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September 2024 - ISC Newsletter
September 2024 Inventor Smart Community Newsletter – Expand Your Market Potential, Inventor Spotlights, and More!
September 2024
Whether you’re an experienced inventor or a newbie who just came up with your first big idea, the Inventor Smart Monthly Newsletter is for you!
Evaluating Your Invention’s Market Potential
When evaluating your invention’s market potential, start by considering whether it can be applicable to multiple industries. Think about various uses and possibilities for your product. For example, a cane designed for the elderly could also benefit people with leg injuries or recent surgeries. This opens up opportunities to sell your product in diverse locations such as drug stores, hospital gift shops, medical supply companies, and mass-market retailers.
Explore different ways to make your invention appealing to a broader audience to maximize its market potential. Be prepared to test various applications and markets, keeping what works and adjusting what doesn’t. As you proceed, brainstorm at least three different market segments or types of users for your invention, and consider the different ways it can be utilized and sold.
Evaluate various distribution channels and their potential effectiveness. Ultimately, understanding the full market potential involves experimentation and adaptation.
Questions to Consider:
Who is your invention for?
Is it possible your invention can be used in more than one way? How many different ways can your invention be used?
Where can your invention be sold?
How many types of distribution channels can it be sold through? Does one way have more potential than the other?
Your invention is brand new and nobody has the answer until you try. But it’s good to have these thoughts and answers on your mind right now.
How Can You Promote the Market Success of an Invention?
Without inventions, there would be no innovations. Inventions are the starting point for any innovation because they have the potential to solve a problem or fill a gap in the market. They are the driver of economic growth and progress.
A successful invention requires:
Thorough research and development.
Robust planning from idea to market launch.
A clear objective that builds on the organization's innovation strategy.
It is important to know the market and the target group in order to develop a suitable solution for their needs. In addition, you should find out about possible competitors and patents. Cooperation with experts and investors can also help to increase the chances of success.
Inventor Spotlight: Kim Meckwood and Click & Carry
Join us as we explore the innovative world of Kim Meckwood, the creator of Click & Carry, on the next episode of the Inventor Spotlight Podcast, hosted by Samantha St. Raymond. Click & Carry is a versatile handle that simplifies the task of carrying multiple bags simultaneously. Its unique design allows for comfortable hand and shoulder carrying, proving essential for everyone from busy parents to sports enthusiasts.
Kim's invention was born from the inconvenience of juggling multiple shopping bags. Her idea quickly evolved into a multi-purpose solution that aids not only shoppers but anyone needing an extra hand. Whether it's groceries, paint cans, or sports gear, Click & Carry offers ease and efficiency. Visit the Event Page for more details.
When: Fri, Sep 20, 2024, 10:00 AM (EDT)
Where: Youtube & Inventor Smart Community App
Add this event to your calendar to not miss out: Add to Calendar.
While waiting for this episode, catch up on our previous episode: Inventor Spotlight EP5 | Steve Ayre's Smile Glides: Bringing Joy to Mobility Aids.
Exclusive Opportunity for Premium Insider Members: Join the Inventor Spotlight Podcast to showcase your invention and connect with our community. Sign up here. Discover more about Kim’s entrepreneurial journey in our Inventor Spotlight article.
Ready to accelerate your inventor journey? Boost your Inventor Smart experience with exclusive, special benefits:
🔍 Monthly expert Q&A sessions.
🌟 Spotlight features and app visibility.
🎓 Free access to the Inventor Class masterclass.
💸 Discounts at InventorMart and with Brian Fried, The Inventor Coach.
Understanding Royalties in Licensing Agreements
What is a royalty? A royalty is the compensation paid by a licensee to a licensor. It can be in the form of cash or other property or rights held by the licensee.
Cash royalty payments are typically made in one of three ways: as a series of payments over time based on the production or sale of a licensed product (a "running royalty"), as fixed annual or milestone payments, or as a lump sum. Running royalties are paid as a percentage of the revenue received by the licensee for sales of licensed products (e.g., 5% of net sales) or as a fixed amount per unit sold (e.g., $1 per unit).
A "period payment," another common type of payment, involves a fixed annual payment specified in the license agreement, not based on unit sales. Milestone payments are made when the licensee reaches specified sales milestones, either in total or on an annual basis.
Lastly, a "lump sum" payment covers license rights for a specified period. It's also common for an initial payment to be made upon execution of the license.
Learn more about the basics of licensing from the Licensing Executive Society (USA and Canada), Inc.
Recap of August’s National Inventor Club Meeting
In our latest gathering, we were privileged to host Peter Mehravari, the Director of Policy and Legal Affairs for the International IP Alliance. Peter enlightened us with his profound insights on leveraging intellectual property to gain a competitive edge, emphasizing the crucial interplay between innovation and IP rights protection.
Meeting Highlights:
Insightful Presentations: Our sponsors and guest speakers from the USPTO, SBDC, and SCORE shared invaluable tips and strategies for monetizing and protecting ideas, patents, and trademarks.
Covered Topics: Discussions spanned a variety of essential subjects, including:
Strategies for making your ideas competitive
Utilization of the USPTO IP assessment tool
Peter Mehravari’s experiences with global IP protection
Methods for safeguarding IP on international platforms
Missed the event? Catch the full recording here. We invite you to share this learning opportunity with peers and colleagues who could benefit from these insights.
Thank you to everyone who participated and contributed to a successful event. Your engagement fuels our community's continuous growth and innovation. We eagerly anticipate your participation in future events.
Become a NIC Member to stay connected and be the first to know about upcoming events and opportunities!
Upcoming NIC Event: Waiting for Announcement
Stay tuned for the announcement of our next exciting event. Be sure to check the event listings regularly at https://app.inventorsmart.com/events and keep an eye on your email for updates. We promise another engaging and informative session, and we can't wait to share more details with you soon!
The Got Invention Show
The Got Invention Show features a 30-minute interview where an inventor promotes an invention, seeks a licensing deal, or looks for distribution opportunities. Host Brian Fried focuses on his guest’s challenges and solutions. He asks about their journey, where they are right now, and what will come next. He invites guests to offer words of wisdom to viewers and listeners.
In the latest episode, discover how KATO Fastening Systems has transformed thread repair with their groundbreaking innovations. President Al Qaqish shares the inspiring journey of KATO from a simple idea to a global industry leader. Learn about their patented Tangless MRO/Thread Repair Kit and other innovative products that deliver superior locking force and quality. This episode is a deep look at the brilliance behind KATO’s success in revolutionizing industries like aerospace and defense.
Be Our Guest on the Got Invention Show!
Are you ready to showcase your invention to the world? Secure a spot on the Got Invention Show and share your prototype or product with over 100 million households. Join host Brian for a 30-minute interview that will be broadcast across a variety of platforms, including Amazon Fire, Roku TV, YouTube TV, and soon Apple TV. Plus, the audio version of your interview will be available on Spotify, iHeartRadio, Google Podcasts, Apple Podcasts, and Amazon Music. This is a unique opportunity for great exposure at a minimal cost. Enhance your product’s visibility and appeal now!
Director's Blog
Expanding USPTO's Reach: Global Engagements and New Regional Offices
The USPTO, through its Office of Policy and International Affairs, actively engages with international intergovernmental organizations to advance global intellectual property (IP) standards. We lead negotiations at the World Intellectual Property Organization (WIPO), assist in the IP provisions of international trade agreements, and support empirical studies on the economic impacts of IP. Our work extends to multiple forums:
In addition, we are excited to announce the expansion of our regional outreach with new offices opening in Atlanta and Strafford County, New Hampshire. These new locations will enhance our ability to support inventors and entrepreneurs locally. Learn more about our new offices and how they can serve you:
Words from an Inventor
Evelyn WilsonInventor – Premium NIC MemberPhiladelphia, PA
A retired licensed nurse turned inventor, Evelyn is a proud patent-pending Premium NIC member on a serious inventing journey. She joined the Inventor Smart Community to connect with like-minded inventors and leverage the resources available to help achieve her goals.
Elevate Your Invention Pathway with Premium Insider Access
Transform your inventive concepts into realities. Become part of our exclusive Premium Insider circle and access a wealth of specialized resources and benefits.
Invention History: George Eastman, Founder of Kodak and the Revolution in Photography
George Eastman, the visionary behind the popularization of photography
In 1888, George Eastman made a significant leap in the world of photography by inventing a new type of dry, transparent, flexible photographic film that could be rolled. This innovation was crucial for the mass adoption of photography, making it accessible to amateurs and professionals alike.
Eastman's invention laid the foundation for the portable Kodak camera, which was simple enough for anyone to use and dramatically expanded the photography market. His work not only changed how photos were taken but also influenced the development of motion picture technology.
George Eastman was also among the first American industrialists to hire a full-time research scientist. This decision led to the perfection of the first commercial transparent roll film, which directly enabled the creation of Thomas Edison’s motion picture camera in 1891.
Stay Connected with the Inventor Smart Community
Read on for more upcoming events and highlights from the Inventor Smart Community App. Don't miss out on our latest workshops, networking opportunities, and exclusive resources designed to propel your inventing journey forward!
Book Club Meeting: September 2024 Meetup
Join us on Tuesday, September 24th, at 8 PM ET for our monthly Book Club meeting. Stay tuned for more exciting details coming soon!
Event Details:
Date: Tuesday, September 24th, 2024
Time: 8 PM ET
Location: Zoom - Join the Zoom Meeting Here
Don't miss out on this opportunity to connect with other inventors and learn from each other. More information about the book will be shared soon, so stay tuned!
Add event to calendar
Replay: August 2024 Book Club Meeting
If you missed our August meeting, you can still watch the engaging discussion on "The Secrets to Writing a Successful Business Plan" by Hal Shelton. Discover expert strategies on how to create effective business plans that stand out and yield results.
Access the replay to gain valuable insights, whether you're a seasoned inventor or just beginning your journey. This session is packed with actionable advice to enhance your business planning skills!
Ask an Expert: Q&A Session with Brian Fried - The Inventor Coach
Join us for an exclusive Live Virtual Hangout with Brian Fried on Monday, September 30th, 2024, at 8 PM ET. Bring your inventive queries and ideas to this interactive Q&A session, and dive into the realms of invention and entrepreneurship with an expert who has turned visions into viable ventures.
About Brian Fried:
Known as "The Inventor Coach," Brian is not only a prolific innovator with 15 patents but also a seasoned mentor in the invention community. His books and speeches have guided many through their inventive journeys. Discover more about his contributions and the Inventor Smart Community app, designed to unite and uplift inventors globally.
Explore detailed event information and submit your questions in advance here: Event Details.
Add this event to your calendar:
Missed the Live Q&A with Brian Fried? Watch the Replay! 🎥
We had an amazing session last month with The Inventor Coach, Brian Fried, who shared incredible insights and answered live questions from our community. Whether you joined us live and want to revisit the highlights, or if you couldn't attend, don’t worry—we’ve got you covered!
This is a great opportunity to catch up on all the expert advice shared during the session. Keep your ideas moving forward and stay inspired!
Watch the full recording below and feel free to leave any additional questions in the comment section—we’d love to continue the conversation!
Watch Replay: https://app.inventorsmart.com/posts/1363
Proud Sponsors and Supporters
We are grateful for the support from our esteemed partners who provide valuable resources and special offers to the Inventor Smart Community and National Inventor Club. Check out their services and take advantage of the exclusive benefits available to our members.
Fiverr: Get access to a vast marketplace of freelance services. Use our exclusive link for special benefits.
PickFu: Obtain instant consumer insights on your product designs, images, and copy. Use coupon code INVENTOR for a special discount.
Soona: Create high-quality photos and videos for your products with ease. Explore special offers through our link.
PatentAwards: Celebrate your patent achievements with beautifully crafted awards. Check out exclusive offers for our community.
The Patent Professor: John Rizvi offers expert patent law services. Discover more about protecting your ideas through our link.
Invent Buddy: Find experts for each stage of your invention journey. Whether you have a big idea or need help with development, Invent Buddy is here for you.
Inventor Mart: Shop for designs and merchandise made specifically for inventors! Show off your hard work with products that celebrate your creativity and innovation.
Prototype House: Manufacture your invention! Get your product to market faster with expert inventor help. Speak to the experts now.
Sponsorship Opportunities
Interested in promoting your product or service in our future newsletters? We offer exclusive sponsorship opportunities to help you reach a targeted audience of inventors and innovators.
Contact Us or call (631) 565-7074
Download the Inventor Smart Community App
Stay connected, access exclusive resources, and join a vibrant community of inventors. The Inventor Smart Community App is your hub for networking, learning, and sharing ideas.
Don't miss out – download the app now and take your inventions to the next level!
Step Up Your Inventive Game as a Premium Insider
Ignite your creativity and bring your inventions to life! Join our Premium Insider community for exclusive access to resources that propel your ideas forward.
Brian Fried's Latest Book
Discover the insights and strategies from Brian Fried, "The Inventor Coach," in his latest book. Whether you're just starting out or looking to enhance your invention journey, this book is packed with valuable advice.
Order your paperback or Kindle copy now!
InventorMart
A shop for Inventors, innovators, and patent holders. You've worked hard on your invention, now you can wear DESIGNS & MERCH made with you in mind! Find shirts, hoodies, sweatshirts, hats, stickers, blankets, and over 1,000 unique items to show that you are proud to be an inventor. Check out InventorMart at InventorMart
About Brian Fried
Brian Fried, known as "The Inventor Coach," is a highly accomplished innovator, author, and speaker. With 15 patents to his name, he has successfully licensed and manufactured his own inventions, gaining recognition through QVC, infomercials, catalogs, and major retailers. For over 18 years, Brian has been working closely with inventors, providing one-on-one coaching as an invention licensing agent and guiding inventors in commercializing their ideas into tangible products.As an expert speaker, Brian captivates audiences with his engaging talks on innovation and invention. He has authored three books, offering practical advice and strategies for aspiring inventors. In addition to his speaking and writing endeavors, Brian hosts the "Got Invention Show," a platform that showcases inventors and their creations, providing them with valuable exposure. Brian is the founder of the National Inventor Club, a community that supports and connects inventors, fostering collaboration and networking opportunities. He serves as the Chief Invention Officer of Inventor Smart, an invention consultancy that assists inventors in bringing their ideas to fruition.In October 2023, Brian officially launched the Inventor Smart Community, an innovative social media and resource center exclusively designed for inventors. The app, now available for download on Google Play and the Apple App Store, aims to create a vibrant community where inventors can connect, share ideas, and access valuable resources.With his extensive experience, resourcefulness, and commitment to helping inventors succeed, Brian Fried has become a trusted figure in the invention industry. Inventors and aspiring innovators can rely on his expertise and guidance to navigate the complexities of the invention process and turn their ideas into reality.brianfried.com | inventorsmart.app | Linktree | [email protected]Let's stay connected on LinkedIn
Sponsorship Opportunities
Interested in promoting your product or service in our future newsletters? We offer exclusive sponsorship opportunities to help you reach a targeted audience of inventors and innovators.
Contact Us or call (631) 565-7074
Thank you for reading the September 2024 edition of the Inventor Smart Community Monthly Newsletter!
Stay connected with us by subscribing to our newsletter on LinkedIn HERE
Inventively Yours,Brian and the Inventor Smart Team
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