The Inventor's Galaxy Guide is a business strategy designed to help inventors navigate the frontier of taking an idea to market.
Unlike a traditional business plan, a good invention strategy HAS to be done in stages using the information gathered in each step to develop the next. The traditional business plan is a waste of time and can be a disaster for the independent inventor trying to bring an idea to market.
So to start with, here are some basic truths:
- Inventing is hard work and you need to focus. Your invention won’t happen by “wishing” for it.
- Inventing is NOT free.
- Most patents issued these days are improvements to existing technology. This is good.
- Do NOT skimp on intellectual property. Use a Registered Patent Attorney!! Be smart!
- Product PreSale CrowdFunding is NOT free or easy!
- Legitimate Licensees will only license patent pending or patent issued products.
- The ONLY thing that gives you power is the strength of your patent.
- As part of your invention strategy, you need to determine your goal: to license or to be a startup. The early steps are the same but the money requirements are very different.
- Service providers are service providers. They are NOT partners. Use written agreements and non-disclosure/non-competes.
Phases
Phase 1: Due Diligence Phase 2: Money Plan Phase 3: Intellectual Property Phase 4: Engineering and prototyping Phase 5: Product Launch Phase 6: Licensing
Download the Inventors Galaxy Guide
Introduction:
Don’t Spend a Dime before it’s time!!
This publication is designed to help you avoid unnecessary steps and wasteful spending. If you absolutely insist on reading more than you need in order to be successful, then there are tons of resources out there. For example, the NOLO books are informative. This workbook is for when you are serious about bringing your idea to market via licensing and not as a startup.
First you really need to determine your ultimate goal. Some inventors want to be a startup but just don’t have the skill set. The sooner you can make these early determinations, the less money you will waste. Some inventors have a good idea but make fatal money mistakes and are never able to get to a market. To be a startup you will need the following:
- Business experience: Have you ever managed a business?
- Marketing experience: There is a difference between marketing and selling. Can you do both well?
- Manufacturing experience: Have you ever been responsible for making a product on a large scale.
- Understand the “Barriers to Entry” in your industry. Every industry has them! For example, if you have a pet product, you need to know that ALL the shelf space in the US is already owned by just a few companies. Consequently, if you don’t get one of them to buy into your product, you will never get into a store. Home Health Care has serious safety regulations. Learn your industry!!
- How deep are your $$ pockets. You will put in everything you have and more before you qualify to even apply for VC or Angel funding.
The first 3 are each full time jobs. Which one are you and who can you find to do the other jobs? How are you going to pay them?
Some inventors know they want to license or sell their patent. If you are not sure, we are going to give you some facts that will help you decide one way or the other. At that point you will be able to develop a better business strategy and get to work.
The entire Inventor’s Galaxy guide can downloaded by entering your email.
If you have any questions or need some help,
email me or call me at
Rita@InventorLady.com
or 303-910-8889.
