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The term innovation typically means a new way of doing something. It may refer to incremental, radical, and revolutionary changes in thinking, products, processes, or organizations. A separation is typically made between Invention, an idea made manifest, and innovation, ideas applied successfully. In many fields, something new must be substantially different to be innovative with significant change. Innovation is the key to advancing economically, scientifically and socially.
So what should your very first action be:
-Getting a servicepatent, perhaps?
-Going on a fact-finding mission to manufacturers in China?
-Calling QVC?
While all these steps may be appropriate down the line, it's critically important that you first take action by shifting your thought serviceprocess. I know what you're thinking. Thinking doesn't seem very actionable, does it? Maybe not, but over the years, countless inventors make devastating mistakes based on false beliefs and inaccurate assumptions.
For this reason debunking some common myths associated with inventing is important. Myths and misperceptions can be debilitating to your progress and costly to your pocket book. Although it may not seem very "actionable," it's vital to begin the inventing process with a realistic understanding of some of the basics for bringing an idea to market.
The following are
among the most common myths:
Myth #1: The
first thing an
inventor should do is get
a
servicepatent.
Truth: It's understandable why this is such a commonly held belief. The topic of getting a patent is so pervasive among the inventing literature, conferences, websites and tv commercials, it's no wonder that many people feel they can't move forward without getting a patent first. Many inventorsntor.htm">inventors spend 80 -100% of their initial effort and money on obtaining a patent because that is the myth that's been sold and supported by those who stand to profit from it. Certainly a patent can be a valuable tool later in the process, but you should first determine the viability of your invention as a business before moving forward. Remember that filing a patent has little impact on a successful product launch & cost $10,000 or more-so unless getting a patent for its own sake is your end goal, it doesn't usually make good business sense to apply for a patent first thing off the bat. Most importantly- if you file a patent first, then encounter overwhelming obstacles later on, you may have invested in a patent for nothing.
Myth #2: If I tell people my idea, they'll steal it.
Truth: The theft of a new invention idea is actually very rare. A lot of sweat equity goes into developing an invention and this is a big barrier to most potential "thieves." That doesn't mean ideas are never stolen. Keep in mind, copying and competition are facts in any business. However, once you have an understanding of how much work goes into taking an idea to market, you'll understand why most ideas are stolen only after a product's proven successful. It's like betting on a horse. You're more likely to win by betting on a horse with a winning record than you are by backing an unproven long shot. That being said, don't be careless.
Myth #3: My idea is worth a million dollars!
Truth:
Earning a million dollars with an
invention is less likely than making
slightly lesser amount depending on the
depth of your invention. Study the
process, set realistic expectations,
take action, work hard and you can find
success, especially if you have more
than one marketable idea.
About: Invention Licensing Consideration The term licensing consideration means allowing a person or company to review another person or companies intellectual property for the sole purpose of potentially licensing the technology. Licensing consideration is partially associated with new inventions and ideas pushed forward to companies by individuals seeking success.
Interest in obtaining a licensing agreement for your Invention?
The purpose of a licensing agreement is to grant another individual, company or corporation the right to use your intellectual property for a specific amount of time and for a specific purpose. The specifics are outlined in the terms of the agreement.
A licensor may grant licensing under "intellectual property" to do something (such as copy software or use a patented invention) without fear of a claim of intellectual property infringement brought by the licensor.
A license under intellectual property usually has several parts including a term, territory, renewal, as well as other limitations deemed vital to the licensor and licensee.
Many licenses are valid for a particular length of time protecting the licensor should the value of a licensing agreement increase, or market conditions change.
About: Licensor
A licensor is a term used in the law to describe a person or company who forwards usage rights of their intellectual property of another person or company for the purpose of profit. The owner of the property, called the licensor typically allows the licensee to use their intellectual property under the terms of a licensing agreement. The licensor and licensee typically sign the licensing agreement with the support of a professional attorneys who specialize in licensing agreements.
About: Product Royalties
Royalties are payments made by one party (the "licensee") to another (the "licensor") for ongoing usage of an asset, usually an intellectual property (IP) right. The royalty for a given case is determined by many factors including: market drivers and demand structure, territorial of rights, exclusivity of rights, inherent risk, strategic need, fundability, deal structure, level of innovation, stage of development, sustainability of the product, and availability of similar technologies.
Navigating through the royalty terms is important. You commonly have both an advance royalty, which is a flat fee paid upfront, and ongoing royalties, which are paid as a percentage of every sale you make. The advance royalty is basically a guarantee that the licensor will get some money even if your product does not sell. Then, if and when your product sells, the licensor will get a percentage of the sale on average, about 5 percent of the wholesale price of each product sold.
The licensor usually decides what the royalties will be, and those rates are pretty firmly set. So make sure you understand what they are and that they are spelled out in your licensing agreement to avoid any surprises later. In fact, that agreement is crucial in determining not only what the licensor receives, but also what rights you get.
About: Market Your Invention
It is crucial to your product presentation that you provide a quality Marketing Invention Analysis of your design concept for maximum impact. Knowledge about your market demographic, market trends and other information can greatly increase the value of your presentation enabling you to maximize you potential for sales or licensing your product idea.
Simply follow the step by step marketing guide to create your Marketing Invention Analysis directly from your dashboard. You will create a simple concise set of marketing details to show others that your design is exciting and has market potential. Lastly, if you have problems simply contact your project manager who can answer any questions you may have.
About: Advertising Your Invention
Advertising is a type of communication that commonly attempts to persuade potential customers to purchase more of a particular brands product or service. Many advertisements are designed to generate increased consumption of those products and services by creating and reinforcing of brand image and brand loyalty. Advertising sometimes has a persuasive message combined with factual information. Major mediums used to deliver these messages include television, radio, cinema, magazines, newspapers, video games, the Internet and billboards. Advertising is often placed by advertising agencies on behalf of a companies or other organizations.
Advertising is seen on the seats of shopping carts, on the walls of an airport walkway, on the sides of buses, in telephone messages and in-store public address systems. Advertising is often placed where audiences can easily and frequently access visual, audio and printed information. Some organizations spend large sums of money on advertising that sells what is not, strictly speaking, a product or service include political parties, interest groups, religious organizations, and military recruiters. Non-profit organizations are not typical advertising clients, and may rely on free modes of persuasion, such as public service announcements.
