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
How can you make your invention marketable to more people, open up your window of opportunity, and possibly make more money?
You can experiment and find out that this new way of being used, a new market niche, may be more viable than the one you thought of first, and you would have missed out on that opportunity! When you have a new product, you have to be open to testing. I always like to try new things and here’s a lesson I’ve followed in my life and also as an inventor. I keep what works and I get rid of what doesn’t, and then I have more room to keep trying new things and adding more of what works. What do you think?
Take a moment to brainstorm your answers to these questions. I challenge you to think of at least three different types of markets, or segments, or types of people that can use your invention. Ask yourself these questions and really make sure to give it thought before you continue:
Who is your invention for?
- Is it possible your invention can be used in more than one way? How many different ways can your invention be used?
- Where can your invention be sold?
- How many types of distribution channels can it be sold through? Does one way have more potential than the other?
- Your invention is brand new and nobody has the answer until you try. But it’s good to have these thoughts and answers on your mind right now.
Source from book: How To Make Money with Your Invention Idea by Brian Fried
Inventor Tip from Brian Fried
The inventing process isn’t a simple one. Time and cost often hold creators back. At this point, you may have to start making some practical decisions, especially if your finances are limited. You may need to start looking for partners who are willing to invest their time and money in your innovative concept and in you.
Whether you decide to go it alone or take on partners, you need to create and follow a business-like formula that will allow you to keep a clear head and maintain control as the days, weeks and months unfold.
Anyone who has ever embarked on a new venture will tell you that the greatest challenge they faced was the learning curve. Without exception, people underestimate how long it will take them to get things done. Without exception, their ignorance will drive them to distraction. Without exception, they will find that they have put the cart before the horse. Without exception, they will tear out their hair as they retrace their steps to do it right. And so will you.
Source Book: You & Your Big Ideas by Brian Fried
When talking about patents, what is a claim?
Claims listed on a patent are very important. You want to try to have as many claims listed on your patent as possible so that no one can have a product that overlaps yours. Claims define the scope or boundaries of the invention in much the same way that a deed defines the land boundaries of real property. They are the documentation that a court examines to determine if the infringement of a patent has occurred.
The claim or claims must “define the matter for which protection is sought.” Claims must be clear and concise. They must be fully supported by the description. Contains detailed requirements as to the number and numbering of claims, the extent to which any claim may refer to other parts of the international application, the manner of claiming, and dependent claims. As to the manner of claiming, the claims must, whenever appropriate, be in two distinct parts; namely, the statement of the prior art and the statement of the features for which protection is sought (“the characterizing portion”).
Source: uspto.gov website
NIC June Guest Speaker Topic for June’s monthly meeting topic:
How an invention creates, delivers and captures value.
What is the difference between invention and innovation? When you have an idea, what should you be thinking about and how do you evaluate it’s potential?
Our Guest Speaker, Daniel ZAPFL, CEO at LEAD Innovation Management GmbH discussed creating value from your big ideas! Headquartered in Austria, Daniel shares responsibility for the success of his innovation partners’ innovation projects. Well-known companies such as ZEISS Medical Technology, Volkswagen AG, SAP and the Liebherr Group are among the customers of LEAD Innovation Management GmbH.
We also heard from the US Patent & Trademark Office innovation team, sharing upcoming events, tips and resources on how we can protect our inventions and brands and the Historian from the USPTO. Other guests included new member intros and general question and answers discussing the topic of licensing, manufacturing, product design, patents, trademarks and anything you need to keep your invention ideas moving forward!
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
In case you missed the June 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 recently hosted our guest inventor Vern Ader. Watch this interview with 92 year old inventor Vern Ader showing off his patented Rehabilitation Centrifuge working prototype, Gravity Therapy on Got Invention Show!
Gravity Therapy utilizes a centrifuge system designed to bring safe, low cost therapy to persons of limited movement that speeds up healing and reduces recovery costs for all types of illness, surgery, disabled, inactive, aging and immobile persons, especially those with complications that limit moving or walking. Vern is looking for a licensing deal!
Vern Ader is a retired teacher and administrator from Mid State Technical College and inventor of numerous products. He has inventions in many areas including gasification, hand and electric aluminum can crushers, weeding tools, golf ball retrievers as well as exercise equipment for rebounding and stability.
From the Inventor Community
This is a Shop for you! You’ve worked hard on your invention, now you can wear DESIGNS & MERCH made with you in mind!
Find shirts, hoodies, sweatshirts, hats, stickers, blankets and over 1,000 unique items to show that you are proud to be an inventor.
Shop now at https://inventormart.com/
News from the US Patent & Trademark Office (USPTO)
Are you a small business owner or entrepreneur interested in learning about trademarks and how to apply for a federal registration? If so, this event is a must-attend. In this first module of our eight-part virtual Trademark Basics Boot Camp, we’ll focus on trademark protection in the United States. The event is free, but space is limited, so register early.
This module will cover the following topics:
Definitions and types of trademarks
Benefits of federal registration
Selecting a trademark
Filing and registration
This module will be presented live via Microsoft Teams from 2-3:30 p.m. ET on Tuesday, July 5, and will conclude with a question-and-answer session. Please register by July 4.
For more information visit the USPTO website https://www.uspto.gov/
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 << LINK HERE
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.
From the Inventor Community – Donna Lee of NO SACRIFICE® Bags
Advice I’d give to a new inventor considering venturing their invention:
“Once you’ve protected your idea, make a small number of prototypes as professional, and sale ready as possible.
Create an online store or Etsy shop, and offer them for sale.
With each new product, I say to myself; if I can sell one, I can sell two, and so on. Be patient, and try not to get discouraged. When you make that first sale, it’s such a thrill, and when you sell one, you can sell two, and so on.”
Check out Donna’s No Sacrifice Bags on her website:
About Brian Fried
Brian Fried, serial inventor, 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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