Every year, hundreds of thousands of eager inventors around the globe spend millions of dollars seeking assistance from inventor service companies and individuals claiming to be experts in the innovation and licensing fields, though their actual success rates are poor in relation to the dollar amounts they charge.
The reality is, according to Inventors’ Digest™, while 78% of new inventors believe they will make over a million dollars with their inventions, less than 1% actually do. Marketers prey on this scenario for their own financial gain.
In Inventor Confidential, inventor advocate Warren Tuttle tips the odds back in the investor’s favor, helping them:
- Gain a much broader picture of the many current challenges that inventors face these days.
- Understand the red flags to watch out for when individuals or companies charge up front for their coaching or help-to-market services.
- See how inventors can improve their odds of licensing success by following a thorough product development protocol, creating working prototypes, and filing U.S. patents.
- Get the insider perspective on how companies determine the quality of a product submission and if they want to work with the inventor.
- Learn the 30 steps to market if you want to go it alone.
For anyone who has a great idea or invention and wants to monetize it but are not sure who to trust, Inventor Confidential will show them where to best spend their hard-earned money to maximize their odds for success.
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About the Author
Warren Tuttle, well known in the inventor community: serves as the President of the United Inventors Association, a national 501c3 non-profit dedicated to educating aspiring inventors, patent holders, makers, and product developers. He speaks regularly across the country about licensing and open innovation at Inventor Clubs, Industry Trade Shows, and, on occasion, USPTO events. Warren also serves on the Pro Bono Patent Commission and USPTO National Council for Expanding American Innovation. Currently, Warren oversees Open Innovation programs for several major US companies, including housewares industry leader Lifetime Brands of Garden City, NY. As an outside contractor, he screens and serves as a liaison for innovative external product submissions for the mutual benefit of both the companies and inventors, and he has been responsible for originating well over one hundred licensing agreements that have generated over a billion dollars in retail sales.
Table of Contents
Foreword Frank Brown xiii
Section 1 Open Innovation
1 Inside Open Innovation 3
2 Who Exactly Are Inventors These Days? 15
3 Bridging the Cultural Divide Between Corporations and Inventors 25
4 Developing Your Product (Part 1) 35
5 Developing Your Product (Part 2) 53
6 Going to Market (Part 1) 67
7 Inside the Corporate Product Review Process 87
8 Inside Legal Licensing Agreements 99
9 Going to Market (Part 2) 113
Section 2 Inventors "Beware"
10 Clever Marketers Who Charge Inventors 129
11 Inside the United States Patent and Trademark Office and Washington, DC, Politics 141
12 The Non-Profit Inventor Help Mission 155
13 SIAM 163
Section 3 Inventors "Be … Aware"
14 Industry Trade Shows 175
15 Crowdfunding 185
16 Direct Response Television 195
Section 4 Organic Innovation Matters
17 The Importance of Organic Innovation 205
18 The Future of Innovation in America 215
Special Acknowledgment 221
About the Author 234