A Guide for Today's Inventor

From the beginning of time man has alway been an inventor. In many cases early man and woman had to be inventors in order to protect and/or shelter themselves. From the invention of the wheel to today's computerized life style, life has been a constant progression of inventions that for the most part have improved mankind by filling needs, making tasks easier, and advancing comfort or personal performance. Seldom did the individual want to become an inventor. No concious decision was made saying "I think I will become an inventor", instead it happened almost always by accident when the soon to become "inventor" tried to fill a need, to make a product better or even a more challenging or interesting game. The way to become an inventor does not have a tried and tested path, but instead it is a series of fullfilling efforts, set backs, and advancements that most inventors encounter. However, for every inventor the goals are the same "innovation" that hopefully will provide recognition and even better, financial rewards. I have worked with inventors for 40 years. During this time I have made many friends, met interesting people and got to know the challenges facing today's inventors. My hope is that this guide will help to make the inventing effort easier and more rewarding.

Richard Wantz

THE IDEA

Once you have come up with an idea it can be challenging, difficult, frustrating and fun. I will try to make the experience fun, entertaining, educational and even profitable. First, you need an idea and eventually the invention on paper. Describe its function and use and include a drawing or sketch. If possible put together a model, even a crude one will do, so long as it proves the basic principal of the invention. Once you have it documented, have it witnessed and dated by two people with whom you have discussed the invention. Next, before putting any money into the invention, get honest evaluations and opinions. This is very important. I have seen many inventions that should never have been pursued simply because everyone around the inventor told him or her what they wanted to hear. Even a patent attorney may be looking to do patent work and not concerned about the invention. Make sure that you get an honest opinion. Once you have determined that it is a practical and profitable invention, your next step is to find out if it is new or not. The best way is to have a patent attorney perform a patent search, or you may even do your own search with help from www.uspto.gov. A search will indicate what patents are close to yours and if you should continue to pursue its development or licensing.

THE PATENT WORK

This can be a pleasant or frustrating experience. Much depends on the patent attorney, or your own efforts to obtain a patent. For most inventors I feel it's important to get the help of a good patent attorney. He or she can make the experience a good one and hopefully save you time and money getting your patent. The other option is to do your own patent work. It is not impossible for you to obtain a patent; its just that it requires a lot of time on your part. But it can be done, once again please check out a provisional patent application at www.uspto.gov. This site will provide much of the help you need. Once you have protected the invention, it's time to decide if you want to do the manufacturing and marketing yourself or if you would rather license it to a maufacturer who would produce and market it in return for a royalty.

LICENSING VS. DOING YOUR OWN MANUFACTURING AND MARKETING

You might notice I did mention licensing and did not include "selling". The reason is that over my 40 years of working with patents and new products, I have found that very few products are ever sold out right. Instead manufacturers prefer licensing and paying a royalty on each product sold. The thought is if we (the manufacturer) make money then so does the inventor. It's logical and makes sense. For further information click on "negotiating" found on the home page. We have found that licensing with a cash advancement and continuing royalties is the best for the inventor and the manufacturer. I mention licensing, which is basically a rental agreement. It would be much like renting your home, it will always be your home, but you are saying to the tenant here are the rules if you are to live in my house. Here are the rules and regulations if you are to make money using my product. The other option you have is to do your own manufacturing and marketing. This can be done, but requires considerable effort, time and money. First, you must find a company to produce it. You will need to pay for all tooling and related costs. Normally, when placing an order with a manufacturer, they will want 50% down and the remainder once the products are delivered to you. My suggestion is that before going that far, contact marketing outlets in order to determine how well it will be received. This will give you an indication of potential sales. It is best to have the marketing lined up so that when the products arrive you will be ready to fill orders. Almost weekly, I hear from an inventor who has a garage full of quality products and no place to sell them. I am afraid the old adage that if you have a better mouse trap, "The world will beat a path to your door" is simply not true. I contend that for every hour you put into producing your product, put 10 into marketing. Inventing can be a rewarding and challenging career or hobby, either way enjoy it and do not take it too seriously, have fun but with an eye toward making money with your creation.

MY CAREER WITH INVENTORS

I am very fortunate; some of our clients have become good friends. The inventor by nature is interesting and gladly accepts challenges. He or she is often dogmatic and stubborn when it comes to solving a problem or creating a new product. Let's be thankful they are that way, just look at how wonderful our lives are today because of them. I have found in my 40 years of working with inventors and their products that nothing is for sure. What at first may appear to be a sure fire success gets little or no attention from the manufacturers, while other products that looked questionable turned out to be real winners, you just never know. Often inventors will ask my opinion about the chances of their product being licensed or sold. In looking back, I was often right as many times as I was wrong. The ultimate judge of whether a product will be successful is the manufacturer. It is their evaluation that is important. The fact that I like a product carries little weight with the manufacturers and their decision-making. It is the product and ultimately its ability to make money for the licensing manufacturer. I wish I had a crystal ball.