Suggestions for Inventors

The Ultimate Inventor’s Handbook page 202



• Keep a bound inventor’s journal

• Don’t disclose your invention until your patent is applied for

• Go meet your local SBDC consultant

• Join an inventor’s organization

• Set “SMART” goals

• Write a business plan

• Conduct a patent search

• Don’t accept inadequate financing

• Get help where you need it

• Get all the free advertising you can

• Don’t delay – time is of the essence

• Beat your competitors in the marketplace

• Go to a patent depository in your state

• Make sure all deals are beneficial for both parties

• Understand the importance of effective marketing

• Prepare a creative brief

• Study the distribution channels available to you

• Use public-relations (PR) whenever possible

• Find others who can fill in for your weaknesses

• Think of your invention as a business

• Calculate the present value of your invention business

• Use your financial statements

• Take steps to increase the value of your invention

• Get all the intellectual property protection you can get

• License your invention to another company if you can

• Reasearch your potential licensee before contacting them

• Use equity financing when you can

• Remember that the consumer is the King

• Frequency is more important than reach

• Conduct more market research