Have a new invention idea? Here are your next steps for licensing

So, you have a new invention idea?

We all know the feeling of having a really great idea— but few of us know the feeling of turning our product ideas into reality. That’s because having a great idea is just the first step to seeing it come to fruition.

Starting from the idea phase, you want to move quickly to keep your competitive edge.

So you ask yourself the following questions:

How do I define my invention?

How do I design and develop it?

How do I fund it and protect it?

How do I make it?

And, last, but certainly not least, how do I launch and sell it?

No matter what phase you are in this process, Inventor Smart is here to help you navigate. We’re on the hunt for new products, and we’re ready to help you through the licensing process.

What does Inventor Smart do?

Our team of invention experts, led by Chief Invention Officer Brian Fried, will help you with everything you need to give your new invention idea it's best shot at success. We will evaluate your idea, help with protecting and developing it, and assist in fielding the possibilities of seeing your invention become available to consumers through retailers such as Big Box stores, Home Shopping Channels, As Seen On TV, Catalogs and Online Catalogs.

 Inventor Smart Services include:

  • One on one inventor consulting
  • Patent Search with patentability opinion
  • 3D CAD Design and video animation
  • Provisional patent Applications
  • Design and Non Provisional Patents
  • 3D printing, prototyping and model making
  • Domestic and overseas tooling and manufacturing
  • Representation as your licensing agent to earn royalties

 Why license your invention?

Many new inventors have limited funds and/or are unfamiliar with the manufacturing process. In this situation, licensing your product can be a great solution where you can see your invention come to life and be sold through mass retail, keep your day job while earning royalties, and have the time to keep inventing new ideas.

Through evaluating your product and its ability to reach retail audiences, Inventor Smart is here to help. One of the most important steps of getting started with your own invention is to make sure it’s original, or different enough to call your own, and that there is potential for a return on your investment and invention.

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Brian can personally evaluate your idea. Before he does, he will sign a NDA (Non Disclosure Agreement), provided free of charge, so you know that your idea will not be discussed to anyone else without your permission.

 What are the steps of licensing your invention?

You might think you have an invention that can make it on shopping channels and As Seen On TV or a mass retail product that can be sold online or at a specialty retailer. With a great product idea, it’s easy to think that everyone in the world is going to want one. But the potential to earn royalties for your inventions involves certain criteria before you receive a license.

First, ask yourself is my invention patentable?

Spend some time using search engines (like Google) and use general descriptive words that describe your invention idea. Collect the URLs and research you’ve compiled to confirm that your idea is original. It’s also suggested to have a patentability opinion conducted— you can work with the patent agents on the Inventor Smart team. Once you do your due diligence and know that you can move forward with your idea, you can file for a provisional patent application to protect your invention idea and now say that you are patent pending for one year.

Next, you embark on the development phase by making a prototype.

This can include 3D CAD Drawing, engineering and product design. You should evaluate what type of category your product fits in.

Categories like:

  • Housewares
  • Mass market
  • Everyday solution
  • Kitchen gadgets
  • Games, toys
  • Storage
  • Automotive
  • Sporting
  • Novelty
  • Environmental

Once you’ve received the green light that your idea may be patentable and have a product design, you should be ready to start presenting your invention to potential licensees. To identify a licensee to pitch to, you should determine what market your product may fall under. Ask yourself if your invention would be for a niche market or the mass market. Niche products could include specialty golf balls, while mass market opportunities could entail an innovative storage container to be sold in widely-known retailers.

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When pitching to a potential licensee, you may be asked for photos, sketches, or prototypes of your product. You should be ready to provide as much information as possible to the person you’re pitching to.

How can Inventor Smart help inventors?

For an example of a recent inventor who secured product placement in QVC, read inventor Dean Benuzzi’s story on the Shelf-Go-Round. Unlike his experience with other consultants, Benuzzi was able to make incredible progress with his invention idea since working with Inventor Smart. Benuzzi said, “Brian gets back to me very quickly.  He has tremendous feedback; he knows what he’s talking about.  He doesn’t take weeks or months to get back to me… any question I have, he’ll answer it.” Thanks to Brian’s connections and expertise, within a year of meeting Benuzzi, the Shelf-Go-Round transformed from an invention idea into a finished product.

You can also turn to Brian’s personal invention expertise, as he’s had multiple successful inventions sold in major retailers such as Target, Walmart, and QVC. Explore his products such as Pull Ties and Eggstra Space here.

As your potential licensing representative, we can help evaluate your product, help strengthen the presentation of your invention concept, and find licensees— manufacturers with distribution in major retailers that will be interested in your invention. We will make sure the licensee is our partner and is as excited about the invention as we are. Our team will also take care of the negotiating process and the legal agreements that will allow you to collect royalty checks.

Your Inventor Smart invention licensing representative will hold your hand through the experience while always being straightforward and honest. Our goal is to help as many inventors as possible by making deals that help them achieve financial success through earned royalties.

To determine if we can save you time, money, energy and effort, start your licensing journey with a free 10-minute consultation!

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