"The best way to be successful as an inventor is always to educate yourself before taking action, We can't promise you'll get rich, but you'll certainly stand a much better chance of not going broke." Mike Bucci, inventor and author
POWER POINT PRESENTATION
ADVICE TO AN INVENTOR VIDEO
ADVICE TO NEW INVENTOR
Get a provisional patent application in fairly early and once you've established the commercial viability of your product, then it's time to seriously secure your IP,"
Short recommends testing the water for demand by starting off with a "small production run and selling through an online port such as your own website or on eBay.
He observes that starting small allows you to develop a track record and prove demand to potential investors or large retailers without taking on too much risk.
Go online, look at user reviews for similar products -- get a flavor for the levels of enthusiasm around it
Sure, you can license your invention to an established manufacturer or brand, but be prepared for a much smaller bite of the pie.
"A reasonable cut is in the region of 5%," says Ward. "So if your product is on the shelves for $20 and selling to the retailer for $8 you're taking home 40 cents per product sold."
This is starting to get complicated. Who can I turn to for advice?
Bucci is a member of the United Inventors Association of America (UIA), which is itself composed of a multitude of state-level factions, each dedicated to providing support and advice to inventors.
"A lot of first-time inventors have the blinkers on when it comes to things like understanding price -- how much someone will be prepared to pay for their product, and therefore how much they need to manufacture in order to make a profit," says Bucci.
"Organizations like the UIA offer expertise based on years of experience and collective knowledge to help inventors get to grips with these issues in a very supportive way."
The best way to be successful as an inventor is always to educate yourself before taking action
SHOULD YOU LICENSE YOUR PATENT
WHAT TO KNOW ABOUT THE CHOICES YOU HAVE WITH YOUR NEW PRODUCT
REASONABLE PATENT SERVICE
All Packages Feature:
Your invention consultant will get to know you and help you file your provisional patent application.
We can get you "patent pending" in as little as 1 business day.
We guarantee your provisional patent application to be approved and you receive a provisional patent number with legal "patent pending" status.
You will receive an official receipt from the US Patent Office confirming acce
ptance of your provisional patent application.