The United Inventors Association’s Educational Trip to China

Take an all-Inclusive trip to China to tour factories and learn manufacturing overseas. 

With our DRTV Summit quickly approaching, most of the talk around the water cooler here at InventionHome has been about the latest infomercial products… (honestly, can you believe that Happy Hot Dog Man??).  While we’ve been busy searching for inventions with the “Wow! Factor”, the United Inventors Association (UIA) has teamed up with China-2-West to wow us with an inventor’s dream trip. 

Any inventor interested in manufacturing his or her product should seriously consider signing up. The first 20 inventors will have the opportunity to learn about off shore manufacturing first hand through factory visits, educational seminars, and entry to the world’s largest product tradeshow in Canton.

When:  October 20 – 30, 2011

Includes:

o       Round trip airfare between New York or San Francisco and Hong Kong

o       Transportation in China

o       All hotel accommodations in 4 & 5 star hotels

o       3 meals per day

o       All access pass to Canton Products Show

o       Factory Tours

o       Inventor Education Seminars

o       Local Sight Seeing and Cultural Visits

The educational value alone would be worth the expense, but add the cultural experience of China to an already unbelievable deal and Wow! you have the trip of a lifetime! 

For More Information or to save your spot – Contact Eric Bouldin by email on eric.bouldin@china2west.com or by phone on 650-921-3088.

 

 

 

For help with your invention or patent call 1-866-844-6512

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How To Pitch Your Idea to Companies

In light of our upcoming DRTV Product Summit (September 28, 2011), we thought a few words here on what makes a great product “pitch” would be beneficial to our readers.

In preparation for the Summit, we put together some guidelines specific to the Direct Response (infomercial) industry, but in reality many of these tips can apply across all categories.  Bottom line is…if you are meeting with a company in order to pitch your invention, whether it be a household gadget or a medical whatzit, proper preparation will increase your chances of success. 

First tip:  EDUCATE YOURSELF.  This means know the category/market into which your invention falls.  Clearly understand the “problem solved” and consider objectively just how big that problem is.  Research other products that solve the same problem and know their shortcomings. 

Second tip:  KNOW YOUR PRODUCT.  Know the patent status of your invention (and for that matter, of any competitive products/prior art, too).  Clearly define the benefits and features of your product and compare/contrast with your competition.  If you have sales history, be prepared to share.  If you have (or can obtain) manufacturing costs, be prepared to share.

Third tip:  PITCH LIKE A PRO.  Be enthusiastic, but remain factual…to say that “my invention is the only one of its kind”, or “this is a million dollar idea” don’t really help your credibility.  Tell your story…define the problem…but keep it brief (not boring!).  If your invention is conducive to an on-site demo, practice it at home and have all the props organized for a smooth presentation.  If you can’t demo on-site (maybe your invention requires a hot oven as a prop), can you provide a video? 

Should you find yourself face-to-face with a company evaluating your invention, we hope these tips come in handy and wish you much success.

2011 DRTV Product Summit – Private pitch sessions with 6 leading infomercial companies in one location  CLICK TO SUBMIT

Click here to download the DRTV Product Summit Tip-Sheet.

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5 Things You Need to Know about Submitting your Invention to DRTV Companies

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.   

 

2. 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.

3. 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.

 

4. 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?

 

5. 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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The New Trend in Tradeshows for Inventors

Not too long ago, inventors and entrepreneurs had limited options available to them in regards to exhibiting their products at tradeshows.

They could either attend one of the smaller inventor-related tradeshows, or they could go to a large national product tradeshow and exhibit alongside large, established companies.

The first option offered very limited exposure for their product, and the second option was both expensive and difficult, requiring professional booth design, collateral materials, and a well-thought tradeshow strategy.

Today, the landscape for inventors is changing.  Inventor only tradeshows and exhibiting in the main areas of large national product tradeshows is fading away fast and being replaced with the new “micro-show” trend in the tradeshow industry.

Many of the national tradeshows such as the International Home and Housewares Show (IHHS), National Hardware Show (NHS), Response Expo and the Specialty Retail Entrepreneur Expo (SPREE) have adopted the “micro-show” concept, offering huge benefits by allowing independent inventors to exhibit in a consolidated area designed specifically for inventors and entrepreneurs.  These inventor areas concentrate inventors in one specific location of the overall tradeshow, making it easier for companies attending the show to find them.  These areas become a “destination point” for companies, providing far more exposure to inventors.  In addition, it is much cheaper to exhibit as an inventor in these areas than it would be to obtain a larger booth on the main tradeshow floor.  The Inventors booths are a turnkey solution to inventors which includes furniture, signage, and marketing of the booth location.  In addition, these shows have inventor area organizers (Brainchild Marketing at IHHS and Response Expo and the United Inventors Association at NHS and SPREE) on site to help the inventors with show details and act as a trusted source of information throughout the show.

As these large national tradeshows realize the added value that inventors bring to their overall show, they are looking for ways to entice more inventors to attend.   To increase the overall value for inventors, many shows now offer inventor education seminars and face-to-face opportunities for inventors to “pitch” their products to key companies in attendance.

InventionHome is sponsoring inventors’ areas at the upcoming SPREE show, Response Expo and National Hardware Show (NHS).  Response and the NHS both include educational sessions for inventor exhibitors with invaluable advice from industry experts and the chance for the exhibitors to pitch their products directly to companies who actively seek new inventions.   In addition, these shows have found creative ways to give inventors more bang for their buck…

If you are considering exhibiting at one of these show you should consider having a patent application on file with the USPTO (either a provisional or non-provisional application) before exhibiting.  In addition, in order to maximize opportunities at the show, you should also have a good, demonstrable prototype or finished product presentation for buyers to evaluate.

For more information on these shows see below…

Response Expo, May 3-5, Hilton San Diego Bayfront, CA – Click to Learn More

 

National Hardware Show, May 10-12, Las Vegas Convention Center, NV – Click to Learn More

 

Specialty Retail Entrepreneur Expo (SPREE), April 12-14, Venetian Hotel in Las Vegas – Click to Learn More

 

For help with your invention call 1-866-844-6512!

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5 Benefits Of the Provisional Patent Application

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.

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InventionHome sponsors the Inventors Zone at the 2011 SPREE Show – April 12th thru 14th (Las Vegas, NV)

InventionHome is pleased to announce it has joined the United Inventors Association (UIA) in sponsoring the Inventors Zone at the 2011 Specialty Retail Entrepreneur Expo and Conference (SPREE) at the Venetian Hotel in Las Vegas on April 12 – 14.

The specialty retail industry covers cart and kiosk sales in malls and other venues.  With over 100,000 kiosks across the United States in malls alone, there is a pressing need for new products. The SPREE Show brings together industry professionals looking for new products and entrepreneurs with new products to sell or seeking to start their own business.

 

Who should attend the show?  Inventors with “retail ready” products interested in…

1. Exhibiting their inventions / products for opportunities to sell in carts, kiosks and gift shops. (Reserve your booth in the Inventors Zone by calling Debbie Lahti at (800) 936-6297 x 20.)

2. Educational sessions and networking events to learn more about the $12 billion specialty retail industry.

Exhibiting in the Inventors Zone

Entrepreneurs ready to take orders for their products should consider exhibiting.  Your product may be good for the specialty retail market if it a) requires an explanation and is easily demonstrated, or b) is a product that is already understood, like a t-shirt or food item.

For additional information on pricing and how to register for the SPREE Inventors Zone contact Debbie Lahti at (800) 936-6297 extension 20.  http://spreeshow.com/ 

When: April 12 – 14   /   Where: Las Vegas

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

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Bundle Buddy…the next “Snuggie®”?

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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Year in Review for InventionHome – Record Number of Licensing / Marketing Agreements

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 100^th 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

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Is manufacturing your own invention necessary for success?

Ultimately, all products must be manufactured to make it to market, however that doesn’t mean that you need to be the one to manufacture it.

 “I have a new invention that I’ve been working on.  I’ve done my research, I’ve met with a patent attorney to discuss patent options and I have investigated prototype and design options.  However, I’m just not sure how to actually go about producing and marketing my invention.  Do I need to arrange for manufacturing on my own, which seems like a challenging process in itself, or are there other options that I can explore for succeeding with my invention?” 

 

Does this line of thinking sound familiar?  Ultimately, every inventor reaches the point where they need to decide on how they are going to proceed with commercializing their invention.  They must choose how to develop, manufacture and market the product.   Many inventors are interested in facilitating and managing the process on their own, while many others would prefer to find a company to handle the process for them.   Whatever the case, after the idea has been protected with a patent, the inventor must weigh these options and decide which one is the right choice for his or her specific situation. 

Oftentimes, inventors are either unaware of the options for taking their inventions to market or they automatically assume that inventing requires them to manufacture and market their invention on their own.  As a result of not being familiar with the options for commercializing their inventions, many inventors end up pursuing a less suitable approach for their particular situation, which can cost them a lot of time and money.

 

If you are new to the business of inventing or are not really sure how an inventor actually makes money from an invention, consider the following options. 

Licensing the invention for royalties:

When you are trying to license your invention for royalties, the end result of all your hard work is to secure a license agreement.  A license agreement is when the inventor [licensor] agrees to let a third party [licensee] commercially use his invention for a period of time.  As a result of the agreement, the inventor would receive either an ongoing payment called a royalty, which would normally be calculated as a percentage of sales of the invention or a one-time lump-sum payment.  Typically, the company that licenses the invention would manufacture and market the invention.  The likelihood of an inventor striking a license agreement would depend on the premise that the inventor has “rights” to the invention (i.e., a patent).  Without patent protection, any individual or company could make or sell the invention; therefore, it would be less likely that a company would license or buy the invention. 

Need Help Licensing Your Invention For Royalties?  Call InventionHome 1-866-846512.

 

Assigning or Selling the Invention:

When the inventor assigns his rights, he is permanently transferring or selling ownership in the invention/patent.  The inventor may receive a lump sum payment or a series of payments.  The difference between a “license” and “assignment” is in the transfer of rights.  With a license, the inventor retains rights, like “renting” the patent, and with an assignment they transfer their rights (i.e., sell it).

Developing & Manufacturing the Invention:

When developing and manufacturing on your own, you are taking on the responsibility of facilitating and managing the process of setting up manufacturing either through domestic or overseas manufacturers.   You hire a manufacturing company to produce your product.  While you maintain control of your invention, you also assume the risks and costs that are associated with the process.  Keep in mind that if you manufacture your invention overseas you should also develop an understanding of how you will import, warehouse and distribute the product.

Remember that every invention is different in terms of its complexity and structure. This should be taken into account when deciding whether to license the idea or manufacture.  For some inventions, little development and setup is required, which can simplify the manufacturing process, however, other inventions may be much more complex requiring in-depth research, engineering, tooling, molds etc. for mass production.  As a result, manufacturing can be very expensive and usually involves a large set-up fee for tooling, molds, etc., and once the invention is ready, there may be a minimum order requirement to pay for inventory.  Some manufacturers can offer short-run production where they’ll make a small order in hopes that the larger orders will come later, but many require the inventor to pay for a large number of units that can result in unsold product and loss of money if the invention does not sell.  Overseas manufacturing can have added frustrations associated with the difficulties of finding and communicating with a foreign company. 

For the inventor who finds these aspects of manufacturing to be too costly, too difficult or too much of a hassle, seeking a licensing agreement could be a more suitable solution.  If the invention is licensed, usually the company that licenses the invention will handle the manufacturing, which allows the inventor to shift the cost and risks to the company that licenses the invention.  With licensing, the inventor can rely on the company’s experience and established business to develop and market the product. 

Typically, entrepreneurs with aspirations of turning their inventions into a business where they would sell their product would be the best candidates for manufacturing.   Manufacturing and marketing an invention can be an exciting and rewarding approach for some inventors but the process should be looked at more as a business venture, as it requires the inventor to have substantial capital and a well thought out plan on how to develop, manufacture and market their idea. Manufacturing is very different than finding a company to license the invention, and should not be jumped into without examining the risks and carefully planning the best route for success

Now that you have a better understanding of the options for commercializing your invention, it is easier to see why it’s important to think through the options and determine what makes sense for your situation.  It doesn’t make sense to select one approach such as manufacturing your invention when licensing may have been a better solution for your situation. 

For example, suppose you invented a new, innovative pet-grooming device and after completing the patent process you decide that you are going to develop and manufacture the invention on your own.  You jump on the Internet and spend the next few weeks researching overseas manufacturers to develop and produce your invention.  Let’s assume that everything goes smoothly and quickly, which it usually doesn’t, and four to six months later you end up with a finished product and a shipment of inventory sitting in your garage.  More than likely, at this point, you would have invested tens of thousands of dollars in your invention and it’s likely that you may not have even secured buyer interest or a purchase order. 

Most established product companies and manufacturers don’t pull the trigger on manufacturing until they have done exhaustive market research and testing (i.e., due diligence) and ideally have secured purchase orders or commitments from their customers.  However, as a new inventor, you may not have thought about securing interest or purchase orders before paying to have your product manufactured.  As a result, you’re now looking to sell your product either directly to consumers via a website that you will develop, or you begin to look for another company to wholesale your invention.  As the example continues, you later realize that having a website to sell your product to consumers is only as good as the marketing behind the website (i.e.: no one knows about your website) and eventually you begin looking for a larger pet company to license your invention. 

Let’s say that you succeed in finding a company and they agree to license the product from you.  While negotiating the agreement you discover that they manufacture all of their products in Taiwan, whereas your factory is in China, so they will take over production and scrap your manufacturing setup.  At this point, you begin to ask yourself if you could have reached the same license agreement without going through all the hassles and costs associated with setting up the manufacturing.  If only you would have known that ultimately you would have ended up licensing your invention.  Although this scenario is just an example, it should highlight the need to think through not just the manufacturing aspect of the process, but what strategies are needed to market the invention after inventory has been produced. 

It is important to remember that while neither licensing nor manufacturing is a guaranteed success, taking the time to understand the options for taking your invention to market and thinking through what your goals are prior to leaping into either option will help you take the path that’s right for you and your invention as you continue along the road of inventing.

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

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Toy Inventor Advice from TAGIE

by Amy Frey

 

 

 

 

There’s been a lot of buzz recently about Chicago being dubbed the “The Toy and Game Inventing Capital of the World”. 

After experiencing the Toy and Game Inventor Expo (TAGIE) last week in the windy city, held in conjunction with The Chicago Toy and Game Fair (ChiTag), I’d have to say that both events are key to the city earning the well deserved designation.  TAGIE brought together over 40 experts in the toy industry eager to share their knowledge with novice toy inventors.  For two full days, panels of experts addressed topics from licensing your invention for royalties to manufacturing it yourself overseas. 

 

Since InventionHome was a TAGIE sponsor, I had the opportunity to attend the discussions and meet with toy industry executives from companies such as Hasbro and ThinkFun.    Large companies such as Hasbro typically work with professional toy developers and brokers to source new products from inventors. They simply don’t have the time (or the need) to work with the independent inventor that doesn’t understand their product needs at the required level.  Large companies want products that meet their business initiatives and can be implemented quickly without any handholding.  Many smaller companies are more willing to take an undeveloped product and massage it to fit their product and brand requirements, but inventors must still do their homework in order to be taken seriously by any company.  Here is some basic advice on the first steps to market your invention from the industry experts:

 

1. Research the market for similar games/toys. Understand how your game play or toy is different.  Look online and in toy stores and mass retailers.
2. Test the game/toy with strangers (your family and friends are going to like it no matter what!)
3. Make sure the product is a good fit for the company.  For example, if the company sells adult games don’t send them a pre-school toy! This seems obvious but it’s a pet peeve of many companies that continually receive inappropriate product submissions.

 

Obviously, there’s much more advice and helpful information on all kinds of topics for inventors than I’m able to share in this brief blog.  If you’re considering “next steps” for your own invention, consider taking advantage of InventionHome’s experience, knowledge and industry connections and contact us today for more information on how to get started.  If you are a toy inventor, whether looking to license or manufacture your invention yourself, I encourage you to consider attending TAGIE next year.  Mary Couzin puts on a fabulous event that really lets you learn how the toy industry operates while giving you the chance to show your product to companies interested in inventions.  Even if you don’t get lucky and snag a deal, you will gain valuable feedback on your product.

 

In addition to TAGIE, InventionHome is also pleased to sponsor the Kid Invention Show to air on Got Invention Radio in January of 2011.  Brian Fried, the host of the show, was at ChiTag interviewing 40 kid inventors that took part in the Young Inventor Challenge.

 

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InventionHome’s president, Russell Williams, will be a guest on an upcoming show to discuss the inventing process and how InventionHome helps inventors commercialize their inventions.  Look for more information about both shows on the InventionHome blog.

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