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Make your invention pay
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October 13, 2000: 3:57 p.m. ET
Do some research before spending a lot of money to bring your product to market
By Jane Applegate
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NEW YORK (CNNfn) - Dear Jane: I've invented something that I really think will be a success, but I'm not sure what to do next. Please help.
Every year, thousands of entrepreneurs waste hard-earned or saved dollars trying to bring new products to market, usually with very little success. But there are ways to design, develop and test market a product without spending a fortune.
The secret to success is a combination of careful planning, intense market research, smart development and the ability to test-market your product before you try to mass produce it. Luck also plays a role in the game. Who ever would have predicted that Beanie Babies would become a massive fad or kids would go crazy over Japanese electronic pets?
There are many, many steps to go through before you try to obtain a patent on your invention. The first is to make sure that nothing similar exists. Too many entrepreneurs race ahead to produce products that are already on the market, simply because they didn't take the time to go shopping. No matter what kind of product you've dreamed up, do what it takes to make sure it isn't already on the shelves.
Go shopping, surf the Web, ask people and attend industry trade shows. Nothing is worse than spending money on something that is already out there.
Here are some steps to take before you invest too much time and effort in your invention:
1. Keep a detailed journal about the steps you took to come up with your idea. Write everything down in a bound book, with pages that can't be torn out. This is the simplest way to document your efforts and ultimately protect them.
2. Buy a good book on legal tips for inventors. "Patent, Copyright and Trademark," by Stephen Elias, an attorney, is a favorite of mine. It covers the basics of protecting ownership rights and provides the information in plain English. It's published by Nolo Press in Berkeley, Calif.
3. Search relentlessly for similar products in stores, catalogs and online.
4. If you don't find anything too similar, build a rough prototype or simple working model. If you can't build it, hire someone to draw a good picture of it by hand or with a special software program for designers.
5. Create an informal focus group of potential customers. Don't include family members or friends who won't want to hurt your feelings. Ask people you don't know if they would buy your product. Ask them how much they would be willing to pay for it and whether they've seen anything similar on the market. Be sure to ask the folks who you want to buy your product, parents of preschoolers, teenagers, etc.
6. Before presenting your idea to potential investors, insist that they sign a non-disclosure agreement. (Many Nolo books offer samples you can tear out and copy.) These documents don't guarantee against someone stealing your idea, but they will help if you have to take legal action later on.
7. Learn all you can about obtaining a patent. You can visit the U.S. Patent and Trademark Office Web site.
8. Don't spend all your savings on building your dream product. Remember, you'll still need lots of money for manufacturing, packaging and marketing your product.
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