WOW! This will bless you! Free Advice from a true inventor who holds a patent! My lifelong friend, spiritual mother and INVENTOR mentor — with a patent to her credit! — Gail Falzon, has agreed to allow me to post her comment from the third post in this series, “Moving Forward”.
I believe you will find it informative, and extremely helpful in your quest to get your inventions and ideas into the marketplace!
Not only that, Gail has become a national speaker for the very company that bought her idea and manufactured it! So, this is an exciting development in our thought process. You could become the spokesperson for the company that buys your ideas! She says they pay her expenses to send her out to speak!
Please comment here, this is too awesome!
Thank you Gail! I love you, my friend! Blessings on your head!
More about Gail: www.TMJPainSolutions.com Search on Facebook, too!
Having licensed several products and starting one idea totally from scratch, my vote is to license! I have the grit and determination to make things happen, but that whole business from A-Z is WAY more than I bargained for. Praise God that I was able to sell it at a later date and still get paid to travel and teach. Now they do the work and I get royalty. No…its not as much as I would have gotten myself, but there comes a point when your mental health and well-being out-weighs monetary gain.
Another word of advice. Standard royalty is usually 5% of “retail” but some will only give you 2% if you have not at least filed a provisional patent. Buy the book entitled, “Patent it Yourself”. I was able to patent my first invention by myself-no attorney-and it passed. This saved me a ton of money. The company I approached liked the idea so much, they made the tooling mold for me at no cost so they could run with it. Unfortunately, they opted to veer from my market and left me with the tooling. I found a suitable company in this market who took the idea. BUT…because I OWN the tooling, my royalty is 15%. So…never feel you can’t negotiate.
One product needed no patent as there were just too many ways to change it up. Funny that this one is the most profitable!
The lucky ones who come up with a MASS market idea are the ones who will get rich “IF” they play their cards right. Is it QVC material, infomercial material? Knowing your market is crucial!! Then…look for the best in the business, and go find them!
In addition to the non-disclosure, I had the president initial each of the drawings I presented. He loved the one, I made two prototypes…and soon…money in the mail!
WARNING…inventing is addictive once you’ve figured it out. Best of luck!