Any inventor who is planning to start a new business based on their invention or new product idea should read this article at:
http://www.inventionpatenting.com/inventors-article-1.html

Best regards,

Brian R. Rayve
Owner, InventionPatenting.com

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Let’s say you invent a new type of cooling device for public drinking fountains that chills the water in a very energy-efficient manner using thermoelectric cooling before dispensing the water to thirsty people. So you pay your hard earned money to have your patent attorney prepare and file a utility patent application for your invention as it relates to drinking fountains. You then prepare to manufacture the cooling devices by have manufacturing drawings and tooling made, rent a building, and lease manufacturing equipment.

Ok, you have the commercial drinking fountain market covered and may stand to make some good money by selling your cooling devices and licensing your issued patent to other companies that make drinking fountains.

But what if there is a much larger market for a version of your cooling device if adapted for use to provide chilled drinking water in the commercial home building and retail home improvement markets on kitchen, bath, and other home sinks? You may never realize the huge market for your cooling devices in home sinks and thus miss out on making a huge amount of money in the home sink market.

Worse yet, let’s say that although your chilling device is great for commercial drinking fountains, for whatever reason (such as high redesign and tooling conversion costs on a relatively low volume of drinking fountain sales, or industry “inertia” in accepting new ideas… especially from an industry “outsider”) it is never accepted in the commercial drinking fountain market.

Furthermore, let’s say that your cooling devices would be widely accepted in the home sink market (such as because of lower redesign and tooling conversion costs, those costs being spread over a larger volume of sinks sold, low industry “inertia”, or some combination thereof).

But you have already invested lots of money, time, and effort designing your cooling devices for the wrong market, the drinking fountain market, rather than in the home sink market that could have been a major success making you rich. Now, since you missed the right market for your cooling devices, you have little or no sales and are “up to your eyeballs” in debt to pay for your patent, tooling, building rent, and equipment (not to mention “opportunity costs” such as lost wages since you foolishly quit your well-paying job to start your business rather than doing so part-time).

My point is this… if you are a typical inventor, you are very enthusiastic and who want to “get rolling” on making money from your invention as soon as possible. However, whether you realize it or not, you are starting and running a new business be it: 1) a “manufacturing business” making products based on your invention; 2) a “brokerge business” finding investors to buy shares of your business; 3) a “licensing business” to patent and license your invention to manufacturing companies; 4) a “sales company” selling your inventor’s rights or your issued patent; or 5) some combination of these requires making intelligent business decisions from the start.

Your main asset (besides yourself) is your invention, around which your business will be built. So doesn’t it make sense, as a first step towards your making money, to review your invention in a thorough manner? Think about all af the possible uses for your invention. What is the basic function of your invention? In this example, it is generically speaking “a device to electronically cool a fluid flowing through a pipe or tube in an energy-efficient manner”.

Ask yourelf, where else is it necessary (or desirable) to cool a fluid flowing through pipe or tube in an energy-efficient manner? Well, as we discussed above, another use is cooling drinking water dispensed at a kitchen sink. Where else? Well, you need to do some serious thinking and research to determine this.

Obviously, doing a “Google search” for the key words would be a good first place to start. Consulting with experts in various industries or even friends (each with a properly executed “Non-Disclosure/Non-Compete Agreement”) regarding other adaptations and uses for your invention can be a big help. The only limits are the inventor’s persistence and imagination.

Another good practice is for inventors to consider all of the alternative ways to accomplish what your invention does. Try to think like a competitor who is trying to “get around” a patent that issues on your invention. What could be changed on your invention and still accomplish the same (or similar) results?

And be sure to tell your patent attorney to cover the various versions of your invention in your patent application!

Best regards,

Brian R. Rayve
Owner, InventionPatenting.com

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Well, I decided to do some research to see how you can get seed money to start your new business. I was surprised by all that I learned and I decided to write an audio CD with corresponding fill-in workbook that explains how you can get seed money to start your new business.

After listening to my new audio CD Finding Seed Money to Start Your New Business NOW! you will know the the basics of: 1) how to find private investors; 2) how to write a persuasive business proposal; 3) making initial contact with potential investors; 4) presenting your business proposal; 5) negotiating business ownership and management; 6) handling post-deal matters; and 7) getting government assistance.

I urge you to check it out at:
http://www.inventionpatenting.com/inventors-guide-finding-seed-money-cd.html

Best regards,

Brian R. Rayve
Owner, InventionPatenting.com

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Original Post:

“Greetings from Detroit. I’m enjoying a little bit of success with my invention the ‘Bogdon Box Bass‘. It won Best in Show in its category at the Summer 2008 NAMM Show and has a rave review in a national magazine called Bass Player Magazine. It’s in 2 world-wide retail stores, 11 mom and pop stores, and one store in Mexico City. I’m a full time Mail Man and i have an all new product almost ready for retail (I missed the 2009 Christmas season).”

Bogdon was kind enough to elaborate on his original post in a follow-up post.

Follow-up Post:

“The world needed a $99 Upright Bass. I was totally broke and couldn’t afford a cheap $800 upright bass so I made one using a cardboard box, weed whacker twine, nuts-n-bolts as tuners, and a scrabble piece for a bridge. My cardboard box bass sounded too good to be true so I posted a video on the web. Good Morning America showed 10 seconds of footage and I began to get emails asking to purchase my cardboard box upright bass. I asked my Uncle who owns a printing shop to help. He got my cousins who are an Acoustic Engineer and an Electronic Engineer to perfect my idea and create a kit.

We started to sell 100′s on Ebay and I sent the info to Bass Player Magazine who wrote a feature story. My uncle put up a few thousand dollars to buy materials, and as we sold our product, we used the profit to protect our box bass. I started with no personal investment and we earned $100k in the first year. We participated in a national trade show NAMM and we won best in Show and as a result are now in retail stores. I’m in charge of sales and marketing, though I’ve NEVER sold a thing in my life and know nothing about marketing. All I do is write letters, make phone calls, emails, and any other way to contact everyone all over the world. My cousins are in charge of manufacturing, and my uncle oversees the business and is the shipper.

Our customers made suggestions and we’re on our 5th version of the box bass after being in business for 3 years. I originally made a 2-string bass and my customers wanted a 3-string bass so we now have 2 models of box basses, and the customer demand product is outselling my original idea! We have many prototypes of new products and have been testing them locally. We make the worlds only “Electric Washtub Bass Pickup” and it was picked up by our retailers without even showing it to them. Some retailers said “we’ll sell what ever you got…”.

We manufacture everything ourselves. When sales become impossible to keep up, we will approach a manufacturer with actual sales receipts to outsource product production. As for now, I’m having more fun than I’ve ever had in my life. I am an inventor and a small business owner. I make the Bogdon Box Bass and have shipped them all over the world. I’ve been to New York to be on MSNBC Elevator Pitch. Fox News has been to my home to feature me in a story, as did my local NBC News. My box bass has been in all the newspapers in and around Detroit along with local and national magazines. I write a letter to someone each and everyday. Some days more than just one, but I never go to bed without making at least one contact in sales or marketing.

Oh yea, the moral of the story is that everything is possible, some things just take more time than others, and most of all ASK FOR HELP when help is needed.”

A very inspiring and informative article… thanks again to Bogdon for writing up his success story!

BE SURE to visit his website at http://www.bogdonmusic.com for more information about his products (and inspiration too).

Best regards,

Brian R. Rayve

P.S. Be sure to protect your invention PRIOR TO advertising it on the Internet or elsewhere… read my previous posts for further information.

P.P.S. One thing I recently learned that Bogdon has been practising for quite awhile… as Bogdon put it “I write a letter to someone each and everyday. Some days more than just one, but I never go to bed without making at least one contact in sales or marketing.”.

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But I was working on my laptop computer and kept the game on for some background noise. As the fourth quarter came around and the Garrett-led Longhorn offense scored some points, I found myself once again enthrawled in the game!

And so I have to ask you another question… any fans out there like me that were rooting for the “Crimson Tide” to win only to change your mind to root for the “Longhorns” in the 4th quarter? Aha, I thought that I was not the only one!

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Well, our Ultimate Inventor Resources includes a section Companies That Accept Product Submissions From Independent Inventors that lists such companies. Note that these are NOT invention marketing companies. Rather, they are real manufacturers with their own product lines that want to add new products and have indicated that they are willing to talk with inventors about adding their products.

But first, be sure to protect your invention by filing a provisional patent application so you have “patent pending” (i.e. a serial number and a filing date for your invention at the patent office). You can file a provisional patent application using our patent preparation service or using our Provisional Patent Application Filing Kit.

Additionally, you can use a Non-Disclosure/Non-Compete (ND/NC) Agreement (see your patent attorney or do a search online for a free one) if the particular company will sign one. This gives you immediate contractual protection if the company discloses or manufactures your invention or new product idea. Therefore, you do not need to wait until a patent would issue on your invention (a several year process and your idea might not be patentable) to stop the company from ripping off your invention or new product idea.

However, most larger companies have their own disclosure agreements and will not allow you to submit your invention or new product idea unless you sign it. These disclosure agreements usually state that your product disclosure to them is NOT confidential and that your only protection (if any) is that provided through the U.S. Patent Office (hence your previous filing of the provisional patent application).

The main reason that larger companies have such disclosure agreements is they are developing their own products in-house and do not want you to later claim that you disclosed a product to them that they were already developing on their own.

Note that while you can use a ND/NC agreement alone as contractual protection against having your invention stolen by a company, you do not have “patent pending” and thus this approach is more risky. Furthermore, if you do not have “patent pending” nor a signed ND/NC agreement before submitting your invention or new product idea, then you are setting yourself up to have it ripped off. Note that this is a general statement of advice and in no way is meant to reflect upon any partuicular company or individual.

Also be sure to do your homework first on any company you are thinking of approaching. Look at their product line(s) to be sure that your invention or new product idea is a good fit. What are their product submission requirements? Will they sign a ND/NC agreement?

Again, here is the link to our Ultimate Inventor Resources:
http://www.inventionpatenting.com/ultimate-inventor-resources.html

and to our “Companies That Accept Product Submissions From Independent Inventors”:
http://www.inventionpatenting.com/companies-that-accept-new-products.html

Best regards,

Brian R. Rayve
Owner, InventionPatenting.com

P.S. Be sure to ask your patent attorney or read our other posts about the ramifications of a “public disclosure” by not using a ND/NC agreement when disclosing your invention or new product idea to companies or other persons (even if you have “patent pending”).

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Several negative comments were received about the post that revolved around the idea of “Why are you helping inventors to prepare their own patent applications… it is like doing your own landscaping, haircuts, or surgery!”. Well, go figure… landscaping can be learned easily enough when you do not have the money to pay a landscaper! The same with cutting hair. I would draw the line at do-it-yourself surgery, though!

They continue… “Inventors will end up with a provisional patent application that is non-enabling (i.e. missing critical information about their invention) or missing some other legal technicality and they will not be able to use the application as a basis for filing a utility patent application” (which can issue as a patent filed within the one year ‘patent pending’ time period affored by the provisional patent application).

My response to them and to you is this… they are absolutely right. Obviously, a professionally prepared provisional patent application is best… if the inventor can afford the cost. An experienced patent attorney (at least 2-3 years of training under a veteran patent attorney… not self-taught) knows how to describe inventions in detail and have drawings or sketches prepared that show all critical aspects of the invention including the various versions or embodiments thereof.

However, many independent inventors cannot afford the $1,500.00 to $3,500.00 fee that patent attorneys charge to prepare a provisional patent application (note that we charge considerably less – only $477.00 to professionally prepare a provisional patent application for you including sketches or drawings). Many of these inventors still file provisional patent applications themselves… oftentimes resulting in an insufficient disclosure or other legal technicality not being complied with.

Well, the Provisional Patent Application Filing Kit 2010 is designed to give such inventors a reasonable shot at filing a good patent application themselves… at a reasonable cost. I feel that giving independent inventors the right information in an easy-to-read-and-follow format with all of the forms is better than them “winging it” as many independent inventors do.

I hope this clarifies the purpose of the Provisional Patent Application Filing Kit 2010 and who should purchase it.

Best regards,

Brian R. Rayve
Owner, InventionPatenting.com

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While preparing and filing your own provisional patent application is not “rocket science” and is within the skills that most people possess, there are a number of things that you need to know to do it right. Why not do it right by getting the information you need… at a rather nominal cost? Well, the new Provisional Patent Application Filing Kit 2010 provides you with complete instructions and forms to lock in “patent pending” for your invention at the U.S. Patent and Trademark Office! Includes instructions for filing electronically and by mail.

Plus, if you order now, you receive two bonus products: “Doing Your Own Professional-Quality Patent Search… NOW!” and “Getting Your Products into the Big Box Retailers… NOW!”.

These are excellent companions to the Provisional Patent Application Filing Kit that respectively show you how to determine whether or not to try to patent your new product idea and how to get your products into the big retailers like Wal-Mart, K-Mart, and more.

I urge you to check it out at:

http://www.inventionpatenting.com/provisional-patent-kit.html

Best regards,

Brian R. Rayve
Owner, InventionPatenting.com

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Likewise, I hope that a snooze shut-off is included so the lawn mower does not unwittingly cut the neighbor’s lawn… and the neighbor’s neighbor’s lawn… and the neighbor’s neighbor’s neighbor’s lawn… and so-on. Actually, my father tried using one of the first self-propelled push mowers to automatically cut the lawn in our backyard in the early 1970s. He placed a post in the middle of our backyard and connected it to the lawn mower using a rope long enough to reach the outer edges of the lawn.

The diameter of the post was such that one trip around the post caused a length of rope nearly equal to the cutting width of the lawn mower to wrap around the post. This continually moved the lawn mower inwardly towards the post to provide slightly overlapping cuts.

Only one problem my dad did not count on… the lawn was rectangular in shape!

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Well, I decided to do some research to see what is required to qualify and submit products to the big box retailers. I was surprised by all that I learned and I decided to write an audio CD with corresponding fill-in workbook that explains how you can get your products into the big box retailers.

After listening to my new audio CD “Getting Your Products into the Big Box Retailers… NOW!”, you will know the the basics of big box retailing, how to contact retailers, and how to become a Wal-Mart, Costco, Home Depot, K-Mart, PETCO, Sears, and J.C. Penney supplier.

I urge you to check it out at:
http://www.inventionpatenting.com/inventors-guide-big-box-retailers-cd.html

Best regards,

Brian R. Rayve
Owner, InventionPatenting.com

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