Speaking of Business: Launching invention requires savvy, luck
Q: I have invented a new toy, which I want to sell. I don’t have any business experience, and don’t have a clue as to where to start. Who do I contact to help me get my toy on the store shelves?
A: This is not an easy task. Getting any product to market is a very tall order. Inventors are normally very good at inventing. To get a product to market takes a whole different set of skills. This is what my company does day in and day out. You need to know that most new ideas die in the basement for lack of business skills. If you want to get your toy to market, here are some dos and don’ts: First, do:
” Have a third-party company critique your product for marketability. Find a local college or company for the review. Here is a company I have used in the past: http://www.innovation-institute.com. This is only one of many good companies that can help you.
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” I strongly recommend you do some reading on licensing and patenting products. A good place to start is “License Your Invention and Patent It Yourself” from Nolo Press. It will help a great deal in dealing with anyone regarding your intellectual-property rights and the sale of your toy.
” If you still want to move forward after going through the first two steps, find a good patent attorney to help protect your idea.
” Also, find an experienced licensing attorney (in addition to your patent attorney) for your team to help pedal your product.
” Read all you can regarding bringing your product to market.
So much for the dos. Here are a couple of don’ts:
” Don’t fall for a scam. If you saw or heard a slick TV or radio ad offering to evaluate your invention, odds are it is a scam.
” Don’t believe you can defend your patent easily. According to one trade association in 1999, the median estimated cost of a patent infringement action through discovery was about $800,000.
Greeley resident Russell Disberger is a founding member of Tekquity Ventures LLC, a Louisville-based specialty venture-capital firm investing in technology development and licensing. He can be reached at (303) 926-3990 or by e-mail, disberger@tekquity.com.
Q: I have invented a new toy, which I want to sell. I don’t have any business experience, and don’t have a clue as to where to start. Who do I contact to help me get my toy on the store shelves?
A: This is not an easy task. Getting any product to market is a very tall order. Inventors are normally very good at inventing. To get a product to market takes a whole different set of skills. This is what my company does day in and day out. You need to know that most new ideas die in the…
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