In , I started writing about my interview with Eddy Goldfarb, one of the most consistent toy inventors in the past century. His advice is valuable — he’s had profitable idea after profitable idea, making his life’s work inventing. He came up with his first three toy products while serving on a submarine in the Pacific in World War II. He told me the story of his first pitch.
“I showed my first line of products — three educational games — to a small toy company in Chicago. The woman who owned the company told me she would take one of them, but I told her they came as a set. She only wanted the one, so I walked away. I was very inexperienced! I never did sell all of the items,” he said with a laugh.
He told me that when it comes to the toy industry, he always asks for advances, but that he never asks for a lot of money. And as far as patents are concerned, his opinion is that it isn’t necessary to get one. The length of time you’d wait for one to issue is just too great.
“It takes long enough now, but years ago it took even longer to get a patent,” he said. “You might have to wait to wait two or three years. I always applied for a patent, but I never had to have a patent.”
I definitely agree with that advice. If you waited three years for a patent to issue, I doubt your idea would still be relevant.
Mr. Goldfarb is the inventor of the chattering teeth toy — you can still buy them today in the market. Although he said they weren’t as successful as some items, it’s the product most people know instantly.
He was recently awarded a lifetime achievement award for his inventions.
His final advice for a person starting out in the industry?
“Well, I have some humorous advice and some serious advice. First, marry a nice woman or guy who has a job. That’s the important thing. But truly, stay with it, don’t mortgage the house, meet as many people as you can, and don’t be that discouraged. Get several ideas out there at the same time! When you’re turned down somewhere, you’ll know your ideas are still being considered somewhere else,” he said.
He’d do it all again the same way.
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.
