Invention
Statistic: The previous year, inventors let 63,617
patents expire early (1,223 per week on average). This year, the number could
be higher. Source: Matthew Yubas compiled
from USPTO data
What
does this statistic mean? After you receive
a utility patent, there are maintenance fees due just before years four, eight,
and twelve. The fees are currently $490, $1,240, and $2,055 respectively. When
the inventor does not pay the maintenance fees, the patent expires and is considered
abandoned.
If someone was making money from
their invention, you'd expect they would pay the maintenance fees. Obviously,
with over 1,000 patents abandoned on a weekly basis, something is VERY
WRONG!
Typical Causes Of Failure
There
are a number of inventing pitfalls that lead to failure. Here are some causes:
-
Rushing to get a patent
- Not determining marketability
-
Not taking into account competition
- Not following
a roadmap
- Wrong product features
-
No product benefits
- Incorrect pricing, and more.
As
a result, thousands of inventors every week are following the old method:
getting a prototype made, then filing a patent, and going into production, only
to lose money and their dreams.
The 3 P's
Of Inventing (the wrong way)
Many
times inventors come to me any say, "I have an idea that I'm working on that
I think is patentable." I say great. But what you want is an invention that
is marketable. One that will serve the needs of people and generate a profit
for yourself.
Prototype - Patent - Production
There are many examples
of inventions with patents that never make it to the market, or fail in the market.
If
you're following the old method of what I call the 3P's - Prototype, Patent, and
Production - stop now! Focus On
Solving A Problem
While
it might be your goal to make money from your ideas, I believe the focus should
be on customer needs.
For example, when
your focus is saving people from cancer, you would certainly become rich and famous.
I believe that the inventor's goal should be to help others, and by doing so,
you'll be helped in return.
Your
inventions don't have to be complicated. Usually the simpler the better.
Betty
Nesmith, a secretary and single mother in the 1950's, saw that people were making
a lot of mistakes with the new high speed electric typewriters. Being an artist,
she thought about ways to cover up the mistakes with a "white-out" fluid.
In 1980, she sold the Liquid Paper company for $47.5 million.
There
are other examples of product successes with humble beginnings. Unfortunately,
there are many more inventions that didn't make it, but could have with a little
tweaking.
What If You Already Have A Patent
And Prototype?
An inventor
came to me with a patent and prototype, was ready to go into production, and then
to the market. Thankfully I was there to save him.
With a quick look at his prototype, I knew there were many problems. For one,
the cost to manufacture this truck accessory was going to be overly expensive.
Not only that, the selling price that someone
would be willing to pay was about equal to the cost of making each one. He was
on the road to financial disaster. We had to redesign the whole thing to improve
functionality, reduce costs, and make it sellable.
Also,
since he got the patent too early, it protected a design that was not going to
be the final product. Sometimes a "continuation in part" can be
used (changes to an existing patent), but in his case, a new patent was needed.
I also showed him how to listen to the
customer (which he hadn't done before) and make a product they would be exited
to buy. As a result, with a much better product, he was able to get a nice licensing
deal.
When you already have a patent or
prototype, it's a good idea to get a reality check from a professional before
you go any further.
Are You Thinking About
Turning Your Idea Over to an Invention Submission Company Hoping They Will Make
You Rich?
Who do
you think will be more passionate about your invention, you or some invention
submission company? You of course. These companies are working with dozens if
not hundreds of ideas from other inventors. How much time will they devote to
you? Likely not much.
Because no one is
more passionate about your idea than you, you need to take the steps. Once you
learn the "real" invention process, you'll be able to repeat this over
and over again with all your creative ideas.
Don't
throw your money away with these submission help companies.
Inventors
send me emails all the time asking for help after they spent $10,000 to $15,000
and got nothing in return. Development companies say they will get you a patent
and submit your ideas to the industry. Patent attorneys have told me privately
that the patents written by these development companies are weak at best.
Manufacturers tell me they receive these
submission packages all the time, and then throw them straight into the trash.
The submission company is off the hook because they said they would submit your
ideas to the industry.
The first thing
they do is get you to buy a market report for about $700. The report is a basic
template with basic information - basically worthless. With the report in hand,
they tell you that the market research indicates your idea has big potential.
They also try to hit you up for marketing programs
such as videos and exhibiting your invention at tradeshows. The schemes go on
and on, and so does your money, with nothing to show for it. Learn From My Failures And Successes
I show inventors and entrepreneurs how to make money from their ideas. I've been
developing and marketing products for over 24 years.
Matthew Yubas (r) presenting invention strategies to the Kansas
City, MO Inventors Club at the Kauffman Foundation
I started out as a frustrated inventor. I dropped out of college to work on my
inventions to try to change the world. But these good ideas failed to make it
into the market. It was disappointing to see my ideas show up in the store made
by someone else. The only good news was that since my ideas were showing up in
the market, I must be on the right track.
By
going back to school for an engineering degree, getting an MBA, and launching
products for small to Fortune 500 companies, I've learned how to turn ideas
into million dollar products. The good news is that you don't need to go through
the hardship and frustration I went through. You can learn how to invent from
my failures and successes.
Invent Your
Own Success
Let's suppose you were to take a trip driving across the country. And assume you
didn't have a roadmap. You would likely take wrong turns, backtrack, and zigzag
your way across the country, assuming you even make it. That's the same with inventing.
Without a roadmap, you'll likely waste time and money.
To
help you succeed I've created the Invention Success Kit.
This step-by-step
process provides you with a clear roadmap to get your product idea to market quickly
and easily.
Real-World Information You
Can Use
You'll learn the same methods used by successful inventors and product development
companies. The difference is that now for the first time the Invention Success
Kit brings all the important information together into one package.
Your invention could be the next million-dollar
product. With the Invention Success Kit, you'll use proven steps to:
Protect
your ideas before filing a patent
Test
your ideas with little or no money
Design
a prototype with features and functions that appeals to your future customers
Get
investors excited about your idea
Uncover
the most profitable target market
Create
packaging that attracts customers and retailers
Or,
license or sell your invention to companies for royalties
You'll
Get Answers, to Your Questions
I
have a great idea, how do I get started?
How
do I evaluate my idea?
What's
the process to get my invention to market?
Can
I combine existing products to create a new product?
How
can I sell or license my idea to a company?
Should
I license or self-market my invention?
Do
I need a patent?
How
do I perform a patent search?
How
much does a patent cost?
I
have a patent, what do I do next?
How
do I get a prototype made?
What
is the product development process?
How
do I get funding for my idea?
How
do I launch and market my product?
How
do I get distributors and retailers interested?
The Invention Success Kit helps you get past any frustration, avoid being ripped off, and to help realize
your goals.
You're
going to save time, make money, and save yourself aggravation. You'll learn to
avoid mistakes and disastrous situations that inventors are often vulnerable to. 7
Steps to Follow
You'll
get the Invention Roadmap process
to take you step-by-step from idea to market. As you follow the roadmap,
there are a series of procedures, examples, and exercises.
There
are two paths to take. Each path starts the same, but there is a fork in the road
where you need to make a decision. The Kit helps you make the best decision. The
process consists of the following two paths:
Self-Market
Sell
or License for Royalties
Market
Evaluation
Concept Evaluation
Prototype
Creation and Evaluation
Patent
Decision
Planning
Development
Product
Launch
Market
Evaluation
Concept Evaluation
Prototype
Creation and Evaluation
Patent
Filing
Product Proposal
Company
Search
Negotiate Deal
The
diagram below outlines the main steps to move from idea to market success. Use
this roadmap as a navigational tool to guide and monitor your progress.
"Your
Invention Success Kit is great Matthew I wish I had found it sooner. I just signed
a deal based on what you wrote about launching a product. Keep up the good work."
Carol Coleman
Extras
Funding Your Idea, Writing A Product Plan
No invention or product development resource is complete unless it tells you how
to get funding for your idea. You'll learn the different types of funding, how
to work with banks, angel investors, and venture capitalists. I also uncover the
facts about getting SBA loans.
And to
get funding you need to show a plan. I've outlined the sections of a business
plan that investors want to see and the details a product plan must contain.
Business Startup Checklist
When you decide to create a business around your invention, I've outlined the
advantages, disadvantages and differences, between a sole proprietorship, general
partnership, corporation, limited liability companies, and limited liability partnerships.
You'll learn which is best for product liability, taxes, and growth.
The
Proper Mix Of Development And Marketing
You'll benefit from my 24 years of experience bringing products to the market.
I've worked on both sides development as an engineer, and marketing and
sales as an MBA. It's fun to be creative and develop products. It's even more
fun to be rewarded for your efforts. And isn't that what you want to sell
your idea or product? I'll be with you each step of the way as you formulate,
create, produce, and sell your invention.
Why
Did I Write Invention Success Kit?
I wanted to help people who have good ideas but were frustrated in not knowing
what to do with them. For years, inventors and entrepreneurs have asked me the
same questions over and over again about how to turn an idea into a market success.
With so many good ideas floating around and a small percentage making it the market,
I saw a need to get practical information out to the public.
How
Is This Information Different From Other Invention And Product Development Resources?
Many marketing, invention, and product books talk about methods used at Fortune
500 companies, but they do not translate well into the needs of a small business
or individual. Other books written by famous inventors discuss their life story
and their successes, but they don't offer a process that the new inventor can
easily follow.
Also, many books will tell
you what to do, but they do not really tell you how to do it. I
take a reader by the hand step-by-step and tell them what to do and how to bring
a product to market.
What Research Was
Done?
My
goal was to uncover the newest and most essential information. First, I reviewed
in detail my experiences of taking products from concept to commercialization.
Pouring over documentation, timelines, and project notes, I re-assembled the processes
each step of the way.
In addition, I interviewed
experts on the newest prototype and manufacturing methods, patent attorneys on
the current issues, professors and successful entrepreneurs on time-tested marketing
techniques, packaging designers, and investors on methods to raise money. As a
result, it took almost two years to plan, research, and complete.
Is
This Easy To Understand?
People who use Invention Success Kitsay that the material is clear
and concise. There are many step-by-step procedures, tips, and examples to help
readers translate the methods to their own inventions. Some people read the entire
guidebook and then apply the techniques, while others read a particular section
as a resource.
"I
have found Invention Success Kit to be very helpful, giving me a road map that
helps me to see where I am going and what direction I really want to go. Thanks
I am encouraging others to read it as well." Robert Butts
"The
Invention Success Kit is the single best source of information for new ideas.
Its the only complete resource I've come across that has honest straight
forward information. I recommend this above all else. Your help is much appreciated." Clayton
Allison
"The Invention Success Kit has helped me tremendously in getting
my idea to market. I had no idea of the resources that were so readily available
to amateur inventors like myself, and this is definitely at the top of that list.
By following Matthew 's easy to read instructions, I have literally, in months,
gone from simple idea to marketing and manufacturing. I have a patent on my product
and am currently negotiating directly with potential licensees. I no longer feel
like an amateur inventor, I truly feel like a product developer thanks to this
Invention Success Kit!" Bill Graham
"I am glad
I purchased the Invention Success Kit. It is a must read for anyone considering
marketing a product. Thank you for sharing your expertise with the world. Your
process is definitely the roadmap for getting started. I will stay in touch." Marilyn
P. Mills
Take
Ownership - Use for a Lifetime of Inventing
With the Invention Success Kit I lead you step-by-step through the entire
process. Because the information you're about to get is the best resource on inventing,
I offer a complete guarantee.
Don't try
to reinvent the wheel yourself. Take ownership of Invention Success Kit and for
the first time you'll be on your way to turning your ideas into reality.
Invention
Success Kit
Get
all the information needed to Self-Market, License, or Sell your product idea
to companies.
Invention Success Kit Guidebook 3-Ring Binder
Invention Templates CD
Quick Start Guide, Checklist, and Invention Resources
Invention
Success Kit 3-Ring Binder
$99.95
Invention
Templates CD
$39.95
Quick
Start Guide, Checklist, and Invention Resources
$19.95
USPS Priority Shipping
$6.25
Regular Total:
$166.10
Special Package Savings
Specials
end
1)
Invention Success Kit - Download
Click to order now with your Credit Card
(PayPal,
Visa, MasterCard, American Express, Discover) Special Package $39.
Download
Now The Invention Success Kit Download Version comes
as Adobe PDF files, Microsoft Word and Excel files.
You can view on your
screen, print, and save to your computer.
To download, you will receive
an email with a link within a minute after ordering.
Secure Online $39 Instant Access
2)
Invention Success Kit 3 Ring Binder Guidebook and
Quick Start Guide Printed + Invention Templates CD
Click to order the Invention Success Kit now with your Credit Card
(PayPal,
Visa, MasterCard, American Express, Discover) Special Package $79.
The
Invention Success Kit package is shipped by USPS Priority Mail (3 pounds). You
will receive the package in 3-5 business days to USA locations.
3)
Invention Success Kit + DVD 3 Ring Binder Guidebook
and Quick Start Guide Printed + Invention Templates CD + DVD
Click to order the now with your Credit Card
(PayPal,
Visa, MasterCard, American Express, Discover) Special Package $129.
The
Invention Success Kit plus Invention Marketing DVD package is shipped by USPS
Priority Mail (4 pounds). You will receive the package in 3-5 business days to
USA locations.
7 Steps to Prevent Your New Invention From Being Stolen
How to Trademark Your Product Name
How to Brand Your
Product
How to Get Money for Your Product Idea
Insider Secrets to Selling on QVC
100% Money-Back Guarantee
If you are not satisfied for any reason, you'll
get a 100% refund of your money (less shipping) if returned within 60 days of
purchase.
Product
Coach is PayPal
Verified. Verified members have successfully completed PayPal's Verification system
to establish their identity with PayPal.
PayPal
is a secure online payment system owned by eBay. PayPal can be reached at 1-888-221-1161.
Thank
you,
Matthew Yubas
Tax Tip:
Educational materials such as this kit are likely to be deductible as a business
expense. Consult with an accountant or financial advisor for details.
Trademarks: ProductCoach | Product-Coach | Product
Idea to Product Success Creating New Products That Sell | Market-Step
| Invention Success Kit | Product Launch Kit How to Market Your
Consumer Product | Patent to Market Success