Protection. Inventors are deathly afraid of a company stealing their idea and ripping them off. In truth, they really needn’t be so concerned. A little protection goes a long way. Filing for a provisional patent application is the single most efficient way to protect yourself; it is inexpensive but effective. In my twenty-five years of experience, I have never felt threatened that a company was going to steal my idea. I actually don’t think it happens very often in general, either. It’s much more important for you to get moving and push your product out there.
Why would a company refrain from ripping off your product? It’s bad publicity, for one. And in today’s world, companies are increasingly looking for outside ideas. It’s a trend that’s been named “open innovation”, and it is occurring more and more frequently. Businesses have few funds for research and development departments; they need to reach out to the inventor community to keep up with competition. It’s an exciting environment.
You can create a more trustworthy environment with your potential partner by establishing yourself as a professional. There is a language and process you need to understand to gain validity and credibility. It’s not hard to learn, but it’s important. The information is readily available. A great way to come by it is to find and talk to someone who has been there before you, someone who has accomplished what you hope to.
Recognize that YOU’RE going to have to put in the work. Some inventors have confessed to me that they wish they could simply use an invention promotion to company to license their product for them. This is not a good strategy! In fact, I’ve never met anyone who has achieved success using one. There is, unfortunately, no magic pill, no single magic person or company that can bring your product to market for you. You are your best asset! And you have control over your own ideas.
inventRight – Helping you bring your ideas to market.
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Coming Up Next Week…
Hey, I’m rolling out nationally to 7 Eleven with my guitar picks.
Did I go through the corporate door in Dallas, TX? – No.
Did I need a unique patented idea? – No.
Did I have any prior experience selling at convenience stores? – No.
Am I loving life? – Hell No.
You better be careful what you wish for.
Learn the difference between licensing and manufacturing first hand.
Would I do it again? I guess you will have to listen in to find out.