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Posts Tagged ‘invent’

Chances are that if you own a television set, you have witnessed the phenomenon known as DRTV.  Called “direct-response television”, DRTV advertisements have the goal of generating instant action by the viewers, and they typically include a toll-free number and website address to facilitate orders.  Some famous examples of DRTV spots include the Snuggie®, PedEgg®, and who can forget the Ginsu Knife ads of the 1970’s?

If you are considering presenting your invention to a DRTV company, take some time to learn about the industry, develop your presentation to address their market needs, and also set yourself some appropriate expectations.  Here are some tips…

  1. Understand the market.  There are certain qualities that most DRTV products share.  Consider how your invention will stack up to these criteria and address them head-on in your presentation:
    • They fall in categories that appeal to very broad audiences, such as housewares/kitchen, cleaning devices, tools, fitness/exercise, weight-loss, and personal care.
    • DRTV products can be easily demonstrated, and that demonstration usually depicts some sort of problem-resolution…like demonstrating how one can become more beautiful, happier, skinnier, and the like. 
    • Price point is extremely important.   A product that sells on DRTV for $19.99 will ideally cost $4.00 or less to manufacture.   

 

  1. Put your best foot forward.  Convincing a DRTV company that your invention is the next multi-million dollar Snuggie is the goal.  The question is; are you putting your best foot forward to convince them to invest in your invention, which could potentially cost a DRTV company thousands in developing, manufacturing and marketing your invention, depending on where you are in the process. If your invention is not already developed, your best bet is to have either a high quality virtual design or working prototype, which can tangibly demonstrate your invention.   Even a basic or crude video of your invention can help in catching these companies’ attention.
  1. Be willing to let go.  Some inventors want to dictate the design, materials, even what factory the potential DRTV company must use.  Don’t let this be your downfall!  As mentioned above, DRTV products have extremely demanding price models due to the large sums of money spent both on developing the commercial and buying the television media/spots.  In most cases, the DRTV companies can achieve more competitive pricing from their factories than inventors can provide, based both on the companies’ clout and the sheer volume of product that they can potentially order.  Other things like product features, manufacturing materials, and accessories can also play a significant role in determining price, giving companies even more reason to maintain product control.

 

  1. Have Realistic Expectations!  Along with their well-defined pricing model, most DRTV companies have standardized license agreements for inventors with very little wiggle-room on royalty percentages.  Although their royalty levels may appear on the low end, consider these factors before saying no to a deal: 
    • Are you comparing apples to oranges?  There could be a BIG difference in how DRTV royalties are paid versus more “traditional” product royalties.  Since most royalties (at least in my experience) are based on net revenues, let’s consider what that means.
      • For a “traditional” distribution model, there could be many middlemen.  A company might sell their widget to a distributor for $8.  The distributor might sell to a retailer for $10.  The retailer might sell to consumer for $19.99.  In this example, an inventor royalty is based on the only cost the company actually controls, which is their net revenue of $8 (less any agreeable fees).
      • For a DRTV distribution model, the DRTV company might sell their gadget through a television ad, which targets the consumer directly, for $19.99.  Guess what?  In this scenario, the inventor royalty is based on $19.99! 
    • Consider the volume of product sold!  Successful infomercial products don’t just sell hundreds…or thousands of products.  They sell MILLIONS.  Enough said?

 

  1. Prepare yourself.  It’s widely understood in the DRTV industry that a large majority of products tested will actually fail, which is the nature of the business.  Many DRTV companies will say that “9 out of 10” products they test will fail, which is why they are interested in market testing many products to see which will ultimately succeed.  If you enter the deal with this knowledge and understand the odds, you could save yourself a lot of heartache if your product doesn’t ultimately succeed.

 

Best of luck to you as you navigate the DRTV arena!

Need help protecting, designing or marketing your invention?  Call 1-866-844-6512.

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As an inventor with a new product idea (or improvement to an existing product), it’s important to understand the various types of protection that are available to you.  Let’s assume that your idea provides benefit and usefulness (not just a visual design) ~ you might consider filing either a non-provisional patent (a “Utility Patent”) or a provisional patent application.  Choosing which type of application should be based on individual circumstance, personal preference, and financial considerations, and the choice will vary from one inventor to another.

Here are 5 key benefits of filing a provisional patent application before filing a utility patent application.

1. Lower cost

 A provisional patent application can often times be prepared and filed for less than $600, where the preparation and filing of a typical utility application can cost $5,000 and up, depending on the complexity of the invention.

 

2. Easy to file

The application and process is significantly less complex than a utility application and can even be done by inventors themselves if they take the time to understand how to complete a thorough application. 

 

3. Immediate “patent pending” status

Since the patent office does not review or approve provisional patent applications, inventors can immediately use the term “patent-pending” once the application has been filed.

 

4. Provides 12 months before a utility patent would need to be filed

Although the provisional patent application is not a substitute for ultimately filing a non-provisional patent application, it provides the inventor with 12 months of valuable time to further develop or market the invention.  Why spend thousands on filing a utility application only to realize later that you need to make changes to your invention or that your invention is not going to sell/license.  You can use the 12 months to figure out if this expense is worth while or if you do find a company to enter into a license agreement with you, try to negotiate for the company to cover some or all of the cost of filing a utility patent.

 

5. Establishes priority date

Once your application has been filed, you have established a priority date for your patent.  This means that when and if you file a utility application, you will be able to claim the original provisional filing date.

It’s important to understand that even if you file a provisional patent application, you will still need to file a non-provisional application down the road if you wish to maintain patent protection. Think of the provisional patent application as a possible step in the patent process, but not the final step.

The provisional patent application establishes the filing date but does not start the USPTO review process.  The provisional patent application provides a measure of protection for 12 months from the filing date and expires unless you file a utility patent application before the 12 months are up. 

Whichever direction you ultimately decide, remember that research and self-education are invaluable to your success not only at this beginning stage, but also as you progress in the process of inventing.

If you need help with your invention call InventionHome at 1-866-844-6512.

Addtional info at…

http://mvelette.wordpress.com/

http://www.facebook.com/invention.home

http://twitter.com/Inventionhome

http://www.inventionhome.blogspot.com/

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In this business, inventors and companies alike strive to develop another runaway hit TV product like the Snuggie®, “America’s favorite blanket with sleeves”.  We at InventionHome can attest to the hard work and incredible good fortune it takes to get a shot at infomercial success.  We’re hoping that a new television campaign starting this week will turn “rags to riches” for our inventor Daria W.

Daria’s product, which she dubbed “The Cargo Sling” caught the attention of Allstar Marketing Group, maker of the celebrated Snuggie.  After a few modifications to the product, a spiffy new name, and completion of a test infomercial, it’s now sink or swim time as Allstar tests the 2-minute commercial on national television this week.

The product, re-named “BundleBuddy”, consists of a band of Lycra material with integral pockets.  It slips easily around auto seats to provide a secure way to hold down everything from groceries, to purses, to take-out food.  No longer will your belongings be thrown onto the car floor when you brake suddenly or take a sharp turn. 

View commercial.

 

So we ask you to send good karma, happy thoughts, and maybe even order a Bundle Buddy for yourself, and let’s root on fellow inventor Daria!

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2010 proved to be a year of great growth and progress at InventionHome even though the economy was sluggish and challenging.  In addition to developing many new partnerships and relationships, we had a record year in completing licensing / marketing agreements for our clients, reaching 40 deals for 2010 (120 overall). 

We are pleased to share some 2010 highlights.   

 

 40 New Deals Completed…  After wrapping up 2009 with 20+ deals for the year (80 overall), we were determined to double the number of deals in 2010 for our clients.  After completing our 100th marketing agreement overall in late April on an invention called “Leaf Wizard,” an innovative lawn & garden product, we went on to finalize 20 more reaching our goal of 40 for the year (120 overall). 

 

InventionHome launches tradeshow invention portal!

Through partnerships with the National Hardware Show, International Housewares Association and Response Expo, we created and launched our innovative, new search portal strategy to enable national tradeshows to be able to offer their members and site visitors easy access to InventionHome clients’ inventions directly from their websites.  Today, each of these tradeshows has our portal on their websites, with more shows to come.    Example: http://inventionhome.com/invportfolio/portal.aspx?source=nationalhardwareshow

 

TV Debut of five InventionHome products!  We saw the national test of two Infomercial campaigns for our “Sofa Caddy” (rebranded “Couch Commander”) and “Access Door Lever” (rebranded “Turneez”), as well as three of our products which were featured on QVC:  Micro Mixer, VibeAway and Leaf Wizard.

 

InventionHome sponsors National Hardware Show!  We were honored to sponsor the 2010 National Hardware Show in May, along with the United Inventors Association and Garden Weasel®.  It is one of the largest annual trade shows in the world, gathering over 2,800 consumer products companies at the Las Vegas Convention Center.  While there, we connected with many manufacturers in the hardware industry, exhibited side-by-side with inventors in the Inventor Spotlight are of the show, and assisted then-UIA Executive Director Patrick Raymond with judging and managing the Inventor Spotlight merit awards.

 

InventionHome sponsors Response Expo!  InventionHome personnel returned from Las Vegas’ Hardware Show for just enough time to pack some clean socks before leaving for San Diego and the Response Expo.   The Response Expo, considered the industry’s foremost direct response marketing trade show and conference, is produced by Response Magazine and the Direct Response Marketing Association.  InventionHome was pleased to sponsor the Inventor Pavilion area of the show, interact with many inventors in attendance, and also build upon our relationships with some key players in the infomercial industry.

InventionHome partners with TAGIE (Toy and Game Expo)!  InventionHome was pleased to sponsor the Toy and Game Inventor Expo (TAGIE) in November, the only industry event designed exclusively to help the new toy and game inventor and entrepreneur by providing networking and educational opportunities. 

 

 

InventionHome launches the North American Product Innovation Network!

We were excited to launch a first of its kind gateway for providing inventors easy access to North American companies seeking innovative products and inventions available for wholesale, license or acquisition.  North American Product Innovation Network(SM) also provides companies across North America with a centralized source for finding innovative products within the United States and beyond

http://www.prnewswire.com/news-releases/inventionhome-launches-north-american-product-innovation-network-sm-99484469.html

 

 

InventionHome president, Russ Williams, began his term on the United Inventors Association Board of Directors!  Russ is committed to helping inventors through education and programs, and as a UIA board member, he has a great vehicle to continue on his mission.

Call us at 1-866-844-6512 to learn more. You’ll be glad you took the first step.

For more information about Invention Home you can visit the following websites – http://twitter.com/inventionhome, http://inventionhome.blogspot.com/, http://mvelette.wordpress.com/, http://www.facebook.com/invention.home

http://www.prnewswire.com/news-releases/inventionhome-launches-north-american-product-innovation-network-sm-99484469.html

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The second week of October proved to be an exceptionally busy week for InventionHome’s marketing & licensing department, which netted an incredible FOUR license agreements in one week!  With the additional four agreements finalized, InventionHome marketing and licensing successes now stand at 117.  2010 is shaping up to be their highest performance licensing year on record with a 100% growth rate over 2009.

The four agreements mentioned include products called the Bead Bender, Lawnmower D’Light, Step Ramps and Cargo Sling.  Each of the license agreements was born by the hard work and dedication of an independent inventor.  Two of the licensed inventions fall into the automotive/vehicle category.  They were both licensed to a company that focuses on motorsports products.  The company hopes to see both products on the market by third quarter 2011.  The third licensed product can best be described as a headlight for a lawnmower.  A company with strong ties to Home Depot, Lowe’s, Sears, etc. licensed the product with hopes that their customers will embrace the clever device.  Our fourth licensed product may be featured on a television infomercial coming soon!  We can’t disclose too many details.  Suffice it to say that the simple product will keep your car nice and tidy.

These four licenses exemplify the effectiveness of InventionHome’s marketing program.  Granted, not every invention is going to succeed.  But InventionHome has laid the framework to get invention details into the hands of key decision makers at thousands of companies.  By developing streamlined processes both to share invention details, and also to assist companies with any interest inquiries, InventionHome has become a respected resources for companies seeking new products for license.

Call 1-866-844-6512 for information on licensing your invention for royalties!

 

For more information about Invention Home you can visit the following websites – http://twitter.com/inventionhome, http://inventionhome.blogspot.com/, http://mvelette.wordpress.com/, http://www.facebook.com/invention.home

http://www.prnewswire.com/news-releases/inventionhome-launches-north-american-product-innovation-network-sm-99484469.html

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The invention of candy corn occurred over 130 years ago in a small town in Philadelphia and is credited to the Wunderlee Candy Company.  An employee of the Wunderlee Candy Company named George Renninger, was credited with the invention.  Wunderlee was the first to begin manufacturing the product in the late 1800s; then Goelitz Candy Company (which later became the Jelly Belly Candy Company) started making these candies and continues to make candy corn today.

Candy corn instantly became popular among farmers due to its appearance of an actual piece of corn and the three colors making up the single piece of candy made it a revolutionary invention for its time.  However, since manufacturing was cumbersome and slow in the early 1900s, candy corn was only produced between the months of March and November. Candy corn has changed very little since its invention and has become has become the most popular Halloween candy of all time. 

Today, nearly 8.3 billion candy corn kernels are sold every year – 80% of which are sold during the months of September and October!

For help with your INVENTION, call 1-866-844-6512!

 

 

source – http://sweetcandycorn.blogspot.com/2008/10/who-invented-candy-corn.html

For more information about Invention Home you can visit the following websites:  http://twitter.com/inventionhome, http://inventionhome.blogspot.com/, http://mvelette.wordpress.com/, http://www.facebook.com/invention.home

http://www.prnewswire.com/news-releases/inventionhome-launches-north-american-product-innovation-network-sm-99484469.html

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InventionHome is pleased to announce the successful completion of their 112th marketing/license agreement, 32 of which occurred in calendar year 2010 (as of September 30th).  An impressive tally of brokered deals.

 

InventionHome’s most recent licensing success is a product called CapTails™.  The patented device connects glasses (sunglasses, safety glasses, etc.) to a hat by means of stretchable and adjustable clips and a cord.  CapTailsTM allow the user to wear their eyewear on top of their cap and not have to worry about them falling off and getting lost or broken. Also when your glasses are on, your cap can not blow away.

The licensee of the clever device took interest in the product because of its simplicity and unique position in the market.  It will complement the rest of their product line nicely, and has already drawn the interest of a national retailer.  CapTailsTM should reach the retail market in early 2011.

Call 1-866-844-6512 for information on licensing your invention for royalties!

 

For more information about Invention Home you can visit the following websites – http://twitter.com/inventionhome, http://inventionhome.blogspot.com/, http://mvelette.wordpress.com/, http://www.facebook.com/invention.home

http://www.prnewswire.com/news-releases/inventionhome-launches-north-american-product-innovation-network-sm-99484469.html

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