The New Inventors Guide to Inventing
Invention Statistic: In one year, inventors let 63,617 patents expire early (1,223 per week on average).
What does this statistic mean? After you receive a utility patent, there are maintenance fees you pay to the patent office. The fees for an individual inventor are $500 due in 4th year, $940 due in the 8th year, and $1,9250 due in the 12th year.
When the inventor does not pay the maintenance fees, the patent expires and is considered abandoned.
If someone was making money from their invention, you'd expect they would pay the maintenance fees. Obviously, with over 1,000 patents abandoned on a weekly basis, something is very wrong!
Typical Causes Of Failure
There are a number of inventing pitfalls that lead to failure. Here are some causes:
- Rushing to get a patent
- Not determining marketability
- Not taking into account competition
- Not following a roadmap
- Wrong product features
- No product benefits
- Incorrect pricing, and more.
As a result, thousands of inventors every week are following the old method: getting a prototype made, then filing a patent, and going into production, only to lose money and their dreams.
The 3 P's Of Inventing (the wrong way)
Many times inventors come to me any say, "I have an idea that I'm working on that I think is patentable." I say great. But what you want is an invention that is marketable. One that will serve the needs of people and generate a profit for yourself.
Prototype - Patent - Production
There are many examples of inventions with patents that never make it to the market, or fail in the market. If you're following the old method of what I call the 3P's - Prototype, Patent, and Production - stop now!
Focus On Solving A Problem
While it might be your goal to make money from your ideas, I believe the focus should be on customer needs. For example, if your focus is saving people from cancer, you would certainly become rich and famous. I believe that the inventor's goal should be to help others, and by doing so, you'll be helped in return.
Your inventions don't have to be complicated. Usually the simpler the better. Betty Nesmith, a secretary and single mother in the 1950's, saw that people were making a lot of mistakes with the new high speed electric typewriters. Being an artist, she thought about ways to cover up the mistakes with a "white-out" fluid. In 1980, she sold the Liquid Paper company for $47.5 million.
There are other examples of product successes with humble beginnings. Unfortunately, there are many more inventions that didn't make it, but could have with a little tweaking.
What If You Already Have A Patent And Prototype?
An inventor came to me with a patent and prototype, was ready to go into production, and then to the market. Thankfully I was there to save him.
With a quick look at his prototype, I knew there were many problems. For one, the cost to manufacture this truck accessory was going to be overly expensive. Not only that, the selling price that someone would be willing to pay was about equal to the cost of making each one. He was on the road to financial disaster. We had to redesign the whole thing to improve functionality, reduce costs, and make it sellable.
Also, since he got the patent too early, it protected a design that was not going to be the final product. Sometimes a "continuation in part" can be used (changes to an existing patent), but in his case, a new patent was needed.
I also showed him how to listen to the customer (which he hadn't done before) and make a product they would be exited to buy. As a result, with a much better product, he was able to get a nice licensing deal.
If you already have a patent or prototype, it's a good idea to get a reality check from a professional before you go any further.
Are You Thinking About Turning Your Idea Over to a Submission Company Hoping They Will Make You Rich?
Who do you think will be more passionate about your invention, you or some invention submission company? You of course. These companies are working with dozens if not hundreds of ideas from other inventors. How much time will they devote to you? Likely not much.
Because no one is more passionate about your idea than you, you need to take the steps. Once you learn the "real" invention process, you'll be able to repeat this over and over again with all your creative ideas.
Don't throw your money away with these development companies.
Inventors send me emails all the time asking for help after they spent $10,000 to $15,000 and got nothing in return. Development companies say they will get you a patent and submit your ideas to the industry. Patent attorneys have told me privately that the patents written by these development companies are weak at best.
Manufacturers tell me they receive these submission packages all the time, and then throw them straight into the trash. The submission company is off the hook because they said they would submit your ideas to the industry.
The first thing they do is get you to buy a market report for about $700. The report is a basic template with basic information - basically worthless. With the report in hand, they tell you that the market research indicates your idea has big potential.
They also try to hit you up for marketing programs such as videos and exhibiting your invention at tradeshows. The schemes go on and on, and so does your money, with nothing to show for it.
Learn From My Failures And Successes
I show inventors and entrepreneurs how to make money from their ideas. I've been developing and marketing products for over 24 years.
|Matt Yubas (r) presenting to the Kansas City, MO Inventors Club at the Kauffman Foundation.|
I started out as a frustrated inventor. I dropped out of college to work on my inventions to try to change the world. But these good ideas failed to make it into the market. It was disappointing to see my ideas show up in the store made by someone else. The only good news was that if my ideas were showing up in the market, I must be on the right track.
By going back to school for an engineering degree, getting an MBA, and launching products for small to Fortune 500 companies, I've learned how to turn ideas into million dollar products. The good news is that you don't need to go through the hardship and frustration I went through. You can learn how to invent from my failures and successes.
Invent Your Own Success
Let's suppose you were to take a trip driving across the country. And assume you didn't have a roadmap. You would likely take wrong turns, backtrack, and zigzag your way across the country, assuming you even make it. That's the same with inventing. Without a roadmap, you'll likely waste time and money.
To help you succeed I've created the Invention Success Kit. This step-by-step system combines marketing, sales, and development in one complete package. This system provides you with a clear roadmap to get your product idea to market quickly and easily.
With the Invention Success Kit, you'll learn the steps to get to market, methods to protect and evaluate your ideas, make a prototype, get your product manufactured, self-market or license your idea, and much, much more.
Real-World Information You Can Use
You'll learn the same methods used by successful people and companies. The difference is that now for the first time the Invention Success Kit brings all the key information together into one easy to read guide.
Your invention could be the next Pet Rock, Rubik's Cube, iPad, Oreo cookie, or other million-dollar product. In the Invention Success Kit, you'll use proven principles to:
- Protect your ideas before filing a patent
- Test your ideas with little or no money
- Design a prototype with features and functions that appeals to your future customers
- Get companies or investors excited about your idea
- Uncover the most profitable target market
- License for years of royalties
- Or, sell your invention for a quick score
1000's of Inventors and Entrepreneurs Have Learned from Product Coach
The information you will gain from me has been used by thousands of inventors and entrepreneurs throughout the United States as well as Argentina, Australia, Canada, Chile, India, Indonesia, Mexico, Singapore, South Africa, Thailand, the United Kingdom, and others.
Those who have benefited over the years include: everyday people, inventors, entrepreneurs, attorneys, doctors, small businesses, large corporations, college classrooms, military personnel, and government organizations including the SBA, SBDC, SCORE, and USDA.
You'll Get Answers To:
- How do I get started?
- What do I do next?
- What are the sequence of steps to get to market?
Protection, Patents, Trademarks, Copyrights
- How do I protect my idea?
- How do I prevent someone from stealing my idea?
- How do I perform a patent search?
- Do I need a patent?
- When should I get a patent?
- Can I combine existing products together?
- Do I need an attorney?
- What are the costs?
- What are methods I can use to evaluate my idea?
- How do I evaluate several ideas?
- How do I determine if there is a need for my product idea?
Making a Prototype
- What are the steps to get a prototype made?
- What kind of prototype should I make?
- Where do I find engineers and prototype makers?
- Which type of Rapid Prototyping is best?
- How do I get feedback on my prototype?
Submit, Sell and License Ideas
- What are the steps to selling or licensing for royalties and advances?
- How do I find companies, and how to approach them so not to get rejected?
- What are the things companies use to reject inventions?
- What features and benefits are companies looking for?
- What market information do companies want about my invention?
- How do I contact companies and get the right person on the phone?
- What's the right submission process?
- How do I know when a company is interested in my idea?
- How can I negotiate a good deal?
- What royalties and advances do I ask for?
- What are the legal terms I need to be aware of?
- Should I work with an agent or consultant?
- Are there other methods to sell or license my idea?
Why Did I Create the Invention Success Kit?
I wanted to help people who have good ideas but were frustrated in not knowing what to do with them. For years, inventors and entrepreneurs have asked me the same questions over and over again about how to turn an idea into a market success. With so many good ideas floating around and a small percentage making it the market, I saw a need to get practical information out to the public.
How Is This Information Different From Other Invention Resources?
Books written by famous inventors discuss their life story and their successes, but they don't offer a detailed process that the new inventor can easily follow.
Also, many will tell you what to do, but they do not really tell you how to do it. I take you by the hand step-by-step and show you what to do and how to get an invention to market.
What Research Was Done?
My goal was to uncover the newest and most essential information. First, I reviewed in detail my experiences of taking products from concept to commercialization. Pouring over documentation, timelines, and project notes, I re-assembled the processes each step of the way.
In addition, I interviewed experts on the newest prototype methods, licensing managers at big and small companies, patent attorneys on the current issues, professors and successful entrepreneurs on time-tested marketing techniques, packaging designers, and investors on methods to raise money. As a result, it took almost two years to plan, research, and complete.
Is This Easy To Understand?
The material is easy to read, clear and concise. You'll go through the 7 Step process as if I was there coaching you at every turn. The Kit includes checklists, templates, and easy to follow examples.
Continue to the Invention Success Kit >
Matt Yubas, Engineer, MBA, Owner of Product Coach