King's Product Development - Help for Inventors

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Inventors on KPD HELP FOR INVENTORS

This site is dedicated in loving memory of William D. (Bill) Ritchey, in acknowledgement of WDR Enterprises Inc. and his many years of loyalty as an inventor.

Are you an inventor? The following is an explanation from the desk of KPD that might be of great importance to you. Do you have a new idea, an improvement to a new product that you are ecstatically excited about?. That’s great, now STOP, lay it down, go take a walk and look at the world around you. The most important concept you need to know about your invention is, Will It Sell? Before you invest a moment into its creation, its security, its design and finite details, perform sufficient research to determine if society wants it and will part with their hard earned funds for it. Yes, they may need it, and you may want one but, most likely one of the main concepts that would persuade you to invest a large portion of yourself and finances into this is the money you receive from the sale of it to the public. Again, will it sell.

If you are inventing for other purposes, such as improving quality of life, preserving nature or restoring antique items and are not interest in the financial return, the concept in entirely different. I compliment you and wish you success. Most people are interested in making money so this article will be written upon that concept.

A NOTE OF CONCERN FROM KPD.

Inventing is a very risky business, for you the inventor, for the promoters as well as for the manufacturers. So PLEASE STUDY AND LEARN ALL YOU CAN BEFORE INVESTING INTO AN INVENTION.

So many companies have set up the business of invention promotion. They will promote your product as long as you will send them the money. Regardless of the potential of your idea within the market place. NO ONE, NO COMPANY CAN GUARANTEE YOU A SUCCESSFUL PRODUCT, so beware of the over zealous and excessively promising sales hype. Take the time on your own to research the process that is included in conducting a market survey. This survey takes into consideration all the independent and variable factors that determine “the probability’ that the public might purchase your product. Factors to include are competition, location, age of the consumer, location and facilities of the vendors, cost to tool and manufacture, ship, store, deterioration, insurance and many other items.

I recommend you take the time to research any company that offers to promote your product. One of the references KPD uses is Ron J. Riley’s inventor promoter caution list. You can find it and many others in the list of information links, later in this writing. Also search for other inventor promoter complaints, etc, search the name of the company and add the word complaints, suits, fines etc. Look at their testimonials, but better yet, ask for a list of inventors they have worked with. Ask for the ratio of inventors they have worked with against the number of successful licenses. Don’t believe what they tell you but read their body language to determine if you put them on the spot or if they have a ratio they are proud of. Ask them if they have a list of inventors willing to take the time to talk with you about their relationship with their company. Then check out the inventor and their successful product. This will help you determine their credibility.

The next factor you need to understand is the journey between an idea and a market. Just because you are excited about this idea, does not in any way guarantee any one else will be. It is important to learn the complete process of manufacture, sales and delivery involved between the concept of an idea and putting your finished product into the hands of the consumer. This alert or the intensity of this context is not to scare or intimidate you but to advise you into educating yourself.

Once you have performed a basic market survey, compare your assets to the estimated cost of production per unit and in multiples. Compare this figure to the retail price you choose to charge the customer. This will help you determine the possibility or at least the probability of completing this task you are considering. Consider that you need a ratio of one to six in reference to the net cost from manufacture to display and the retail price to stay in business. It is a major business adventure you are about to embark upon, it is best to know before you begin exactly what your journey will require of you.

There are many, many products out there on the planet that could make good household items, although the cost to produce and advertise versus the risk are prohibitive. Most of society wishes to sell their product nationwide or more. But most of society has never considered that a national sales promotion for the United States alone, for an item even as small as toothpaste, cost well above one hundred and fifty million dollars, ($150,000,000.00) and a lot of work. Does this sales promotion fit into your budget? If so, then continue with your project. It is not unusual to pay fifteen thousand dollars (15,000.00) to fifty thousand dollars (50,000.00) to manufacture the die that produces a tiny product about the size cigarette pack. If this promotion allocation or set up fee is too much for your present allocation, you need to reorganize you business plan. For a small inventor just beginning, these prices can be staggering. This is the reason the market survey is the first stage of inventing. This helps you determine the level of risk you are willing to invest into this venture.

One more concept of your equation should be volume. Most manufacturers require a minimum order or a large number of units before they will set up to produce your product. Consider purchasing, shipping, packaging, insuring and displaying your product in numbers like ten thousand (10,000.00) or fifty thousand (50,000.00) or more each time you purchase components. Should you invent an edible or consumable product, you may wish to research refrigeration cost or expiration evaluations.

Sometimes, you can persuade a major manufacturing company to invest in your product. Market trends often determine if companies will accept concept ideas from outside their research and development departments. BUT BEWARE, many major companies do not play fair. Many companies know or determine your capabilities to oppose their legal department, and will use your idea while you just call and threaten them over the phone. They know you lack sufficient resources to fight them legally and laugh all the way to the bank.

If you choose to contact a large firm, and if they consider your idea, go to a quiet place, undisturbed and READ THE CONTRACT, every word. There are many versions of “gotcha” in these printed documents. Although you are excited about this big company telling you what a great money maker you have, look closely for short clauses that may “loophole” their responsibilities. Your excitement can be soon squashed when you see the public buying your product, you call the manufacturer asking for your royalties, and they send you a copy of your contract with a sentence like this highlighted. Compensation if any is entirely the discretion of “Our Greedy Unscrupulous Company”. There are no royalties and no amount of litigation will help you. You signed the contract. READ the contract. Truly, it is a disgrace that every one of us does not possess integrity and honesty to sufficient levels of comparability.

Suppose you can afford an attorney for this purpose. Read the contract anyway, every word to determine if it suits your individual application. Attorneys may look for business as usual on a larger scale than you may be able to comply with or support. Yes, this may take some time.

Relax. Read a little each day or evening if you must. Look for loopholes, after all you are wagering a fortune on this. You are much better to have at least some idea of what you are signing than to find our what you signed.

Once you have determined the worthiness of the product, there are two choices, to apply yourself to the completion of your product or the most common path, delete the program due to the unfortunate lack of resources.

The next important concept is KEEP GOOD RECORDS. This is an important detail. You must be able to prove you are the original owner of this idea under the scrutiny of some of the sharpest lawyers, should you be challenged. Keep good records. Locate a binder notebook and write your actions each time you work on the invention. A binder notebook is used because it is more difficult to add pages or to substitute dates. Take photos and attach them permanently in the notebook. Log on to http://smallbusiness.findlaw.com/business-forms-contracts/business-forms-contracts-a-to-z/be15_3_1.html or http://smallbusiness.findlaw.com/ and explore the entire website, this is a valuable information center for inventors.

As for patents, well that is a different story. Please keep clicking on http://www.kingspd.com for the article on patenting. I will write it soon. Should you have any questions about the products you see on KPD, CLICK ON info@kingspd.com to send us an email. We will do our best to answer your questions.

Below are some companies that are in the business of promoting, assisting and licensing inventions. Please remember the KPD is not indorsing or accepting the responsibility for any of these companies. We have no control of their conduct. Its just that in our journey of inventing we have become aware of their existence and are making them available here at one location for your convenience. I f you have read this article, we suggested you research each and every one, just as we do. Happy inventing.

FORUMS

http://www.inventorsforum.org/ Inventors Forum .org

TRADESHOWS

http://www.ndinventors.com/ Northern Plains Inventors Congress

RESOURCES

http://www.ndinventors.com/ Northern Plains Inventors Congress

http://asktheinventors.com/ Ask the inventors

http://www.idea4invention.com/video-index.asp Idea 4 Invention

http://www.sba.gov/smallbusinessplanner/index.html US Small Business Administration

http://inventionhome.com/free-inventor_kit Invention Home .com

http://www.invention-ifia.ch/ International Federation of Inventors Association

http://www.inventions.org/ Inventors Assistance League