Source:
https://www.podbean.com/eau/pb-tzmvm-111072d
Episode Twenty Four features Brian Fried talking about Inventing and how that you can bring your product to life and profit from it!
My Key Takeaways:
Brian was a great guest and had a lot of actionable information to use when working on your invention.
Brian started to realize that the things that he was coming up with were from things that annoyed him. He saw things being done a certain way that could be done differently. He started to jot them down and from a marketing perspective, think about how others might use his idea, and if it's something that's relevant and going to make him money in the market.
Brian gave one example as his Paper Towel Topper. Everyone has papertowels in their homes and most of them are on vertical rolls where someone has to grab the top to tear a sheet off. Often their hand are dirty so the tops of the paper towels get disgusting. Brian came up with a cap that goes into the inner tube of the paper towel roll and covers the top of the roll.
Brian helps Inventors decide if their Invention is worth going forward with as well as whether they should make and sell it theselves or whether it should be licensed.
One of the biggest shortcomings that he sees with Iventors is that they fail to o the due diligence effectively to see if their product already exists.
Brian also tries to protect his inventions the best that he can with patents and trademarks. Anyway can make a Snuggie but the name itself differentiates it from others on the market. Noone else can make something and call it a Snuggie because the name is a registered trademark.
Brian advises the following steps after you come up with your invention: 1. Challenge if it is already out there. Can you get some intellectual property protection? You can do this by doing traditional Google searches, Google image searches, USPTO.gov and Patents.google.com 2. Make a prototype and get it as close to functional as possible by using already existing materials (ripping stuff up) or 3D printing some or all of it. 3. Protect the idea with a Provisional Patent which gives you one year to explore the market and be 'patent pending.' 4. Then work with product designers or engineers to figure out if you want to manufacture or license the product. If you are going to license it you must have intellectual property to earn royalties. If you're going to manufacture it yourself, you need to be able to: Connect up with a manufacturer, handle theinventory that comes in. packaging, barcoding, all the logistics of inventory and warehousing and shipping and accounts payable, accounts receivable, the marketing, the advertising. You also have to challenge if the product can be nmanufactured for a profit.
Brian see's Inventors all of the time that want to have their invention made in the USA but it is not economically feasible. If it costs me $5 to make and a consumer is going to pay no more than $5. Then it's tough. Nobody wins. I can't be in business and you can't buy my product. So sometimes you have to go overseas.
Brian's company, InventorSmart.com can help inventors with marketing their ideas by providing patent attorneys, prototyping, marketing, social media, websites, etc. Brian also provides individual coaching services via BrianFried.com He said that he is always open to a phone call with inventors to discuss how or if they should proceed with idea.
He also has two books out on Amazon: You And Your Big Idea and Inventing Secrets Revealed. Both came out in 2008 and 2016, respectively. He has a third, unnamed as yet book at the Publisher.
To learn more about Brian Fried, he can be reached at BRIANFRIED.com and InventorSmart.com. If you want to take a class he offers InventorClass.com. He also hosts The GOT INVENTION SHOW and GOT INVENTION RADIO.
Now next week, we'll have on Sarah Crique talking about how she retired and went on to launch her own clothing business, SEAMS NYC! Be sure to hit subscribe in your podcast app so that you don't miss it or any other episodes.
Show notes and more can be found at EntrepreneursOver40.com
