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Can You Make Money With Your Invention? Written by various contributors • Posted October 3, 2019 Unique new ideas are the lifeblood of our society. New inventions and innovations help small businesses to grow and have a competitive edge. But it may be very difficult for innovators to get the kind of financial funding and management support they need to move a great new idea forward. This article will give you an overview if your invention can possibly make money. So you have this super cool idea for an invention or innovative new way of doing something that will increase productivity, create new jobs, and possibly make more money for you and your business plus anyone who backs your new invention. That’s great. As you may have already heard, you’re the kind of person your country needs to compete in world markets and maintain its standard of living. You’re the cutting edge of the future. We know in many cases it has not been big corporations that have come up with great inventions that changed the world. As the discoverer of penicillin, Sir Alexander Flemming, said “It is the lone worker who makes the first advance in a subject: The details may be worked out by a team, but the prime idea is due to the enterprise, thought and perception of an individual.” Innovators are very important to our quality of life and world commerce. You’ve got an idea? So what! In the first place, the chances that you’re the first to come up with a particular idea or innovation are somewhere between slim and none. Secondly, even if you have come up with greatest new car alarm, nobody, but nobody is going to beat a path to your door. In fact, in the course of trying to peddle your new innovation, you will wear out plenty of shoe leather going down the paths to other people’s doors. You will stand a good chance of wearing out your patience first. Why is it so hard to find backers for your new invention? One consultant put it: “Nobody wants unproven ideas. Nobody wants to be the first. Everybody wants to be second.” Why such a fear of the new? Well, new product failure rates are conservatively estimated at between 40 to 90 percent. One survey of a few major corporations with a ton of cash for R&D, market research, great distribution channels and a great advertising department have found that out of 58 internal proposals only 12 made it past the initial screening process, and out of those 12, only one new idea made the cut successfully. In other research, it was found that out of every 100 new ideas submitted, 85 had too many faults to even go to the next step. Out of the remaining 15 ideas, maybe 5 will be actually produced. Out of those 5 new innovations, maybe one will make money. With these kinds of crazy odds (99 to 1) that your new innovation will actually make money. It’s no wonder your potentially cool new idea is receiving a cold uninterested response. People hate to put up good money on risky ideas. Does this mean you should give up on your great new inventions? Heck no! It simply means the hard work is about to begin. Remember the famous words of Thomas Edison: “Genius is one percent inspiration and ninety-nine percent perspiration.” Can you exploit your new idea? Although coming up with what you think is the next great idea is the biggest step of the process. You still have a long journey ahead of you before you can expect to make a profit from your idea or invention. You may encounter many unhappy situations on your invention journey. The end of your new idea or invention may come well before you ever see your invention hit the market or see any cash form it. This is the hard cold truth. Now, let’s see if your new idea can pass the following tests. The first test is very important to pass, if your new idea fails this test, it may done for good. Is your new idea original? Obviously if another individual or company has already successfully come up and patented the idea, it may be pointless to go on. But in some case, an existing invention or product can be improved, thus providing a new life for your new idea. So go ahead and start your search to see if your new idea or invention exists in any form (prior art). You can do this by performing in-depth searches on the Internet, going to various retail stores and researching various product catalogs. It is best if you do not discuss your new idea with anyone, since it is not protected yet. If you find through your preliminary research that your new idea is truly original, then you will want to perform a patent search using the various tools provided on USPTO.gov site. Remember, even though your new idea does not exist, this is no guarantee that your new idea will be successful or ever make a single dime. There have been many thousands of patents that have never seen a single dime. The next test of your new idea will be how it will be produced and then distributed?  Obviously the first thought would be should I start my own business with the new idea or try to pitch it to a big national company? Well, unfortunately most large companies are almost never interested in new ideas from outsiders. It is the “not invented here mentality.” In fact, selling to a large company may be a 100,000 to 1 longshot in some cases. You may just want to go into business for yourself and produce the new invention or technology yourself and market it online and/or try to get some smaller outlets sell your product utilize your new technology. If you have a strong patent, you may be able to license the product or process to a larger company. Remember this hard cold fact. Even though you were awarded a patent on your invention or technology, many companies may still produce the new invention or use the technology, since it is a tough process to protect your patent in court it could cost your hundreds of thousands of dollars and you may not win anyway. Big companies have high paid attorneys and unlimited funds to fight you in court. Plus there is not guarantee the jury will side with the small-time inventor and instead go with a popular company. The next important aspect of your new idea, will it make any money? This is a very important question since potential investors are interested in getting a return on their investment or if you’re investing all your own funds into this new idea, will it pay off in the future? Major corporations have had major new product failures that cost them millions of dollars. Then on the other hand, look at the success of the Pet Rock. So it is a tough to know if your new idea will actually make any money ever. Businesses will try to predict the future by using in-depth market research and other tools, but there are never any guarantees to success of a new idea. The final new idea test, can you protect your idea? Once you have satisfied the outstanding questions of new idea originally, production and distribution, and of course will my idea may any money, you now have to protect your new idea, product or new technology. If you have a patentable idea, it’s time to start the patent process, which in most cases it is best to have a patent attorney do this for you, but if you have the knowledge and feel comfortable obtaining a patent yourself, then more power to. You can start the patent process yourself online at USPTO.gov. But sometimes trying to do something yourself that you are not an expert at could cost you more money in the long run. Decide carefully before proceeding on. Here are some basic steps to start the protection process of your invention. Find a close buddy who you trust completely and totally understands your new invention concept; then have him or her sign their name on a dated diagram or written description of your new invention. You can also file a Provisional Patent with the USPTO which will cost between $65.00 for a micro entity and $130.00 for a small entity. A large company will need to shell out $260. A provisional patent application is never examined by the USPTO, and therefore can never become an actual patent (it will just put you ahead of other similar patent applications). It is also not "published," but will become a part of any later non-provisional patent application file that references it, and thus becomes "public" upon issuance of a patent claiming its priority benefit. A "provisional patent" automatically expires after one year of its filing. The provisional patent filing date is not counted as part of the 20-year life of a patent. Here are some final thoughts. Once your patent is filed and you have changes to you invention, promptly file your amendments with the USPTO. Also having a patent won’t mean you have absolute protection of your invention. In one survey, it was found that 70 percent of infringement cases brought by patent holders to protect their patents, the patent itself was pretty much held invalid. Is there any hope?  Yes, there is always hope. You need to be a good promoter and a very persistent person to successfully get a new invention off the ground floor. A new invention or technology can be the best thing since sliced bread, but is worthless unless someone knows it exists. Good luck with all you inventing endeavors and may success come your way.
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Info Showcase
TM
Can You Make Money With Your Invention? Written by various contributors • Posted October 3, 2019 Unique new ideas are the lifeblood of our society. New inventions and innovations help small businesses to grow and have a competitive edge. But it may be very difficult for innovators to get the kind of financial funding and management support they need to move a great new idea forward. This article will give you an overview if your invention can possibly make money. So you have this super cool idea for an invention or innovative new way of doing something that will increase productivity, create new jobs, and possibly make more money for you and your business plus anyone who backs your new invention. That’s great. As you may have already heard, you’re the kind of person your country needs to compete in world markets and maintain its standard of living. You’re the cutting edge of the future. We know in many cases it has not been big corporations that have come up with great inventions that changed the world. As the discoverer of penicillin, Sir Alexander Flemming, said “It is the lone worker who makes the first advance in a subject: The details may be worked out by a team, but the prime idea is due to the enterprise, thought and perception of an individual.” Innovators are very important to our quality of life and world commerce. You’ve got an idea? So what! In the first place, the chances that you’re the first to come up with a particular idea or innovation are somewhere between slim and none. Secondly, even if you have come up with greatest new car alarm, nobody, but nobody is going to beat a path to your door. In fact, in the course of trying to peddle your new innovation, you will wear out plenty of shoe leather going down the paths to other people’s doors. You will stand a good chance of wearing out your patience first. Why is it so hard to find backers for your new invention? One consultant put it: “Nobody wants unproven ideas. Nobody wants to be the first. Everybody wants to be second.” Why such a fear of the new? Well, new product failure rates are conservatively estimated at between 40 to 90 percent. One survey of a few major corporations with a ton of cash for R&D, market research, great distribution channels and a great advertising department have found that out of 58 internal proposals only 12 made it past the initial screening process, and out of those 12, only one new idea made the cut successfully. In other research, it was found that out of every 100 new ideas submitted, 85 had too many faults to even go to the next step. Out of the remaining 15 ideas, maybe 5 will be actually produced. Out of those 5 new innovations, maybe one will make money. With these kinds of crazy odds (99 to 1) that your new innovation will actually make money. It’s no wonder your potentially cool new idea is receiving a cold uninterested response. People hate to put up good money on risky ideas. Does this mean you should give up on your great new inventions? Heck no! It simply means the hard work is about to begin. Remember the famous words of Thomas Edison: “Genius is one percent inspiration and ninety-nine percent perspiration.” Can you exploit your new idea? Although coming up with what you think is the next great idea is the biggest step of the process. You still have a long journey ahead of you before you can expect to make a profit from your idea or invention. You may encounter many unhappy situations on your invention journey. The end of your new idea or invention may come well before you ever see your invention hit the market or see any cash form it. This is the hard cold truth. Now, let’s see if your new idea can pass the following tests. The first test is very important to pass, if your new idea fails this test, it may done for good. Is your new idea original? Obviously if another individual or company has already successfully come up and patented the idea, it may be pointless to go on. But in some case, an existing invention or product can be improved, thus providing a new life for your new idea. So go ahead and start your search to see if your new idea or invention exists in any form (prior art). You can do this by performing in-depth searches on the Internet, going to various retail stores and researching various product catalogs. It is best if you do not discuss your new idea with anyone, since it is not protected yet. If you find through your preliminary research that your new idea is truly original, then you will want to perform a patent search using the various tools provided on USPTO.gov site. Remember, even though your new idea does not exist, this is no guarantee that your new idea will be successful or ever make a single dime. There have been many thousands of patents that have never seen a single dime. The next test of your new idea will be how it will be produced and then distributed?  Obviously the first thought would be should I start my own business with the new idea or try to pitch it to a big national company? Well, unfortunately most large companies are almost never interested in new ideas from outsiders. It is the “not invented here mentality.” In fact, selling to a large company may be a 100,000 to 1 longshot in some cases. You may just want to go into business for yourself and produce the new invention or technology yourself and market it online and/or try to get some smaller outlets sell your product utilize your new technology. If you have a strong patent, you may be able to license the product or process to a larger company. Remember this hard cold fact. Even though you were awarded a patent on your invention or technology, many companies may still produce the new invention or use the technology, since it is a tough process to protect your patent in court it could cost your hundreds of thousands of dollars and you may not win anyway. Big companies have high paid attorneys and unlimited funds to fight you in court. Plus there is not guarantee the jury will side with the small-time inventor and instead go with a popular company. The next important aspect of your new idea, will it make any money? This is a very important question since potential investors are interested in getting a return on their investment or if you’re investing all your own funds into this new idea, will it pay off in the future? Major corporations have had major new product failures that cost them millions of dollars. Then on the other hand, look at the success of the Pet Rock. So it is a tough to know if your new idea will actually make any money ever. Businesses will try to predict the future by using in-depth market research and other tools, but there are never any guarantees to success of a new idea. The final new idea test, can you protect your idea? Once you have satisfied the outstanding questions of new idea originally, production and distribution, and of course will my idea may any money, you now have to protect your new idea, product or new technology. If you have a patentable idea, it’s time to start the patent process, which in most cases it is best to have a patent attorney do this for you, but if you have the knowledge and feel comfortable obtaining a patent yourself, then more power to. You can start the patent process yourself online at USPTO.gov. But sometimes trying to do something yourself that you are not an expert at could cost you more money in the long run. Decide carefully before proceeding on. Here are some basic steps to start the protection process of your invention. Find a close buddy who you trust completely and totally understands your new invention concept; then have him or her sign their name on a dated diagram or written description of your new invention. You can also file a Provisional Patent with the USPTO which will cost between $65.00 for a micro entity and $130.00 for a small entity. A large company will need to shell out $260. A provisional patent application is never examined by the USPTO, and therefore can never become an actual patent (it will just put you ahead of other similar patent applications). It is also not "published," but will become a part of any later non- provisional patent application file that references it, and thus becomes "public" upon issuance of a patent claiming its priority benefit. A "provisional patent" automatically expires after one year of its filing. The provisional patent filing date is not counted as part of the 20-year life of a patent. Here are some final thoughts. Once your patent is filed and you have changes to you invention, promptly file your amendments with the USPTO. Also having a patent won’t mean you have absolute protection of your invention. In one survey, it was found that 70 percent of infringement cases brought by patent holders to protect their patents, the patent itself was pretty much held invalid. Is there any hope?  Yes, there is always hope. You need to be a good promoter and a very persistent person to successfully get a new invention off the ground floor. A new invention or technology can be the best thing since sliced bread, but is worthless unless someone knows it exists. Good luck with all you inventing endeavors and may success come your way.

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