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Resources & Web Links You’ve just come up with an idea. What to do next? There is no exact order of what you should be doing however, we like to suggest two broad areas for inventors to embark on. First, learn all you can about running a business, even if you hope to license your idea. Second, write a business plan. Even if you hope to license your idea, (and that’s actually a rarity among the successful inventors we’ve met) you’ll still need to have a plan. Here are some other things you can do. Finish all the steps in any order you like, and check them off as you go. Once you’re finished, the next step will become clear. It works! Read two books on starting a small business, cover to cover. Visit your bank and ask them for information on starting a small business. Obtain one of their computerized business plan templates. Don’t think about approaching them for a loan until you’ve completed a business plan and investigated other financing opportunities. Write down in one sentence, the kind of product you have and the general benefits your product provides without giving away specifics. This will help you in communicating to others, without giving away any proprietary information. For instance, a) a bicycle pump which can fold up and fit under a seat, thereby making it less prone to theft b) a plastic kitchen tool to make straining pasta easier, c) a board game which teaches children the alphabet. Visit a store where your product might be sold and talk to an employee or the manager about how your product might fit in and what they would need for it to sell well in their store. Talk to at least 20 people about your product (in general terms) and ask them what they would expect from it in terms of features and benefits, and what they feel would be a fair price. Summarize their comments in writing. Create a visual representation of your product; a drawing, picture, mock-up, or working prototype. Write down a parts list making sure to include all packaging materials. Create a binder with tabs for all of the information you gather about your invention. Write a list of all the distribution channels you can think of, with the advantages and disadvantages of each for your product. Consider retail stores, warehouse outlets, direct mail order, mail order catalogues, trade shows, sidewalk vendors, business to business sales, telemarketing, etc. Purchase a membership in the Inventors’ Alliance, the United Inventors Association or another business networking organization, if you haven’t already and attend meetings every month. At each meeting, get the names and numbers of at least two new people or organizations that may be of benefit to you. Create a net worth statement. Include how much you own, how much you owe, and how much you are prepared to invest in your product. Start writing out a business plan. Even if you can’t fill in all of the sections, create an outline with the different headings you’ll need. Fill in the parts you can. Just get something down on paper that you can use to a) clarify your own thoughts and b) communicate to others. Create an address list of important names and numbers and put it into your binder. It should include potential suppliers, successful business people, other inventors, and government sources of information. Find out what other companies are trying, to reach the kind of people who are likely to buy your product. Write down what they’re doing successfully, and what ideas you might incorporate. Write down at least 5 reasons why someone would not buy your product. Beside each reason, write down how you plan to overcome the hurdle. Seek out a successful entrepreneur that you admire and take him or her to lunch. Ask them as many questions as you can about what made them successful. Learn about the pros and cons of each type of intellectual property protection: patents, copyrights and trademarks. Don’t rush off to see a patent lawyer until you have talked with other inventors and developed a rough plan first. Get More Done Valuable tips on improving personal productivity by Mark Ellwood, Concept to Creation Co-op With over 50 members, this group of inventors and other experts Fraud Prevention Center Many marketing firms have taken advantage of new inventors. The Entrepeneurs Network This site provides useful tips for inventors. Take a look at the articles about licensing at: United Inventors Association A non-profit group. Look for tips and warnings about marketing companies Patent Cafe This site is packed with useful information for inventors. About.com This site contains plenty of information on famous inventions. The National Inventors Hall of Fame Newsgroups Alt.inventors, or search Googles Newsgroup archives Technology Commercialization Toolbox A document containing useful information for inventors. It relates to steps they may need to take in the process of commercialzing an invention. You can download the .pdf document from the following link: http://strategis.ic.gc.ca/SSI/be/bpguide.pdf
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