The majority of patents never make any money. So, how can you make sure the intellectual property you file — whether a provisional patent application or a non-provisional patent application — actually has value in the market? First, you should follow the advice of successful entrepreneur-inventor Stephen Key.
In this video, he explains how you can make sure the provisional patent application you file actually has value. Meaning, this is an invention someone will want to pay you for! Maybe that's a consumer, a licensee, or you're raising money for your startup.
Stephen offers tips and advice on filing intellectual property that will benefit you and have value in the marketplace. This is how you avoid ending up with a patent that is worthless.
No one can do this for you. You have to do it yourself! And you can.
First, do a Google Image search. Can you find anything similar? If not, you have a problem. This is how you determine your point of difference. Then, do a prior patent search. No one will look as long or as hard as you will, but realize you cannot find everything.
Once you get that point of difference down, it will be much easier to discuss it. You can use your point of difference as a selling tool.
Stephen also discusses the value of prototyping, including knowing what works and what doesn't, playing with variations, workarounds, and more. Make sure anyone you hire cannot claim co-ownership.
Keep it broad! Don't forget about materials. Without manufacturing know-how, how will you get the product made?
Stephen Key and Andrew Krauss are the world's leading experts on how to license a product idea. If you have an invention idea, this is the show to watch. Steve and Andrew are the cofounders of inventRight, a coaching program that has helped people from more than 60 countries license their ideas for new products. Visit http://www.inventright.com for more information and to join the one-one-one coaching program.
If you have questions about how to invent, how to be creative, design, how to do market research, prototyping, manufacturing, negotiating, pitching, how to sell, how to cold call, how to reach out to open innovation companies, licensing agreements, non-disclosure agreements, patents, copyright, trademarks, and intellectual property in general — subscribe to inventRightTV! New videos every week, including tons of entrepreneur success stories.
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This is the book you need to license your product idea: “One Simple Idea: Turn Your Dreams Into a Licensing Goldmine While Letting Others Do the Work.” Find it here: http://amzn.to/1LGotjB.
This is the book you need to file a well-written provisional patent application: “Sell Your Ideas With or Without a Patent.” Find it here: http://amzn.to/1T1dOU2.
Determined to become a professional inventor? Read Stephen's new book "Become a Professional Inventor: The Insider's Guide to Companies Looking For Ideas": https://www.amazon.com/gp/product/1653786256/
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