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Posts Tagged ‘license invention’

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.

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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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

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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Monroeville, PA– InventionHome is pleased to feature a patent-protected tool for splitting pills of any shape called the Rotatable Pill Splitter.  Independent inventor Walt Cheney is working with InventionHome to market and license his product to companies in exchange for royalties.

Walt created, prototyped and was awarded a utility patent from the United States Patent and Trademark Office for his tool that gives individuals the option to halve and quarter pills with great accuracy.

The product consists of a lid and base with interchangeable pill beds in a variety of colors to accommodate a number of standard and unique pill sizes.  When the user wants to split a pill he selects the correct bed to match the pill size and inserts both into the device.  The pill bed holds the pill into the proper position and aligns it with the blade below.  The user rotates the outside lever of the pill bed and presto….the pill is split!

This is a great product for any individual who has a difficult time cutting a pill of any shape.  How many times has a doctor increased or decreased the dosage of a frequently prescribed drug and decided to write a new script for the medication?  In many circumstances the individual could have a supply at home and would love to split or quarter his previously purchased meds to get the right dosage.  The Rotatable Pill Splitter allows the user to be economical and accurate with his medication.

InventionHome continues to market Cheney’s product to interested companies.  For more information on the Rotatable Pill Splitter or invention-related services please contact InventionHome at (866) 844-6512.

 

 

 
 
 

 

 

 

 

 

 

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doghats36Invention Home announces their “Invention of the Week”, “Dog Hats”.  

 

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Independent inventor Irene Bray wanted her dogs to strut their stuff in style AND comfort…and she enlisted the help of Invention Home to assist her in finding marketing/licensing opportunities for her invention, “Dog Hats”.

 

Do you like to dress your pet, but feel that the look just isn’t complete without a hat?  Inventor Irene Bray likes her pets to be dressed for success, and tried other dog hats/accessories on the market but found them difficult to attach. Irene noticed that they didn’t properly secure to the pet’s head and would fall off with any moderate movement.  Not so with “Dog Hats”!  In addition, many standard pet hat fasteners are uncomfortable for the dog; the dog will squirm and resist the accessory, making everyone frustrated. Not so with “Dog Hats”!  While some existing hats are designed to fit securely, their harness attachments are cumbersome and so noticeable that they take away from the fun aesthetic design of the hat.  Not so with “Dog Hats”! 

 

This invention features two adjustable, elasticized straps, which are designed to criss-cross under the dog’s chin and are fastened to the hat in front of and behind each ear.  They are fully adjustable to fit very large dogs as well as very small dogs and even cats!  Dog Hats may be offered in many sizes and designs.  Irene has an issued Utility Patent as well samples available.

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About www.InventionHome.com

 

Invention Home offers a low cost, low risk solution for helping inventors through each step of the invention process.  They have created a simple and streamlined process for connecting inventors with manufacturers for the purpose of licensing inventions for royalties. For help with your invention, request info at: 

 

http://www.inventionhome.com/info/index.asp?referred=wordpress

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Invention of the Week:  Pet Gard

 

Invention Home announces their “Invention of the Week”. 

 

pet-gard1

 

Independent inventor David Rice enlisted the help of Invention Home to assist him in finding marketing/licensing opportunities for his invention, “Pet Gard”.

 

David wanted a safe way to take his pets with him on his daily errands…

 

Are you a pet lover who wants your pet’s company at all times?  Do you like to take your pet with you in the car, but worry about the heat rising as the animal sits awaiting your return?  Inventor David Rice has designed the perfect product for you!  Pet Gard is a heat and sound activated alarm system designed to warn pet owners that the interior of their vehicle has reached a dangerous temperature. The portable unit consists of two separate components: a monitor and a pager. The monitor is plugged into the vehicle’s cigarette lighter, which activates it.  When the interior of the vehicle reaches a predetermined temperature (factory set), and three similar sounds are detected within 20 seconds, a signal is sent to the pager. The pager will beep until the user presses a “dismiss” button. The beeping will sound again, every 60 seconds, until the user goes back to the vehicle, checks on the pet and either resets the monitor or unplugs it.  David has an issued Utility Patent as well as a finished sample.

 

About www.InventionHome.com

 

Invention Home offers a low cost, low risk solution for helping inventors through each step of the invention process.  They have created a simple and streamlined process for connecting inventors with manufacturers for the purpose of licensing inventions for royalties. For help with your invention, request info at: 

 

http://www.inventionhome.com/info/index.asp?referred=wordpress

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Invention of the Week:  The Doodle Daley

 

 doodle

 

Inventor Susan Drexler decided that she needed a better way to clean up dog messes in the yard….

 

Are you tired of stepping in your dog’s “Doodle” or cleaning it up each day with a plastic bag that makes your regular trash can smell?  Inventor Susan Drexler was, so she decided to do something about it.  She invented the Doodle Daley which is a fire hydrant-shaped pet waste receptacle. It features a side-hinged lid for easy flip-top accessibility to the inner bag-lined holding area, and a handled scoop that can simply unsnap for use.  The back of the unit features an attached stabilizing fork that lifts to act as a handle and lowers into the ground to keep the unit firmly in place. The unit also features wheels so that moving it around the yard is simple!  Susan has filed for a Utility Patent on her invention.

               

 

About www.InventionHome.com

 

Invention Home offers a low cost, low risk solution for helping inventors through each step of the invention process.  They have created a simple and streamlined process for connecting inventors with manufacturers for the purpose of licensing inventions for royalties. For help with your invention, request info at: http://www.inventionhome.com/info/index.asp?referred=wordpress

 

 

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