You Filed a Patent, Now What?

Get the step-by-step process with "Patent to Market Success"

Patent to Market Success

Contents


Acknowledgements 12

The Constitution Protects Inventors 13

Introduction 15

Inventor Stories 18

Joe McVoy and Brian Crane 18

Cary Austin 20



PART ONE – INVENTION ROADMAP 23

Chapter 1:

World of Opportunity 24

Opportunities to Sell Your Patent 24

Chapter 2:

Invention Roadmap 31

The Market-Step™ Process Diagram 32

The Market-Step™ Process Steps from Idea to Market 33

Protect Your Idea 33

Market Research and Evaluation 33

Patent Review 34

Decision 35

Sell or License Path 35

Self-Market Path 35

How Long Does It Take? 36

Product Evolution 36

Chapter 3:

Decision to Market, License, or Sell 38

Self-Marketing vs. Licensing Example 39

Do You Prefer to License Your Patent? 40

Do You Prefer to Sell Your Patent? 41

Do you Prefer to Self-Market? 42

Decision 42

Chapter 4:

Product Failure and Success 44

What Is a Product? 44

Why Do Products Fail? 44

Why Do Products Succeed? 45

Chapter 5:

Market Research 47

Primary and Secondary Market Research 47

Determine Your Industry 48

Market Research Sources 49

Focus on Your Invention's Benefits 50

Your Invention Must Have Competitive Advantages 53

What's the Profit Potential? 55



PART TWO – PROTOTYPE DEVELOPMENT 59

Chapter 6:

Create a Prototype 60

Prototype Development and Evaluation Flowchart 61

Turn Your Idea into a Prototype 62

Goals for Your Prototype 62

User Scenarios 63

Prototype Requirements 64

Prototype Development 66

Chapter 7:

Get Feedback on Your Prototype 74

Prototype Interview Plan 75

Recruit Attendees 75

Conduct Interviews 77

Feedback Survey 80

Prototype Summary 81



PART THREE – SELL OR LICENSE FOR ROYALTIES 82

Chapter 8:

How to Sell or License Your Patent 83

Licensing Definition 83

Selling Definition 84

Sell Your Patent at Auction 84

Sell to a Patent Aggregator 85

Sell Through a Patent Broker, Not a Submission Company 86

Why You Shouldn't Advertise an Invention for Sale or License 87

Patent Value 87

The 7 Step Process 91

What Do Companies Want? 93

Chapter 9:

The Product Proposal 95

Product Proposal Format 96

Product Proposal Template 98

Chapter 10:

How to Find and Contact Companies 99

How to Find Companies 99

How to Contact Companies 100

Use a Phone Script When Calling Companies 101

Companies With Their Own Submission Process 103

Presenting Your Invention 104

Chapter 11:

Negotiating a Deal 106

Submission Follow-up 107

When a Company is Interested 107

Option Agreement and Letter of Intent 108

Researching and Evaluating an Interested Company 109

Important Terms of an Agreement 112

Negotiating to Reach an Agreement and Getting Paid 120

Chapter 12:

Working With Agents and Consultants 123

Let Someone Else Find Companies for You 123

Where to Find Agents to Sell or License Your Invention 124



PART FOUR – SELF-MARKET, DEVELOPMENT, PRODUCTION, AND LAUNCH 126

Chapter 13:

Market Planning 127

Product Planning Flowchart 129

Market Planning 129

Market Planning 130

Your Future Customer 131

Product Positioning 138

Pricing for Profit 140

Marketing Communications Plan 144

Plan with a Launch Checklist 148

Chapter 14:

Product Planning 151

Product Requirements 151

Regulations and Certifications 154

Patent Infringement Search and Freedom to Operate 156

Manufacturing Your Product 160

Project Plan 162

Budget Setting 166

Tips to Making Your Product More Marketable 167

Chapter 15:

How Your Customer Thinks 169

Customer Problems, Needs, and Wants 169

The Many Faces of a Customer 170

I've Got to Have It First 171

Know the Customer's Buying Process 172

Chapter 16:

Product Development 175

Development Flowchart 177

Convert Requirements into Specifications 177

Bill of Materials 181

Test Cases 182

User Documentation 182

Patent Marking 183

Product Production Steps 184

Manufacturing Tips 185

Chapter 17:

Beta Test Your Product 187

Beta Test Plan 188

Beta Recruitment 188

Beta Feedback 189

From Beta to Final Development 190

Chapter 18:

Marketing Development 191

Branding Your Product 191

Product Naming 192

Add Value and Protection with a Trademark 193

Marketing Theme 195

Packaging Your Product 197

Packaging Steps 201

Packaging Tips 202

Chapter 19:

Product Launch ! 204

Launch Preparation 205

Launch Strategy 205

Product Launch Flowchart 206

Finalize Your Product 208

Announce the Launch with a Press Release 209

Supply Product Information 212

Boost Sales with Product Reviews 214

Launch Summary 215



PART FIVE – SELL THROUGH RETAIL, DISTRIBUTORS, TV, WEBSTORES, AND MORE 216

Chapter 20:

Getting into Retailers and Distributors 217

What Retailers Want 217

How to Approach Retailers 218

Fulfillment and Inventory 221

Selling to Retail through Showrooms 223

Hiring a Sales Rep 224

Build a Retail Track Record with Wizard Distribution 227

Selling Your Product on QVC and HSN 228

Selling Your Product on an Infomercial 230

Selling Your Product through Catalogs and Webstores 232

Selling Your Product as a Private Label 233

Selling Your Product as a Promotional Item 234

More Distribution Channels 236

Market and Sell at Trade Shows 237

Personal Selling 240

Selling Your Product as an OEM 242

Chapter 21:

Marketing and Sales Checkup 244

Marketing and Sales Tracking 244

Sales Losses 245

Customer Satisfaction 246

Competition Review 247

Patent Infringement Review 247

Product Review 248



APPENDICES 250

Appendix A:

Investigate Your Competition 251

List Competitors 251

Collect Detailed Data 252

Organize Data 253

Evaluate the Competitive Environment 254

Combat Competitors 255

Appendix B:

Select Your Target Market 258

Why Select a Target Market 258

Target Market Factors 259

Methods to Select a Target Market 260

Your Target Market 265

Other Targeting Methods 266

Appendix C:

The Market-Step Product Plan 268

Market-Step Product Plan Contents 269

Market-Step Product Plan Sections 270

Product Plan Notes 285

Appendix D:

Product Math 286

Profit and Loss 286

Return on Investment 287

Break Even 288

Margins and Discounts 289

Appendix E:

Funding Your Idea 293

The Need for Money 293

Types of Funding 294

The Investors 295

Stages of Funding 297

What Type of Funding Do You Go After? 298

To Receive You Must First Give It Up 298

Prepare for Funding 299

Steps to Obtain Funding 300

When Do You Seek Funding? 301

The Investor's Process 301

How Investors Evaluate You and Your Idea 301

Funding Rejection 304

SBA-Backed Loans 305

Other Funding Possibilities 305

Additional Funding Tips 306

Funding Resources 307

Appendix F:

Business Startup 308

Business Entity Advantages and Disadvantages 308

Business Entity Considerations 313

Business Startup Checklist 315

Further Startup Guidance 316

Appendix G:

Non-Disclosure Agreement 317

Appendix H:

License Agreement Explained 320

Introduction 320

Recitals 321

Definitions 321

Grant of License 321

Termination 322

Compensation 323

Right to Audit 323

Improvements 324

Representations and Warranties by Licensor 324

Representations and Warranties by Licensee 324

Indemnification 324

Product Liability Insurance 325

Patent Infringement Lawsuits 325

Schedules 325

Quality Control 325

Confidentiality 326

General Provisions 326

Index 328


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