Whether you are an experienced inventor or a newbie who just came up with your first big idea, the Inventor Smart Monthly newsletter is for you! You will find valuable tips, useful resources and words of wisdom that can help you move your invention forward!
Evaluating Your Invention’s Market Potential
If you are thinking on manufacturing your own product, here are some things to consider:
- Working with a product designer or engineer, working on making prototypes, possibly investing in molding or tooling, and identifying what material to use to make your product.
- Finding a factory, either in the United States or overseas (outsourcing).
- What is the factory’s MOQ (Minimum Order Quantity) and how many units should you start with for your first order?
- Designing your product’s packaging, including the barcoding and the labeling, instruction manuals, and preparing for retail.
- Obtaining product liability insurance.
- Identifying who you are selling your product to and where you will keep your inventory once you have 3,000 units scheduled for delivery from your factory? In your living room, or in a storage facility or a warehouse, or shipped right to the retailer’s distribution center?
These are just a few of the many considerations when it comes to manufacturing your own product. You have to think about how much it is going to cost to produce per unit, how much the MSRP (Manufacturer’s Suggested Retail Price) will be, and what your profit will be on each unit. You will need to consider if you will sell to a wholesaler, who then sells to the consumer or sells direct to the consumer, or maybe both. Selling wholesale could be to a buyer at a retailer, like Walmart or a small boutique store, where the product was $2 to make and you sell it wholesale for $5, and they may sell it to the consumer for $9.99.
So, your ultimate goal when you’re manufacturing for yourself is to make a profit from your invention, and of course, have fun doing it.
Source from book: How To Make Money with Your Invention Idea by Brian Fried
Inventor Tip from Brian Fried
Bright Idea: How to Conduct a Preliminary Patent Search
You can conduct a preliminary patent search yourself. However, even if you come up with nothing, it is important to hire a professional patent agent to do a thorough in-depth patent search before taking your invention to the next level.
These are some steps you can take to conduct a preliminary patent search.
Think of Pertinent Search Terms
Think of relevant search terms or keywords that are specific to your invention when you search and stay away from broad, general terms. Bear in mind that a patent search can take days or even weeks to accomplish, so be sure to keep track of your research as you progress. You don’t want to duplicate your work or skip any important leads.
Search the USPTO
Check out the official website of the United States Patent and Trademark Office (USPTO) and click on the Full Text and Image Database. Search for existing patents, images and patent applications by using words that describe your idea. The CPC (Cooperative Patent Classification) is a new patent classification system developed jointly by the USPTO and the EPO (European Patent Office). Begin by entering the CPC Scheme before your keywords to indicate that you want to use this classification system. Once you click on a result that matches your search, a CPC Classification Definition will appear. Use this definition to help refine the keywords for your search.
Use Google Patents Search
Google Patents, a free Google search engine that indexes patents and patent applications, indexes information from 17 patent offices around the world. English translations are available for non-English patents. Many inventors find Google Patents a fast and easy way to conduct a preliminary patent search.
Find a Patent and Trademark Resource Center Library Near You
Patent and Trademark Resource Centers (PTRC’s) are part of a network consisting of public, state and academic libraries across the nation that are designated by the USPTO to help people perform a patent and trademark search. The library staff can answer questions about protecting your idea or product, your intellectual property. The staff can instruct you about using the resources of the library and may be able to answer your questions about how similar your idea is to existing patents. After finding your local Patent and Trademark Resource Center, it is a good idea to make an appointment before you go.
What rights does a patent provide?
A patent owner has the right to decide who may – or may not – use the patented invention for the period in which the invention is protected. In other words, patent protection means that the invention cannot be commercially made, used, distributed, imported, or sold by others without the patent owner’s consent.
NIC July’s monthly meeting:
What an amazing display of innovation at the last National Inventor Club meeting!! NIC premium members presented their products and prototypes, providing us with the challenge and showed what their solution was, what they’ve accomplished so far and what’s next for their big ideas! From a newly designed keyboard, travel sized, magnetized and uniquely designed board game, a DIY bar tool to make layered drinks, a medical walker accessory to a pet leash with a built in water tank and bowl! Check out the reply of the video below!
We also heard from the US Patent & Trademark Office announcing the upcoming Virtual Invention Con August 10th, 11th and 12th. Check out the events section of the USPTO.gov website for additional info.
National Inventor Club is one of the largest and most active communities for inventors, innovation, and service providers that support invention and continues to provide a nationwide platform for great guest speakers, networking, and connections founded and moderated by Brian Fried, who has been running inventors clubs for over 15 years.
To become a member, free or paid for inventors and service providers, please join us National Inventor Club: https://nationalinventorclub.com
Sponsorship opportunities are also available, please email firstname.lastname@example.org
In case you missed the July 2022 NIC meeting or you’d like to watch or hear it again, visit this link:
The Got Invention Show features a 30-minute interview where an inventor promotes an invention, seeks a licensing deal, or looks for distribution opportunities. Host Brian Fried focuses on his guest’s challenges and solutions. He asks about their journey, where they are right now, and what will come next. He invites guests to offer words of wisdom to viewers and listeners.
Got Invention Show Host Brian Fried interviewed a Mompreneur and Grandmother Carman Cook-Campbell, the founder and CEO of Swabbies Tech, Inc dba Better Family, Inc. and has 28 years of sales experience with Verizon, T-Mobile, AT&T & Sprint.
Carman has also owned and operated several successful marketing firms with a family history of manufacturing and entrepreneurship.
In 2010 Carman started developing Swabbies out of necessity in between her busy schedule. Being a single mother of three children and now a grandmother, she experienced years of diaper changes and wrangling squirming babies. She was desperate for a free and clean hand at the end of diaper changes.
This is what inspired her to create an herbal, pure, and organic diaper cream combined with a no mess, one-handed disposable diaper cream applicator. The patented design of the applicator is such that it can be applied with one hand. Not only will Swabbies allow for one hand to remain free, and its design also reduces and almost eliminates any messy applications. Because the sponge applicator is a part of the original design, the person administering the treatment will not need to put any of the cream on their hands, unlike all other diaper creams on the market. This aspect of the product is most appealing when in a rush, traveling, concerned about sanitary purposes or on the go. Swabbies is now found at major retailers like Amazon, Buy Buy Baby, and Walmart.
In April 2020 amongst the pandemic, Carman acquired two more unique patented baby products, the successful Beebo and its company Better Family, Inc. which made a deal on the popular television show ABC’s “Shark Tank”. Then in the fall of 2020 Swabbies Tech, Inc. dba Better Family acquired Drop It Baby. As Better Family went into the new year of 2021 Carman was approached by yet another famous patented baby product Ava The Elephant. Ava was another successful product that appeared and made a deal on the inaugural episode of “Shark Tank”. Carman and her rapidly growing team at Better Family are on track to building the next “Giant Baby Care Business”.
**Congratulations to Got Invention Show, now seen on Amazon Fire, RokuTV and YoutubeTV and the podcast can be heard on iHeartRadio, Spotify, Google and Apple Podcasts and Amazon Music!
Inventors can schedule their interview on www.GotInventionShow.com
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News from the US Patent & Trademark Office (USPTO)
Free legal assistance for filing for a patent or registering a trademark, how to find a registered patent attorney or agent, and inventor and entrepreneur organizations in your state.
The United States Patent and Trademark Office (USPTO) operates a headquarters and Eastern Regional Outreach Office in Alexandria, Virginia, and four additional regional offices across the nation. Combined, these provide inventors, entrepreneurs, and small businesses a USPTO presence in every U.S. time zone. Staff in our offices work closely with intellectual property practitioners and services, startups, and job-growth accelerators. They also collaborate with local science, technology, engineering and mathematics organizations on outreach and educational programing. Additionally, we operate Patent and Trademark Resource Centers (PTRCs) in most states and maintain a list of other available resources in every state. Select an office location or a state on the map below to learn more about what the USPTO can do for you.
- Alexandria, VA (USPTO headquarters, including East Coast outreach office)
- Dallas, Texas
- Denver, Colorado
- Detroit, Michigan
- San Jose, California
Visit their website for more information. https://www.uspto.gov/about-us/uspto-office-locations
Congrats to Brian Fried on his latest book just published and was already a #1 best seller!! Check it out and order your copy on Amazon.com
Do you have this great idea for an invention in your head? Are you ready to learn how to make money with that invention?
This book is about taking action so you can take that great idea out of your head and make smart decisions to help you make money. Here’s how it works:
- We’re going to walk through the steps of getting started with your big idea.
- We’ll also explore how to turn your idea into a real prototype.
- We’ll discover resources to protect your ideas and, of course, help plan your future.
So why did I write this book? I want to provide the opportunity for more inventors to learn the process it takes to experience the invention brought to life. Not only to make your invention a reality, but to learn how to earn from your inventions.
Advice From an inventor on his journey- Lewis Kerwin of Venture Board
“I think any inventor needs to be social with their invention! You of course must balance this a bit with intellectual property protection, but in general the more people you can show your idea the better. I showed Ventureboard to hundreds of people, most of whom were strangers, and learned all kinds of things I never would have thought of alone.”
Check out Lewis’ venture Board game on his website: https://www.ventureboardgames.com/
Congrats to Lewis and good luck on your Kickstarter campaign!
Lewis is a premium member of National Inventor Club
About Brian Fried
Brian Fried, serial inventor with 13 patents, is an award-winning authority in the invention industry, a sought-after celebrity guest speaker and an advocate for the invention community. As Chief Invention Officer of Inventor Smart and Expert Inventor Coach, Brian represents inventors at every stage of the invention process, project managing new up-and-coming inventions from idea to manufacturing or as an invention licensing agent to secure deals with major brands and earn royalties for inventors.
Brian is the founder of the National Inventor Club where guest speakers focus on topics of interest to the inventor community.
He is a 2x author and his 3rd book How to Make Money With Your Invention Idea was just published in May 2022. He also hosts Got Invention Show and Radio where you can watch on RokuTV, Amazon Fire, YouTube TV, and you can hear his podcasts on Spotify, iHeartRadio, Amazon Music Google and Apple Podcasts. Brian recently launched a new merch line with various designs for inventors, InventorMart.com
You can visit Brian’s personal website at BrianFried.com and check out his invention that have been licensed where he earns royalties and manufactures others that he sells on his own currently found in retailers.
Brian’s Inventor MasterClass is now available! If you want to evaluate your invention, find out if licensing or manufacturing is the right decision for you, sign up for an eLearning course at InventorClass.com. National Inventor Club Members receive a discount. For inventor resources, more information and additional tips visit Inventor Smart
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The Inventor Smart Team
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