From Patent to Profit, Third Edition: Secrets & Strategies for the Successful Inventor

From Patent to Profit, Third Edition: Secrets & Strategies for the Successful Inventor

by Bob DeMateis

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Overview

Having a novel idea and turning that idea into cash is not as simple as it sounds. To help innovative individuals learn to navigate around the many pitfalls of inventing, Bob DeMatteis has written From Patent to Profit, an up-to-date guide to all of the important steps involved in taking a product from the drawing board to market. Whether you are a professional inventor, a part-time dabbler, or just a clever daydreamer, From Patent to Profit can help make your dreams a reality.

Product Details

ISBN-13: 9780757001406
Publisher: Square One Publishers
Publication date: 02/28/2004
Pages: 432
Product dimensions: 8.50(w) x 11.00(h) x 2.00(d)

About the Author

Bob DeMatteis

is the inventormarketer of twenty US patents that have been licensed and successfully commercialized. He is the founder of the From Patent to Profit ® and the Patents in Commerce™ training series, two programs designed to help and assist fellow inventors.

Table of Contents

Preface

Introduction

1. INVENTION DEVELOPMENT AND DESIGN

Keys to Patent Prowess

Take Action

Development Objectives

Ongoing Evaluation and Research

2. DESIGN AND DEVELOPMENT STRATEGY

Three Keys to Developing Inventions

The Strategic Guide System

Seven Benchmarks to Profit

Benchmark #1: Protect Your Idea

Benchmark #2: Conduct a Patent Search

Benchmark #3: Evaluate Marketability

Guiding Principles for Evaluating Marketability

Benchmark #4: Learn About Manufacturing

Benchmark #5: Prototype Your Invention

Establish Prototyping Partnerships

Benchmark #6: Secure Marketing

Benchmark #7: Write and File Patent Applications

Last but not Least . . . Improve Your Invention

3. CUSTOMER-DRIVEN INNOVATION

The Customer Driven Philosophy

Applying

CDI Benefits Defined

Making Inventions People Friendly

The Best Kept Secrets of Great Inventions

4. ASSESSMENT ASSISTANCE AND PROBLEM SOLVING

The Assessment Process

Buying Influences

Measuring Your Assessments

Problem-Solving Methods

PQM and Design

Assistance

Part 2

Patenting

5. PATENT BASICS

Patents Are Assets

What Is a Patent?

What Rights Do Patents Grant?

Who Can File?

Requirements for Granting Patents

Related Forms of Intellectual Property

Patent Laws and Processes

6. PATENT STRATEGY

Patent Protection Scope

More About Other Patents

Multiple Inventions

What You Do Not Want to Patent

Invention Disclosures

Patent Searching

Writing and Filing Strategies

Prosecuting Patent Applications

Patent Quality Management

7. WRITING PATENT APPLICATIONS

Strategy for Writing a Utility Patent Application

Writing a Patent Application

Compiling Drawings

Completing and Reviewing a Provisional Application Claims

Supporting Documents

21st Century Strategic Plan

8. PROTECTING YOUR RIGHTS

Knock-Offs and Patent Infringement

Patent Infringement Strategy

Part 3

Marketing & Manufacturing

9. INNOVATION MARKETING

The Right Invention Marketing Philosophy

The Niche Marketing Philosophy

Marketing Opportunities

Creating a Price Structure

Building Barriers to Entry

Packaging

Marketing-Related Buying Influences

10. MARKETING AND MANUFACTURING STRATEGY

Two Strategies and Seven Approaches

Financing Your Inventions

Strategy Is a Team Effort

The Partnering Process

Finding and Interviewing Manufacturers and Marketers

Confidentiality Agreements

Business Plans and Prospectuses

11. MANUFACTURING PARTNERS

Reliable Cost-Effective Manufacturing

Choosing Domestic or Foreign Partners

Finding Interviewing Evaluating Manufacturers

12. MARKETING PARTNERS

Your Sales/Marketing Objectives

Marketing Strategies

Choosing a Partner

Put it in Writing

13. LAUNCHING A NEW PRODUCT

The Launch Is a Three-Phase Process

Phase One: The Market Approves the Final Prototype

Phase Two: Consumer Trials and Test Marketing

Phase Three: Ramp it Up!

Continuous Improvement to Ensure Product Longevity

Part 4

Licensing

14. LICENSING BASICS

Basics of Licensing

Approaches to Licensing

Anatomy of a License

Manufacturing Agreements

15. LICENSING STRATEGY

Your Licensing Objectives

Exclusivity, Nonexclusivity, and Variables

16.THE LICENSING PROCESS

The Licensing Plan

The Licensing Mindset

Objections From the Licensee

Human Nature and Licensing Conclusion

Appendices

The Strategic Guide Chart

Inventor Books Materials and Software

Innovation and Intellectual Property Workshops and Training

Government Assistance and Inventor Organizations

Helpful Inventor Links and Resources

Licensing and Marketing Contacts

Trade Magazines

Prototyping and Manufacturing

Product Design and Manufacturing Assistance

Patent Attorneys and Agents

Patent Searching

Internet Newsgroups

About the Author

Index

Preface

Introduction

From Patent to Profit is an invention development guide for entrepreneurial small businesses, independent inventors, engineers, and product developers.

Whether you are just starting out, want to expand your company’s product line and protect the expansion with patents, or have been struggling with the development of an innovation, From Patent to Profit will show you how to make it happen. Whether you plan to go into business or license your innovations, you’ll have all the tools you’ll need to succeed and to launch your innovations. Our emphasis on marketing and licensing innovations from a practical standpoint, from a moneymaking perspective, is unmatched.

It may sound trite, but inventing and launching new patented products is really all about money. Of course, your inventions need to have some unique, inventive, marketable attributes, but if your development effort does not reward you with sales and profits, you’ll be discouraged and abandon the project.

Frankly, no inventor should ever give up. If your creations are not earning money for you, you have to find out why. Then you have to make all the right decisions and change, modify, and improve your inventions so they do make you money. From Patent to Profit is based upon this simple principle:

There are no failures in life, only outcomes.

If you do not get the outcome you seek, continue

to make changes and improvements until you

get the desired results.

Ideally, you should apply the tenets in From Patent to Profit early on in the invention development and patenting process. You or your company do not want to invest thousands of dollars and thousands of hours in products and technologies that are not highly marketable. You want to develop only those that have verified marketability. From Patent to Profit shows you how.

It is no wonder that the U.S. Patent Office says that 97% of patents never make any money for the inventors. Why? Few, very few, inventors apply the basic tenets and common sense business principles required to make money from patenting and developing their inventions. Plus, unfortunately thousands of individuals spend thousands of dollars on invention promotion companies that have pathetic track records—less than 1/10 of 1% ever make any money for the inventor. The invention promotion companies can bring much harm to an inventor by causing pre-market exposure and complete loss of patent rights. Exposing a methodology that doesn’t work also sheds light on the methodology that does work.

At the heart of the successful invention development methodology is the simple fact that you, the inventor, must pilot the effort yourself. You cannot rely on a middle man to do this for you. The creators of inventions often think of them as “offspring”—like they do their own children. Would you rely on some middleman to raise your children to become prosperous, outstanding citizens? Of course not. Someone from the outside cannot have the same foresight, vision, and passion for their children—or inventions—as you do.

Just as you raise your children to become worthy adults in society, you will be the one that guides the development of your inventions. And just like your children will need help as they grow, you will want partners to help you in the development of your invention.

In a way, you can say there are no secrets about how to develop an invention successfully and that all you have to do is apply the practical laws of raising your children in today’s world. It’s a paradox of a sort. But there are tenets and secrets to raising successful children, and there are tenets and secrets to developing successful inventions. From Patent to Profit will unmask these for you, so you can be successful and make money on your inventive endeavors and not fall into the 97% failure category. In fact, you really can be successful 100% of the time once you learn the process.

The From Patent to Profit process is easy to track, too. Once you read Chapters 1 and 2, you’ll be in position to track your invention’s progress by using the Strategic Guide chart. This chart divides invention into two phases, the developmental phase and the launch phase. Even the most inexperienced product developers can follow the process through to completion.

From Patent to Profit is not theory. It is based on years of experience in product development, patenting, and licensing. Contributions from many successful inventors, manufacturers, marketers, and patent attorneys are unsurpassed and cumulative, representing hundreds of years’ experience. All the contributors have one common goal: making money on inventions now and in the future.

More importantly, From Patent to Profit includes all the most recent methods and technologies. It includes the newest laws and gives you insight into the future by showing you how to use the U.S. Patent Office’s new 21st Century Strategic Plan to your advantage during invention development and financing. From Patent to Profit is the only book that does this. It will save you a small fortune as you proceed in your endeavors, and it will show you how to leverage your finances and development budget like never before.

Use From Patent to Profit as a manual. Use it to guide you in your efforts and you will be able to achieve the outcomes you desire. It is the textbook for the Patents in CommerceTM (PIC) training series, and we encourage you to apply the PIC model as you read about invention design, patenting, manufacturing, and marketing. We also encourage college faculty to use the Strategic Guide as a format for teaching students about the invention development process.

With all this said, we’ll make one promise to you. Follow our time-proven tenets and you’ll be successful, make money, and have the time of your life creating the future. Now go out there and get your motors started. The race is on to invent the future of our country and our society, and you’re going to be in the lead!

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