Should I Invest In My Invention?

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.

Top 8 Killer Investor Presentation Points

Investors are people just like you and me.  They want to know ‘what is it in for me’. They have money to invest because they have successfully earned enough income to put them in the top 5% of the wealthy.  They are motivated to invest because they want to give back with the experience and money.

Your first presentation should be no longer than 8 – 15 minutes.  Back up charts and other visuals can be used to expand on a point.  Use our Top 8 Killer Investor Presentation Points as a guide.

1.  Opening Remarks
2.  Mission Statement
3.  Market Opportunity
4.  Description of Product or Services
5.  Management
6.  Marketing Strategy
7.  Capital Needs
8.  Closing Remarks

1.  Opening Statements

Opening statements should be concise and to the point. Introduce yourself and any other members of your management team who are present.  If possible, have one of your creditable investors speak for a couple of minutes on their personal insight as to why they invested.  It should not be an investor who is a close relative or is part of the management team.

Get excited and have passion about your opportunity.  Create a buzz about your deal, so that investors will spread the word about your company to other investors.

Comment:    Give a concise and professional overview that gives investors attending some insight as to your organizational skills.  The tone you set for the presentation is critical. Be professional, but find some areas where you can add some humor without being a comedian.

“First impressions are very important.”

2.  Mission Statement

In one or two sentences, state the mission of your business.

3.  Market Opportunity

In a short paragraph, demonstrate to the investors the specific market opportunity or need for your product or service.  Be specific with how many actual products or services can be sold and in what time frame.

Sample of Opening & Mission Statements: Good afternoon, my name is Tom Jones. I am the founder and President of XYZ Corporation.  Assisting me today is our CFO, Richard Smith.

Accelerated use of latex gloves and latex covers for medical devices to protect against infectious diseases over the past two decades has resulted in as many as 17 percent of healthcare workers affected by latex allergies.  A greater risk is with the general population that is not aware of the allergy until they come in contact with latex during a medical procedure.  XYZ has identified the cause for the allergy and has determined a process for making latex virtually non-allergenic.

We have a contract to distribute our process to 72 countries and are raising $500,000 to fulfill the contract.

4.  Description of the Product or Service

Describe what product or service your company sells.  Keep it simple.  Don’t bring up technical or confusing information.  Details are usually brought up in later meetings.  It is important to be specific on the product or service’s unique value to customers and why your company is different from the competition.  It is imperative that you show how your company will attract customers who will purchase what you are selling.

5.  Marketing Strategy

Many companies who have had good products and services did not become successful.  One reason is to clearly identify your company’s marketing strategy.

Talk about the value of your strategic alliances and partnerships. Investors look for aggressive marketing as a key component to success.  Therefore, choosing a marketing method is critical to achieving your success.  Will you be marketing directly or use strategic partnerships and alliances?  This is vital, since the cost to market directly can be very costly.  Using strategic partners, alliances, or resellers could be a much more valuable marketing and sales strategy.

“Create a buzz about your deal by being articulate, passionate, and with complete understanding of your opportunity.”

6.  Your Management Team

Describe each key person who is important to making the company successful.  Most investors recognize that having a management team of friends and relatives is usually not a good idea and could be a critical mistake to the company in many ways.

Assemble the best talent you can find, with strong managerial skills, and explain to the investors why this management team, under your guidance, can lead the company to success.

If your management team is not in place, it is vital that you at least identify key personnel who will join your business at some future event or date, (such as after funding has been obtained).

“Investors are attracted to people who have been successful

in other businesses.”

7.  Capital Needs

It is very important to outline the need for funding and why your company should be considered for an investment.

Understanding the importance that each investor is very interested in how you are going to spend their money.  Demonstrate exactly how your company will prudently spend the money.

Be sure to have an easy to understand, detailed month-by-month written use of funds that backs up what you say in your presentation.  In a summary format, reveal the use of funds and projected salaries.  Investors look favorably on first year salaries of $40K – $60K tied in with some performance clause.  Investors usually don’t want to pay for high salaries.

8.  Closing Statements

Be sure to say ‘Thank you’ to the investors for their time and invite them to an demonstration, a visit to your facility, or to an additional meeting with more in-depth information.

The gold is in the follow-up.  Keep investors informed about your progress in an investor relations campaign.  Ask if there are certain areas they would like you to address.  When possible, get their feedback on what they liked and any concerns they may have.

“Practice until you can deliver the presentation by memory.”

Karen Rands is Founder & President of LaunchFM, providing Investor Relations Services, Entrepreneur Coaching, Raising Capital, Finding Angel Investors, Seed Stage Finance.  You can contact her at 1-888-569-0464

Ron Reardon, Patents & More, Inc.

How to Get your Invention on TV

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.

Crowd Funding: When you have a great idea, but no money

Crowdfunding is a way of financing a project by pooling the donations / contributions/ purchases/ of many individuals.  This has become an emerging method for inventors trying to raise money with the best know being Kickstarter. Here is a short list of some of sites that do crowd funding. www.kickstarter.com/ , www.techmoola.com/  , www.profounder.com/ , www.rockethub.com/ , www.indiegogo.com/.  The following link:  Crowd Funding WebSites and WebSites To Find Investors has a large list of crowd funding sites.

The New Law – for Investments

Today you can take in money but you must be very cautious about taking in money as an investment for small investors.  Recently the CROWDFUND Act (officially titled “Capital Raising Online While Deterring Fraud and Unethical Non-Disclosure Act), passed which will allow private companies to raise up to $1 million in any 12-month period by selling stock through authorized crowdfunding websites. But the rules for the authorized sites are still not implemented, so if you need to raise investment money you should keep an eye on the legislation till it is ready to be implemented.

How CrowdFunding works

You post on one of the sites a video that talks about your invention in as intriguing way as possible and then you list how much money you are trying to raise and what you are offering.  You can offer anything from a finished product once you have it made to a share of your business, royalties on sales or another offer that you may be considering.

Costs 

4 % – 6% if the inventor reaches his or her goal, sometimes more if they don’t, plus credit card processing fees of up to 4%.  If you pursue crowdfunding as a method of raising money be careful to understand when you will get the money and what fees you may pay if you don’t raise enough money.  For example you may have a goal of raising $25,000.  If you only raise $20,000 some sites will return the money to investors and charge you a fee.  Others will give you the money but charge a higher fee.  And other sites may offer a different fee structure so be sure to completely understand the fee structure before moving forward.

Success Story

Isaiah Coberly invented a new cover for the iPad, which can be folded into a variety of configurations for use on a lap, desk, airplane tray and a host of other impromptu settings.  While Coberly had some prorotypes, and people raved about the product, he didn’t have enough money to move forward.  So he and his partner, Becca Iverson decided to try the online fundraising through Kickstart.  They had as their initial goal $10,000 raised in 60 days and they hit that goal at 30 days and ended up raising over $20,000,

People who invested online got a thank you note for less than $500, for those who put in $500.00 they received a promise of a hand signed Flip Steady once the product was produced.   Though not the final count, on May 13th the inventors had received money from 224 backers for a total of $23,242.00 for an average donation of just over $100.

Since raising the money Coberly had received an offer from an investor to buy 35% of the company and another offer from someone who wanted to buy the idea.  Coberly thought both of those offers benefited the investors more than him and he turned them down.  He wanted to keep control of the company and where it was going. 

Points for Success

1.  Check out the site carefully, and be cautious of upfront fees,  Crowdfunding sites are being started by a wide variety of people and there may be some unscrupulous sites trying to get your money.

2. Post a personal video – a personal video with a passionate cause or story, will raise more money at crowdfunding sites.

3. Show you are in business – have your own web site and other marketing activities to show you are a real company.  Focus group session, attending trade shows, having booths at local fairs, are all ways to demonstrate you are not just trying to raise money, but are trying to start a viable business. A crowdfunding campaign without proof that this product, service, or startup really exists will struggle to raise money.

4.  Don’t take getting on the site for granted – Kickstarter only accepts about 60% of the ideas submitted, so take the time to prepare initial information that shows that you are seriously trying to get in business.

Resources:

Comparison of Crowdfunding Websites is a good article comparing some of the leading crowd funding sites.

Crowd Funding Offering Checklist  offers information about the CrowdFund Act that allows business to take in up to $1 million in investments per year.

 Don Debelak DSD Marketing P.O. Box 120861 New Brighton, MN 55112 612-414-4118 651-773-5866 (fax)

Ron Reardon – Patents & More, Inc.


Everyday Edisons

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

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

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.

Ron Reardon, Patents & More, Inc.

Calling All Inventors: Food Network is looking for you!

Food Network is looking for inventors and their food-related inventions to appear on future episodes of Invention Hunters.

If you think you have an invention that would be a good fit for the show and you want us to consider featuring it in one of our episodes, visit luckydogfilms.com/inventionhunters.htm to apply.

(This show has been a Mega Hit and, if your invention is selected, gives your invention national exposure, plus a shot at being pitched to Lifetime Brands).

Ron Reardon – Patents & More, Inc.

Connecting the Inventor Planet to the Business Planet

As you may imagine, The Inventor’s Planet is a place with zero gravity. The inhabitants are free to jump about and do things that would be restrictive on any other planet.

On the inventor planet creativity is a raging river irrigating the creative needs of those around it. The sky is Blue, or Red, or Purple…or whatever your mind’s eye may see, and the air is filled with tenacity and hope. While the people spend their days harvesting the crop of invention planted months before from seeds of innovation.

All in all, the inventor planet is a happy creative place where anything goes and the limits are all in your mind – But don’t look for any money on the inventor planet, there is none. For that you have to go over to the Business planet.

The Business Planet is a much different place. It’s a happy place as well, but for different reasons. On the business planet there is a strong gravitational force that governs a set of rules ensuring everything runs efficiently. The gravitational pull of manufacturing, the gravitational pull of consumer wants, the gravitational pull of money, and even a gravitational force of luck. All work in synergy to ensure it all functions correctly.

On the business planet the mighty river of commerce flows swiftly as people constantly throw new things in and fish others out. The sky is a constant, but beautiful, emerald green, the air is full of hope and tenacity. While most nights you can stare into a star filled sky of profit waiting for the next day to arrive and offer a new opportunity.

Sure, there’s often a lack of creativity, and the sky is always the same color, but on the business planet it all works well to make sure everything functions within the gravitational limitations of the planet itself. It’s not a bad place at all – just a different place than the inventor planet.

So – how does one move between the Inventor Planet and the Business Planet? – On a bridge of course.

Inventors always seem to think the problem in our industry is the business planet. Envisioning gangs of thugs running around just waiting to jump out and mug the first inventor that happens by – Wild gangs, intent on stealing the inventor’s money, their ideas, and their dreams.

Yet people on the business planet look across the bridge and conger up visions of these creative trolls locked in their basements toiling away on ideas that most people don’t really want or need – A greedy bunch that puts far more value on their invention than the rest of us do, demanding to be treated better than others when they grace the business planet with their presence.

Are either really correct? Maybe in some cases both are correct, but how do we fix this overall mischaracterization people on both planets have of each other?

The key is education, and that’s where the bridge between the planets becomes so important – it represents the ability to educate ourselves.

The bridge is a span between two known worlds. Each planet having its own environment, its own risks, customs, even personality. By educating yourself about what you will find when you arrive, you dramatically increase your chances of fitting in when it comes time to make that trip.

That entire educational process happens on the bridge.

You see, the bridge is constructed of knowledge – built from planks of information dried in the kiln of experience. Google, Books, CD’s, DVD’s… Blogs, Forums, Radio shows, Magazines, even simple Conversations are all planks on the bridge of knowledge.

Some inventors take years to cross the bridge, soaking up the knowledge on every plank. When they arrive at the other planet they are truly prepared and the result is that they are generally successful.  Other inventors want to run across the bridge, they bypass all the really important planks and in record time they have reached the other planet. The result is predictable – they normally fail, walking back angry and dismayed ready to tell all of us about the roaming gangs of thieves, and lack of appreciation and understanding the other planet has for inventors.

The bridge is built of education and best traveled slowly and with persistence. It is in fact, an exercise in personal responsibility and the success you have when you reach the other side is directly relevant to the amount of time you took to cross it.

When you do get to the end of the bridge – some people take a cab to get around.

We know there are two planets, the Inventor Planet and the Business Planet. We know there is a bridge between them designed to get you ready for what to experience when you get to the other side. But what about navigating the many roads and being able to get from place to place once you are there?

When that time comes many inventors charge off with little more than desire and a sense of what they think they know is correct. Others – well they take a Cab.

Not a Cab in the sense of a bright yellow car, but a Cab in the sense of using someone more familiar with the area to do the navigation for you. In the inventing industry those “Cabs” are the group of service providers waiting at the foot of the bridge as you step off onto this planet you know little about.

Picture this – you are on a cruise and you walk down the gang plank into a beautiful little island port. Waiting for you are 3 Taxi drivers.

You don’t know it at the time, but one will take you directly to your destination and charge you a fair price to do it. The second will take you to your destination but in a rather long rout that racks up your bill a bit. He’s not directly stealing from you, but he knows you don’t have a good sense of where you are or where you are going so he bumps it a bit for his own advantage.  The third Taxi, well he’s fully aware you are clueless about where you are and how to get where you’re going. So he promptly drives you around the island twelve times only to drop you off very close to where you started.

How do we keep this from happening? It’s simple – we get a map of the island before we get off the boat and use it to understand where we are and where we are going. If you had a map in the third Taxi you would have seen very quickly what the driver was doing.  The same could be said for Taxi number one. A map would have shown you very quickly that you could trust this driver and each time you needed a ride from that point on you would have looked for him.

Working with service providers in the inventing industry is really no different. There are all three types of “Taxies” ready to greet you when you walk off that bridge onto the business planet – and with little effort and a few conversations they will know if you are holding a “map” of the process.

Don’t get me wrong, its fine to use service providers. Just understand while many are like Cab number one, there are some like Cabs two and three. You don’t know when you get in what Cab you have, but if you have done your homework and figured out where you need to be going and what the stops are along the way, you will quickly be able to tell which Cab you stepped into and if you should take the ride, or get out before you spend all your money.

Planets, Cabs and Bridges are all just metaphors of course for a process that many inventors make much more difficult than it really is. The lesson is easy – do your homework, take responsibility for your own inventor journey and be humble enough to learn. Remember those simple things and you should not only have a great experience, you should become successful.

Mark Reyland is Executive Director of the United Inventors Association.

His blog can be found at http://inventoropinion.blogspot.com/

Ron Reardon, Patents & More, Inc.

 

Patent Lessons from Mother’s Day

The Aunt that raised me from age 3 on is 91 years old and, for all practical purposes, is my Mother. While she is in great health and her mind is still sharp, she gets shorter every year and is light as a feather.

On Mothers’ Day weekend we visited her and took her out to eat. Upon exiting the car a very light breeze hit her and caused her to take a few steps backward to regain her balance. All of us, her included, laughed, since a puff of air threatened to blow her away. She commented that a friend of hers said that she was “going to put a brick in your pocket”.

What has this to do with patents, you ask?

Well, some patents are light weight and can be “blown away” by the slightest breeze. In other words, the claims in the patent have miniscule value.

Among some patent practitioners, the joke is that if a patent claim can be covered with two fingers, the probability of the Patent Examiner allowing it is close to zero (however, if it is allowed, it could be very commercially valuable). On the contrary, if a patent claim requires two hands to cover, the probability of allowance is very high (but the enforcement value of that claim is probably zero).

That being said, a “picture claim” that describes in tremendous detail the elements of the claimed invention and requires three or more hands to cover, can be very useful in your patent strategy.

Not all claims are created equal, their utility depends on your patent strategy.

If you don’t have a patent strategy your allowed claims might be so lightweight that investors or licensees might run, not walk, away from the negotiating table.

To learn more, just contact us.

Ron Reardon, Patents & More, Inc.