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Invention Research

Postby Andrew Krauss » Fri Jan 28, 2011 11:01 am

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Andrew Krauss
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Here's another slide from the presentation I gave at my Inventors Association last weekend.

This slide illustrates how a rookie inventors often think and how a pro thinks when it comes to doing Invention Research.

Invention Research

Rookie –
I’ve looked around. There is nothing else like it

Pro –
I’m going to look at every retailer that would carry such a product.

My goal is not to prove that the idea doesn’t exist, but to observe and note how my ideas benefits fit into the marketplace and the Inventions product category.


Take Away –
1) Be objective in evaluating your products market potential.

2) Other Products are good …. acknowledge that.

3) Your product does not need to be the best. It just needs to have benefits that some people want.
Keep Inventing,
Andrew Krauss

http://www.inventRight.com Co-Founder
10 Years and Counting

http://www.InventorsAlliance.org President
13 Years and Counting

Re: Invention Research

Postby Roger Brown » Sat Jan 29, 2011 6:06 am

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Good points Andrew,

I tell the new Inventors that contact me for help that walking through Wal-Mart is not proof that your product does not already exist.
Come visit my sites at http://www.RogerBrown.net
or http://www.looking2license.com
I have gotten 9 products licensed spending less than $100 on each, you can too.

Re: Invention Research

Postby ATtheLake » Sun Jan 30, 2011 9:29 pm

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Location: Northern Indiana
Call me overkill but I think I have personally put in no less than 50-75 hours on all various search engines searching for a similar product to my idea, there are aprox. 4 that approach similar end result but none that do it the way I envision.. Searched every major and non major (for the most realistic part) retailer within 100 mile radius.. I think I have found no competition and an age old complaint.. I am glad you wrote a tid bit on this because it is important! :idea:

Re: Invention Research

Postby StephenKey » Tue Feb 01, 2011 1:41 pm

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ATtheLake,

Looks like you've done quite a bit a research. That's excellent.

One thing that people don't think about though is that it's not always a good thing if you have "no competition".

Having competition with products that offer benefits in the same realm as your product (doesn't need to be exact same benefits) verifies that people are interested in those types of benefits.

My guess is that you do have some sort of competition if you take a closer look. And that competition is a good thing. It verifies and validates your idea.
Award Winning Inventor Stephen Key - http://www.inventright.com
Stephen's new book "One Simple Idea" from McGraw-Hill is available in stores nationwide as well as online.

Re: Invention Research

Postby Roger Brown » Tue Feb 01, 2011 2:46 pm

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It also helps you get a broad idea of the market share and how many other companies are fighting for those slots. It also gives you an idea of what you will need to stand out among those competitors.

Look at the picture below. The top product is theirs that required two hands to operate and would only hold certain sizes of sunglasses. Mine requires one hand to operate and will hold any size sunglasses. It is also sold for the same price as the competitors. So you are getting a better product and not paying more. Just what the consumer wants, more bang for the buck. :D

Image
Come visit my sites at http://www.RogerBrown.net
or http://www.looking2license.com
I have gotten 9 products licensed spending less than $100 on each, you can too.

Re: Invention Research

Postby ATtheLake » Tue Feb 01, 2011 4:48 pm

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Location: Northern Indiana
Great Follow up by Stephen and Roger!! Iam un-intentionally swinging for the big leagues on my product.. I am filing provisional patent in the next few weeks and looking to market it to 5-6 major us companies... I am not expecting anything, other than a fair opportunity to make consumers life's better!
Last edited by ATtheLake on Fri Feb 04, 2011 9:09 am, edited 1 time in total.

Re: Invention Research

Postby Roger Brown » Sat Feb 05, 2011 7:19 am

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Good luck atthelake!!! Do your research and make informed decisions.
Come visit my sites at http://www.RogerBrown.net
or http://www.looking2license.com
I have gotten 9 products licensed spending less than $100 on each, you can too.

Re: Invention Research

Postby Gizmo » Sat Feb 05, 2011 4:50 pm

Gizmo
 
While were on the subject of research has anyone ever used this patent search site before. I ran up on it today .



http://ip.com/

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