Taking Your Invention to the Market

February 2, 2010

I have received inquiries about how to go about sourcing manufacturers, particularly early in the short run stage, both domestically and in China as well as how best navigate the route to market with one’s invention or product line.  Here are guidelines from inventor expert Bob Dematteis, whose inventions exceed $25 million a year to companies like Sears, Wal-Mart and Kroeger:

A smart inventor will build a team as soon as possible. The four principal team members will be you, a patent attorney, a manufacturing expert and a marketing expert. Again, keep in mind that sales generate income, which will generate profits or royalties. And, since inventors are usually not very good at sales, your marketing expert is the most important key member you will want on your team as early in development as possible.

An inventor can brainstorm the basic concept and even make a crude prototype. But prototyping should not be advanced without substantial input from the marketing expert. After all, this marketing expert (or group) is the one that is going to generate the sales. It makes no sense to spend your valuable time and money on developing an idea that no one wants to buy. Having the right marketing person on your team, at the earliest possible moment, will ensure that you will be developing your invention with all the right attributes. This marketing expert will provide valuable input into evaluating the invention and can even provide sales projections.

The simple flow chart below shows how the initial invention evaluation process dovetails with your patent protection process. You basically have three alternatives to start the patent protection process of an idea while it is being evaluated.

The first and best alternative is to evaluate your invention’s merits and its sales potential with an expert you know and trust. Second, if you do not know any trusted experts, you can use confidentiality agreements. Third, if you want to spend the extra money and speculate on having your invention ready for mass production and producing income in a year, you can file a simple, provisional patent application for as little as $75.

As you can imagine, many larger companies will not sign confidentiality agreements as a matter of policy. Filing a provisional patent application can replace the need to use confidentiality agreements and serves to protect your invention’s priority date (the date you file for patent protection). If you file a provisional application you can more openly talk to and interview those marketing experts working with larger companies. The downside of filing a provisional application at an early stage is that you will be incurring the higher costs of filing the regular patent a year later. One year is not necessarily a lot of time to build your team and fully develop your invention. But it should be adequate if you plan your development well.

All three methods are viable approaches for inventors and have their merits. You only need to determine which works best for you in your particular situation. To give you a little insight into my invention activities, I prefer to work either with those marketing experts I know and trust, or using confidentiality agreements with those I do not know well. Any company that will not sign one of my confidentiality agreements I will not consider as a viable team member. And, I will never sign one of their agreements, which invariably protects them a lot more than you.

Figure 6-1 Invention Evaluation – Patent Protection Flow Chart

In your pursuit of finding that key team member, a marketing expert, you will want to interview them based upon several factors. Just remember that some marketing experts will not have any interest in selling your invention and others will simply not have the ability. You would be wise to keep searching until you find just the right match.

If you receive a lukewarm response from one or more, don’t give up right away. Try to field, as many objections as possible from the interviewees to better understand why the objections exist. These problems can invariably become opportunities once they are resolved. Discuss the various alternatives with the expert.

Finding the right marketing expert for your team can quickly propel your efforts forward and can even encourage manufacturers to invest their resources to gear up to manufacture your new invention.

Smart marketing experts who understand the benefits to your invention and have the right contacts can pre-sell your product based upon some simple prototypes. Think about it… can your marketing expert get a commitment for an initial sample order of $20,000 [for instance]? Then it would be easy to assume that subsequent orders from others would probably total 10 times (or more) that amount. With pre-sold orders, it is a lot easier for your manufacturing team member to make a commitment to spend its resources and get the product launched and producing income.



Blogger Basics

January 29, 2010

Hollis Gillespie, author and expert writing instructor, has imparted her ‘must-do’s’ to help you blog you way  to financial freedom as well as position yourself as a blogger.  Here’s what she has to say:

1. Focus your content: Decide what is your ONE thing that you are going to write about…it doesn’t have to be BIG, it just has to be big to YOU.  Connect with your voice and your unique narrative-do not obsess about grammatical perfection.

2. Best sites to help you monetize your blog: Problogger.net & Copyblogger.com

3. Killer Blogs=Traffic=Income

4. Six characteristics of killer blogs: Post often, forget perfection, write like you speak, specific subject matter, know your audience, keep it short.

5. Migrate your blog content to your own domain: Reserve your own domain name on GoDaddy.com and then employ the services of www.techadvocatesolutions.com to integrate all of your blog/website needs.

6. Explore sites you like, take a ‘news’ post and write an opinion piece on it.

-Check out Google.com/trends

-Set up Google Alerts for your subject matter (www.google.com/alerts)

-See what is popular in the blogosphere: Digg, StumbleUpon, Reddit

7.Investigate options for affiliate marketing on your blog(Amazon.com has a program)

8. Create a PayPal Merchant account that allows you to accept credit card purchases on your site

9. Research top blogs in your category (www.technorati.com) and guest blog on them

10. Advertise your blogs on your Twitter account and Facebook Fan Page


Strategy Execution

May 27, 2009

COBRA: The X Factor in Strategy Execution

COBRA: The X Factor in Strategy Execution by Patrick D. Curran (my father) is a long overdue book on a critically important issue–optimizing strategy execution in a competitive global marketplace. COBRA was developed over 30 years of working with clients in the fast-moving consumer goods industry. Here are the key ideas:

* To prosper in turbulent times, you need a strategy that exploits current and emerging opportunities (an aligned strategy) and an organization that can execute the strategy (an aligned organization).
* More companies fail from faulty execution than from faulty strategy.
* When the organization cannot execute the strategy, three factors explain most of the problems most of the time: the structure, the system and the culture—what we call the 3 Points of Pressure.
* When not aligned, the 3 Point of Pressure form disruptive boundaries that block the flow of information, expertise and energy–execution suffers and strategy fails.
* COBRA (Crossing Organizational Boundaries Reinforcing Alignments) is a guided process for aligning the organization with the strategy, so that execution can be optimized.

3 Points of Pressure

1. The System is the great flywheel of execution.

The best performance management systems have five components working together like the fingers of a hand:
5 components of performance management systems: Strategy, Key Indicators, Tracking, Coaching, Review.
They are simple in design and disciplined in execution: operating within and across functional lines, focusing on both internal productivity and customer satisfaction. It is remarkable, how often the system can breakdown by becoming too complex, too centralized, or too slow.

2. The Structure can be-a roadblock or an expressway to market.

The following factors need to be aligned with the strategy to optimize execution:

* Formal Structure: Does it provide both economies of scale and customer satisfaction?
* Boundary Mgmt.: Are boundaries between functions/levels deliberately managed?
* Core Processes: Are core business processes efficient and effective?
* Bridging Structures: Are bridging structures used to deal with complex issues?

3. The Culture can foster passion and purpose or conflict and entitlement.
The following cultural factors need to be aligned with the strategy to optimize execution:

* Leadership
* Vision & Values
* Norms
* Core Competencies

This book is now available for review and purchase at Amazon.com.  For further information on the author, Patrick D. Curran, please go to www.cobra-scan.com.