Independent Inventors Stop Filing Patents

February 17, 2011

The number of patents filed by independent inventors in 2010, according to David Kappos, Under Secretary of Commerce for Intellectual Property and Director of the United States Patent and Trademark Office (USPTO), has dropped by about 50%. In my opinion, this is a direct result of the following:

1. The majority of US citizens have less discretionary income due to the economy

2. The length of time it takes to get a patent through the system is often longer than the life cycle of products today

3. Inventors are becoming more educated by the United Inventors Association (www.uiausa.org) and reputable inventor organizations like the Rocky Mountain Inventors Association (http://www.RMinventor.org) and the Kansas City Inventors Club (http://www.inventorsclubofkc.org/).

4. The word is spreading by inventors who have learned the hard way that securing funding and licensing for early stage products is about as unlikely as selling snowballs to Eskimos.

  Posted in Inventor Blog | No Comments | Email This Post Email This Post | Print This Post Print This Post

Funding for Inventions

February 3, 2011

Get real!!! Unless you have some “skin in the game”, there is no funding available for inventions. It is not going to happen. Once you have patent pending (provisional application on file is OK), professional preliminary marketing opinion/research, and a working prototype to prove the concept, even your own family and friends will not invest. Get out your checkbook and start making things happen!

After you have paid for professional services (patent attorney/agent, functioning prototype, and marketing research) and verified that you have a viable product, you may be ready to approach friends and family for additional funds. At that point, you will need a polished and very persuasive presentation outlining why it is reasonable to assume that the product will generate revenue sufficient to pay the investors back, plus give them an appropriate return on your high risk investment.  Another word of advice, don’t waste your time and money on expensive business plans at this early stage….too much smoke and mirrors.

  Posted in Inventor Blog | No Comments | Email This Post Email This Post | Print This Post Print This Post

Are You Avoiding Social Media?

February 3, 2011

Avoidance can be a big mistake. If you don’t understand how social media can help your business, find out quickly. If you are not on board soon, you will be left in your competitors’ dust. Companies that get started with social media are experiencing results in terms of increased sales and visits to their websites. You don’t have to know everything about social media to get started….just GET STARTED!!!

If you don’t have a Facebook page, sign up immediately at www.facebook.com. If you don’t think your customers and associates are there, take a few minutes to read these statistics:  http://www.facebook.com/press/info.php?statistics. You may even want to look up your employees and present customers. We also highly recommend http://www.LinkedIn.com for your business. This is one of the best business-to-business social media sites.

When we receive calls from prospects for Innovative Consulting Group’s marketing services, the callers have usually searched for information about us prior to the call. It saves time explaining our services over and over and gives them confidence to pick up the phone. It is not enough to have a website anymore. Your customers and potential customers want to know more about you. Social media is where they learn to trust that you care about their needs, have experience, and are knowledgeable.

The more a company uses social media and sees the results, especially in terms of increased revenue, the more time they spend using it. You too will find that it pays to get involved.

  Posted in Business Blog | 1 Comment | Email This Post Email This Post | Print This Post Print This Post