Whether you’re an experienced inventor or a newbie who just came up with your first big idea, the Inventor Smart Monthly Newsletter is for you!
Brian Fried
Inventor Consultant/Coach, Invention Licensing Agent, Author, TV/Radio Host, Innovation Speaker/Presenter, Serial Inventor
Evaluating Your Invention’s Market Potential
When evaluating your invention’s market potential, start by considering whether it can be applicable to multiple industries. Think about various uses and possibilities for your product. For example, a cane designed for the elderly could also benefit people with leg injuries or recent surgeries. This opens up opportunities to sell your product in diverse locations such as drug stores, hospital gift shops, medical supply companies, and mass-market retailers.
Explore different ways to make your invention appealing to a broader audience to maximize its market potential. Be prepared to test various applications and markets, keeping what works and adjusting what doesn’t. As you proceed, brainstorm at least three different market segments or types of users for your invention, and consider the different ways it can be utilized and sold.
Evaluate various distribution channels and their potential effectiveness. Ultimately, understanding the full market potential involves experimentation and adaptation.
Questions to Consider:
Your invention is brand new and nobody has the answer until you try. But it’s good to have these thoughts and answers on your mind right now.
How Can You Promote the Market Success of an Invention?
Without inventions, there would be no innovations. Inventions are the starting point for any innovation because they have the potential to solve a problem or fill a gap in the market. They are the driver of economic growth and progress.
A successful invention requires:
It is important to know the market and the target group in order to develop a suitable solution for their needs. In addition, you should find out about possible competitors and patents. Cooperation with experts and investors can also help to increase the chances of success.
Inventor Spotlight: Kim Meckwood and Click & Carry
Join us as we explore the innovative world of Kimberly Meckwood , the creator of Click & Carry, on the next episode of the Inventor Spotlight Podcast, hosted by Samantha St. Raymond . Click & Carry is a versatile handle that simplifies the task of carrying multiple bags simultaneously. Its unique design allows for comfortable hand and shoulder carrying, proving essential for everyone from busy parents to sports enthusiasts.
Kim's invention was born from the inconvenience of juggling multiple shopping bags. Her idea quickly evolved into a multi-purpose solution that aids not only shoppers but anyone needing an extra hand. Whether it's groceries, paint cans, or sports gear, Click & Carry offers ease and efficiency. Visit the Event Page for more details.
When: Fri, Sep 20, 2024, 10:00 AM (EDT)
Where: Youtube & Inventor Smart Community App
Add this event to your calendar to not miss out: Add to Calendar.
While waiting for this episode, catch up on our previous episode with Steve Ayre : Inventor Spotlight EP5 | Steve Ayre's Smile Glides: Bringing Joy to Mobility Aids.
Exclusive Opportunity for Premium Insider Members: Join the Inventor Spotlight Podcast to showcase your invention and connect with our community. Sign up here. Discover more about Kim’s entrepreneurial journey in our Inventor Spotlight article.
Understanding Royalties in Licensing Agreements
What is a royalty? A royalty is the compensation paid by a licensee to a licensor. It can be in the form of cash or other property or rights held by the licensee.
Cash royalty payments are typically made in one of three ways: as a series of payments over time based on the production or sale of a licensed product (a "running royalty"), as fixed annual or milestone payments, or as a lump sum. Running royalties are paid as a percentage of the revenue received by the licensee for sales of licensed products (e.g., 5% of net sales) or as a fixed amount per unit sold (e.g., $1 per unit).
A "period payment," another common type of payment, involves a fixed annual payment specified in the license agreement, not based on unit sales. Milestone payments are made when the licensee reaches specified sales milestones, either in total or on an annual basis.
Lastly, a "lump sum" payment covers license rights for a specified period. It's also common for an initial payment to be made upon execution of the license.
Learn more about the basics of licensing from the Licensing Executive Society (USA and Canada), Inc.
Recap of August’s National Inventor Club Meeting
In our latest gathering, we were privileged to host Pete Mehravari , the Director of Policy and Legal Affairs for the International IP Alliance. Peter enlightened us with his profound insights on leveraging intellectual property to gain a competitive edge, emphasizing the crucial interplay between innovation and IP rights protection.
Meeting Highlights:
Missed the event? Catch the full recording here. We invite you to share this learning opportunity with peers and colleagues who could benefit from these insights.
Thank you to everyone who participated and contributed to a successful event. Your engagement fuels our community's continuous growth and innovation. We eagerly anticipate your participation in future events.
Become a NIC Member to stay connected and be the first to know about upcoming events and opportunities!
Upcoming NIC Event: Waiting for Announcement
Stay tuned for the announcement of our next exciting event. Be sure to check the event listings regularly at https://app.inventorsmart.com/events and keep an eye on your email for updates. We promise another engaging and informative session, and we can't wait to share more details with you soon!
The Got Invention Show features a 30-minute interview where an inventor promotes an invention, seeks a licensing deal, or looks for distribution opportunities. Host Brian Fried focuses on his guest’s challenges and solutions. He asks about their journey, where they are right now, and what will come next. He invites guests to offer words of wisdom to viewers and listeners.
In the latest episode, discover how KATO Fastening Systems, Inc. has transformed thread repair with their groundbreaking innovations. President Al Qaqish shares the inspiring journey of KATO from a simple idea to a global industry leader. Learn about their patented Tangless MRO/Thread Repair Kit and other innovative products that deliver superior locking force and quality. This episode is a deep look at the brilliance behind KATO’s success in revolutionizing industries like aerospace and defense.
领英推荐
Director's Blog ( Kathi Vidal, former Under Secretary of Commerce for Intellectual Property )
Expanding USPTO's Reach: Global Engagements and New Regional Offices
The USPTO , through its Office of Policy and International Affairs, actively engages with international intergovernmental organizations to advance global intellectual property (IP) standards. We lead negotiations at the World Intellectual Property Organization – WIPO , assist in the IP provisions of international trade agreements, and support empirical studies on the economic impacts of IP. Our work extends to multiple forums:
In addition, we are excited to announce the expansion of our regional outreach with new offices opening in Atlanta and Strafford County, New Hampshire. These new locations will enhance our ability to support inventors and entrepreneurs locally. Learn more about our new offices and how they can serve you:
Words from an Inventor
"Pursue your purpose with passion. Remain focused with sincere deliberate intention of completion. It may not seem easy and at times it may not be fair, but, it will be yours." – Evelyn Wilson
Evelyn Buie Wilson Inventor – Premium Inventor Smart Community App Subscriber/ National Inventor Club Member Philadelphia, PA
A retired licensed nurse turned inventor, Evelyn is a proud patent-pending Premium NIC member on a serious inventing journey. She joined the Inventor Smart Community to connect with like-minded inventors and leverage the resources available to help achieve her goals.
Invention History: George Eastman, Founder of 伊士曼柯达 and the Revolution in Photography
George Eastman, the visionary behind the popularization of photography
In 1888, George Eastman made a significant leap in the world of photography by inventing a new type of dry, transparent, flexible photographic film that could be rolled. This innovation was crucial for the mass adoption of photography, making it accessible to amateurs and professionals alike.
Eastman's invention laid the foundation for the portable Kodak camera, which was simple enough for anyone to use and dramatically expanded the photography market. His work not only changed how photos were taken but also influenced the development of motion picture technology.
George Eastman was also among the first American industrialists to hire a full-time research scientist. This decision led to the perfection of the first commercial transparent roll film, which directly enabled the creation of Thomas Edison’s motion picture camera in 1891.
Book Club Meeting: September 2024 Meetup
Join us on Tuesday, September 24th, at 8 PM ET for our monthly Book Club meeting. Stay tuned for more exciting details coming soon!
Event Details:
Don't miss out on this opportunity to connect with other inventors and learn from each other. More information about the book will be shared soon, so stay tuned!
Stay connected, access exclusive resources, and join a vibrant community of inventors. The Inventor Smart Community App is your hub for networking, learning, and sharing ideas.
Don't miss out – download the app now and take your inventions to the next level!
About Brian Fried
Brian Fried, known as "The Inventor Coach," is a highly accomplished innovator, author, and speaker. With 15 patents to his name, he has successfully licensed and manufactured his own inventions, gaining recognition through QVC, infomercials, catalogs, and major retailers. For over 18 years, Brian has been working closely with inventors, providing one-on-one coaching as an invention licensing agent and guiding inventors in commercializing their ideas into tangible products. As an expert speaker, Brian captivates audiences with his engaging talks on innovation and invention. He has authored three books, offering practical advice and strategies for aspiring inventors. In addition to his speaking and writing endeavors, Brian hosts the "Got Invention Show," a platform that showcases inventors and their creations, providing them with valuable exposure. Brian is the founder of the National Inventor Club, a community that supports and connects inventors, fostering collaboration and networking opportunities. He serves as the Chief Invention Officer of Inventor Smart, an invention consultancy that assists inventors in bringing their ideas to fruition. In October 2023, Brian officially launched the Inventor Smart Community, an innovative social media and resource center exclusively designed for inventors. The app, now available for download on Google Play and the Apple App Store, aims to create a vibrant community where inventors can connect, share ideas, and access valuable resources. With his extensive experience, resourcefulness, and commitment to helping inventors succeed, Brian Fried has become a trusted figure in the invention industry. Inventors and aspiring innovators can rely on his expertise and guidance to navigate the complexities of the invention process and turn their ideas into reality.
Let's stay connected on LinkedIn
Thank you for reading the August 2024 edition of the Inventor Smart Community App Monthly Newsletter!
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Inventively Yours,
Brian and the Inventor Smart Team
FARHILLS CEYLON INCORPARATION
5 个月Three patents
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5 个月I read your news letter today. Enjoyed your guest!
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5 个月www.vertical-stairway.com?
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5 个月I enjoyed the presentation. Thank you.
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