The Inventor's Bible: How to Market and License Your Brilliant Ideas (4th Edition)
Ronald Louis Docie Sr.
Format: PDF / Kindle (mobi) / ePub
The definitive guide for inventors, newly updated with the latest patenting laws, information on crowdfunding, and online resources.
The path to success is clearer than it's ever been! Thanks to experienced inventor Ronald Docie, the process of commercializing your invention and receiving royalties is no longer complicated. The Inventor's Bible is an in-depth how-to manual for both beginners and skilled entrepreneurs alike that helps you develop a realistic, workable plan, research your market, target potential business partners, and strike a good deal for your inventions. It tackles vital concerns, such as: What is my invention worth? What steps should I take first? Is free government help available? Who can I trust, and how can I keep from getting ripped off? Revised to reflect recent changes and innovations, this fourth edition includes:
• Crowdfunding and Crowdsourcing
• Open Innovation
• Free Patenting Help
• New U.S. Patent Laws
• America Invents Act
• Freedom to Use Law
• Online Help for Inventors
With The Inventor's Bible, your dream can become the world's next great invention.
Keep It in Perspective Perhaps 2 percent of all patents are commercialized, and fewer than this make enough money to pay for the initial expenses. Most successful patents are owned by major corporations, which often patent something for formality’s sake that they fully intend to market regardless. This fact stacks the odds even further against the independent inventor. Think positive, but don’t overestimate the ultimate value of your invention. There are too many sad stories of inventors pouring money into inventions that never provide a return on their investment.
If the company resists such a complicated term in an agreement, it is probably due to its standard accounting practices and the inconvenience of making modifications to it. If you are negotiating a large deal that is valuable for the company, you have more leverage to insist it meet your contractual desires. However, if in the greater scheme of things this is a small deal, the company may be less willing to modify something like its standard accounting procedures. Remember to give and take; don’t let an issue like this kill the deal.
If a line of cars doesn’t meet the standards, the car manufacturer is fined for that model that year. ) Needless to say, this is not the type of technology you would find in your local department store. I immediately asked the inventor, “Has anyone ever expressed an interest in this technology? ” and “Who? ” The inventor said AS Co. once considered the technology. He “knew” they weren’t interested because they never got back to him. This is fatal mistake No. 1. Some inventors think manufacturers will stop everything to work with them.
The manufacturer vehemently opposed this; it wanted complete control of the text and the design of the packaging. As is true for most manufacturers, its packaging and many of the terms on it needed to match the rest of the product line. Another manufacturer was willing to compromise by allowing us to supply the text for the back of the package, as long as it met the company’s approval. A different company denied our right to control the text on the packaging, but was willing to “consider” any input that we offered.
Your general knowledge in your area of expertise may be as valuable as your invention itself. You might make more money in consultation fees to a manufacturer than by selling or licensing your invention. The value of your patent is limited to its claims and the know-how in its teachings. However, if you have become an expert in your field, you may possess know-how that goes beyond the scope of your patent. In the course of doing your interviewing, try to ascertain the current level of expertise in your industry.