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So You Have An Invention
Written by: Dan MillerArticle Overview: We get a lot of questions regarding inventions: Where do I start? How can I sell my idea? Is it legal? How can I know that I am not infringing on someone else's patent? Do I need a patent?
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Free Download - Can you do that a little faster? By Dan Miller |
So You Have An Invention
While we cannot address all these questions here, let me get you started. If an invention is going to make money, it must be more than just a good idea. Store shelves are already filled to capacity, so a new product must be outstanding to attract customer's attention. Watchdog agencies like the U. S. Food and Drug Administration, OSHA, and the Underwriter's Laboratory are watching to make sure any new product conforms to local, state, and federal laws. Does your product have safety concerns?
Know your potential customers. Is the market for your product growing or shrinking. A few years ago a lady started mixing flour and clear finger nail polish. Four years later she sold that company to the Gillette company for $42 Million dollars. Today the market for Liquid Paper or White Out is shrinking, not growing.
Do you need a Patent? Many people waste time and money pursuing a patent, convinced that if they can get a patent, they will be rich. No, you can get a patent on anything that has not be patented before. Thus, you could get a patent on square wooden wheels, but I doubt that anyone would want to BUY them. A patent here does not protect you from someone in Taiwan duplicating what you have done and selling it here. Many times it is wiser to spend your time developing your MARKETING plan rather than protecting your idea.
Be careful of Independent Product Developers (IDPs) Many will lead you down the rosy red path telling you your idea is the greatest thing since peanut butter when all they are doing is extracting your dollars.
Article Tags: finger nail, flour, food and drug, food and drug administration, gillette company, independent product developers, invention, liquid paper, marketing plan, million dollars, osha, peanut butter, red path, safety concerns, store shelves, time and money, underwriter, waste time, watchdog agencies, wooden wheels
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About the Author: Dan Miller RSS for Dan's articles - Visit Dan's website Dan Miller, President of 48 Days LLC, specializes in creative thinking for increased personal and business success. He believes that meaningful work blends our natural skills and abilities, our unique personality traits and our dreams and passions. Dan is active in helping individuals redirect careers, evaluate new income sources, and achieve balanced living. He believes that a clear sense of direction can help us become all that God designed us to be. Dan is the author of the widely acclaimed 48 Days To The Work You Love and No More Mondays. He writes regularly for many popular magazines and web portals, including CBN.com, Crosswalk.com, In Touch, AARP and Success magazines and the Zig Ziglar newsletter. He has been a guest on CBS' 'The Early Show,' MSNBC's 'Hardball with Chris Mathews,' 700 Club's Living the Life and Fox Business News with Dave Ramsey Show...to hit some highlights. He hosts a weekly podcast that is consistently ranked #1 under Careers on iTunes. Dan is also a frequent speaker and guest on popular radio programs like Moody Broadcasting, Crown Financial, Janet Parshall’s America, American Family Radio, and Prime Time Chicago. Committed to personal priorities, Dan and wife Joanne have been happily married for over 41 years. Each of their three grown children works in the family business in some capacity, and they enjoy spending time with their 6 grandchildren. Click here to visit Dan's website So youre sayin theres a chance Stop Making Decisions just do whats important Find the 87 of Jobs Never Advertised Stop Singing Happy Birthday The power of a group |
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