Do you enjoy being creative? Is one of your goals in 2024 to sell an idea and make money? It’s entirely possible! inventRight exists to help you overcome the many obstacles standing in your way. We do this with a proven process — our 10-step system for selling an idea — and guidance from our team of amazing coaches.
Listen to Kinnard’s story and advice below to get inspired to make this year your best year yet as a product developer.
“My name is Kinnard, I’ve been in the inventRight coaching program for a year and a half. I sold my first product for a 5 figure buyout. I’m currently developing a system of products to construct vertiports using repurposed shipping containers.
My story with inventRight started from a need to develop and protect a system of components that didn’t exist. The ultimate goal for these components is to use them to build architectural structures using repurposed shipping containers.
I learned about inventRight from an article in Forbes written by Stephen Key. After I read the article I realized not only could I develop each of these components for the market, but I could also protect them, do it in a financially responsible way, and just maybe make some money.
Because I had chosen to develop industrial items for construction, I knew the market was less consumer driven and therefore the process would be tweaked slightly.
I knew immediately that I would want to build context around my products as I developed and pitched individual components.
The coaches at inventRight helped guide me towards these goals.
Watch my interview on the inventRightTV YouTube channel about how I sold my idea for $20,000 here:
How inventRight Coaching Helped Kinnard Sell An Idea
I’m lucky to have had two coaches, Kirk Hyust and Scott Putnam.
Each pushed me through a different phase of the 10-step system and offered different but necessary emotional support.
Kirk provided the freedom to explore and the encouragement to continue.
Scott provided me with structure and pushed me to follow the steps when I was stuck.
Here’s what his coach Scott Putnam says, “Kinnard did a fantastic job with his product and the inventRight coaching program. He was a lot of fun to work with, and always kept his eye on the ball. He has a high intellect and studied material very well. He followed my guidance to the letter. I am very proud and excited to see his success and know he will continue innovating and bringing fantastic products to the market.”
The 10-step system and the coaching process works. If you complete the steps something beneficial will manifest. At times it’s hard to know what. Sometimes you can’t focus on controlling the variables and the outcome. You really only have control over the process and the effort you input.
The 10-step system has a few important nuances to be aware of and the coaches are there to help you be mindful of them even when you feel overwhelmed, which does happen.
In my personal experience, I’ve learned the decisions you make during the process have a material effect on the outcome. Looking back, I see how my approach to pitching to possible licensees resulted in the type of licensing partner I ended up with. During the end phases I found myself wishing I was working with a more sophisticated licensing partner. I look at my process and I see that my own relaxed efforts had materialized into a relaxed engagement.
This relaxed agreement meant I had to take charge when my manufacturing partner’s interest waned for continuing to develop my product. I didn’t want to, but eventually chose to advance the project by venturing. Part of this was by taking perceived ownership a step further by wrapping the product in a brand.
This ultimately turned out well but next time I will require more rigor of myself in hopes of a more structured and productive partnership.
What Kinnard Learned From Selling An Idea With inventRight’s Help
If I could share any realizations from my experience with inventRight and the 10-step system for selling ideas, it would be these:
1. Attempt Even If You Are Overwhelmed.
Believe in your coaches and the process. Coach Scott suggested I read Never Split The Difference but with my busy schedule, I never found time, but scanned the material for the general concepts. Using a rough outline of the concepts, I did attempt to use them. I imagined what “never splitting the difference” would mean and applied that to my negotiations.
I built value for each negotiation item I was offering in the sale of my product and business. And when I was asked to reduce my price, I would ask what of those items is of least value, and can we take it off the table to meet the price you are comfortable with.
They gladly paid the full price because I had established perceived value for each item and they couldn’t pin me in a race to the middle. It was an ala carte menu and they could purchase what they were comfortable with.
There is something to be said about the provisional patent application process (PPA). I created value for my customer by explaining the process and its benefits. The idea of “perceived ownership” and how I could help provide that to my client helped maintain a high valuation of what I was offering.
2. Don’t Resist The Pressure To Bring Your Project To Some Sort Of Closure.
The 10-step program is really about rinse and repeat. You can’t get to the repeat stage without some type of closure. Start guiding your project and partner to a conclusion and something will happen. Even if it is you getting to move on to your next awesome idea.
3. Every Product You Choose To Develop Has A Monetary Value.
That is not just a faith, it’s also a responsibility. The responsibility piece comes from choosing to develop products that honor the process and formula inventRight and your coach work so hard to teach.
Good luck and happy developing!”
Thank you for Kinnard for sharing the priceless story of how you sold your first idea with us!
Read more inspirational testimonials from inventRight members here.
