I had the pleasure of interviewing Matt Yubas, author of “Patent to Market Success: A Step by Step Guide to Cashing in on Your Patent.” Yubas was motivated to write the book after discovering how many inventors never profit from their patents. Unfortunately, I too know that this occurs more often than not. If you’ve recently filed a patent for your invention but are unsure about what to do next, this interview is especially relevant to you.
“So many inventors rush out to file a patent, but are then stuck on what to do next. They don’t know how to get into the market. Did you know that last year alone, 68,000 patents were abandoned? A patent becomes abandoned when its owner fails to pay the maintenance fees due. Clearly, inventors aren’t interested in continuing to invest in a product that isn’t a market success.”
Yubas’ book educates inventors about the array of choices available to them to start profiting financially from their patented idea. The book is a guide to help inventors get into their ideas into the market – not just own a framed patent on their living room walls.
Why are so many inventors failing? Yubas can divide the inventors he’s met and helped into two categories.
“Some inventors develop an idea and there really isn’t a market for it. It’s a product that’s only of interest to them or a very limited consumer group: it doesn’t have mass appeal. And other inventors do have a good idea and there’s a market for that idea, but they don’t have the skills or know-how to get their product out there,” explained Yubas.
Does Yubas find fault with patent attorneys, who encourage inventors to file for patents?
“No. Unfortunately I agree that the first person many inventors talk to about their idea is a patent attorney, but it’s not the attorney’s responsibility to offer marketing advice. I know a lot of attorneys whose background is in engineering or science: an inventor comes to them, saying that he’s got an invention and a market for it. The attorney is going to help them on the legal side of things,” said Yubas.
But Yubas believes the bigger problem lies not with filing for a patent, but with the lack of a roadmap for what to do after.
“Inventors need a recipe to follow! They just have bits and pieces of information thrown together, especially with the wealth of information on the Internet. Some free tips and advice are good; but they’re always just a part of the whole picture.”
Yubas’ book differs from others on the market in several significant ways. He spent a year and half researching all the options available to inventors: the book describes 35 ways to get to the market he discovered in detail. Other books offer general advice for inventors, but Yubas’ is specific.
“Sure, you can try to sell your product to WalMart. But there are a lot of less well-known ways of profiting from your idea that inventors aren’t aware of. For example, OEM-ing, or original equipment manufacturing. An inventor manufactures an idea himself and sells it to a company who can then integrate it into their line,” offered Yubas.