Why do most inventors struggle to commercialize their inventions?
Why are 97% of all patents worth less than what it cost to obtain them?
In my opinion inventors have been going about this all wrong! The information they have is outdated. And, a lot of inventors get their advice from folks who don't have the experience to offer sound opinions - and who often use fear to sell their services.
Many inventors think you have to start a business to bring a product to market. Sadly, with their lack of capital and experience, often those same inventors end up with a garage full of product that no one wants.
You do not have to start a business to launch your product invention!
There is a better way, it is called licensing. Think of licensing as "renting" your idea to a business that already has the shelf space and relationships with retailers to bring your idea to market quickly. And, in today’s world speed to market is the best protection for a new product!
Here at inventRight, we truly believe that you can do the work necessary to license your product all by yourself (with a little coaching from us). There are folks out there who claim that they can do it for you, but in our experience, no one will work harder or care more about your product than you! Read more about product scouts here.
A lot of inventors start out with very little knowledge about licensing or venturing, and because they are afraid that someone will "steal" their idea, start the patent process without knowing whether their idea is even manufacturable or marketable! We don't think you should spend the money for a patent until you have more information. Watch our YouTube channel where we have hundreds, and I mean hundreds, of videos on this topic.
We teach you how to find out if your product is unique and how to present it to potential licensees. And if you do to determine that your idea has potential then we teach you how to file a well written provisional patent application. You do not, in my opinion, have to hire a professional. I believe you should do it yourself. You need to become the expert! You and only you. You need to know your point of difference compared to other products/competing products in the marketplace. No one will do this for you.
A well written provisional patent application (PPA) is one of your best tools. It’s very affordable, you can do it yourself and it gives you one year of "patent pending" status during which time you can determine if your invention is truly marketable. Check out SmartIP here.
If you choose to hire a patent agent or a patent attorney to write your PPA, the research that you have already done will provide them the information needed to do a great job.
One of the things you or your patent agent/attorney will need to know is whether there are any "prior patents" that have been issued and are similar to your invention. Searching for prior patents is something, again, that you can do for yourself! Visit the USPTO website and read about prior patent searching. They offer free online classes for inventors - take advantage of this information!
Another bit of input for you - only listen to people's advice who have "walked the walk", meaning they have licensed products or commercialized their ideas. Ideally, more than once! Nothing beats experience. Sometimes "free" advice can end up costing you thousands of dollars if it's the wrong advice.
Do your homework on any person or company that is going to offer you advice, free or paid. Type their name into your Internet search bar followed by the word "complaints".
There may come a time in your journey that it makes sense to file for a non-provisional utility or design patent. At inventRight, that will come after you have gotten interest from a company to license your product, so you know that it's money well spent. This is the time that we recommend you DO use a professional to help you, specifically a patent agent or patent attorney. There is certain language and technical requirements for patent applications that only industry professional really know and are skilled in. Be sure to supply your professional with all of the information required to do a good job. You will share your prior patent search, your benefit, your prototype (if you have one), and your point of difference from other products in your category. Check out QuickPatents here.
So, going back to the beginning - I believe one of the reasons 97% of all patents don’t have value is that they were written out of fear, the inventions are not marketable, and people did not do their homework to determine if their idea can even be manufactured.
Don’t be like the 97% and invent wrong! Invest the time and money to educate yourself - and inventRight!