From INVENTION IDEA ... to SALE

Although you can access invention help from many sources, they tend to focus on just one part of the inventing process.
So that you can see the whole picture, this Invention Help Guide now gives the the aerial view of the entire inventing timeline.

Before you get started
Keep your invention to yourself (unless disclosed within a confidentiality agreement) until you have filed a provisional patent application (Step 4).

INVENTOR HELP GUIDE - Phase 1

THE MARKET RESEARCH Phase (steps 1 - 4)

1. Thoroughly research your market, know the ins and outs of all competing products, and have absolute clarity about what SPECIFIC problem(s) your new invention solves.

2. Investigate the usual route-to-market for your product type (the process by which your invention reaches the end-user once it has been manufactured). Identify the key players - both nationally and internationally.

3. Quantify your market, at least to the best of you ability.
For your product type, you need to have at least a ball-park understanding of market volume, unit sales, market trends, sales drivers, price mark-ups, and patent royalty rates.

Steps 1 - 3: Visit trade shows, read trade magazines,
contact trade associations, conduct search engine research.

4. First, conduct a preliminary patent search, either yourself or using a professional - to test whether your invention solution is genuinely innovative, novel and non-obvious.
Then file a provisional patent application.

INVENTOR HELP GUIDE - Phase 2

THE PROTOTYPE & PROTECTION Phase (steps 5 - 7)

5. Depending on the complexity of your invention, you may need to first develop a proof-of-concept invention prototype.
In any event, you do need to develop a working-model prototype.

6. Quantify as best you can your invention’s eventual manufacturing cost, so that you can see whether it allows for viable and competitive end-user pricing.

7. In the light of your prototype development, you may need to revise your patent. In any event, do hire a patent professional to file your patent application(s).

INVENTOR HELP GUIDE - Phase 3

THE SALES & MARKETING Phase (steps 8 - 12)

8. Decide whether you want to manufacture, distribute and sell your invention yourself - or not. For 95% + of inventors NOT is the answer! Instead, aim to license the rights to an established manufacturing company in the same product area as your invention who are already SUCCESSFULLY selling into your market in return for patent royalties.

9. Draw up two sets of marketing materials. The first should mainly focus on your invention’s benefits. Depending on the complexity of your invention, the second should mainly focus on the confidential “how it works” technical detail.

10. Make initial contact with your potential licensees. Use the key players information you gathered in step 2 (and additional research) and send them the first set of marketing materials after you have made one-to-one personal contact with a key decision-maker.

11. Follow-up with your potential licensees, nurture the relationship. If interest from their side, ask them to sign a non disclosure agreement (you will still have the potential protection of your provisional patent application in any event). Disclose the second set of marketing materials and
prototype.

12. Negotiate the license deal in return for royalties. Show
how THEY can make money! Anticipate and overcome objections. You can either go for an exclusive license deal or non-exclusive deals with several licensees. Always, always hire an attorney before signing anything!

Inevitably, the above invention help steps simplify the process somewhat, and the sequence can vary a bit according to each situation - but they DO represent a most robust, comprehensive and proven roadmap for turning your new invention idea into serious money!

In fact this is the EXACT roadmap I used to facilitate annual $multi-million royalties for one of my invention marketing clients.