MEMBERS & VISITORS:
Simple Solutions
Simple Solutions, Big Impact: Everyday Innovations from Africa”
In the journey of bringing a new invention to life, especially for aspiring inventors in regions with limited access to resources and networks, the path can be both exciting and challenging. Understanding this, let’s explore a simplified and accessible approach to navigating the invention process, keeping in mind the diverse backgrounds and language proficiencies of our readers.
When you have a fresh product idea, you don’t necessarily need a patent or a patent application right away. Many companies, both large and small, are open to considering ideas that aren’t patented. If a company finds your idea appealing, they might even cover the costs for any necessary intellectual property protection.
Bringing an invention to the market can be surprisingly affordable, often costing between $10 and $100, especially if legal fees are not involved. The initial financial return from your invention can be significant, bypassing the hefty expenses typically associated with patents, elaborate presentations, and professional prototypes.
Here’s a more accessible breakdown of the steps to take your invention from concept to reality:
1. Finding Inspiration: Ideas can strike anywhere, from observing products in a store to everyday conversations. For example, consider a more durable and user-friendly sunglass visor clip that I developed, addressing the flaws of existing products without increasing the cost to consumers.
2. Conducting Research: Before diving deep into your project, it’s crucial to research and ensure your idea hasn’t already been brought to market. Utilize online resources and patent databases to survey existing products. This step is vital in saving time and resources on ideas that might not be viable.
3. Evaluating Your Idea: If a similar product exists, objectively assess if your invention offers significant improvements or cost benefits. Detach emotionally to make a sound judgment about proceeding with your idea.
4. Further Research: If your idea still stands out as superior or more affordable, start researching potential companies that might be interested in your invention. Use online tools and networks to gather contact information but hold off on reaching out just yet.
5. Preparing Your Pitch: Create a concise and compelling presentation of your idea, similar to a book’s blurb that entices readers. This sell sheet should highlight the value and uniqueness of your product. If needed, seek design assistance while ensuring any collaborators sign a non-disclosure agreement (NDA).
6. Practicing Your Pitch: Familiarize yourself thoroughly with your sell sheet and practice delivering your pitch confidently and succinctly.
7. Approaching Companies: With your preparation complete, start contacting companies to gauge their interest in your idea. Pay close attention to their submission protocols and any NDAs provided.
8. Understanding Agreements: Carefully review any NDAs or contracts, considering legal advice for complex documents. Ensure the terms are mutually beneficial before proceeding.
9. Submitting Your Idea: Once NDAs are in place, submit your sell sheet and any requested materials, keeping detailed records of all communications.
10. Exercising Patience: Allow the company time to review your submission, following up respectfully after their stated review period.
11. Handling Rejection: If a company passes on your idea, move on to the next prospect. Rejection is a natural part of the process and not a reflection of your worth or the potential of your invention.
12. Finalizing the Deal: Upon receiving a contract, review it carefully, marking any areas of concern. If terms are agreeable, sign the contract, keeping copies for your records. If not, it’s okay to walk away and explore other opportunities.
Remember, the journey of invention is for the determined and the active, not merely the dreamers. By taking proactive steps and navigating the process with resilience, your inventive dreams can become a reality, contributing to innovation and making a difference in your community and beyond.
YOU CAN MAKE MONEY ON YOUR IDEAS WITHOUT NEEDING A PATENT
Questions?? Contact me any time at profsinger@inventionschool.tech
We have published other informative posts on Invention School’s website which may interest you. To view our entire catalog of over 900 posts go to inventionschool.tech/category/blog/ or use our handy search tool to find topics of interest to you.
Mechanical/Solar Engineer, Prof. Oku Singer
(6)