Mistakes in Building Relationships
When working with companies and other inventors, avoid these common errors. Don’t send unsolicited marketing materials—whether dealing with companies or other inventors.
Inventor Resources
Satellite IoT 101
The Achilles’ heel of IoT is that it only works in places that have infrastructure to move data to the cloud. WiFi and ethernet work great inside of buildings, and cellular and LoRa help in remote areas, but all are at the mercy of how much coverage is available.
Understanding Improvement Patents
With an improvement patent, you add improvements to a previously patented invention. If you are not the owner of the previous patent, you might be able to get a patent but not be able to sell the product related to the patent because you would be infringing on the original patent.
Going Communal on Facebook
Last month, this column covered using LinkedIn Groups to share and improve your invention. But Facebook, with its massive user base and diverse set of tools, also offers fertile ground for inventors and entrepreneurs to build and nurture a dedicated following.
Creating Careful Chaos
Innovation isn’t invention; it’s often a necessary, welcome change in the way we do things. The strategy must balance the chaos of innovation with the stability of conformity. This is the most efficient, cost-effective path to successfully launch an innovative product.
Patent Search Options
If you do your own patent search without much experience, you probably will not find the prior art the patent examiner will find during searching. This will result in the rejection of your patent application if you file it on your own.
And Here’s the Pitch (Letter)
Most people assume a patent covers the entire item, whereas it may only cover a fraction of the features. Tips on an old-school approach to landing a licensee for your invention.
Shopping Channels? Don’t Laugh
Inventors and product designers can learn from home shopping’s focus on relatability, tone, and creating an aura of scarcity. Corny and predictable presentations work—so as millions pay, pay attention.
Safety in Numbers
LinkedIn, the world’s largest professional network, provides many opportunities for inventors and entrepreneurs to find new ways to refine ideas, gain feedback and network. LinkedIn Groups can enhance this.
Think Like a Licensee
Companies always want a margin of at least 50 percent. You need to have a good grasp of the percentage of the retail price the company receives to address this issue. Understand and leverage these 4 main deal-making factors for your potential partners.
Licensing Concepts Faster
I have experienced an array of timelines when pitching and licensing new concepts—from licensing an item to the first person I pitched it to, to licensing a concept within a month of pitching to dozens of companies, all the way to licensing a product after pitching it for a couple of years, and everything in-between.
Ouch! That One Stung
A key part of success when crowdfunding is to have a beautiful working prototype with high-quality digital assets (photos and videos). Consider these strategies for launching a product so it does not meet the same fate as the Hornet.