Business Card Dispenser – New Invention
Why provisional patent applications a good idea. Before filing a non-provisional
application for patent
One
reason I like to suggest starting with a provisional patent application as a
way to initiate the patent process is because they are cheaper to prepare
(because there are no formal requirements) and the filing fee due to the United
States Patent Office at the time of filing is only $130 for small entities
(i.e., individuals, universities and companies with 500 or fewer employees),
which saves you several hundreds of dollars compared to the filing fees for a
non-provisional patent application.
Indeed, the filing fee is even less — just
$65 — if you qualify as a small entity. See USPTO Implements
Micro Entity DiscountIf you do elect to file a provisional patent application
you do need to understand that a provisional application remains pending at the
Patent Office for only 12 months from the date it is filed. I know this was
mentioned above, but it is worth mentioning again because it is an absolute
hard and fast deadline that cannot be extended for any reason. Yes, virtually
all deadlines at the U.S. Patent Office can be extended if you are willing to
pay enough, sometimes several thousands of dollars) but the provisional
patent 12 month deadline cannot be extended for any reason PERIOD. Therefore,
an applicant who files a provisional patent application must file a
corresponding non-provisional
application for patent (i.e., “regular patent application”)
during the 12-month pendency period of the provisional application in order to
benefit from the earlier filing of the provisional application.
A
utility patent protects the creation of a new or improved product, process or
machine and is by far the most common filed patent application with the United States
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LICENSING A PRODUCT
5 Ways To Tell If Your New Product Will Sell Or Suck
1. DOES IT SOLVE A PROBLEM?
Does your product solve a problem or make people’s
lives easier?
2. HAVE YOU
PRICED YOUR PRODUCT PROPERLY?
3. DOES IT HAVE THAT COOL, FUN FACTOR?
4. HAVE YOU MADE A FANTASTIC VIDEO?
Show what your product does, and include a call to
action for potential buyers to both learn more and BUY! This doesn’t
necessarily have to break your budget, and with all the distribution channels
out there like YouTube, Facebook, Twitter, Pinterest, Instagram, online video
advertising placements and even broadcast, if your budget is substantial, you
can reach millions of potential buyers.
Videos can be live action, animation, funny, cool or
even serious. Here’s the animated video we wrote and produced for Swoon:
5. DO YOU HAVE A GREAT PITCH PERSON? Think Shark Tank
Invest in social media influencers to help push your
product. Pay them if you have to. Do it! It’ll pay off.
NEW BUSINESS QUESTIONS
1. What problem are you solving?
If you can’t clearly state the problem
your product or service solves, you probably don’t have a successful idea.
2. How have others attempted to
solve this problem before, and why did their solutions succeed or fail?
There’s a lot you can learn from
those who have gone before you.
3. How many specific benefits for
your product or idea can you list?
The more you can think of, the more
likely it is that you’re meeting a real need and can be successful.
4. Can you state, in clear language,
the key features of your product or service?
Not being able to easily describe
the key features of your idea is a warning sign that the idea isn’t well
thought out yet.
5. Does your idea already exist in
the same way you were going to create it?
If a similar solution exists, how
will yours be different? If you don’t have any clear differentiating benefits
or features, you likely need a new idea.
6. Who are your potential
competitors?
Having competitors isn’t a bad thing
-- it means a market exists. However, knowing what you’ll face if you launch is
important, as an overcrowded marketplace or one where consumers have a strong
affinity for the dominant brand may be more difficult to break into.
7. What key features does my product
or service have that others will have a hard time copying?
Before you go into business, you
need to be very clear about what sets you apart from competitors.
8. Have you done a SWOT
analysis? Strengths, Weaknesses, Opportunities, and Threats.
This framework helps you to
understand the strengths, weaknesses, opportunities and threats that your idea
has, giving you a better idea of the overall likelihood for success.
9. Do you have access to the various
resources you need to launch a business?
While you don’t need to be rich to
launch a business, you will need some combination of time and money, depending
on the scope of your idea. If you have no way to access everything you need,
you’re better off waiting to launch your company until your situation is
different.
10. Do you have a mentor or industry
advisor that you can call on?
Certainly, you can go it alone if
you have to, but when you start a new business, having the advice of others in
a similar business space can prevent unnecessary expenditures or missteps.
11. Can you name somebody who would
benefit from your product or service?
This is the beginning of market
research -- who do you actually know that would use your idea? A general
demographic isn’t enough, so take the time to hone in your target buyer
personas.
12. What is the size of the market
that will buy your product or service?
If you don’t know the size of the
market, you have a lot of research ahead of you. Understanding how many people
need your idea -- and what they’re willing to pay for it -- will help you
determine whether your concept is viable.
13. Have you reached out to
potential customers for feedback?
Getting feedback before investing
further money can help you avoid creating a product or service that nobody
really wants.
14. Can you set up a landing page
and encourage interested people to sign up for more information?
This can be an easy and inexpensive
way to test interest in a product or service. If a lot of people are
interested, it’s a great sign that you’re on the right track!
15. What would it take to build a
minimum viable product to test the market?
One mistake many entrepreneurs make
is thinking that they have to launch a finished concept right away. Consider
starting small, gauging interest and iterating as you go.
16. Can you get paying customers
from your target market to pre-order based on a blueprint or mockup?
Pre-orders are a solid sign of
customer commitment. Someone saying they’re interested is one thing, but seeing
people actually pony up their credit card information is a much stronger sign
of potential success.
17. Can you produce the actual
product yourself, or do you have a partner who can?
As you might expect, before launch,
you need to know who’s actually going to produce the first set of products or
services, as well as whether they can do so within your budget.
18. Do you have distributors or
partners to help you scale your business?
Once you have paying customers,
you’ll need to ramp up actual distribution to meet demand. Do you have access
to the partners and/or money needed to do so?
19. What will it take to break even
or make a profit?
Some ideas take a lot of upfront
investment, while others don’t. If yours does, it’s a good idea to plan for how
you’ll handle your finances and daily needs while you’re waiting for your
product or service to gain traction.
20. How can investors in your idea
make a profit?
If you want others to come alongside
your business and help you grow, you’ll have to know how they can benefit.
It may take some time to come up
with answers to all these questions, but once you have them, you should have a
better idea about how viable your idea is. If it passes these tests, go for it!
If not, keep thinking -- your next idea may be the one that changes the world.
