Inventors tend to follow a pattern, I’ve found. Most feel that once they have applied for a patent on their new product, the business world will beat a path to their door. Unfortunately, it is rare that this occurs.
Since I’ve been in my own product development business for more than 30 years, I’ve had many people visit or call me to tell me about their inventions. Most seem to think that once they’ve been through the patent process their dreams of great wealth will automatically follow.
This is a misconception. As in any other endeavor, the more work you put into your final product, the more money or satisfaction you will receive back.
In short, there is no easy way to become rich and famous as an inventor or product developer. There are those much-publicized cases where people have invented products that have caught on quickly and made them lots of money, but they are rare.
No doubt about it, it is time consuming and expensive to take an idea, turn it into a working model, get that idea into patentable form and then, finally, to get the patent. But let’s say you’ve done that. You have a patent.
Even that does not automatically ensure that you will become rich. Your patent might be a strong one and your product unique, but if you have haven’t done your research and don’t know who would want to buy your finished product, or know which company or companies would want to invest their time and money in producing that product, then your patent, and thus your investment, will lie dormant.
The easiest way to see if a company would be willing to buy an idea once it is patented – and they do not want to hear about a product until you are at least “patent pending” – is to first find the right company and then speak to the person (or group of people) who would be responsible for bringing new products into the company.
How do you go about that? Well today it is easier than ever. Almost every major manufacturer has a Web site and as part of that Web site there is most likely a new product submission page. Follow their instructions.
If a manufacturer does not have a Web site, you can still find names and phone numbers on the Internet. Most companies belong to some sort of group or would be listed a directory that can easily be found either on the Internet or in the library. Search in the product area you are working in by typing in a product category and see what turns up; or, be very specific if you are looking for a specific product.
Finally, understand your market. Know the costs involved in manufacturing your product such as tooling and materials. Be knowledgeable so that you can show the company you want to buy or license your product how that product will make them money. In the end, all they are interested in is how their company can make money…not in your invention.
Article – Copyright 2000 Stanley I. Mason. Syndicated by ParadigmTSA
