Posts Tagged ‘business tips’

3The Internet provides many sources of legitimate help for the budget inventor. There are several websites and resources that are absolutely free. The first is the United Inventors Association, a non-profit organization that was formed in 1990 for the sole purpose of educating and providing resources for independent inventors. While there is a fee to actually join the UIA, there is a wealth of free information available to any visitor to their website, www.uiausa.org. They offer free articles about various stages and aspects of inventing, lists of resources, legislative updates affecting independent inventors, free newsletters, brochures, and products to help independent inventors, recommended books, and service providers. They offer advice on how to avoid the invention scam companies. Additionally, the UIA lists the legitimate inventor seminars and workshops that are scattered about the country. Many of these seminars and workshops, while not entirely free, are reasonably priced. Most of them allow visitors to peruse the booths manned by other inventors for no charge at all. The more networking you can do with other inventors, the better. You never know when another inventor you meet will have exactly the right information or know a person you should contact who will expedite the entire process for you.

Discount coupons for three of the United Inventors’ Association’s most popular books are available in the back of this book.

When we received the Notice of Allowance for our first patent, meaning that we would be awarded the patent, and were able to obtain a license agreement, that all changed. Our licensee was immediately able to place Ghostline® in all of the stores we had coveted, and more. Our new product had immediate nationwide distribution. If we had continued to manufacture and distribute the product ourselves, we would never have obtained that level of success.

The more of the above-listed criteria your invention meets, the greater are your chances of success. This does not mean that if it does not meet all of these criteria your product cannot be successful; it just means it is not as likely. For example, an expensive item that is a one-time purchase can be a successful invention if the potential market is large enough.

Inventors who are operating on a shoestring budget would be well advised to seriously consider each one of the listed criteria. Among your many great ideas, maximize your chances of success and minimize the likelihood that you will spend money unnecessarily by carefully choosing the idea that will require the least amount of cash outlay with the greatest potential for commercialization.