www.inventorsmasterclass.com Open in urlscan Pro
104.21.75.172  Public Scan

Form analysis
0 forms found in the DOM

Text Content

Four Things You Must Do Before You Patent a New
Idea ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌

View in Web Browser


NEGOTIATING INNOVATION

For Inventors Who Want to Commercialise their Intellectual Property



𝗙𝗼𝘂𝗿 𝘁𝗵𝗶𝗻𝗴𝘀 𝘆𝗼𝘂 𝗠𝗨𝗦𝗧 𝗗𝗢 𝗯𝗲𝗳𝗼𝗿𝗲 𝘆𝗼𝘂 𝗽𝗮𝘁𝗲𝗻𝘁 𝗮
𝗻𝗲𝘄 𝗶𝗱𝗲𝗮.

𝘿𝙤 𝙮𝙤𝙪 𝙧𝙚𝙢𝙚𝙢𝙗𝙚𝙧 𝙮𝙤𝙪𝙧 𝙛𝙞𝙧𝙨𝙩 𝙙𝙖𝙩𝙚?

Do you remember how much effort you put into preparing for that first time? Do
you remember how embarrassed you felt later when you realized what you did and
didn’t do, as a result of your naivety? How would that have gone if you had been
given some help in preparation, protocols, practice, and even some resources
(like cash) to make it more likely to be a date to remember – for the right
reasons……

Raising money for your project is a lot like dating. You might spend an
inordinate amount of time getting ready to meet that special someone (who
invests in projects like yours) and you want to make a good first impression.
That all makes sense when you are trying to turn a casual meeting into something
long-term - such as turning a prospect into an investor.

If you were asked on the first date to commit all of your next year’s income to
make mortgage payments on that girl/guy’s house – without knowing if there is
anything special between you (trust me – making a year’s mortgage payments will
keep you in favor – what exactly for is something else, perhaps). It doesn’t
make sense, right?

Most of the inventors who contact me for help, have already taken the equivalent
of “everything they can afford to spend and more” and committed it to patenting
their wonderful idea before they can be sure the idea could be worth anything.
Sure, they have been told by someone in authority that the idea is a good one –
that person is usually the Patent Attorney they are sitting across from, about
to sign away all of their resources to protect something they still can't put a
value on……

It's crazy, right? You would never do that, right? Perhaps you know someone who
has done this and is now looking to do something with this piece of paper called
a patent. The last thing they want to hear is that 98% of patents are not able
to generate sufficient income to cover their patent costs in their first 5 years
of patent life (US Patent Office, 2001)

If you could counsel that teenage you who was starting out for their first date,
what would you suggest? More research? Have a mental checklist (our social
normative values already give us some of that) and perhaps know where to look
for a more suitable partner…..?

Let’s focus on your invention…… Before you rush to patent, there are several
things you need to do, to make sure that what you will end up owning (and
spending big dollars to protect if you are challenged) will be worth something.
You need someone without a vested interest in your patenting process to convince
you your invention could be one of the 2% of patents that will generate
sufficient returns to pay for the patent costs. That’s common sense, right?

You should get a checklist of things you must do before you rush off to patent
that new idea. This will make sure that you only spend your money on something
that has a good chance of being commercial, as well as help you stay away from a
business model that will put you among larger multi-national players who can
crush you, or drop you into an industry where regulations can drag your project
out for years.

I hope you can use this checklist to help focus your limited resources and make
your next project capable of funding many more to come.

Four things you MUST DO before you patent a new idea.

𝟭. 𝗠𝗮𝗿𝗸𝗲𝘁 𝗩𝗮𝗹𝗶𝗱𝗮𝘁𝗶𝗼𝗻 

a. What is the problem it solves

b. Who has the problem

c. How necessary is fixing this problem?

d. How do they solve it now

e. How much do they pay to solve it

f. How often will they need to buy this solution

g. How much cheaper/more effective is your idea, at solving their problem?

h. Given a conservative % of buyers have indicated they will switch, what is the
value (pa) of the sales and net earnings potential for the project? 

𝟮. 𝗜𝗻𝗱𝘂𝘀𝘁𝗿𝘆 𝗮𝘀𝘀𝗲𝘀𝘀𝗺𝗲𝗻𝘁 

a. Who provides the solution now – who supplies them

b. How big are your competitors

c. Is there something the buyers must also buy at the same time?

d. How do the competitors get their solution to the buyers

e. How can you get your solution to the buyers?

f. What approvals do you need to build and sell this? 

𝟑. 𝐏𝐫𝐨𝐨𝐟 𝐨𝐟 𝐂𝐨𝐧𝐜𝐞𝐩𝐭

a. Do you have a model of it

b. Can that be used to prove to buyers that it works?

c. Has anybody independently qualified the buyers’ intentions?

d. What price will make them happy to switch to your product?

e. What variants will they need to switch their buying to your product?

f. What other reasons do they have for buying from their current supplier? 

𝟒. 𝐎𝐰𝐧𝐞𝐫𝐬𝐡𝐢𝐩

a. Can you contain this as a trade secret? For howling?

b. Can you trademark the name/logo/can you get the website?

c. Can you tie down related parties with NDA during the R&D period

d. What Countries will you ultimately need protection in? 

e. Given the cost of patent protection, what is the true net present value of
the project, using (discounted)future cashflows from sales, licensing, and later
a trade sale?

 

Book Free Strategy Call

Want to learn more? 

 

 * Check your project for commercial-readiness with our free 6-page report:
   https://innovationsuccess.scoreapp.com/  
 * See if you are eligible for the program: www.academy30mins.com 
 * Be part of our community by joining our groups:
   https://www.linkedin.com/groups/8531890/ and
   https://www.linkedin.com/groups/40975/ or 
 * Subscribe to our weekly newsletter:
   https://www.linkedin.com/newsletters/negotiating-innovation-6951032646961360896  

Unsubscribe | Sent by Kickstart Plus Pty. Ltd. trading as The Inventors Academy
Level 11, 125 St Georges Terrace • Perth, Western Australia • 6000