NEVADA INVENTORS ASSOCIATION

"Education, Assistance, and

Networking for the Inventor"

The Nevada INVENTOR

Official newsletter of and by the Nevada Inventor's Association

Volume: XVI No. 3 -Education, Assistance, and Networking for the Inventor- March 2004

Next Meeting: March 27, 2004 9:00 AM Washoe Medical Center Room cr102

Our web site is 'www.nevadainventors.org' Founded in 1988

We are a 501(c)6 group under IRS rules.

The purpose of NIA is to educate inventors and potential inventors through whatever means available, including regular meeting, classes, seminars, workshops, and evaluations, within NIA or in cooperation with other persons or organizations. The education of inventors, or potential inventors, may also include the publishing of written materials, such as a regularly published newsletter, flyers, notices, or letters.

Additional goals of NIA are to inform its members of private, civic, governmental, and public resources which may be of assistance to inventors; to promote a positive public image of inventors; to provide for its members a referral/resource directory; and to furnish assistance to its members, whenever possible, by directing their efforts toward the successful development of their inventions.

WHY A MANUFACTURER SHOULD CONSIDER LICENSING YOUR INVENTION by Paul Niemann a21

Paul Niemann is president of MarketLaunchers.com,

specializing in building web pages for inventors, where they can be seen on his web site's Invention Database (www.MarketLaunchers.com}.

Their Invention Database is seen by Companies looking for new products to license in. He also builds complete web sites for inventors and small businesses.

To get your own web page or web site, visit www.MarketLaunchers.com or call Paul Niemann at 1- 800- 337-5758.

ONE OF THE HARDEST THINGS for inventors to do is to pick up the phone and call a prospective licensee. Why is this so tough when the call may be the key to getting the invention to market? It's tough because of the fear of rejection.

If an inventor has a developed concept, he has a lot to offer to a licensee. "Developed' means that the invention is at least patented or patent pending with a working prototype that has been market tested or with other market research data.

Optimally, the product is already being manufactured and on the market - even if it's a test market. A successful sales record is the greatest thing you can have in your favor when approaching potential licenses. The more positive information about the invention, the less the chance of rejection.

While it's impossible to know that your product will succeed, you can maximize your chances by targeting the right manufacturer. In many cases, the "right" manufacturer may be a Small or medium sized company...not a mega corporation... because they're usually more open minded about working with inventors than large corporations are.

"Developed" means that the invention is at least patented or patent pending with a working prototype that has been market

tested or with other market research data.

Also, individual inventors have a lot to offer to a small or medium sized company.

SEVEN REASONS

1. Working with individual inventors allows a company to compete against the larger companies in their industry. It levels the playing field because smaller companies typically don't have large engineering staffs, but they need new products to sell to existing customers as well as to new markets that they may be targeting.

2. Manufacturers will have more potential new products from which o choose if they look outside their company. The average product has a shelf life of approximately three years, so companies are continually seeking new products in order to remain competitive. Some companies intentionally give their products a short life span, which explains why auto makers introduce new versions of the same car every two or three years, and clothing designers introduce new styles every year. This is called "planned obsolescence."

3. The manufacturer won't lose as such on "new product failure" as companies that rely exclusively on internal research departments to design new products. Since the product developer (describe yourself as a "product developer" rather than as an inventor") is the one who pays the development costs, the manufacturer only pays for those products that it licenses, which is usually in the form of a performance-based royalty.

4. A product developed outside the company can be brought to market quickly because the product developer has already done the market research or testing.

5. Another reason why companies need new products is copycat artists. "But isn't that what a patent is for?" you ask. I used to think so until a patent attorney told me that there are classes that patent attorneys can take to learn how to get around patents. Also, some unscrupulous companies see infringement lawsuits as merely part of the cost of doing business.

6. According to a 1982 study of 700 companies by Booz, Allen & Hamilton, ten percent of new products were "new to the world' and 20 percent were "new product lines," yet these high risk products were 60 percent of the "most successful" new products. Products licensed in from outside inventors are more likely to be "new to the world" rather than a simple product extension of a company's existing products.

7. Even the best engineers at a company only create four or five new products in any given year, and most of those never go far enough to receive serious consideration by management. What does all this mean for you, the independent inventor? It means that there is more opportunity for you to license your inventions than you may have realized and that your best opportunities for licensing are probably with small and medium sized manufacturers. . It also means that by placing that phone call you may well be offering the prospective licensee the new product he's been waiting for!

Power UP Put a little ROAR in your presentation

by Doug Comstock A17

Doug Comstock is a presentation skills coach and publicist. He assists individuals and corporations develop winning strategies. Subscribe today to his FREE inventors E-zine, chock full of marketing tips, secrets and advice on how to Present, Promote and Profit from your ideas or inventions.

E-mail IdeaBug@aol.com and place "subscribe me" in the subject window or contact Doug at 860-653-4655.

CONGRATULATIONS! YOU PURSUED the dream that woke you in the middle of the night eons ago, and now it has become a reality. You can proudly call yourself an inventor and have thousands of dollars in cancelled checks for patent fees and development costs to prove it. You imagine your invention a Commercial success and dream of lazily sitting back, lounging in the shade of a coconut tree in tropical paradise. Just as you are ready to raise the little umbrella drink to your parched lips, your spouse points to your framed patent from the other side of the room and asks, "what are you going to do now so this doesn't become the most expensive piece of artwork in the house?" You simply reply, with the dignity of any self-respecting inventor, "My Marketing Plan."

I recently attended the Yankee Invention Exposition and had the opportunity to meet Some of the most Creative people in the invention community. I spoke with more than 50 inventors/exhibitors at the exposition and, with the exception of a few, everyone there hoped to meet a product Scout, manufacturing representative or someone else who would take their idea and run with it. That was their "Marketing Plan." The question I posed to each inventor was, " What if that doesn't happen " to which the Same reply came, 'I don't know what I will do.' in this Column we are going to begin to construct a goal specific action plan to help you continue to move your invention upward and onward.

The first thing I want you to understand about yourself is this: The creative impulse that swept through your entire being and helped make your invention a reality is a gift. You not only have the ability to see a problem, you have the Creativity to invent a solution to that problem. To be an inventor is to be a problem Solver, or more accurately, a solution provider.

You are now going to turn your problem solving skills toward your marketing plan. Yes, you will he knocked down, rejected and told to go away hundreds of times along the way. Don't despair. As long as you see yourself as a "problem solver," the little voice that keeps talking to you won't let you down. You have the ability to Solve your marketing challenges, and now it's time, as Nike puts it, to "Just Do It."

As with anything in life, there are basic concepts that we must consider before we can enjoy any measure of success. Whether you intend to find someone to license your product or take your invention to market on your own, one thing is for certain. You must consider the four Ps of marketing to increase your chance of success: Promotion, Place, Product, Price. I will focus on the area of "promotion" in this column, as the other topics are addressed in other areas of this magazine.

Promotion is concerned with how yow will go about selling to your target market - how you will encourage customers (product scouts, etc.) to buy or license your invention. As part of your new marketing strategy, carefully examine every aspect of how you present, not only your invention, but also yourself, to your intended target. The reason is simple. You never get a second Chance to make a first impression.

Whether you like it or not, the people whose assistance you are trying to enlist are judging everything about you. Therefore it's essential that you make a favorable impression if you want to stack the odds of being noticed in a positive light in your favor.

Here are five often overlooked presentation success tips designed to improve your Chances of making a favorable and lasting first impression.

APPEARANCE

If you're meeting a product scout for the first time she's going to be more impressed with you if you are dressed in business attire than if you show up unshaven, wearing ripped blue jeans and a t-shirt bearing the name of your cousin's funeral home. There is a reason why George "Dubya" Bush doesn't wear red flannel pajamas, emblazoned With little cowboys, while delivering a state of the union address. We wouldn't take him seriously. White a sweater and clean pair of slacks may look nice for a Sunday drive, it's still considered casual attire. Present yourself as a professional product development specialist, not as a weekend hobbyist, by dressing and grooming appropriately.

COMMUNICATION STYLE

Do you present your invention with passion? Do you get excited about your idea when you share it with others, or do you deliver your message in a monotone, "I would rather be somewhere else," style? Do you leave upbeat, positive voice messages? Do people get caught up in the ground swell of enthusiasm when you are near? If you need coaching in the area of communication style,

I recommend you join

Toastmasters International (www.Toastmasterslnternational.org). For just a few dollars a month Toastmasters will teach you how to present with pizzazz. There are over 5,500 clubs in the world, so there's a good chance you will find one close to home.

HANDSHAKE

Although the origin of the handshake is argued, one thing is for certain. In our culture, the handshake represents a very important ritual of nonverbal communication by which we subconsciously measure another person. The proper grip should he somewhere between a knuckle crusher and a dead fish. A firm handshake will exude confidence, integrity and selfworth - three attributes critical to making a favorable first impression.

PRODUCT SELL SHEETS/BROCHURES

Every product, service or invention needs promotional literature to convince a potential investor, product scout, manufacturer's representative or buyer of its merit. The reason they dress up the menu at Bob's Big Boy restaurant with splashy, flashy pictures and ad copy is to entice you. It becomes obvious that smart inventors must also have a brochure that stands out from the pack. You are not likely to make that happen with a flyer that rolled off the antiquated copy machine at the Corner drug Store. Your local printer can help you develop eye catching, benefit rich, high content support literature. It may just add the snap, crackle and pop to your invention that puts you over the top. Your brochure will serve as a direct mail piece and can be left on tables at tradeshows and networking events, or sent to potential buyers.

BUSINESS CARDS

While you may be tempted to print your support literature on the software program you found at Stan's Bargain Bin at the mall, think again. Your business cards, stationery, labels, envelopes, presentation folders and additional support material are the way you send a handshake through the mail. Make sure you create a favorable impression by not skimping here. Your printer can recommend how to make your presentation materials look uncluttered and professional and will print them on quality stock. Ask for advice on what would make your materials stand out from the rest.

Maintain continuity with all your materials, and try not to do things the same way as everyone else. For example, let's look at your business card. Perhaps a different shape, size, fold, graphics, logo, or quote on the hack side will spice up your materiels enough to bring attention to you and your invention. Get noticed by doing things better.

Follow these few basic tips for presenting and you may just he adding the finishing touch you need to get your invention noticed so that you can get back to more important things, like kicking back and finishing that little umbrella drink.

To go to the main Page or goto Newsletters