TURNING YOUR GREAT IDEAS INTO
GREAT SUCCESS
Inventors eLearning Course (Demo)
COURSE OUTLINE
Lesson 1: Meet the Inventors
Lesson 2: Introduction to Inventing
Lesson 3: What you need to know – Prelimin...
MEET THE INVENTORS
Lesson 1
LESSON 1: MEET THE INVENTORS
Here are the inventors and their products we will learn from and reference throughout the
cou...
LESSON 1: MEET THE INVENTORS
Here are the inventors and their products we will learn from and reference throughout the
cou...
LESSON 1: MEET THE INVENTORS
Inventor
Profile Brian is from Melville, NY and is 39 years old, married to Lisa and has an 1...
LESSON 1: MEET THE INVENTORS
Inventor
Profile Nancy Tedeschi wasn't trying to invent a breakthrough product when she came ...
LESSON 1: MEET THE INVENTORS
Inventor
Profile One morning, Timothy Bourke found himself sitting in pitch-black darkness on...
Other Expert Advice
People who have contributed to this course to provide good advice for inventors include:
1. Dave Lingb...
INTRODUCTION TO INVENTING
Lesson 2
Why People Invent?
1. ―Necessity is the mother of invention‖. Most ideas come out of everyday
practical experiences and ne...
Where do ideas come from?
 More inventions and patents come from individuals and small companies than large firms.
 The ...
The History of Inventing
 Ever wondered who invented what and when?
 What countries produced the most inventions?
 Clic...
Inventing Fun & Games
Try these games out for fun and education!
What is a Small
Business?
How important is Small
Business...
Who are inventors?
 Inventors come from all walks of life.
 There is no real ―profile‖ or demographic of what an invento...
 Mompreneur is a defined as a female business owner who is
actively balancing the role of mom and the role of entrepreneu...
What makes a good inventor?
 If you are taking this course, you have several of the personal characteristics
and traits t...
What makes a good inventor?
 Here is a list of 20 personal characteristics of an inventor.
 Take the quiz on the next pa...
Are you an inventor ? – Quiz
Take this quiz to see how you rate yourself on the 20 inventor personal
characteristics.
Step...
Why is it so difficult, what are the obstacles to success?
Challenges Faced and Common Mistakes Made by Inventors.
Here is...
Why is it so difficult, what are the obstacles to success?
Challenges Faced and Common Mistakes Made by Inventors.
Informa...
More information and advice in the full course
LESSON 2: INTRODUCTION TO INVENTING
WHAT YOU NEED TO KNOW
PRELIMINARY RESEARCH
Lesson 3
Before you start, what you need to know
 We will now introduce you to market research and the importance of it.
 Before ...
Before you start, what you need to know
Remember obstacle #12 - Unchecked egocentricity
 Don’t be arrogant or naive about...
Before you start, what you need to know
Will it Fly?
 What does a product development company look for in an invention?
...
Before you start, what you need to know
It Pays to Ask
Your initial market research should clearly answer the following qu...
Market Research
There are several things you need to examine as you begin your market research.
Task: Place your curser ov...
Market Research
Distribution
You need to get answers to the following questions in regards to distribution;
1. How, where ...
Market Research
Distribution
 There are plenty of options for getting your product to your customer. Deciding which ones ...
Market Research
Distribution
Task: Place your curser over each step in the distribution channel to learn more
LESSON 3: WH...
Market Research
Distribution
Where you find companies at each step of the distribution channel.
 Attend industry tradesho...
Market Research
Price
You need to get answers to the following questions in regards to pricing;
1. What materials, and at ...
Market Research
Price
There are several pricing terms you need to understand before you can begin to examine how price wil...
Market Research
Price
Where you find companies and individuals to determine price.
 Attend industry tradeshows (hardware,...
Market Research
Pricing Resources
Here are some more articles and information to learn more about pricing;
 Demystifying ...
Product Evaluation Techniques
Introducing PIES (Preliminary Innovation Evaluation System)
 This is a system to evaluate t...
About PIES (Preliminary Innovation Evaluation System)
Here is a more detailed explanation of each area of the invention ev...
Product Evaluation
About PIES (Preliminary Innovation Evaluation System)
Quote from the Introduction to the Innovation Ins...
Product Evaluation
DIY (Do it yourself) or ask for help?
This is one of those times when we would recommend you get a prof...
More information and advice in the full course
LESSON 3: WHAT YOU NEED TO KNOW
MOVING FORWARD
Lesson 4
What’s Next?
Now that you have done some preliminary market research and you feel your product is still
worth investing th...
Document Your Invention
 This is a very important step and should be done at the very beginning of the process.
 These a...
Document Your Invention
Record of Invention
 This is the first thing you should do when you have an idea, even if it is a...
NDA - Nondisclosure Agreement
 Again, this is not meant to replace formal legal (patent) protection.
 It is designed to ...
More information and advice in the full course
LESSON 4: MOVING FORWARD
PROTECTING YOUR IDEA
Lesson 5
Introduction to IP (Intellectual Property)
What is Intellectual Property?
 ―Intellectual property (IP) refers to creation...
WIPO – World Intellectual Property Organization
www.wipo.org
LESSON 5: PROTECTING YOUR IDEA
What is the WIPO?
The WIPO pro...
Introduction to IP (Intellectual Property) - All Countries
Why intellectual property is important to small and medium-size...
Introduction to IP (Intellectual Property) - Patents
What a Patent does:
1. Gives you the right the exclude others from ma...
Introduction to IP (Intellectual Property) - Patents
What a Patent does not:
1. Guarantee your product or invention will m...
Introduction to IP (Intellectual Property) - Public disclosure
Public disclosure: If you publically disclose details of yo...
Why you need a Patent
1. Without a Patent, you cannot stop anyone from commercializing on your
idea. In fact, it is NOT yo...
The Patent Search
It is recommended that you conduct a FREE Patent Search first on your own.
1. It gets you starting to th...
Patent Resources
1. Click here to watch a video of the patent system – Available in full course
2. Click here to review wh...
Trademarks
What is a Trademark?
 A trade-mark is a word (or words), a design, or a combination of these, used to identify...
Trademarks
Some well known world-wide brands, logos and trademarks.
LESSON 5: PROTECTING YOUR IDEA
Trademarks
What is a Brand worth?
―The American Marketing Association defines a ―brand‖ as ―a name, term, design, symbol o...
Trademark Infringement
Trademark infringement usually comes up when a well-known established brand feels a mark,
words, lo...
Trademarks
Here are links to some trademark infringement cases as reference.
 Trademark infringement case bankrupts man. ...
Registering a Trademark
LESSON 5: PROTECTING YOUR IDEA
The only effective method to protect your name and thus the identit...
Registering a Trademark
LESSON 5: PROTECTING YOUR IDEA
Steps to Register Your Trademark.
STEP 1: Determine whether you nee...
Trademark Symbols
LESSON 5: PROTECTING YOUR IDEA
The use of the designations "TM" or "SM" or the ® symbol?
 If you claim ...
Trademark Symbols
LESSON 5: PROTECTING YOUR IDEA
The use of the ® symbol?
 You may only use the federal registration symb...
Copyrights
What is copyright?
In the simplest terms, "copyright" means "the right to copy." In general, only
the copyright...
Copyrights
Why Copyright Protection?
Although copyright in a work exists automatically when an original work is created,
a...
Copyrights
Use of the copyright symbol
 Marking a work with the copyright symbol is not mandatory under most copyright la...
Introduction to IP (Intellectual Property) – World Wide
 Although there are some similarities between countries (Canada a...
More information and advice in the full course
LESSON 5: PROTECTING YOUR IDEA
THE PROTOTYPE
Lesson 6
About a Prototype
 In this lesson we will focus on the importance of building a workable prototype.
 Why it is important...
3-D Printing
We will also introduce you to the technology that is going to change the world of prototype building and
prod...
More information and advice in the full course
LESSON 6: THE PROTOTYPE
MARKETING AND SELLING
YOUR INVENTION
Lesson 7
Attracting Companies, Buyers, Investors and Retailers
 Getting your new product idea to a point where someone might be in...
Building a business around your new product
You will require all of the following things to successfully launch, market an...
The Sell Sheet
 One way to attract attention to your product is to develop a sell sheet
 We will explain the importance ...
More information and advice in the full course
LESSON 7: SELLING YOUR INVENTION
THE PRODUCT PITCH
Lesson 8
Popular TV Shows have demonstrated the importance of doing this well
After all the work you have done (and learned in this...
More information and advice in the full course
LESSON 7: THE PRODUCT PITCH
The next move is yours
 We hope you have discovered from this course demonstration that we
are providing tonnes of valuab...
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Inventors Online Course Sample

  1. 1. TURNING YOUR GREAT IDEAS INTO GREAT SUCCESS Inventors eLearning Course (Demo)
  2. 2. COURSE OUTLINE Lesson 1: Meet the Inventors Lesson 2: Introduction to Inventing Lesson 3: What you need to know – Preliminary Research Lesson 4: Moving Forward Lesson 5: Protect Your Idea Lesson 6: The Prototype Lesson 7: Marketing and Selling Your Invention Lesson 8: The Product Pitch
  3. 3. MEET THE INVENTORS Lesson 1
  4. 4. LESSON 1: MEET THE INVENTORS Here are the inventors and their products we will learn from and reference throughout the course. We will be using these products in various lessons as real examples of how it was done. Brian Fried His inventions Click here to go to the product website Click here to go to the product website Nancy Tedesci Her invention Click here to go to the product website
  5. 5. LESSON 1: MEET THE INVENTORS Here are the inventors and their products we will learn from and reference throughout the course. We will be using these products in various lessons as real examples of how it was done. Timothy Bourke His inventions Click here to go to the company website Click here to go to the product website Marco Longley His invention The Heft™ http://www.theheft.com/ As seen on CBCs Dragon’s Den Click here to watch the video
  6. 6. LESSON 1: MEET THE INVENTORS Inventor Profile Brian is from Melville, NY and is 39 years old, married to Lisa and has an 11 year old daughter named Alana who is an inventor as well! He has have his own portfolio of inventions that he has licensed and manufactured as well as other inventors products, which made it or are going into mass retailers, catalogs, online retailers, as seen on TV, home shopping channels, etc. and then there are more that he is continuously working on. He also... • Founded Inventors and Entrepreneurs Clubs in Nassau County and Suffolk County • Authored a resource guide for innovators, inventors and entrepreneurs called "You & Your Big Ideas" http://www.youandyourbigideas.com/ • Founded and Hosts a live weekly online radio show called Got Invention Radio http://www.gotinvention.com/ His Advice ―The greatest feeling is being able to see and use what you created and having others buy and use what you brought into the world. You need to take action immediately with your idea before someone else does. keep moving forward and take that cloud of an idea and make it realistic. From my experiences, I know where to go and how to get things done, and that is an advantage I can pass to you so you don't have to waste time and money‖. ―Put your ideas into action today... I wish you all the best!‖ More of his story and advice in the full course. Brian Fried
  7. 7. LESSON 1: MEET THE INVENTORS Inventor Profile Nancy Tedeschi wasn't trying to invent a breakthrough product when she came up with the idea for her SnapIt screw. But that is just what happened. Tedeschi's innovative, time-saving screws, which take the pain out of eyeglass repair, have become a big deal in the optical industry. In the 2 years since the distributor OptiSource International introduced SnapIt at the Vision Expo East in New York, more than 5 million screws have been sold. She has also expanded into the Global markets where she is selling her screws. Tedeschi has several patents and patents pending around the world. With the optical industry business in place, Tedeschi is moving into retail sales. She is currently selling her repair kits in Walgreen's, Rite-Aid, Office Depot, Ace Hardware, True Value, Lee Valley Tools, Kerr Drugs, Bi-Mart, Bartell's, Amazon.com, Walmart.com, Drugstore.com, and Target.com. Nancy Tedesci Her Advice ―The most relevant factor of success as an entrepreneur and inventor has little or nothing to do with luck and the big break can be a roller coaster of continued trial and error, ups and downs, and successes and failures. The most relevant factor of success is one’s willingness to endure the challenges and regroup, coming back stronger, more experienced, and more capable of adjusting to the times, the economy, the landscape of any particular industry‖. More of her story and advice in the full course.
  8. 8. LESSON 1: MEET THE INVENTORS Inventor Profile One morning, Timothy Bourke found himself sitting in pitch-black darkness on his deck in Lake Orion, Mich., sipping coffee with a piece of rope in one of his hands. Questions rushed to his mind, as they often do: "Why do we have to tie knots? What is that?" he asked himself. Those questions led him to his latest invention. Bourke created the Super Rope Cinch, a device that locks rope in its place, without the need to tie a knot. Timothy Bourke’s patented invention is now sold online and in thousands of hardware and marine stores nationwide and overseas. Retail giant Walmart will soon roll it out, testing it at a store near its headquarters in Arkansas, Bourke said. Bourke, 51, president and lead inventor for Just Right Products LLC, has six patents and he's working on his seventh and eighth. His Advice ―Being an inventor, it's a very tough game, I failed at several products before this one was successful. My product has super broad appeal, which is the holy grail for what you want for an invention, It's something that's cheap to buy, cheap to make, easy to put together, and simple to operate.― More of his story and advice in the full course. Timothy Bourke
  9. 9. Other Expert Advice People who have contributed to this course to provide good advice for inventors include: 1. Dave Lingbeck - Registered Patent Attorney Lingbeck Law Office www.patentinfoplus.com 2. Nellie Akalp, Founder and CEO of CorpNet.com 3. Harold Averkamp (CPA), has worked as an accountant, consultant, and university accounting instructor for more than 25 years. He is the creator and author of all the content found on AccountingCoach.com 4. Eugene R. Quinn, Jr is a US Patent Attorney and the founder of IPWatchdog.com. 5. Renée Quinn, known as The Social Media Diva™, blogger and expert on social media and small business marketing. www.reneequinn.com More advice and more experts in the full course LESSON 1: MEET THE INVENTORS
  10. 10. INTRODUCTION TO INVENTING Lesson 2
  11. 11. Why People Invent? 1. ―Necessity is the mother of invention‖. Most ideas come out of everyday practical experiences and needs. 2. You could not find a product in the market to solve a particular problem they had. 3. You are frustrated with a current product or solution on the market today. You think to yourself “there must be a better way”? 4. Personal set back motivated you to work for yourself or solve a personal challenge (e.g. medical device). How did you come up with your idea? We are always interested to hear inventors stories. inventor@customlearningsolutions.com LESSON 2: INTRODUCTION TO INVENTING
  12. 12. Where do ideas come from?  More inventions and patents come from individuals and small companies than large firms.  The economy and the world rely very heavily on individuals to move technology and innovation forward.  Small businesses produce 13 times more patents per employee than large patenting firms Task: Roll your curser over each image to learn more about small business. What is a Small Business? How important is Small Business to the US economy? What is a Small Business? How important is Small Business to the economy? How many Small Businesses are there? LESSON 2: INTRODUCTION TO INVENTING
  13. 13. The History of Inventing  Ever wondered who invented what and when?  What countries produced the most inventions?  Click here to download the history of inventions from the years 1590-1986 What is a Small Business? How important is Small Business to the US economy? What is a Small Business? How important is Small Business to the economy? How many Small Businesses are there? LESSON 2: INTRODUCTION TO INVENTING
  14. 14. Inventing Fun & Games Try these games out for fun and education! What is a Small Business? How important is Small Business to the US economy? What is a Small Business? How important is Small Business to the economy? How many Small Businesses are there? LESSON 2: INTRODUCTION TO INVENTING Test your invention IQ with our interactive Brain Drain game! Play against the computer or challenge a friend to see who's brainier about invention. Click here to play now. Some inventions happened just when you expect they did, but many came surprisingly early—or late! Which Came First? challenges you to pick the earlier invention in each pair. Get them all right and you will be crowned "Invention Know- It-All”. Click here to play now.
  15. 15. Who are inventors?  Inventors come from all walks of life.  There is no real ―profile‖ or demographic of what an inventor is.  Anyone with a great idea and the ambition and willingness to move forward is an inventor.  Years ago the trend was mostly men, ages 25-45 with at least a high- school education.  Today, the statistics are changing.  More and more women and teens are moving into the world or inventing and entrepreneurship.  The term “momtrepeneur” recently emerged. Stay at home mothers who have started their own businesses or brought new products to the market. LESSON 2: INTRODUCTION TO INVENTING
  16. 16.  Mompreneur is a defined as a female business owner who is actively balancing the role of mom and the role of entrepreneur.  There are an estimated 5 million mompreneurs.  Moms start new businesses at twice the rate of any other segment of the population.  Mothers represent a $1.7 trillion buying market.  Mompreneurs are a relatively new trend in entrepreneurship, and have come to increase prominence in the internet age, with the internet allowing entrepreneurs to sell products out of the home rather than relying on foot traffic to brick-and-mortar business. Information on the fastest growing entrepreneur segment Visit this web site for more information about great products being developed by woman. http://www.womeninventorznetwork.com/ Nellie Akalp, Founder and CEO of CorpNet.com and mother of 4. LESSON 2: INTRODUCTION TO INVENTING
  17. 17. What makes a good inventor?  If you are taking this course, you have several of the personal characteristics and traits that are required to be an inventor.  Right now those are Diligent and Committed (at least).  After you complete this course, you will have several more including; Self- Confident and Technically Skilled, with new knowledge you will gain and can use.  Many successful inventors will tell you they knew very little initially about the industry they created products for.  But they did their homework, talked to the right people and learned and grew as individuals and professionals as they went along.  This is a long, hard journey of learning and self-discovery, and it starts here with this course. LESSON 2: INTRODUCTION TO INVENTING
  18. 18. What makes a good inventor?  Here is a list of 20 personal characteristics of an inventor.  Take the quiz on the next page to learn more about each characteristic and see how you score yourself. 1. Self-Confident 2. Persistent 3. Tough 4. Detail Oriented 5. Independent 6. Bold 7. Networker 8. Risk taker 9. Jack or all trades 10. Iconoclast 11. Technically Skilled 12. Realist 13. Lucky 14. Impatient 15. Delegator 16. Mystery Lover 17. Optimist 18. Committed 19. Diligent 20. Impatient LESSON 2: INTRODUCTION TO INVENTING
  19. 19. Are you an inventor ? – Quiz Take this quiz to see how you rate yourself on the 20 inventor personal characteristics. Steps: 1. Click on the link below to access the quiz document 2. Print out the document 3. Answer all the questions on the quiz 4. Score the quiz 5. Analyze results 6. Create a Personal Action Plan based on the results (included) Take Quiz What did you think of the quiz? Let us know. inventor@customlearningsolutions.com LESSON 2: INTRODUCTION TO INVENTING Click here to take quiz
  20. 20. Why is it so difficult, what are the obstacles to success? Challenges Faced and Common Mistakes Made by Inventors. Here is a list of common mistakes made be inventors: LESSON 2: INTRODUCTION TO INVENTING 1. Failure to obtain solid market research information about target industries. 2. DIY (do it yourself) tendency to take on too much and do everything yourself. 3. Don't know how to find the right people to see. 4. Too caught up in their own enthusiasm to objectively evaluate the viability of their product. 5. Don’t know where to go for help. 6. Failure to invest in developing professional looking, easy to use, and practical invention prototypes. Learn More Click here to learn more
  21. 21. Why is it so difficult, what are the obstacles to success? Challenges Faced and Common Mistakes Made by Inventors. Information from the web site: http://www.inventorinsights.com/Inventor_Obstacles_to_Success.html LESSON 2: INTRODUCTION TO INVENTING 7. Failure to learn how to negotiate or to find someone who has seasoned business negotiation skills. 8. Inventors are too paranoid. 9. Inventing has never been more costly and frustrating. 10. Money is a problem. 11. Lack of support from family, friends and benefactors. 12. Unchecked egocentricity. Learn More Click here to learn more
  22. 22. More information and advice in the full course LESSON 2: INTRODUCTION TO INVENTING
  23. 23. WHAT YOU NEED TO KNOW PRELIMINARY RESEARCH Lesson 3
  24. 24. Before you start, what you need to know  We will now introduce you to market research and the importance of it.  Before you go any further with your new product idea, you must gather some basic information to ensure you have a viable product.  Many inventors do not take the time to get answers to these basic questions, and they move ahead anyways. The result is spending lots of time, effort and money and get nowhere.  At the end of this lesson there will be another check point, after you gather more information about your new product idea. LESSON 3: WHAT YOU NEED TO KNOW
  25. 25. Before you start, what you need to know Remember obstacle #12 - Unchecked egocentricity  Don’t be arrogant or naive about your product. Please take the time to do this FIRST before you move forward.  And if it turns out that the information you gather reveals your product is not as favorable as you first thought, STOP NOW!  It is better to cut your losses now and move onto something else. Rather than move ahead with an idea that you have learned will have limited chance of success.  No matter what stage you are with your product (even if it is already patented), you should still make sure the research you do reveals positive results.  You will learn this later in the course, that a Patent does not provide any guarantee of commercial success for your idea. LESSON 3: WHAT YOU NEED TO KNOW
  26. 26. Before you start, what you need to know Will it Fly?  What does a product development company look for in an invention?  Here are eight key elements of a successful product: 1. It is uniquely patentable 2. It can be manufactured with technology already in existence. 3. Research and development costs are not extravagant 4. There is a demand for it. 5. The retail price ensures profit at each distribution level. 6. Tooling costs are within reason. 7. There aren’t too many obstacles to market entry. 8. It isn’t too complex, so consumers can use it easily. LESSON 3: WHAT YOU NEED TO KNOW
  27. 27. Before you start, what you need to know It Pays to Ask Your initial market research should clearly answer the following questions; 1. Who will buy my product? 2. Why will they buy it (your market differentiator)? 3. Where will they buy it (specialty shops, department stores, or the internet)? 4. What do I need to charge to ensure a healthy profit? 5. What products or services will mine be competing with? 6. Am I positioning my product or service correctly? (In other words, if there’s a lot of competition, you might want to look for a market niche). 7. Are there any government regulations my product or industry be subject to? LESSON 3: WHAT YOU NEED TO KNOW More detail available in full course
  28. 28. Market Research There are several things you need to examine as you begin your market research. Task: Place your curser over each box to learn more LESSON 3: WHAT YOU NEED TO KNOW Market Conditions Competition Sales/ Marketing Protection/ Patents Distribution Price Available in full course
  29. 29. Market Research Distribution You need to get answers to the following questions in regards to distribution; 1. How, where and who will manufacture my product? 2. How will your product get into the hands of the end customer? 3. Will there be retail channels or other ways to sell your product? 4. How many companies are involved in the process? 5. What companies could be used in each step of the process? LESSON 3: WHAT YOU NEED TO KNOW
  30. 30. Market Research Distribution  There are plenty of options for getting your product to your customer. Deciding which ones to use will have an impact on pricing, profit margins, servicing, and timing. Choosing your distribution, you need to consider what your goals are and how many layers of people/companies will be involved.  In a product that is typically used by an individual purchasing in a retail store, the product can go from a production facility (manufacturing) to a wholesaler, and then to smaller distributors to be sold to a retailer.  Each step in the process has to produce a profit, just as it does when you sell a service. In a complex system, you may be surprised at how many people are involved. The flow below is common: LESSON 3: WHAT YOU NEED TO KNOW
  31. 31. Market Research Distribution Task: Place your curser over each step in the distribution channel to learn more LESSON 3: WHAT YOU NEED TO KNOW Available in full course
  32. 32. Market Research Distribution Where you find companies at each step of the distribution channel.  Attend industry tradeshows (hardware, home and garden, toys, electronics, sports, pets etc.)  Read industry publications  Use the Thomas Directory (Thomas.net). http://www.thomasnet.com/ What is Thomas.net The only free platform designed for sourcing components, equipment, MRO products, raw materials, custom manufacturing services and OEMs (Original Equipment Manufactures). Simply enter in a search box a product category, industry name, brand name or SIC code and you get information about manufacturers, distributors, and wholesalers. LESSON 3: WHAT YOU NEED TO KNOW
  33. 33. Market Research Price You need to get answers to the following questions in regards to pricing; 1. What materials, and at what cost will my product be manufactured? 2. How will my product be packaged and how much will that cost? 3. Is there a wholesaler and distributor involved? 4. What would be the retail price of my product? 5. What do I need to charge to ensure a healthy profit at all stages? LESSON 3: WHAT YOU NEED TO KNOW
  34. 34. Market Research Price There are several pricing terms you need to understand before you can begin to examine how price will affect your product. Task: Place your curser over each square to learn more LESSON 3: WHAT YOU NEED TO KNOW Retail Price Margins Gross Margin Profit Margin Contribution Margin Break Even Point Available in full course
  35. 35. Market Research Price Where you find companies and individuals to determine price.  Attend industry tradeshows (hardware, home and garden, toys, electronics, sports, pets etc.)  Look at competitive products on the market already (see resources for more information).  Talk to manufactures about costs of production (get quotes).  Talk to packaging companies about the best way to package your product.  Ask potential customers what they think (―what would you pay?‖)  Conduct focus groups, ask sales people in the same industry.  Find buyers for retail chains. LESSON 3: WHAT YOU NEED TO KNOW
  36. 36. Market Research Pricing Resources Here are some more articles and information to learn more about pricing;  Demystifying Profit Margins – Available in full course  Determining Retail Price to meet your financial goals –Available in full course  Pricing Terms FAQs with real examples and calculations –Available in full course  Click here to access a helpful tool called the Retail Price Calculator. (Available in full course)  Pricing seem to complicated? Get help. Talk to an accountant or someone you trust who knows this math to help you. LESSON 3: WHAT YOU NEED TO KNOW
  37. 37. Product Evaluation Techniques Introducing PIES (Preliminary Innovation Evaluation System)  This is a system to evaluate the viability of your invention developed by Dr. Gerald G. Udell in 1974.  Many improvements have been made to the process over the years.  This system evaluates the following; 1. Health, safety and welfare 2. Development, feasibility and function 3. Costs 4. Market Matters 5. Management Issues 6. Risk factors LESSON 3: WHAT YOU NEED TO KNOW
  38. 38. About PIES (Preliminary Innovation Evaluation System) Here is a more detailed explanation of each area of the invention evaluated process as part PIES Task: Place your curser over each square to learn more LESSON 3: WHAT YOU NEED TO KNOW Health and Safety Development Feasibility Costs Market Matters Management Issues Risk Available in full course
  39. 39. Product Evaluation About PIES (Preliminary Innovation Evaluation System) Quote from the Introduction to the Innovation Institute (I2) document. ―We use the most recent versions of the PIES (Preliminary Innovation Evaluation System) formats implemented in October, 2006 and March, 2010 respectively. The PIES format is a comprehensive, structured evaluation system consisting of 45 criteria that are used to evaluate the commercial potential of your idea or invention and to provide you with a risk profile of your project. These criteria are based on years of research and new product experience, and will provide you with insights into the risks you face and the strategy you will need to employ to reach the marketplace. Our reports are intended to help you make decisions and develop strategies for further development. Unless you are already well along in the innovation process, you may very likely have several months and perhaps years before your project will be ready for licensing or entry into the marketplace. Your report will help you focus your efforts and guide you in resolving areas of concern‖. For more information, visit their web site: http://www.wini2.com/ LESSON 3: WHAT YOU NEED TO KNOW
  40. 40. Product Evaluation DIY (Do it yourself) or ask for help? This is one of those times when we would recommend you get a professional evaluation of your product if you do not feel you can do an adequate job on your own.  One company that we would recommend that uses the PIES process is The Innovation Institute: http://www.wini2.com/  They are very reasonably priced ($250-$270) and will give an honest, non- biased commercial feasibility analysis report, based on the PIES method of evaluation.  This report can then be used for future planning and a blueprint for moving forward. LESSON 3: WHAT YOU NEED TO KNOW More information available in full course
  41. 41. More information and advice in the full course LESSON 3: WHAT YOU NEED TO KNOW
  42. 42. MOVING FORWARD Lesson 4
  43. 43. What’s Next? Now that you have done some preliminary market research and you feel your product is still worth investing the time and money, here is what you will need to do next; 1. Protect your invention (formal and informal protection strategies). 2. Build a prototype so you can test the design and demonstrate the product. 3. Develop sales and marketing material so you can sell your new product idea to companies and investors. 4. Build a business (web site, legal names, trademarks, LLC, or Inc.) 5. Polish and perfect your product pitch as if you were to appear on Dragons Den or Shark Tank television shows. Ready, Set, Go! LESSON 4: MOVING FORWARD
  44. 44. Document Your Invention  This is a very important step and should be done at the very beginning of the process.  These are the first steps to documenting your idea and can be used later for design work and in your patent application process.  Obtaining a patent is the only way the legally protect you from other using your idea.  Also be cautious in disclosing your idea fully to anyone until formal protection or patent pending is in place.  When doing market research you can be vague and not reveal any specific details and still get the information you need.  In the next lesson we get into more detail about formal types of protection, including Patents. Please Note: None of these documents are meant to provide legal protection. You should seek the advice of a patent attorney or licensed patent agent to be sure your idea is fully protected! LESSON 4: MOVING FORWARD
  45. 45. Document Your Invention Record of Invention  This is the first thing you should do when you have an idea, even if it is at the very early stages.  This document allows you to get your thoughts down on paper and sketch the idea.  You can incorporate your market research into this document as well once gathered, so it is all in one place.  This is confidential and should not be shared with anyone in the early development of your product. Other than 2 witnesses (for signatures), and people you can trust. Instructions for use: 1. Print Record of Invention document 2. Complete the document in full 3. Make several copies 4. Keep in a safe place 5. Sign and date, and get witnesses to do the same 6. Do not share with anyone (avoid public disclosure) LESSON 4: MOVING FORWARD Click here to download Record of Invention Available in full course
  46. 46. NDA - Nondisclosure Agreement  Again, this is not meant to replace formal legal (patent) protection.  It is designed to help you feel more comfortable disclosing your invention to a single person (or company), if you do not yet have formal protection in place.  Do not disclose specific details of your invention (including your Record of Invention), without using this document. Instructions for use: 1. Print Nondisclosure Agreement 2. Complete the document in full 3. Make several copies 4. Sign and date document 5. Get the person you are disclosing (Receiving Party) to complete and sign document 6. Make copies for both parties files. LESSON 4: MOVING FORWARD Click here to download Nondisclosure Agreement Available in full course
  47. 47. More information and advice in the full course LESSON 4: MOVING FORWARD
  48. 48. PROTECTING YOUR IDEA Lesson 5
  49. 49. Introduction to IP (Intellectual Property) What is Intellectual Property?  ―Intellectual property (IP) refers to creations of the mind: inventions, literary and artistic works, and symbols, names, images, and designs used in commerce‖.  ―IP is divided into two categories: Industrial property, which includes inventions (patents), trademarks, industrial designs, and geographic indications of source; and Copyright, which includes literary and artistic works such as novels, poems and plays, films, musical works, artistic works such as drawings, paintings, photographs and sculptures, and architectural designs.  ―Rights related to copyright include those of performing artists in their performances, producers of phonograms in their recordings, and those of broadcasters in their radio and television programs‖. LESSON 5: PROTECTING YOUR IDEA This quote comes from the WIPO - World Intellectual Property Organization www.wipo.org
  50. 50. WIPO – World Intellectual Property Organization www.wipo.org LESSON 5: PROTECTING YOUR IDEA What is the WIPO? The WIPO promotes the development and use of the international IP system through: 1. Services - We run systems which make it easier to obtain protection internationally for patents, trademarks, designs and appellations of origin; and to resolve IP disputes. 2. Law - We help develop the international legal IP framework in line with society’s evolving needs. 3. Infrastructure - We build collaborative networks and technical platforms to share knowledge and simplify IP transactions, including free databases and tools for exchanging information. 4. Development - We build capacity in the use of IP to support economic development.
  51. 51. Introduction to IP (Intellectual Property) - All Countries Why intellectual property is important to small and medium-sized enterprises and their business activities. Intellectual property (IP), very broadly, means the legal rights that result from intellectual activity in the industrial, scientific, literary and artistic fields. IP rights reward this intellectual activity in the form of: I. Patents (various types) II. Trade-marks III. Copyrights IV. Industrial designs (some countries) V. Integrated circuit topographies (some countries) VI. Plant breeders' rights (some countries) LESSON 5: PROTECTING YOUR IDEA
  52. 52. Introduction to IP (Intellectual Property) - Patents What a Patent does: 1. Gives you the right the exclude others from making, using, offering for sale, or selling or importing your invention within the country it has Patent protection, for the length of time specified in the Patent documents. 2. Gives you the right to sue others for Patent infringement in court if you catch someone violating your patent protection. 3. Gives you the only form of legal protection possible to protect yourself from others ―stealing‖ your ideas. LESSON 5: PROTECTING YOUR IDEA
  53. 53. Introduction to IP (Intellectual Property) - Patents What a Patent does not: 1. Guarantee your product or invention will make money. 2. Give you the right to put your product on the market. 3. Claims that your product is superior in any way. 4. A Patent only states that your product is unique enough to warrant a patent, and it’s intent is to work. 5. State the your product actually works as designed. You must build and test a prototype to prove this. LESSON 5: PROTECTING YOUR IDEA
  54. 54. Introduction to IP (Intellectual Property) - Public disclosure Public disclosure: If you publically disclose details of your invention, you could lose your patent rights later when you attempt to patent your idea.  This includes public “crowd sourcing” sites for new products or finding investors.  The internet (YouTube or LinkedIn) and any web site.  A blog or any other written public format (an article in a newspaper or magazine) are all considered public domain.  US Patent Law states that your patent application must be filed within 1 year after you first publish details or commercialize your invention. LESSON 5: PROTECTING YOUR IDEA
  55. 55. Why you need a Patent 1. Without a Patent, you cannot stop anyone from commercializing on your idea. In fact, it is NOT your idea. You have no legal rights to it. 2. You cannot protect yourself from others who may wish to capitalize on your idea without legal ownership. 3. A person could unknowingly put a product on the market that they developed in secret at the same time as yours. Or you could have publically disclosed the idea and they can take it and run with it. In either case, there is nothing you can do to stop this from happening without a Patent. 4. A patent also ensures you have done an extensive search of what is already been patented. This will protect you from getting challenged or even sued for patent infringement. LESSON 5: PROTECTING YOUR IDEA
  56. 56. The Patent Search It is recommended that you conduct a FREE Patent Search first on your own. 1. It gets you starting to think about your idea and ―claims‖ and what you want to submit as being unique. 2. If your product idea is an improvement on an existing product, you need to examine that product, to ensure your new design will not infringe on the existing, or another patent. 3. Helps in the patent application process when you do apply for an patent. Click here to review the steps to conduct your own preliminary patent search. - Available in full course LESSON 5: PROTECTING YOUR IDEA
  57. 57. Patent Resources 1. Click here to watch a video of the patent system – Available in full course 2. Click here to review what a Patent is from the USPTO. - Available in full course 3. Click here to review Patent FAQs from a Patent attorney - Available in full course 4. Click here to review Patent office links and resources - Available in full course LESSON 5: PROTECTING YOUR IDEA
  58. 58. Trademarks What is a Trademark?  A trade-mark is a word (or words), a design, or a combination of these, used to identify the goods or services of one person or organization.  It is your identity in the marketplace and communicates your ―brand.‖  It is original, distinct, and unique to your organization or product.  It's all about standing out and separating your brand and product from the competition.  Your trademark helps your customers distinguish your products and services from others in the marketplace. LESSON 5: PROTECTING YOUR IDEA
  59. 59. Trademarks Some well known world-wide brands, logos and trademarks. LESSON 5: PROTECTING YOUR IDEA
  60. 60. Trademarks What is a Brand worth? ―The American Marketing Association defines a ―brand‖ as ―a name, term, design, symbol or any other feature that identifies one seller's good or service as distinct from those of other sellers.‖ ―Some marketing researchers assert that brands are one of the most valuable assets that a company has. Interbrand ranked Coca-Cola the most valuable brand in the world in 2011, with a value of almost $72 billion, while Millward Brown Optimor found Apple the most valuable with nearly $183 billion in value in 2012‖. LESSON 5: PROTECTING YOUR IDEA Read more: http://www.gfmag.com/tools/global- database/economic-data/11936-best- global-brands.html#ixzz2XG5RgHNt
  61. 61. Trademark Infringement Trademark infringement usually comes up when a well-known established brand feels a mark, words, logo or symbol is confusing the marketplace, and customers cannot distinguish a company from theirs. It creates confusion in the marketplace. Or if a company uses a name, logo, phrase or marking that assumes some kind of affiliation or relationship with another company that does not exist. Tips to protect yourself: 1. Do a trade name, domain name and trademark search so you know what is already protected. 2. Don’t assume something does not exist, just because you did not see it on the market 3. Do not build your trademark based on another brand, you are asking for trouble. Be unique and start with a fresh idea. 4. Search and register the trademark in every country you want to sell your product. LESSON 5: PROTECTING YOUR IDEA
  62. 62. Trademarks Here are links to some trademark infringement cases as reference.  Trademark infringement case bankrupts man. Click here  United Online Gets Favorable Ruling In Trademark Infringement Case. Click here  Apple Files Trademark Infringement Lawsuit Against whiteiphone4now.com. Click here  Gucci wins trademark infringement cases against Guess. Click here  Levi's wins trademark infringement case in China. Click here  Red Bull wins trademark infringement case in the UAE. Click here LESSON 5: PROTECTING YOUR IDEA
  63. 63. Registering a Trademark LESSON 5: PROTECTING YOUR IDEA The only effective method to protect your name and thus the identity of your company is by utilizing the trademark process. You may trademark a number of elements of your company including: 1. Logo 2. Company Name 3. Slogan 4. Product Line Name 5. Service Line Name 6. Domain Name  Each of these elements could potentially require a separate trademark application and if your logo includes your name or slogan it will require multiple trademarks to properly protect everything.  One trademark is required to protect the graphic portion of the logo and one trademark is required to protect the name or slogan portion, if these are not already trademarked.
  64. 64. Registering a Trademark LESSON 5: PROTECTING YOUR IDEA Steps to Register Your Trademark. STEP 1: Determine whether you need trademark protection. STEP 2: Determine whether you should hire a trademark attorney (or service company) to assist. STEP 3: Identify your mark format: a standard character mark, a stylized/design mark, or a sound mark. STEP 4: Identify clearly the precise goods and/or services to which the mark will apply. STEP 5: Search the Federal database to determine whether anyone is already claiming trademark rights in a particular mark through a federal registration. STEP 6: Identify the proper "basis" for filing a trademark application. STEP 7: File the application online through the Federal Trademark System. US Trademark Information (USPTO) http://www.uspto.gov/trademarks/ Canadian Trademark Information (CIPO) http://www.cipo.ic.gc.ca
  65. 65. Trademark Symbols LESSON 5: PROTECTING YOUR IDEA The use of the designations "TM" or "SM" or the ® symbol?  If you claim rights to use a mark, you may use the "TM" (trademark) or "SM" (service mark) designation to alert the public to your claim of a ―common- law‖ mark. No registration is necessary to use a "TM" or "SM" symbol and you may continue to use these symbols even if the Federal Trademark office refuses to register your mark.  Those symbols put people on notice that you claim rights in the mark, although common law doesn't give you all the rights and benefits of federal registration.  Similar to the use of the © Copyright symbol. It does not mean federal registration, just reminds people that copyrights laws do exist and you have rights to protect yourself. .
  66. 66. Trademark Symbols LESSON 5: PROTECTING YOUR IDEA The use of the ® symbol?  You may only use the federal registration symbol "®" after the Federal Trademark office actually registers a mark, not while an application is pending.  It may only be used on or in connection with the goods/services listed in the federal trademark registration and while the registration is still alive (you may not continue to use it if you don’t maintain the registration or it expires).  Although there are no specific requirements on where the symbol should be placed relative to the mark, most businesses use the symbol in the upper right corner of the mark.
  67. 67. Copyrights What is copyright? In the simplest terms, "copyright" means "the right to copy." In general, only the copyright owner, often the creator of the work, is allowed to produce or reproduce the work or to permit anyone else to do so. What is covered by copyright? Copyright applies to all original, dramatic, musical, artistic and literary works (including computer programs). It also applies to performances, communication signals and sound recordings. LESSON 5: PROTECTING YOUR IDEA
  68. 68. Copyrights Why Copyright Protection? Although copyright in a work exists automatically when an original work is created, a certificate of registration is evidence that your creation is protected by copyright and that you, the person registered, are the owner. It can be used in court as evidence of ownership. How long do copyright last? The general rule is that copyright lasts for the life of the author, the remainder of the calendar year in which the author dies, and for 50 years following the end of the calendar year. LESSON 5: PROTECTING YOUR IDEA
  69. 69. Copyrights Use of the copyright symbol  Marking a work with the copyright symbol is not mandatory under most copyright law, however some other countries do require it.  The marking consists of the symbol ©, the name of the copyright owner and the year of first publication. (Example: Copyright 2013, CLS Inc.)  Even though not always required, marking is useful since it serves as a general reminder to everyone that the work is protected by copyright. This symbol may be used even if the work is not registered. US Copyright Information (US Copyright Office) http://www.copyright.gov/ Canadian Trademark Information (CIPO) http://www.cipo.ic.gc.ca LESSON 5: PROTECTING YOUR IDEA
  70. 70. Introduction to IP (Intellectual Property) – World Wide  Although there are some similarities between countries (Canada and the US) and the world when it comes to protection of intellectual property.  There is enough differences that we have split this lesson into sections, based on the information you wish to obtain from your country of origin.  It might be worthwhile to study more than one country, in case you wish to seek protection in multiple countries.  If you wish to review all countries, simply page forward as normal. Task: Choose the country you wish to learn about by clicking on the flags below. Canada United States UK/Europe and rest of world Available in full course LESSON 5: PROTECTING YOUR IDEA
  71. 71. More information and advice in the full course LESSON 5: PROTECTING YOUR IDEA
  72. 72. THE PROTOTYPE Lesson 6
  73. 73. About a Prototype  In this lesson we will focus on the importance of building a workable prototype.  Why it is important to have one.  What you can do if you do not have any materials, tools or skills to build a prototype (other options). LESSON 6: THE PROTOTYPE
  74. 74. 3-D Printing We will also introduce you to the technology that is going to change the world of prototype building and product development forever, the 3-D printer. LESSON 6: THE PROTOTYPE
  75. 75. More information and advice in the full course LESSON 6: THE PROTOTYPE
  76. 76. MARKETING AND SELLING YOUR INVENTION Lesson 7
  77. 77. Attracting Companies, Buyers, Investors and Retailers  Getting your new product idea to a point where someone might be interested in your product takes a lot of work.  Just an idea and even a Patent may not be enough attractive to potential inventors, retailers or companies to your product.  In this lesson, you will learn at all the things you need to do to build a real “business” around your new product idea.  You also need to determine what is the best way for you to get your product to the market. Your choices are: 1. Manufacture it and sell it directly to retailers or on the Internet (one example). 2. License your product to a company who does all the work for you, and you take a royalty. LESSON 7: SELLING YOUR INVENTION We examine all aspects of selling ideas to potential licensees and negotiating royalties in the full course.
  78. 78. Building a business around your new product You will require all of the following things to successfully launch, market and sell your new product 1. A product name 2. A product logo (trademark) 3. A web site (domain name, hosting, content etc.) 4. A prototype or detailed drawings (either physical or electronic). 5. Marketing and sales materials (both print and electronic). Small Business Resources:  7 Branding Tips for Small Business. Click here for more information.  The Importance of Having a web site. Click here for more information.  Creating a Small Business Plan. Click here for more information. More resources and information available in the full course LESSON 7: SELLING YOUR INVENTION
  79. 79. The Sell Sheet  One way to attract attention to your product is to develop a sell sheet  We will explain the importance of a sell sheet and how to develop one in the full course.  Here is an example of a an online sell sheet from one of our successful inventors. LESSON 7: SELLING YOUR INVENTION Super Rope Cinch Sell Sheet Click here to view online
  80. 80. More information and advice in the full course LESSON 7: SELLING YOUR INVENTION
  81. 81. THE PRODUCT PITCH Lesson 8
  82. 82. Popular TV Shows have demonstrated the importance of doing this well After all the work you have done (and learned in this course) to document, research, protect, trademark, and market your new product idea, you are now ready to present it potential investors.  If you are not familiar with the TV shows Sharks Tank in the US and Dragons Den in Canada, you need to watch episodes and learn from good pitches. Dragons Den: http://www.cbc.ca/dragonsden/episodes.html Shark Tank: http://abc.go.com/shows/shark-tank  A professional, polished, prepared and complete product pitch can make all the difference in the world.  In this lesson you will learn the secrets of a great product pitch from an inventor who has been on Dragons Den. LESSON 7: THE PRODUCT PITCH We will examine all aspects of what you need to develop and deliver a solid product pitch in the full course.
  83. 83. More information and advice in the full course LESSON 7: THE PRODUCT PITCH
  84. 84. The next move is yours  We hope you have discovered from this course demonstration that we are providing tonnes of valuable information any inventor can use.  Purchase the complete course and take advantage of the wealth of knowledge we have gathered from experts in the industry and successful inventors.  Learn what to do from the right people in the right way (online).  Simply close the course and go back to the web site main page to purchase the full course  You will get immediate access to everything the program has to offer Any questions, comments or concerns, please let us know. inventor@customlearningsolutions.com THE END We are all inventors, each sailing out on a voyage of discovery, guided each by a private chart, of which there is no duplicate. The world is all gates, all opportunities. -Ralph Waldo Emerson

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