Whether you’re an experienced inventor or a newbie who just came up with your first big idea, the Inventor Smart Monthly Newsletter is for you!
You’ll find valuable tips, useful resources, and words of wisdom that can help move your invention ideas forward!
Did You Start on Your Invention Idea?
Do you think you have the next big idea, but you haven’t started yet? A good way to start is to prepare. Here are some quick tips to get you started…
- Write down, text, or leave yourself a voice message describing your idea. (2 minutes)
- Draw what you think your idea would look like. Think about how it would be made, what material would be used, who would buy it, why they would buy it and what you think something like your invention would cost. (10-30 minutes)
- Do a search to see if your invention idea is already out there or there’s something too similar. Check online stores, go to stores where you think your product could be sold, search websites and images online, go to the US Patent and Trademark Office website uspto.gov or google patents, and search out prior patent art to start. (2-4 hours.. take your time!)
I’ll check back soon! If you don’t have an idea to work on… your assignment is to start noticing what’s going on around you and think of simple ways to improve something you feel may be too complicated!
Source: Inventing Secrets Revealed Book by Brian Fried
Licensing products to earn royalties vs. Starting your own business and manufacturing your invention
You may have a better shot of licensing to earn royalties when you have some sort of intellectual property (IP) protection to license your product, even if it’s only a provisional application. If you don’t have IP protection, the licensee doesn’t need you; they can make the product themselves, and won’t have to pay you a royalty.
For that reason, it’s very important to do a professional patent search when you’re thinking of licensing. A professional patent search will let you know if your idea is something you should pursue, and make sure you are not infringing on someone else’s patent. This will help you make a decision on whether or not your product has potential for a licensing deal.
While it’s not impossible to license your product without IP protection, it is difficult, and for these types of deals, you’ll need strong relationships. I have done several deals, both of my own and with my clients, where I’ve licensed products without any IP protection, but generally speaking, your product should be protected.
With licensing, the risk is less and the revenue can be less than if you’re doing it on your own, but when you find the right partner, licensing can be very rewarding. You want to find a partner that has manufacturing set up, either in their own factory, or through outsourcing. You also want a licensee that has strong distribution with their own in-house sales team, or a team of outside sales reps. Ultimately, you want to partner with a licensee that can do good volume which equals very nice royalty checks! For some, it could be residual income, and for others, it can make you a very good living.
When you manufacture, the reward can be greater, but so is the risk. Before inventors consider manufacturing their products, they should ask themselves this: am I ready to go all in? Am I ready to handle manufacturing, working with a factory, distribution, warehousing, accounting (accounts payable and accounts receivable), returns, and customer issues? Manufacturing takes a lot of time and effort, to say the least.
You can start with a short production run of your product and test the market and should it start to sell well. You’ll most likely receive lower production costs, which in turn can help you with making a higher margin on your product, relative to the distribution you put in place. Depending on what type of distribution you choose can also affect the margins, but ultimately you are in business for yourself and you call the shots.
Whether you’re licensing or manufacturing, when you come up with an idea, you’re going into business, and you need to do your due diligence. As an inventor, making sure you do your due diligence is important to the success of your invention idea. I strongly emphasize the importance of having a professional help you through these steps, especially in the beginning, to decide if you should spend the time, money, energy and resources on your idea or just get a good lesson to move on to your next idea. It’s good to get an opinion from someone like myself and who can also provide you the right direction to take and next steps.
Question: What can be protected using copyright?
Exhaustive lists of works covered by copyright are usually not to be found in legislation. Nonetheless, broadly speaking, works commonly protected by copyright throughout the world include:
literary works such as novels, poems, plays, reference works, and newspaper articles;
computer programs, databases;
films, musical compositions, and choreography;
artistic works such as paintings, drawings, photographs, and sculpture;
advertisements, maps, and technical drawings.
Copyright protection extends only to expressions, and not to ideas, procedures, methods of operation or mathematical concepts as such. Copyright may or may not be available for a number of objects such as titles, slogans, or logos, depending on whether they contain sufficient authorship.
On October 30th at 8pm ET, 7pm CT, and 5pm PT, the National Inventor Club is hosting a special livestream with Tim Jordan, a renowned Amazon.com advisor and the Chief Community Officer at Carbon6.
Here’s why every inventor should mark their calendar for this event:
With a rich history in the ecommerce realm, Tim is not just an expert in Amazon selling but also understands the unique challenges and opportunities inventors face. His insights, derived from years of experience, are tailored to help inventors navigate the Amazon platform effectively.
While many may not have a product ready for Amazon yet, understanding the platform’s potential is crucial. Tim will shed light on how inventors can leverage Amazon.com, from the initial stages of an idea to managing a successful product listing.
Tim’s role at Carbon6 and his extensive background in ecommerce ensures that attendees will receive practical, actionable advice. His guidance is rooted in real-world experience, making it invaluable for both budding and seasoned inventors.
- Date: October 30th, 2023
- Time: 8:00 p.m. ET / 7:00 p.m. CT / 5:00 p.m. PT
Access this exclusive National Inventor Club meeting through the Inventor Smart app. The live event with Tim will stream directly within the app, offering you a seamless viewing experience. To watch this session, you’ll need to sign up and log into the Inventor Smart app. To secure your spot and ensure you don’t miss out, simply subscribe to the app.
National Inventor Club hosted James White from Freakin Review, a major social media influencer in the product world. James boasts an impressive following with 800,000 YouTube subscribers and nearly 600,000 Facebook followers… WOW!!! With over a decade of experience, he’s dissected countless products, providing invaluable lessons on what truly makes a product great. Whether you’re an inventor, a product developer, or just curious, James offers real, unfiltered opinions that provide a customer’s perspective. Plus, James revealed the secrets to collaborating with influencers like himself. Discover how an influencer review can potentially send any product viral, amplifying its success.
We were also joined by Samantha St. Raymond, the VP of Membership at Inventor Smart Community. She shared with us one of the exciting features of the Inventor Smart Community App: the Library & Resources. Here, you can find guides, tips, and resources you can use in any phase of your invention journey. We also heard from Judge Ryan Flax from USPTO’s PTAB. He discussed how they can help inventors with their patent concerns and invited everyone to watch the monthly live webinar they conduct called Inventor Hour. Another guest we had was Charlene Walters, who shared some advice for inventors and startup entrepreneurs on how to remain positive despite the challenges we are facing. We were also joined by Mary Couzin, President of People of Play – POP! They are looking for mentors and judges for their Young Inventor Challenge. If any of you are interested, you can visit the link https://www.chitag.com/. She also shared some upcoming inventor events they will be having. We also heard from Pierre Laspinasse, a Business Advisor from SBDC. He discussed how SBDC can help inventors and entrepreneurs turn their ideas into monetized businesses and other resources available at SBDC. We were also joined by a representative from USPTO, Tim Rooney, who shared the most robust resources available at the USPTO where you can access a myriad of online and in-person events that are helpful for inventors. We also met two members of the National Inventor Club and premium members of the Smart Community App, Joseph Vanek and Rian Carr.
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 at National Inventor Club: https://nationalinventorclub.com/join
The Got Invention ShowThe 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.
In the latest episodes of the Got Invention Show, we had a chance to dive into the captivating journey of entrepreneur Jerry Rodriguez in this episode, as he takes you through the fascinating evolution of his smart cookware product, Intellipan. Unveil the intricate process of transforming an idea into a tangible product, while gaining insights into the challenges that tested Jerry’s determination along the way. From concept to realization, Jerry’s story offers a glimpse into the world of innovation and resilience, showcasing the transformative power of turning ideas into tangible reality. https://intellipan.com
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 new to the process of protecting your rights to your invention by applying for a patent, you’re in the right place. This page will direct you to everything you need to know about U.S. and international patents. If what you see doesn’t answer your questions, we’ll show you where to go to dig deeper.
Visit this link to learn more https://www.uspto.gov/patents/basics
At the recent Alibaba CoCreate event in Las Vegas, innovation took center stage, and one speaker stood out: Brian Fried. He discussed navigating the invention process, protecting your idea, and the choice between licensing and manufacturing to bring your idea to life using the Alibaba platform. Brian shared invaluable insights on turning your ideas into reality and making informed decisions along the way.
Brian highlighted the power of the Alibaba platform as a game-changer for inventors. He emphasized its vast resources, global reach, and extensive network of manufacturers and suppliers available. By using Alibaba, inventors can bridge the gap between their ideas and a global marketplace.
Brian Fried’s insights at the Alibaba CoCreate event left us inspired and equipped to embark on our own innovation journeys.
“If you have an idea I suggest that you kind of put it on paper first pull it out of your head write down as much as you can about it and you know, chat with other people about it get opinions on it, some people’s opinions can help you create something better to what you already have or take away some things from it. Get advice, legal advice, joining a club such as our club and there are a lot of people that can stay in the right direction and stick with your idea. Don’t give up on it stay with it I’ve been trying to do this for some time and with a few setbacks in my health and everything but I’m still pushing forward and just stick with your idea you’ll get there”
Inventor and Member of National Inventor Club
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
Inventor. Speaker. Coach. Author. Radio & TV Host. Founder.
Brian Fried, known as “The Inventor Coach,” is a highly accomplished innovator, author, and speaker. With 15 patents to his name, he has successfully licensed and manufactured his own inventions, gaining recognition through QVC, infomercials, catalogs, and major retailers. For over 18 years, Brian has been working closely with inventors, providing one-on-one coaching as an invention licensing agent and guiding inventors in commercializing their ideas into tangible products.
As an expert speaker, Brian captivates audiences with his engaging talks on innovation and invention. He has authored three books, offering practical advice and strategies for aspiring inventors. In addition to his speaking and writing endeavors, Brian hosts the “Got Invention Show,” a platform that showcases inventors and their creations, providing them with valuable exposure.
Brian is the founder of the National Inventor Club, a community that supports and connects inventors, fostering collaboration and networking opportunities. He serves as the Chief Invention Officer of Inventor Smart, an invention consultancy that assists inventors in bringing their ideas to fruition.
In August 2023, Brian is set to officially launch the Inventor Smart Community app, an innovative social media and resource center exclusively designed for inventors. The app, now available for download on Google Play and the Apple App Store, aims to create a vibrant community where inventors can connect, share ideas, and access valuable resources.
With his extensive experience, resourcefulness, and commitment to helping inventors succeed, Brian Fried has become a trusted figure in the invention industry. Inventors and aspiring innovators can rely on his expertise and guidance to navigate the complexities of the invention process and turn their ideas into reality.
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Brian and the Inventor Smart Team
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