I had the pleasure of interviewing one of the most enduring toy inventors I know, Eddy Goldfarb. He began inventing toy ideas as early as World War II, and told me that he already knew he wanted to become a successful independent inventor as a young man. I’m happy to share his story and words of wisdom with you. If you’re planning on breaking into the world of toys with a new product idea, this is a particularly valuable blog for you.
Mr. Goldfarb has been inventing for the toy industry his entire life. It’s safe to say that he knows it inside and out. When I asked him how he was able to break into what I consider to be a fairly competitive industry, he said that making an impression on a potential licensee has always been the best way to insure being asked back to present another product idea.
“If you have an idea in one industry, that’s great. But if you want to be an independent inventor with a lot of ideas, it’s best to invent in a field that you are acquainted with and know something about,” he told me. Being familiar with what manufacturers need and want has helped him produce great ideas that don’t run into immediate roadblocks. I fully agree. Having an understanding of the manufacturing process is absolutely necessary.
Mr. Goldfarb described his beliefs about whether or not to design a prototype upfront.
“At the beginning, I built prototypes myself until I was able to afford hiring a staff who could do so. Obviously, the first people I hired were model makers. If you’re just beginning, I do think it’s best you have some kind of prototype. Later on when they know you, you should be able to show a company just a sketch or drawing. But when you’re unknown, to demonstrate that you’ve done some of your homework, I would recommend having a prototype,” he said.
Read the next blog for Part II!
Stephen Key is a successful award-winning inventor who has licensed over 20 products in the past 30 years. He is a board member of Accudial Pharmaceuticals, Inc. and has a new book "One Simple Idea: Turn your dreams into a licensing goldmine while letting others do the work," from McGraw-Hill. Along with business partner Andrew Krauss, Stephen runs inventRight, a company dedicated to education. Teaching inventors and entrepreneurs the skills needed to successfully license their ideas. You can listen to the weekly radio show on inventing.
One Simple Idea is available in book stores and online book retailers nationwide. When you buy the book you get access to our our database of over 1400 companies looking for ideas as well as other bonus materials. Visit www.inventright.com to learn more.
