsden: Hawai’i local and outdoor enthusiast Charlie Lumsden was so impressed with his workout on the water that he decided to create a way to do the moves no matter how far from the North Shore you live.

Daniel Lentz:A college assignment led Daniel Lentz to his idea; his industrial design background made it possible. See how he made something as chore-laden as a dog bath easier with his invention!

Eric Huber: Prolific inventor Eric Huber set out to invent something that would help the environment and make cleaning the kitchen an easier feat.

Faramarz Farahi: This physics professor took his research out of the lab and applied it to fabric. See how Dr. Farahi’s innovation changes the landscape of alternative energy.

Greg Bruce: Professional fence installer Greg Bruce used his post-digging know-how to create an innovative new workout device.

Ken Joyner: A new puppy is adorable and fun, but often leaves behind a few messes. Ken Joyner and his daughter cooked up an invention to make cleaning up frequent spots a breeze- without harsh chemicals.

Mark Stark: When Mark Stark’s friend turned down a friendly card game because he couldn’t hold the cards with his prosthetic hook, he took it upon himself to create an affordable, functional prosthetic— suitable for card-playing, guitar strumming, and simple everyday tasks.

Maura Indes and Tom Adam: A cat is a wonderful addition to any family, but their bathroom habits are not. Frustrated with cleaning a filthy litter box, Maura Indes and husband Tom Adam came up with a way to dispose of the chore altogether!

Al Contarino: Not one to be short of ideas, seasoned inventor Al Contarino had this “ah-hah!” moment while watching a cooking show. He thought of a way to make one common outdoor cooking process better, and developed his patent-pending prototype in his home workshop.

For more about Everyday Edisons, past and present, click here: http://www.everydayedisons.com/the-inventors/

Louis Foreman is a prolific inventor, product developer, innovation enthusiast and small business entrepreneur. In 20 years, Louis has created nine successful startups and has been directly responsible for the creation of more than 20 others. In recent years, he’s been called upon Congress to share his point of view on patent reform, by USA Today for commentary on entrepreneurship and often to address schools and universities to propel the advancement of innovation for all ages.

Ron Reardon – Patents & More, Inc.

The Independent Inventor’s Handbook

Posted on June 21, 2012 by Ron Reardon

At first, I didn’t think the world needed another invention “how-to” book. After all, many other books have been published in this vein, right? Most do a reasonably good job of explaining the various steps of the invention process. But I must say there is something refreshingly original and enjoyable about the Independent Inventor’s Handbook (by Louis Foreman and Jill Gilbert Welytok, Workman Publishing, 2009).

Louis is the publisher of Inventors Digest magazine and executive producer of the Emmy® award-winning PBS show Everyday Edisons, as well as the and CEO of Enventys, a product-development firm working with major consumer product manufacturers and leading retailers. His businesses are proud Sponsors of the United Inventors Association (UIA). Jill is a principal at Absolute Technology Law Group that provides patent protection for clients ranging from independent inventors to large corporations and federal research institutions. Together, they formed a team they refer to as “the Entrepreneur and the Attorney”.

Their new book is primarily helpful to inventors who come up with consumer products. If you’ve come up with a very high-tech or advanced industrial innovation, this book is probably not for you. But since most independent inventors create for the mass consumer market, The Independent Inventor’s Handbook is an especially useful update in today’s globalized economy, with new risks associated with the rise in retailers’ power at the expense of manufacturers, as well as new tools available to inventors. So the update is welcome.

For 8 chapters, the reader is treated to topical information on each recommended step. And it is told in a storytelling style that is quite fun. In fact, I think this is one of the book’s strengths: readability. Colorful captions, story vignettes and case studies abound. So while you may be in the thick of Chapter 3 on Prototyping, Manufacturing and Distributing — a dry topic, at best — you will nevertheless be treated to interesting story of how Earl S. Tupper was originally inspired by the lid of a paint can to come up with his signature air-tight plastic containers in the 1950′s, but that his other major innovation was the creation of “Tupperware Parties” as a massively successful distribution strategy.

Another strong point of the book is how it offers historical context. Indeed, inventing has been around for a long time. Louis and Jill did a lot of research to contrast what still holds true from what is genuinely new in the inventing field.

For example, inventors can still expect to meet entrenched opposition, much like Galileo did when he ultimately had to publicly recant his scientific observations. By the same token, there are really new things that apply today, such as the new USPTO doctrine of “non-obviousness” to obtain a patent.

Finally, the glossary of terms, sample Non-Disclosure Agreement and “Personal Roadmap” offer helpful guidance. My only criticism is that in their attempt to cover all topics well, Jill and Louis sometimes draw the reader from one topic (say, Patenting) to another (like Sales or Prototyping) in the same chapter, or even the same sentence. This was somewhat unavoidable, since all topics are interrelated. But it can require readers to flex when it comes to chapter topics. Honestly, I don’t know how I would have done it differently. But sometimes, it forces the reader to bounce from one subject to another.

Beyond style and content, the book also gets high marks for its collection of truth-nuggets, both encouraging and cautionary. After all, paranoia is the greatest impediment to progress on an invention project, but so is unbridled belief in quick riches. The reality of the inventing process is that it is not always cut and dry; nor is it linear form idea to success.

The Independent Inventor’s Handbook does a good job of clarifying the seemingly confusing steps involved, with both vivid and real life examples.

Patrick Raymond co-hosts Food Network’s series Invention Hunters and can be reached at www.myinventionscore.com

Ron Reardon – Patents & More, Inc.

Before the Patent, Before the Prototype: The Sell Sheet

Posted on June 13, 2012 by Ron Reardon

The sell sheet should be created very early in the development of your invention or product. (To you, it’s an invention—your baby—and you may call yourself an inventor. To everyone outside of your circle it’s a product, and you are a new-product developer, not an inventor.)

Whether you aim to license or produce, the sell sheet is the universal document for explaining your product’s benefits. Design it using the AIDA formula. At least at first use color copying, not printing, because your sell sheet will evolve. And remember, the sell sheet is not a brag sheet about you; it’s a benefits sheet about your product aimed at your prospective end customer.

The sell sheet, also known as a sales brochure, is a basic tool for communicating your invention’s benefits to any of several persons. It is beneficial in first-draft form early on—before you’ve applied for your patent or built your prototype. And it is essential in final form when your invention is ready to submit to market channels or potential licensees. The sell sheet is the vital link between the physical definition of your invention, and the unknown customer who pays money to own it as a product.

Uses for the sell sheet: Whether you plan to license or produce and market your invention, you need to understand why someone ultimately will buy it. Writing down these reasons at the start of your venture helps you maintain the critical focus that improves your design, and therefore improves your patent and your invention’s value. Others who will gain insight from your sell sheet are:

Patent searchers, and your patent agent or patent attorney
Product designers, drafters, and prototypers
Potential money investors and strategic partners
Mall survey prospects
Focus groups
Friends and family, and their expanded network
Web site designers
Packaging designers
Publicity and advertising-copy writers
Catalog and chain-store buyers
Distributors, wholesalers, and manufacturing representatives (reps).
Potential licensees.

Common to all of these is the need to fully communicate why your invention is useful—that is, how it is of benefit to the ultimate customer. For example, a professional product designer should understand your invention’s benefits in order to even begin the design. A patent searcher is aided by the benefit-wording for his/her key-word search. A patent attorney or patent agent must demonstrate usefulness in your patent application. Potential investors and strategic partners, whether friends, family, or strangers, must be able to visualize the ultimate consumer paying money for the product. However, of these several uses for your sell sheet there is one that trumps the others in form and function: the catalog sell sheet.

Designing the catalog sell sheet: The catalog sell sheet should be used as the model of format for all of the sell sheet’s other uses. The reason is simple: Most transactions with catalogs are accomplished by snail mail or e-mail. Face-to-face meetings and phones calls are usually unnecessary. Thus, you must present the essential information—the benefits and features—clearly in an attractive and brief printed form. If you accomplish this with your catalog sell sheet, you have pretty much accomplished it for all of the other sell sheet uses.

Start designing your sell sheet by listing all of the reasons the ultimate user will buy your product. (Don’t think of it as an invention; imagine it as a fully developed product.) If your hope is to license, you have to convince your prospective licensees that the product your invention evolves into will sell. The best way to do this is to urge your reader to see the product through the eyes of the eventual user. If you plan to produce and market, even on a small scale, you’ll need a sell sheet for many uses. It’s your product’s counterpart to your employment resume’.

Now, convert your list of reasons why the ultimate user will want your product into brief benefit statements. For example, the reason a woman will buy the BraBall® (www.braballs.com) is to prevent damage to her padded, under-wire bra if washed in a machine using a net bag. To avoid this damage, she has always hand-washed her expensive bras. Converting these sentences to brief benefit statements we have:

Eliminates hand washing. Saves hours per week.
Preserves your padded bra’s flattering contour.
Prevents the under-wire from puncturing the fabric.
Pays for itself in just a few washings.

As inventors, we naturally concern ourselves with features. That’s how we think. But features don’t sell anything. Benefits sell. For example, the inner form of the BraBall® prevents the bra from shifting around and bunching up. The inner form is specially formed to fit the most heavily padded bras. The inventor might want to share how the shape of the inner form was developed by trial and error, etc. But the user couldn’t care less; she wants to know what its benefits are for her—why she should buy it. Not only are the features of little interest to the user, but if placed first in the sell sheet they are a distraction from the powerful benefits statements that convince her to read on, and to buy.

Remember AIDA: Not the opera, AIDA is an acronym for the time-honored advertising and direct-selling formula:

Attract attention
arouse Interest
create Desire
show how to Acquire

The point is this: you don’t simply ring a doorbell and ask, “Do you want to buy some cookies?” Convincing people to buy something, especially when done on paper, must be approached much more subtly. You start by attracting attention with a photo—preferably showing the product in action—and a powerful headline, a.k.a, a tagline. Then attempt to summarize several of the benefits in one topic sentence or sentence fragment. Create several such headlines, and think about them for a few days before deciding which is best. For example, “Machine wash your bras, and preserve their flattering contour.” Or, “Save hours each week by safely machine-washing your bras in BraBall®.” Or, “Never hand-wash your bras again.” I’d pick the second headline because it includes two major benefits: saving time, and safety—that is, avoidance of ruining the bra.

Now, you have a photo and a headline with which to attract attention. Next, you must arouse interest. The photo and headline grab the reader for a few seconds, and you must immediately draw the reader into the subordinate benefits by positioning these brief, punchy statements directly after the headline.

Assuming that you have gained your reader’s interest, but that your reader is only partly convinced—maybe has a few questions—you now create desire by presenting details that support the benefits. Here, you can mention features, and use longer sentences. For example, say that you are now expanding on, “Prevents the under-wire from puncturing the fabric.” You might write: The patented shape of the inner form locks your expensive bra securely in place, preventing stress on the under-wire. No more bent wires or punctured fabric.”

The object is not merely to fill “white space” with words, but to reply convincingly to your customer’s concerns about being attractive, saving time, avoiding waste, and saving money. Again, I emphasize that this is about your customer’s needs and wants, not about your personal pride; reserve that for family and friends.

Assuming you’ve followed the formula, now you must tell your reader how to acquire your product. This can be as simple as the statement, “for more information contact . . .” Or, you can leave a blank rectangular block into which various labels can be adhered. This enables you to direct your family, friends, and network to your web site for direct purchases, but omits the existence of your web site for sell sheets that you submit to catalogs or chain-store buyers; after all, you’re a competitor.

Price and discounts should never be printed on your sell sheet. These belong in either a separate price sheet, or on your label. Early on, you probably won’t be sure of your price, and you’ll need the flexibility of the supplement. In any event, you don’t want to reveal your suggested retail price to the catalog unless you are asked. The catalog will set the price. All you tell them is their cost from you, and you do this after you receive a response to your first letter and sell sheet. (The catalog will send you a detailed questionnaire.)

Format: Your layout forms itself from the AIDA formula. (contact Jack for an example)

Jack Lander helps inventors to commercialize their products, including preparing sell-sheets. He has been contributing articles to Inventors Digest for many, many years. You can reach him at Jack@Inventor-mentor.com.