Invention Expert Bob DeMatteis Think you're the next Thomas Edison? Here's how to turn your idea into a profitable product.
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You have a product idea that couldrival the George Forman Grill or Ron Popeil's Pocket Fisherman.You even think it can bring in just as much money. But you have noidea what to do next. With 16 patents to his name and two more onthe way, Bob DeMatteis, author of From Patent to Profit, offers astep-by-step guide to making your idea a profitable reality. Readon to find out how to protect your invention from others, where tofind manufacturers and how to effectively market your product.
Entrepreneur.com: A lot of times people have great ideasfor inventions but don't know where to begin. What's a goodstarting point?
Bob DeMatteis: The first thing would be to learneverything they can about inventing and patenting. Start bylearning what it takes to make an invention and turn it intosomething that's successful. Then get a patent and above all,make sure you make money on it. Learn everything you can from theperspective of making money from your idea.
Entrepreneur.com: How do you know if your invention willbe profitable?
DeMatteis: What most inventors do last is what I dofirst. I'm going to preface this by saying I have 16 patentswith two more being issued shortly. Of those 16 patents, I stillown 12 of them, and all 12 have been licensed and have producedincome or are producing income for me, all before or during thepatent pending phase. This is important because the U.S. Patent andTrademark Office says only 3 percent of patents ever make money forthe inventor. What they're saying is 97 percent result infailure, and the reason is because many inventors start developinga product based on what they think works best, get a patent andmake some prototypes. The last thing they do is see if they cansell it.
The first thing I do is get a marketing expert on my team andlisten for the four magic words: I can sell that. You can trash the70-page business plan. You can trash the $100,000 beta test plans.You can trash all that if you get the right marketing expert onyour team who says, "I can sell that." Then go and getyour patent protection in place, the license and so on.
Entrepreneur.com: How do you find a marketing expertthat's right for you and your invention?
DeMatteis: In my book, I describe 10 different ways tofind marketing experts. I'll give you the top two-this isassuming that the inventor isn't working in the field of theirinvention. Number one, go to a major national trade show, not aregional one, but don't just put your product in a booth. Gothere and get smart. Network with people. Take a look at whatmanufacturers are there, what marketing companies are there,who's selling what and so on. If you talk to these people,you'll be able to interview them in a very nice way anddetermine whether or not they have sales marketing potential totake your product on.
Number two is to get a trade magazine in the field of yourinvention. Let's say it's in the equestrian field. Go toyour local horse supply store, and ask them for a copy of a tradejournal. You can also go on the Internet. If you want to look atthe back of my book, there's a Web site there that you can goto for various trade journals. When you get the journal, call themup-you can usually get a couple of copies for free. But startby looking at the back of the magazine. There will beadvertisements from companies in the industry looking for newproducts to develop.
Entrepreneur.com: While your patent is pending, what aresome ways of protecting your invention?
DeMatteis: Initially, inventions are protected byestablishing the date of original conception. Second, you want todiligently follow through and reduce it to practice. This meansyou're going to prove it works the way you say it does. Thosetwo elements are normally done by keeping reasonably detailed logs.The next step is to file a provisional patentapplication-[they cost] as little as $75. Under mostcircumstances, it would be foolish to file a regular patentapplication in the early stages of development. It would be muchwiser to file a provisional patent application in which you haveone year before you file the permanent patent application.
After you've established the date of original conception andhave reduced it to practice, you can also start approachingpotential marketing and manufacturing partners via the use ofconfidentiality agreements or nondisclosure agreements.
Entrepreneur.com: How do you find manufacturers?
DeMatteis: The same way you find marketers: at tradeshows and in trade journals. You'll always be able to findmanufacturers, especially if you have a marketing expert who saysthose magic four words, because then everyone's going to wantto make it. When you're looking for manufacturers, it would bewise to look throughout the entire world. (You can do most of thaton the Internet.) A lot of overseas companies have import agentsthat are based in the United States.
