Inventing for the Rest of Us » patent an idea

Why get a patent when you don’t have to?

Bryan Daigle — Fri, 21 Aug 2009 19:29:12 +0000

I had a good friend of mine, Billy Carmen over at Product News Channel introduce me to his technique of inventing products. So here is a guy with over 60 products that he manufactures and distributes (in addition to the 1,500 he distributes through his company Wizard Distribution). And guess what, only one of his products has a patent, a high-end medical metal detector. Even his best selling item, the Lumber Wizard, a metal detector for woodworkers, doesn’t have a patent. Here is a video of his Lumber Wizard.

So how can Billy get away with selling all these products and not protecting them? Here is his philosophy…

So many inventors think they are out to make millions of dollars. However, studies have shown that only 3% of patents are commercially viable (MIT study). So the number of products that are both commercially viable and make millions of dollars, is a very, VERY small number. For most inventors, you’re lucky to make a profit, and really lucky to earn an full-time income from a product.

That’s where Billy’s philosophy really kicks in. If you assume your product will only make at most $200,000 or less in sales per year (what 99.9999% of inventions make), then why spend $20,000-$40,000 applying for, protecting, and litigating for a patent? In fact, if you are like most inventors who sell their product in small quantities to niche markets, then you don’t necessarily need a patent. Why would a Chinese company or an American company want to make your product if you’re only selling less than $200,000 of it per year? It is not worth it for them to copy it.

Copycats and big companies only want blockbuster products with potential sales in the millions. So what may be a treasure to you, making $100,000 selling your product, is peanuts to a corporation. The trick to creating a successful product that sells well enough for you to earn a living is this . . . create a product in a niche big enough for you, but too small for anyone larger. For example, Billy spun off a line of metal detectors for hunters, so they can detect bird shot in their catch of the day. That’s a niche. That’s a product that sells well, but doesn’t need a patent.

I think it’s calming to know that if you create a good, niche product, then you don’t have to worry about all the money, time, and energy you would be wasting on a patent.

Using this philosophy, Billy has created 59 products that sell well enough for him to live the good life, but not well enough for it to be worth it for companies to copy his products.

- Bryan Daigle

5 Common Misconceptions about Inventing

Bryan Daigle — Thu, 06 Dec 2007 05:10:59 +0000

WARNING: THIS POST GIVES A HEAVY DOSE OF REALITY! PROCEED WITH CAUTION.
Being a business owner in the invention industry, and an inventor myself, I felt I needed to voice – eh hem – vent, some fallacies that are prevalent in the industry. Here is a short list of common misconceptions of people, businesses, and general issues in the invention industry:

Fallacy: People and Businesses are out to “steal” your idea. The truth is, it takes a lot more than an idea to have a successful product. Talk to any successful inventor and they’ll tell you the idea was just the start. Business savvy, determination, marketability, money, management team, and execution – that’s how you make your great idea successful. In fact, don’t take my word for it, listen to Paul Graham (a very very successful tech entrepreneur).*Note: This advice is for the US. China, Vietnam, etc. will copy your product no matter what.
Fallacy: All companies in this industry are scams. In fact, out of the hundreds of thousands of patent attorneys, product developers, and marketing firms, only a few dozen companies and individuals are suspected scams (as counted on inventnet.com’s list of suspected scams). The reason we often hear of the “scams” is because they’re the ones advertising on TV & radio, and the ones with the biggest wallets. So 99.9% of service providers and individuals in this industry are ethical human beings. So how do you distinguish the handful of bad apples from the good ones? The quality of their work and their references. Ask for samples and check InventorEd for the latest news on scams.
Fallacy: I can invent successfully without spending much money. Inventors and small business owners around the world wish this were true. Unfortunately, it’s going to cost money, most likely your money. Most inventors and entrepreneurs finance their invention on piles of credit card debt (85% according to Entrepreneur Mag). The trick of inventing is to know where it’s smart to spend money, and where it’s NOT smart to spend money. You need to think of inventing more like a business. Of course, you can always get creative and cut your costs, but at a minimum it’s going to cost tens of thousands of dollars to get your invention to a point where retailers want to even talk to you.
Fallacy: Wal-Mart will buy my idea and Venture Capitalists will invest in my idea. Wal-Mart doesn’t buy ideas, they buy already manufactured products that have a proven track records of sales. Very few Venture Capitalists invest in inventions, because the success rate is so low, and admit it, we inventors can be difficult to deal with. Be prepared to spend your money and get family & friend investors instead of VCs. Don’t worry, as mentioned before your in the same boat with 85% of entrepreneurs.
Fallacy: If I get a patent, my invention will make millions. Not to be the bearer of bad news (again) but according to an MIT study 97% of patents never become commercially viable. Too often inventors focus too much on the patentability and not enough of the marketability of their invention. Not to undermine patents, they are good, but they shouldn’t the only thing on your mind.

So I gave you the straight juice tonight. I don’t mean to discourage anyone from inventing or starting a business, but point out some hard facts that you will be up against. That’s where the persistence & determination comes in handy.

Bryan Daigle
President & Founder of ideatango.com – the #1 site for inventors & invention ideas
For more good info & advice, check out the official IdeaTango Blog.

Moving IdeaTango Blog

Bryan Daigle — Mon, 15 Oct 2007 18:28:30 +0000

Because we now have blogging capability on the NEW IdeaTango.com, we’re moving the IdeaTango.com blog here. Not only will I continue writing the blog, but now famous inventor of the French Twister, and partner of IdeaTango.com, Lisa Lloyd will be sharing her wisdom on the new blog.
This blog at bryandaigle.com will become my personal blog (less corporate) to share my thoughts with inventors, entrepreneurs, and to anyone else who will listen. Let me know what y’all think of our new site, we’re super excited!

Bryan Daigle

Invention Radio Show

Bryan Daigle — Fri, 14 Sep 2007 21:43:54 +0000

A few weeks ago I spoke with Yve Golan, of the Concept to Profit radio show. Concept to Profit is a show she hosts that talks about anything and everything related to product development, inventing, innovation, etc.

Yve, also the president of the invention licensing firm, World Innova, quizzed me with all sorts of questions: how to use ideatango, trends in the world of inventions, how to invent, and how I got started. Needless to say, I was sweating at some points, she asked some tough questions! I highly recommend inventors to listen to future shows because there is some great advice to be picked up.

What’s interesting, is that after the radio show Yve & I realized we have many common interests, including that we want to help inventors become more successful. So we’ve decided to form joint venture that will helps inventors determine the marketability of their ideas & inventions. As I’ve said in past posts, this is one of the most overlooked, but vitally necessary steps an inventor needs to take along the way. Inventors need to prove to themselves “Will My Invention Sell?” There’s more to come on our new venture, but we’ve chosen a name already – InventWise.

Bryan Daigle

Invention Trade Shows – the scoop

Bryan Daigle — Fri, 12 Jan 2007 04:06:00 +0000

Invention Trade Shows – they can be a wonderful way for both inventors and companies to find one another and initiate a dialogue. Hundreds of people with the same common interests in a single room, it’s like 2000 people coming to your own personal pool party. But at what cost does this face to face contact come at?
For an inventor or company just to attend, your talking minimum 1-2 plane tickets (or more if you want to hit up all the booths), hotel, domestic brand mid-size rental car, employee time, and last but not least, the admission tickets. So you’ve spend well over several grand just to get you there, your work has just begun. I’m not going to even talk about the cost of hosting a booth and if you don’t know what it costs . . . you don’t want to know.
“Now why couldn’t someone replicate the convention type feel, at a fraction of the cost” you ask inquisitively. Well my good friend, that’s what we’re doing here at IdeaTango.com. We’re bringing the seedy underbelly of the invention convention world straight to your monitor.
When we release the full website here in the next few months, we’ll have all the stuff you’d expect out of an invention convention, at a fraction of the cost and with the convenience of the internet.
Actually, we’ll be completely FREE, but only for a limited time. So be sure to jump on our bandwagon early, take advantage of our tools, and join us in our quest to revolutionize invention conventions, Web 2.0 style.

Bryan

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All at IdeaTango.com

Bryan Daigle