Inventor Tips

  1. Acquire Knowledge
    Budding inventors can save countless hours and money by first educating themselves about the invention process. A trip to the local library, detailed web searches and communicating with inventors and/or inventor associations can all yield invaluable insights on how to develop new ideas into new products. These efforts can also establish a network of contacts that could prove to be helpful in your future inventing endeavors.
  2. Make a Written Record
    When you come up with a really innovative idea, one with terrific potential, create a Record of Invention before going any further with it. Your document should be written in ink and should include a comprehensive description of your idea, the date, your signature and the signature of two people you trust who have witnesses and understood your idea and the dates they sign. Remember: do not talk with any company or agency about your invention unless they sign a confidentiality agreement.
  3. Be Sure Your Idea is Original
    It is absolutely essential that you check for originality before you investing a lot of time, money and effort into developing an invention. Search the Internet using multiple key words to describe your idea; visit the type of store that would most likely carry your product; visit mid-size retail establishment and "big box" and national departments to see if your idea is currently on the market; finally, do a preliminary patent search at the United States Patent and Trademark Office.
  4. Be Sure Your Idea Will Sell... And Sell Well
    Once you have established that your idea, invention or product is unique, don't do too much work on your invention until you get a precise idea of whether it will be a commercial success. The basic formula is that the total sales will be at least twenty times the cost of researching, developing and patenting it. In establishing expense, calculate the costs of filing fees, hiring a lawyer to help with your patent filing and the industrial designer who prepares the blueprints of your invention.
  5. Don't Spend Beyond Your Development Budget
    Before you become too involved with your idea, put together a realistic cash flow forecast. Write down the maximum amount of money that you are prepared to commit to your project at each stage in its development. You may also wish to set those budgeted funds aside in a special banking account. Don’t rely on funds from grants or family and friends. Establishing and keeping a budget is a financial reality check that will enable you to proceed in your invention's development while maintaining your day-to-day personal financial responsibilities.
  6. Make a Prototype
    The purpose of building a basic prototype is to evaluate the functionality of the product. In essence, does the product work as intended? Often, an idea works perfectly in your mind's eye, but need to be revised, altered or modified when actually put into practice. If your idea is simple, you can build a prototype yourself or with the assistance of a handyman. The more complex ideas may require an industrial designer or engineer or a machinist. Never attempt to market a product before all the glitches have been worked out.
  7. A New Idea Needs a New Name
    If your product is a new concept, then you should give it a name that's not like any other product on the market. For instance, if you invent a kitchen gadget, don't give it a name like any other similar gizmo. By doing this, you will eliminate consumer confusion and make your product stand out. It is also best to pick out a short, memorable name. In fact, the majority of top brand names are two syllables and some are three syllables.
  8. Use Focus Groups
    Many invention experts say this is a must. Simply gather five to ten members of the intended target market (the people who would be most likely to purchase and use the item) and explain the product and gather their feedback. The focus group experience doesn’t have to be elaborate—it should actually be casual and fun. Ask them about the product's name, if the product is something they need, how much would they pay for the item and let them handle the prototype. Their comments will be very informational and yield practical guidance on any improvements.
  9. Keep Quiet About It
    Do not say anything to anybody about your idea, product or invention if you intent to apply for a patent. This is because patents are granted only to inventions that are new at the date of application. If the public is aware of the invention or can find out about it, then the invention cannot be new. All conversations must be done in confidence.
  10. Don't File Your Own Patent
    Invention experts agree: don't file your own patent! To properly secure a patent claim, wording needs to be precise and accurate. It needs to use the nomenclature of a patent authority. Should you attempt to file your own patent, do not expect it to be as specific and powerful as one that is prepared by an experienced patent agent or attorney. Without expert guidance, expect lower compensation as a result.
  11. Don't Market Your Product to the Biggest Company in the Field
    If you decide to sell your product to a large company, don't contact the largest in the industry because they will most likely be set in their leadership position and not interested. Rather, seek out the second and third ranked companies as they are the ones striving to be first and more receptive to new ideas and products to give them a competitive advantage.
  12. Get Professional Photos of Your Product
    When your product is ready to market, you will need professional-quality images. This is not a job for the hobbyist. Secure the services of an experienced professional who specializes in product photography. Have photos taken of your product idle, in use, and in its packaging. We live in a digital environment, so get digital copies that you can reproduce in print or electronically.
  13. Establish Price Lists
    Pricing is vital to the success of bringing your product to market. Know everything about the manufacturing process and the related costs of each step. Price analysis starts with estimating the cost per unit at different quantities and then adding your amortized equipment outlay to each item. Once you know you cost, you can structure a price list for retailers, wholesalers and distributors.
  14. Don't Sign Any Contract Without Legal Counsel
    This is excellent advice in any business transaction, but an absolute must in marketing your idea. Never sign any agreement, royalty contract or any document unless you fully understand what you are committing to. An attorney can walk you through all the legal wording and answer any and all of your questions.
  15. Action Means Dollars
    If your idea saves time and effort, solves a problem or meets a specific need or requirement, someone else has most likely thought of it—but didn’t take action. Don't let this happen to you! Many times, the only difference between a successful inventor and someone whose idea never sees the light of day is taking action!