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!
Crowdfunding to Raise Money for Manufacturing
You might want to use crowdfunding websites not only to raise money for your manufacturing costs, but also as a way to get the word out or to get your first round of orders, or for staffing, product development, marketing, or even operational expenses. You can consider this type of crowdfunding option to obtain financing that could work for you and your invention. There’s donation-based, rewards-based, or equity-based crowdfunding. Donation-based crowdfunding is a finance option where people give you money with no expectation of a financial return. With rewards-based crowdfunding, investors contribute funds in anticipation of receiving the product or service your company is offering and there’s also no expectation of a financial return. With equity-based crowdfunding, investors become shareholders in your company. They receive financial returns and get a share of future profits.
Have a solid video explanation of your product and a chance for your potential crowd funders to learn more about you and your plan. Prepare your bullet points and offers available to get involved with you. Just be prepared to do quite a bit of asking for contributions from your network and especially social media, a lot of asking. If it works out and you reach your campaign goal, that’s great! However, if it fails and you try to present it to a licensee, they may easily look it up online that there was a campaign on your invention and it bombed, so if nobody else wanted it, they’ll see that. Think of the way that you make first impressions and think one or two steps ahead. Again, it’s all about risk vs. reward. You can check out Indiegogo.com and Kickstarter.com, they’re both rewards-based crowdfunding campaigns most popular with inventors with inventions.
Source from book: How To Make Money with Your Invention Idea by Brian Fried
Inventor Tip from Brian Fried
Claiming Your Idea
Did you find your idea out in the market already? Is there a big enough difference from what you were thinking to what already exists? Did you not find anything at all that looks like or describes your idea?
The answers to the questions above may require professional help by a patent attorney or agent for them to read through the patent records and review the products you found. You can find a list of registered intellectual property services in your area on the [U.S. Patent and Trademark Office] (http://www.uspto.gov/).
This step may cost you a few dollars but may be well worth it. Imagine skipping over this step, starting on your idea and then finding out that you are infringing on someone else’s patent. You should ask for a letter from the lawyer or agent that will give their opinion if your idea may have a chance for intellectual property protection with a patent or other form of protection.
Coming up with your idea, evaluating the opportunity and taking the next steps of turning it into an invention requires some attention. You may be considering putting your time, money, energy or other resources into this idea or deciding that this wasn’t the one and move on to your next idea. Remember to put your emotions aside and envision when you come up with an idea that you are starting a business and this is part of the market research and development process.
What does it mean to “license a patent” and why is it done?
Licensing a patent simply means that the patent owner grants permission to another individual/organization to make, use, sell etc. his/her patented invention. This takes place according to agreed terms and conditions (for example, defining the amount and type of payment to be made by the licensee to the licensor), for a defined purpose, in a defined territory, and for an agreed period of time.
A patent owner may grant a license to a third party for many reasons. The patent owner may not have the necessary manufacturing facilities, for example, and therefore opts to allow others to make and sell his/her patented invention in return for “royalty” payments. Alternatively, a patent owner may have manufacturing facilities, but they may not be large enough to cover market demand. In this case, he/she may be interested in licensing the patent to another manufacturer in order to benefit from another income stream. Another possible situation is one in which the patent owner wishes to concentrate on one geographic market; therefore the patent owner may choose to grant a license to another individual/organization, with interests in other geographical markets. Entering into a licensing agreement can help to build a mutually-beneficial business relationship.
Unlike selling or transferring a patent to another party, the licensor continue to have property rights over the patented invention.
You want to get your invention or business launched and you’re limited on funds? What are your funding options to make your idea or startup a reality? And let’s find out if we even need funding or should ask for funding! How and when to get funding to kickstart your invention or business? Want to know how to value your company or idea?
Our Guest Speaker for the August NIC monthly meeting was Richard Honen, an entrepreneurial attorney and an expert in venture capital from Phillips Lytle LLP, to help answer the questions you always wonder what they’re always talking about on Shark Tank!
We also heard some words of wisdom from Erica Chase of Small Business and Development Center. We were also joined by a representative from US Patent & Trademark Office Edgar Guerra–Erazo who shared some announcements and programs that USPTO is doing. We also met our new members that gave a short introduction of themselves.
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 premium for inventors and service providers, please join National Inventor Club: https://nationalinventorclub.com
Sponsorship opportunities are also available, please email firstname.lastname@example.org
In case you missed the August 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.
He shared his inspiration on why he comes up with his invention. “When I became a parent and my son was almost 3 I left him to put something in our kitchen for literally less than 2 minutes when I heard the sound of running water. As I ran to the back room, I found that my son had entered our bathroom and turned on our bathtub faucet and was falling into the tub when I grabbed his leg. From that point on I decided I was going to create a product that would prevent situations like this from happening in any household.
And since that time I’ve heard similar accounts (some turning out good and some not so good), which has been the catalysis that has sent me on this mission to educate care-givers about safe-guarding their homes and thus helping to prevent these occurrences”.
Helping keep kids safe…at home Here at SafeHolmes, part of our mission is to inform and educate consumers (parents and care-givers) of the importance of safe-guarding their homes. In addition, our goal at SafeHolmes is to provide PROACTIVE products and solutions to protect your loved ones.
Larry Holmes is a Sr. Consumer Product Industrial Designer from metro Detroit, MI. A freelance design consultant, with over 20 years of design knowledge and experience, Larry considers himself a Hybrid Designer with a diverse background. With expertise in NPD (new product development), my experience ranges from consumer products, automotive seating & interior components, medical & pharmaceutical and toys. This journey has given my the fortune of experiencing a broad spectrum of industry and manufacturing.
Larry is married, to his wife Renee and has two sons, Xavier & Julian. They currently reside in Fishers, IN.
The Faucet Handle restraint can be found: https://safeholmes.com
Sold on Amazon: LINK
Would you like to be our guest on the Got Invention Show? Schedule your interview today to promote your prototype or product now available for sale to now reaching 100 million households!
You and Host Brian will do a 28 minute interview and once the interview is completed, you can use it for your website and social media and we air on Amazon Fire, Roku TV, YouTube TV and next month we will be on Apple TV!! The podcast audio version of your interview is played on Spotify, iHeartRadio, Google and Apple Podcasts and Amazon Music! Small fee, great promotion for you and your invention!!
If you’re looking to file a patent or trademark or want to learn more about them, visit the USPTO.gov website and check out the Inventor Assistance Center. You can also reference the links and
USPTO Support Center contact info below.
Patent and Trademark Resource Centers
A nationwide network of public, state, and academic libraries
Public Search Facility
Located in Alexandria, VA provides the public access to patent and trademark information in a variety of formats. Trained staff are available to assist public users
Inventors Assistance Center
The IAC provides patent information and services to the public. It is staffed by former Supervisory Patent Examiners and Primary Examiners who answer general questions concerning patent examining policy and procedure.
The Trademark Assistance Center (TAC) is the main support center for all customers, from first-time filers to legal professionals and experienced trademark applicants.
The Patent Electronic Business Center (EBC) assists customers with filing electronic patent application submissions via the EFS-Web and Patent Center, and with the review of patent applications in PAIR and Patent Center.
Visit their website for more information. https://www.uspto.gov/learning-and-resources/support-centers
“Every company and organization needs to have a culture of innovation and invention, including start-ups, SMBs, large enterprises, associations and non-profits to assure continuing success, growth and even survival in these increasingly competitive times, where the pace of change, competition and disruption is practically overwhelming.”
Ira Ozer is an engagement consultant and innovation coach who helps business and organizational leaders motivate and engage people to improve results and develop cultures of innovation and invention. As the founder of Innovation Meetings, Ira and his team helps companies design and facilitate offsite meetings though which people identify problems and opportunities facing their business or industry and then develop potential solutions to solve them through the collective brainpower, innovation style and interests of the attendees.
Ira Ozer, CPIM, CRP, CEP
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.
A shop for Inventors, innovators and patent holders - Check out InventorMart.com!
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. check out InventorMart.com
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 3x 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.
Sponsorship opportunities available for future newsletters. If you’d like to promote your product or service please contact email@example.com or call (631)565-7074
Thank you for reading this and please subscribe to the newsletter on Linkedin for us to stay connected!
Brian and the Inventor Smart Team