Invent Something in 2014 - 6 steps to make money from your inventions

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Everyone has ideas for great products. This presentation shows 6 simple steps to translate your ideas into intellectual property that can be licensed to manufacturers. In return you receive passive …

Everyone has ideas for great products. This presentation shows 6 simple steps to translate your ideas into intellectual property that can be licensed to manufacturers. In return you receive passive income in the form of royalty checks.

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  • 1. Copyright 2014 - All Rights Reserved August 18th , 2014 www.inventorsworkshop.us Invent Something in 2014 6 Steps to Make Money from your Inventions
  • 2. Copyright 2014 - All Rights Reserved August 18th , 2014 www.inventorsworkshop.us STEP 1-Is your idea unique? • Search for existing patents on similar products. Do keyword searches on www.google.com/patents • Search the internet for similar products that are on the market. • If it appears your idea is unique, proceed to step 2. If not, redesign or pursue another invention and repeat step 1.
  • 3. Copyright 2014 - All Rights Reserved August 18th , 2014 www.inventorsworkshop.us Step 2 – Document your invention • Search “inventor’s notebook” on Amazon and purchase one to document your inventions. • Info to include in your notebook: – Conception Date – When you came up with your invention. – Date of reduction to practice – When you made a prototype and tested your invention. – Diligence in reducing your invention to practice – History showing you were continuing to develop the invention. – How to make use of your invention – Enough details to show how to teach someone to make and use your invention. – The best mode of practicing your invention – Document the best way to practice your invention.
  • 4. Copyright 2014 - All Rights Reserved August 18th , 2014 www.inventorsworkshop.us Step 3 – Prototype your invention • Build a prototype to confirm the function of your invention. • Don’t spend much money for this phase until you confirm it works and it is potentially marketable. • Use low cost components and processes to make a functional part. • You can find several resources at www.inventorsworkshop.us
  • 5. Copyright 2014 - All Rights Reserved August 18th , 2014 www.inventorsworkshop.us Step 4 – Protect your invention • Submit a non-provisional patent application. This gives you 1 year to note “patent pending” on your invention while you determine marketability. • If product is marketable, you have to file your formal utility patent within 1 year of filing your provisional patent application to claim your original filing provisional application filing date. • Use patent agent or patent attorney to support this step.
  • 6. Copyright 2014 - All Rights Reserved August 18th , 2014 www.inventorsworkshop.us Step 5 – Trademark the name • Trademark names can be just as valuable as patents. • If you have a unique name for your product, search www.uspto.gov to see if it is available. If so, work with a trademark attorney to obtain a trademark. • This can extend royalties from a licensee after your patent expires (20 years after you file your application).
  • 7. Copyright 2014 - All Rights Reserved August 18th , 2014 www.inventorsworkshop.us Step 6 – Market your invention • Search for companies that are producing similar products (on-line, in stores, etc.) • Contact them to find out who reviews products from outside the company. • Prepare a presentation with info on the design, function, cost, and potential market. • Schedule meeting with potential licensees to pitch your invention to try to get them to license. • Sign a license agreement (typically 3-5% of the wholesale price). • Collect royalty checks every quarter from the licensee once they start selling.
  • 8. Copyright 2014 - All Rights Reserved August 18th , 2014 www.inventorsworkshop.us Lean how to develop and market your inventions with my Inventor’s Workshop Book INVENTOR’S WORKSHOP – HOW TO DEVELOP AND MARKET YOUR INVENTIONS. $2.99 Kindle, $5.95 Audio, $9.99 Paperback. Practical guide showing inventors how to develop, prototype, protect and market their inventions. Bob is an engineer with over 25 years experience developing and marketing products. He used his corporate and entrepreneurial experience to develop this step by step guide to help fellow inventors develop their products using a "boot strapping" approach. This helps inventors to successfully develop and market their inventions without breaking the bank. It includes several inventors resources as well as details on companies looking for new products. Inventor's Workshop is a "take action" guide to turning your ideas into successful products. Go to www.inventorsworkshop.us/books to purchase.
  • 9. Copyright 2014 - All Rights Reserved August 18th , 2014 www.inventorsworkshop.us #10-INVENTOR’S WORKSHOP 53 page eBOOK + 103 PRESENTATION SLIDES + 1 hr TRAINING VIDEO FOR $9.99. Includes the eBook “Inventor’s Workshop – How to Develop and Market your Inventions”. This package also includes a 1hr. training video and slides that support the eBook. These slides further clarify the process and provide additional tools and resources to help develop, market and make money from your inventions. If you are not completely satisfied with the info after you receive this package then just email me your receipt and I will refund your purchase price. MONEY BACK GUARANTEE IF NOT COMPLETELY SATISFIED. Go to www.inventorsworkshop.us to purchase. Lean how to develop and market your inventions with my Inventor’s Blueprint for Success
  • 10. Copyright 2014 - All Rights Reserved August 18th , 2014 www.inventorsworkshop.us ONLY $9.99 MONEY BACK GUARANTEE What is included in Inventor’s Blueprint for Success
  • 11. Copyright 2014 - All Rights Reserved August 18th , 2014 www.inventorsworkshop.us About the Author • Bob Schmidt has a BSME from Lawrence Technological University, an MSA from Central Michigan University, and has over 25 years experience in development, sales and marketing of fuel & propulsion systems for powersports, automotive and military applications. He currently uses this experience to represent several companies to market their products and services in the US and Europe under Schmidt Products, LLC. Bob also develops new consumer products and has five patents, several patents pending and three trademarks. Products developed by Bob include: Hitch ‘N Plow® , Spot ‘N Hitch® , and PolarPint® .
  • 12. Copyright 2014 - All Rights Reserved August 18th , 2014 www.inventorsworkshop.us Contact Details Bob Schmidt Email: bob@schmidtproducts.com Website: www.inventorsworkshop.us