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Modern Marvels-Invent Now

Postby DaddyMathis » Tue Nov 21, 2006 8:08 am

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Has anyone else on here entered the Invent Now Contest? I think they pushed the deadline back to Nov. 30.

This is my first invention contest so I'm excited. I'm still working on my prototype (using mostly off the shelf parts for now...so it's a little slow), but I should be done in plenty of time if I make it to the semi-finals. I've never been to an exhibition either....any advice?

Postby idie » Tue Nov 21, 2006 9:21 am

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Hey Daddy:

I am not competing on that oe but plan to compete in American Inventor. I would sure appreciate any advice you have once to go through the process.

I think one of the bloggers here won some Staples contest and wrote about it. You may want to look at his stuff.

Idie

Postby DaddyMathis » Tue Nov 21, 2006 11:12 am

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I'm thinking about going out for American Inventor too. Actually, that was my original plan until I found out about Modern Marvels. A.I. sort of made me get my butt in gear and start really working on my ideas last spring. I'm just a little worried about the terms for the show. That $1million sounds nice, but $50K for second place and having to give ABC the option to license it is a little scary (especially since it seems like the only one they picked up from last year so far is the "catch vest".

I actually thought A.I. would've started auditions by now and I was dead set on trying out. I guess I'll just decide when they announce the schedule and see if it conflicts with Modern Marvels.

I'm a little bit of a dreamer, (we have to be don't we?), so I'm looking for that big payoff so I can retire young. I know that's not how it usually works, but you can't blame a guy for dreaming.

I entered my invention online yesterday. They say the 25 semifinalists will be contacted around the middle of January, so I'll keep you posted.

Until then, I'm working on my prototype and looking for every little bit of info that every serious inventor, newbie, or nut-job has to say.

Postby Road Show » Tue Nov 21, 2006 11:35 am

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DM, I met one of the contestants from the first season of AI. She says that three of the final four inventions, plus two of those left from the final 12 (her's being one of the two also-rans), were picked up, and that work is just now starting on hers. As for the second season, I recall reading that it has been picked up for a second season, but lost it's time slot and will begin airing later in the season. I believe this is why nothing has been available on dates for auditions.

Don't discount the value of the exposure you will get being involved in AI. The way I see it, my invention may not make me the huge money up front, but I am confident of getting to the final 12, and from there, even a small percentage of the royalties will earn me a tidy passive income stream.

Good luck.

Postby DaddyMathis » Tue Nov 21, 2006 12:04 pm

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I had only heard about the "catch vest", I'm glad some of the others got picked up too.

Good point about the publicity. I might still enter...I do have a good idea for my commercial.

I just wish we knew something about what percentage you get if they pick it up. It kind of sounds like they tell you what you get and you have no say in it. :idea:

Postby Road Show » Wed Nov 22, 2006 8:11 pm

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I am not for sure now that going on AI is the best way for me to go. from what I've been reading on this forum, there may be things I could be doing to get this to market and make more money for myself.

Postby DaddyMathis » Fri Nov 24, 2006 8:21 am

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I've read some pretty negative things about the show too. So I'm glad Modern Marvels started first this year. I think it just depends on what your goals are. Personally, I would rather win that $1Million next year than to earn $2Million in three years. I know that makes no business sense, but I just want enough to quit my day job and hang out with my kids. I still plan to tinker with some other ideas after that, but I'd have plenty of time.

I'm reading all the info I can find on the invention process. I'm really not much of a salesperson, so I'm definitely going to license my invention and let someone else deal with manufacturing and marketing. So, I can either go out "beating the bushes" and try to find someone to license it, or just win a national contest and a license dropped in my lap...(optimistic huh).

I still haven't decided for sure, but I wouldn't say that the show is bad for everyone or good for everyone. But that's just a rookie's opinion.

Postby Michelle » Fri Nov 24, 2006 9:15 am

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If you look at the discussion of comments here[url]
http://www.americaninventorspot.com/eri ... on#comment[/url], it looks like the finalists, if picked up get 25% for life. That's pretty darn good if you ask me.

I agree with Road Show that the whole point of AI is to get exposure for your product. I'd make sure by the time I auditioned, if I already have my product available, was to have a solid website up, get your invention posted in our Invention Gallery, figure out a way to stand out in the audition crowd and ride the wave or interest.

Postby Road Show » Fri Nov 24, 2006 5:32 pm

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Not to nit pick or anything, but isn't 25% "for life" really 25% for as long as the invention is producing income? This may be a period of time until a new and improved version of the invention is released, then zilch. Disney does have its own product development and R&D enterprises. Nothing prevents them from making their own version of any invention so long as infringement does not occur. They are large enough to create the market for just about any worthwhile product. Just a thought.

Postby Michelle » Fri Nov 24, 2006 8:29 pm

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I completely agree. If you are not protected from derivations or improvements, you are sunk.

The number one thing an inventor should do in licensing their product to a vendor is to find a very good licensing attorney. They will be worth every penny.

Do not pick you local lawyer, or a buddy around town, find a product licensing attorney who has years of experience licensing your type of product. They may be pricey but they will be worth it.

At some point, we'll have a resource for those on our site, but in the meantime, if anyone has suggestions for a good lawyer to help negotiate a product licensing contract, please comment here in the forums or drop us a comment in our contact us section.

Michelle
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