Patent to Market Success
Who This Book Is For
After filing for a patent, many people are confused on the next steps to take. The patent process has a beginning, middle, and an end (having a patent granted).
Yet making money from an invention often seems confusing. There are many paths to take, many loaded with pitfalls, and with various opinions on what to do next.
This book, Patent To Market Success, is for inventors, entrepreneurs, and everyday people who have filed for a patent and want to successfully get their invention into the market.
Whether your invention is a simple household device, automotive accessory, game, sporting equipment, pet toy, or sophisticated electronic gadget, the guidance you need to sell or license to a company, or bring to the market yourself, is in this book.
Patent To Market Success takes the guessing game out of how to proceed to the market. There's much work to get there, but now, with this book in hand, you'll have a clear path to success.
What the Book Is Not
The book is not a feel good story based on the successes of the past. You won't find fluff or wasted pages. The material is real-world information, precise procedures, and specific guidance to help you make money from your invention. Use this book like a recipe or roadmap to move forward and reach your goals.
Organization of the Book
The essence of Patent To Market Success is the Market-Step process. The Market-Step process is a 7 Step system that integrates marketing and sales methods with invention development, legal, and financial techniques.
This process is not magic. The journey takes diligence on your part, but capitalizing on your creativity is now possible.
The book is organized into five sections:
Part One The vast opportunities available to you; an overview of the 7 steps to get into the market; a method to help you decide whether you want to create a business around your invention or sell to a company; a guide to why products fail and succeed; and easy-to-follow market research techniques.
Part Two The steps and technologies to create a prototype; techniques to create user requirements; how to work with a prototype maker; and methods to gather feedback and improve your invention.
Part Three The process to sell or license your patent to companies; how to value a patent; creating a Product Proposal to put your invention into the language companies understand; methods to find companies and techniques to contact them; an explanation of license agreement terms; negotiation strategies to a great deal; and how to use agents or consultants.
Part Four The methods to turn your invention into a winning product; marketing techniques; procedures for developing and manufacturing; tips for packaging, and how to successfully launch a new product.
Part Five Methods to get your product into retailers, QVC and HSN; little-known methods to market through specialty distribution channels; and how to make sure you're on track and generating additional sales.
Appendices For more details and advanced procedures, the Appendix covers topics including how to overcome competition; selecting a target market; creating a marketing plan; getting money for your invention; how to start a business around your product; and understanding the details of a licensing agreement.
Each step of the process includes diagrams, descriptions, examples, and exercises. The book takes you by the hand as if I was coaching you personally through each section. And, throughout the book, you'll find Internet resources for additional support.
Believe and Move Forward
You believe in your invention, but perhaps others are less enthusiastic. New ideas are not easily recognized for their market potential. Historically, people have a difficult time accepting new ideas.
Think of the beliefs of the past the Earth is the center of the solar system, the world is flat, you can't break the sound barrier, you can't run the mile in under four minutes, and there's no need for a computer in the home.
People with a vision for the future are risk takers. They stand out from the crowd and are not afraid to be different.
However, new ideas are just ideas if they sit and collect dust. There's an important difference between a piece of wood and a baseball bat, a ball of yarn and a sweater, and a piece of plastic and a Rubik's Cube. Success can only occur when you believe in your idea and take action.
You might have doubts and stumble along the way. That's normal and human. If you're stuck or at a plateau, keep at it until something clicks. Keep playing the game until you win. Focus on the end-results and keep moving forward.
What if you're working hard on an unmarketable invention? It happens all the time. As an example, the Palm Pilot was the first electronic organizer to gain mass market acceptance. However, companies had previously introduced several failed handheld devices for over 10 years. The need existed, but part of the problem was timing. Technology wasn't ready and people were still new to personal computers and didn't need another electronic device.
What if you have several product ideas? You need to screen out the bad ideas with market research so you can focus on creating your winning products. When you investigate the market, you reduce your risk and increase your potential reward. If you're not quite certain of the marketability of your invention, seek advice from a professional with a product marketing background.
Remember, I'm your Coach and I'm here to assist you.
Best Success With Your Invention,
Matt Yubas, Engineer, MBA