As Thomas A. Edison is known to have said - "invention is 1% inspiration and 99% perspiration." Today we talk about the perspiration part.This invention step is usually on the back end of the invention process in the minds of most inventors - but should really be closer to the front end. What are you going to do when you get your patent? How do you get your invention made? Who wants it? Can it sell? What about a license? These questions should really be at least partially answered before you even start on the patent process.You need help if you don't know the answers to the above questions - or - you don't even know where to start looking for the answers. Here is where the perspiration part begins. Lots of research - testing of your idea to see if regular people are interested in your product - and getting a good idea of the cost that the public might be willing to pay for your new gizmo - compared to the cost of making it - are some of the roads to be well-traveled to develop your idea.Invention help comes in two basic packages. First - if you have a business mind and an entrepreneurial personality - you may want to build your own company to manufacture and sell your invention yourself. If you have the right talents, the persistence, and oodles of optimism - AND if you have the ability to persuade other people to see the pictures in your mind - you might make it this way.Second - if the invention help you want is merely someone to buy or license your invention - you may not need all of the entrepreneurial spirit required above. Just remember - either way - you always have to persuade others to see your vision.All this assumes of course that you are like most people, and you are looking for $millions$ from your fantastic idea. If you are part of the small minority that just wants a piece of paper to frame and put on the wall - go for it. Get your invent help from a patent attorney - get your patent - hang it on the wall and move on. The rest of this page will discuss the invention help for the entrepreneur.Invention help in the form of money from investors to support your invention habit - sometimes even from family and friends - almost certainly requires the development of a business plan. A business plan should be considered a necessity for proper development and funding.Research needs to be done to answer the questions that will undoubtedly asked by any potential investor:
What is your invention (product)?
Who wants it and why (demographics of buying public)?
Where and how will they get it (marketing and distribution)?
How much money is needed and specifically for what (product development, manufacturing, marketing, distribution, business management costs)?
How much does the investor make and when does he get his money back (potential return of investment ("ROI") and return time frame)?As you can see - to get invention help takes lots of planning and speculation. The figures - in most cases - will be what they call "pro forma," because usually there is no actual business up and running to make your new product. BUT - all of the information supplied and the figures presented have to have some basis in reality.Get and compare similar products to your own - like the cost of development and manufacture. How much does the similar product cost to make - and how much does it sell for? Can your invention be made with less cost and be competitive in price with the similar items?One prime question is - will anyone buy your product? This is essential to know. If it won't sell - there is no justification to develop it. Too many inventors have the belief that "if you build it they will come" (sorry Kevin Costner). That just is not true.Yes - there are anomalies like the "Pet Rock" from the olden days. This was a "product" that hit the market at the right time - the right price - and tickled a nation's collective funny bone.But a few things to consider here -
the "Pet Rock" was not patented, nor patentable;
hundreds, maybe thousands of "inventors" contacted the Pet Rock developer to market their great idea;
and there was not one further success.The Pet Rock developer ended up tending bar near Silicon Valley with no more marketing hits.What I am getting at here is that to gain success is to get as much info on your product development costs, the marketplace, and the costs of making and selling your product, and then figure out - at least roughly - how much is going to be left over after all the bills are paid (= profit & ROI). THEN you can go for invent help from an investor.Gary J. Cogley, JD, after being a musician, a TV Producer/Director/Writer, and an entertainment and IP attorney, now writes
about all kinds of gadgets, gizmos and inventions. He also gives tips and info on patents, and scams to watch out for. Get info at:
http://www.gadgets-gizmos-inventions.com
Keyword : invention, invent help, patent, business plan
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