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inventing
by Roger Brown » Wed Jan 30, 2008 9:14 am
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Roger Brown - Black Belt
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mojo62 you hit on another area I left off in the previous post. Listening to others complain about a product or situation is definitely a great source of ideas. As you pointed out that is what prompted my developing a better sunglass holder. I had originally contacted the company about submitting a eyeglass repair tool I had developed. they said they were not really interested in that area, but wanted to see other eyeglass accessories. I looked at their website to see all the products they sold and saw the eyeglass clip. I rememebred hearing a couple of people complaining about how they wouldn't hold larger sunglasses and broke easily. So, I starting thinking on those to points and came up with the new design solving those issues.
You also wrote:
I try to avoid the cost of a prototype unless it is absolutley necessary to get the point across or prove your theory of why it will work. A number of companies will not look at your idea unless it is in the prototype phase so they can do their own testing. One other issue is that a prototype can also shoot you in the foot if the idea is sound, but your prototype isn't. Nothing will stop a project quicker than if your prototype doesn't deliver what you have promised. I know Inventors that will spend thousands on a prototype that does show the theory, but has to be redesgned to make it marketable. They are putting a lot of money into something that they still don't have a license agreement on and have no idea if they will get one.
My experience has been that if you can get your idea across in a drawing/CAD type version first you are better off. If they don't get your idea from the drawing it may not go any further even with a prototype.
Another factor is if you are doing multiple submissions to companies do you have enough prototypes to go around to all of them if they request one?
Based on my drawings I have had companies use that as a jumping off point and have their own internal engineering people look at it from a materials,/cost aspect. They know what materials sell best for them and you may be using materials that will drive the cost out of the target market they want to hit.
You also wrote:
I would like to hear more about when you decide a professional or homemade prototype is essential or desired.
I try to avoid the cost of a prototype unless it is absolutley necessary to get the point across or prove your theory of why it will work. A number of companies will not look at your idea unless it is in the prototype phase so they can do their own testing. One other issue is that a prototype can also shoot you in the foot if the idea is sound, but your prototype isn't. Nothing will stop a project quicker than if your prototype doesn't deliver what you have promised. I know Inventors that will spend thousands on a prototype that does show the theory, but has to be redesgned to make it marketable. They are putting a lot of money into something that they still don't have a license agreement on and have no idea if they will get one.
My experience has been that if you can get your idea across in a drawing/CAD type version first you are better off. If they don't get your idea from the drawing it may not go any further even with a prototype.
Another factor is if you are doing multiple submissions to companies do you have enough prototypes to go around to all of them if they request one?
Based on my drawings I have had companies use that as a jumping off point and have their own internal engineering people look at it from a materials,/cost aspect. They know what materials sell best for them and you may be using materials that will drive the cost out of the target market they want to hit.
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.
or http://www.looking2license.com
I have gotten 9 products licensed spending less than $100 on each, you can too.
Re: Question from Roger
by CriterionD » Wed Jan 30, 2008 2:44 pm
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CriterionD - Blue Belt
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tony.fulford wrote:
Once I compile a list of companies, I go to Hoover's to find out more about them and their financials. A Hoover's subscription is a small price to pay to know more about a company and the major contacts within the company. After all, you do not want to deal with losers.
I don't mean to steal anyone's thunder here - its not my thread - anyways, I've used Hoover's and other methodologies for the same (and similar) purposes, and I have some added tips on finding relevant contacts within a company:
Press Releases - Many press releases contain quotes from managers and such within a company. Find a press release announcing a new product in the same field as yours, and you will often find the name of a relevant contact (and their exact title).
Annual Reports - A company's annual report is often made available somewhere on its website in PDF format. These reports will not only include detailed financials, but many will also include a page listing anywhere between 5 and 50 executive/manager names and titles.
Reference USA - This database will allow you to search for companies and it will provide full contact info along with executive names and annual sales. I'm not sure that the executive listings will be as solid as those provided by Hoovers, but this database can often be accessed for free through a public library, and results can also be extracted into spreadsheet format 10-25 companies at a time if desired.
Dunn&Bradstreet's Selectory Database - This is the best business database out there. Its extensive, you can fully customize search criteria, it is a good source of contact names (as good or better than Hoovers), and search results can be extracted into a spreadsheet 100 at a time. Thats said I'm pretty sure its more expensive than Hoovers.
by tony.fulford » Wed Jan 30, 2008 3:10 pm
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tony.fulford - Green Belt
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CriterionD
It is your thread and anyone else that wants to participate. You offered some excellent alternatives to Hoover's and that is what people want.
Thanks for coming in!
It is your thread and anyone else that wants to participate. You offered some excellent alternatives to Hoover's and that is what people want.
Thanks for coming in!
--Tony
Visit my Website: http://InventionsOnDemand.net
Visit my Forum at: http://inventorspotforum.com/viewforum.php?f=44
Visit my Website: http://InventionsOnDemand.net
Visit my Forum at: http://inventorspotforum.com/viewforum.php?f=44
by Roger Brown » Wed Jan 30, 2008 6:38 pm
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Roger Brown - Black Belt
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CriterionD
That was great information. We appreciate you sharing any tips you have with the members here. Another tip that adds to yours is to go to Google and use their Google Alerts http://www.google.com/alerts You can put in any search term and it will send you any articles or news that day that uses those terms.
I use it with Invention submission, Inventions, Inventor, Company seeking, submit ideas to.
It saves you a lot of time doing web searches.
That was great information. We appreciate you sharing any tips you have with the members here. Another tip that adds to yours is to go to Google and use their Google Alerts http://www.google.com/alerts You can put in any search term and it will send you any articles or news that day that uses those terms.
I use it with Invention submission, Inventions, Inventor, Company seeking, submit ideas to.
It saves you a lot of time doing web searches.
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.
or http://www.looking2license.com
I have gotten 9 products licensed spending less than $100 on each, you can too.
by citizen » Wed Jan 30, 2008 7:09 pm
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citizen - Brown Belt
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I have a question. Ok, I've gotten an idea for a product but can't decide on a design. The design won't effect the way the product looks, but just the asthetics and I'm sure will be a determining factor. If presenting to a company, will they understand that the invention itself isn't necessarily the design of my idea, but rather the principle behind it?
Jason
Jason
Inventing
by Roger Brown » Wed Jan 30, 2008 10:34 pm
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Roger Brown - Black Belt
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- Joined: Mon Oct 30, 2006 2:53 pm
- Location: USA
Citizen wrote:
That would need to be pointedout in your presentation. DO NOT take for granted that the person reviewing your idea will magically understand all the things you make an assumption they will understand. What is apparant to one person is invisible to another. I am not saying you have to write down every possiblity in your presentation, but if you feel this is a necessary selling point than you need to mention it.
I have taked with reviewers over the phone about some of my ideas and was surprised that things I thought anyone would realize they didn't until I pointed it out.
You can make a bullet list of primary attributes of your product and its function and still keep it short.
If presenting to a company, will they understand that the invention itself isn't necessarily the design of my idea, but rather the principle behind it?
That would need to be pointedout in your presentation. DO NOT take for granted that the person reviewing your idea will magically understand all the things you make an assumption they will understand. What is apparant to one person is invisible to another. I am not saying you have to write down every possiblity in your presentation, but if you feel this is a necessary selling point than you need to mention it.
I have taked with reviewers over the phone about some of my ideas and was surprised that things I thought anyone would realize they didn't until I pointed it out.
You can make a bullet list of primary attributes of your product and its function and still keep it short.
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.
or http://www.looking2license.com
I have gotten 9 products licensed spending less than $100 on each, you can too.
Inventing
by Roger Brown » Wed Jan 30, 2008 10:38 pm
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Roger Brown - Black Belt
- Posts: 1208
- Joined: Mon Oct 30, 2006 2:53 pm
- Location: USA
Tony, What do you think is the biggest mistake Inventors make regarding their invention?
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.
or http://www.looking2license.com
I have gotten 9 products licensed spending less than $100 on each, you can too.
Answer for Roger
by tony.fulford » Thu Jan 31, 2008 6:25 am
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tony.fulford - Green Belt
- Posts: 160
- Joined: Tue Nov 13, 2007 12:04 pm
Tony, What do you think is the biggest mistake Inventors make regarding their invention?
Without any doubt, the biggest mistake most inventors make is assuming their invention is worth more than it realistically is. There are killer inventions, but most are not in that category. I hope some of you willl come up with one that is, but the odds are against you.
I will approach this from two perspectives:
Summary
Be realistic and be successful!
Without any doubt, the biggest mistake most inventors make is assuming their invention is worth more than it realistically is. There are killer inventions, but most are not in that category. I hope some of you willl come up with one that is, but the odds are against you.
I will approach this from two perspectives:
- Produce and market the invention
- License the invention
- This is by far, has the most risk involved for the inventor. Not only are you an inventor, you must have the business skills to run a company, or at least assemble a team that can run a company. Your team must become proficient at doing the things that most established companies are already good at doing. You must have a business plan if you want to attract investors. A major part of that business plan is product pricing and market forecast.
Investors, are investors, because they get a greater return on their money by backing solid start-up companies. They do not achieve success by being naive. Even if you convince them to back your company, this is not free money and your company is going to have to perform every step of the way.
Market forecasting for a product is not an easy task. The number of widgets that can be sold is usually directly related to the product price. The forecast must be supported by a solid marketing plan. So, you cannot go on assuming that your invention is priceless. You must be realistic in the price you place on the resulting product
- You have heard me say it before, and you will hear me say it again; This is the approach most inventors should take. It has the least risk and you can remain an inventor rather than running a company.
First, pick solid companies to present your ideas and inventions too. After they understand it, one of the first things they are going to do is a market forecast. They will do a high (lower price, higher volume) and low ( higher price, lower volume) forecasts and then probably settle on a forecast somewhere between the first two. They are pretty darn good at doing market forecast for their industry segment. Otherwise, they would not reamain successful.
Most companies target somewhere around 20% return on their investment. You and your invention (resulting product) and its price are an integral part of the equation. Realistically, you can expect royalties of between 2% and 10% of gross sales, and even more realistically around 5%.
If you do not negoitiate your royalties within acceptable norms for the particular industry, it is a deal breaker.
Summary
Be realistic and be successful!
--Tony
Visit my Website: http://InventionsOnDemand.net
Visit my Forum at: http://inventorspotforum.com/viewforum.php?f=44
Visit my Website: http://InventionsOnDemand.net
Visit my Forum at: http://inventorspotforum.com/viewforum.php?f=44
Question for Roger
by tony.fulford » Thu Jan 31, 2008 7:55 am
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tony.fulford - Green Belt
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Where do you get the most satisfaction from being an inventor?
--Tony
Visit my Website: http://InventionsOnDemand.net
Visit my Forum at: http://inventorspotforum.com/viewforum.php?f=44
Visit my Website: http://InventionsOnDemand.net
Visit my Forum at: http://inventorspotforum.com/viewforum.php?f=44
inventing
by Roger Brown » Thu Jan 31, 2008 8:51 am
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Roger Brown - Black Belt
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- Joined: Mon Oct 30, 2006 2:53 pm
- Location: USA
Tony wrote:
The royalty checks are great, but I really get the most satisfaction seeing the final product get to market. It is one thing to have an idea in your head, but to see it actually in solid form and in stores where you buy other products is really strange and fun at the same time. Especially when you think that you can go into this store nationwide and find them.
It is even more satisfying to hear the consumers response to the product. I get emails from people who have bought the toys and Sun Visor Clip telling me how much enjoyed watching their kids play with the toys and emails from people telling me that they love the Visor Clip because it is built to work not just break like the competitors version.
I enjoy knowing I have had an idea that a company thought enough of to produce it. You don't normally find a job you enjoy doing and where other people actually get to see the end result.
Where do you get the most satisfaction from being an inventor?
The royalty checks are great, but I really get the most satisfaction seeing the final product get to market. It is one thing to have an idea in your head, but to see it actually in solid form and in stores where you buy other products is really strange and fun at the same time. Especially when you think that you can go into this store nationwide and find them.
It is even more satisfying to hear the consumers response to the product. I get emails from people who have bought the toys and Sun Visor Clip telling me how much enjoyed watching their kids play with the toys and emails from people telling me that they love the Visor Clip because it is built to work not just break like the competitors version.
I enjoy knowing I have had an idea that a company thought enough of to produce it. You don't normally find a job you enjoy doing and where other people actually get to see the end result.
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.
or http://www.looking2license.com
I have gotten 9 products licensed spending less than $100 on each, you can too.
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