Inventing

[Forrest]

Hello all,

I have been reading StevePavlina.com for a while and for the most part, I find it to be full of excellent advice. I was especially inspired by the idea of becoming financially independent. (aren't we all?)

I wonder if anyone has any experience with entrepeneurship with regards to technological product invention, as opposed to ad revenue from blogs and things like that. I am an undergraduate Electrical Engineering student, and I have some ideas for some neat products, but I have no idea how to take an idea and turn it into investment capital/patents/intellectual property/profits etc.

Has anyone had any experience with this?

[boris]

Have you seen the reality show American Inventor?
It seemed to me that having a successful invention will be much harder than creating an online business.

[TheColonel]

Inventing is a very difficult way to make a living. You have to constantly be on the lookout for capital. It's helpful if you're good at sales or have people around you with money who believe in you.

[ahimel]

Read The Mom Inventors Handbook. Even though you're not a Mom, most of the advice in there will still work for you. The book assumes that you have a great idea that you've developed in order to make your life easier, and you think it would make other people's lives easier as well. But you have not the foggiest idea how to go about (a) mass-producing it, (b) shipping it, (c) selling it, (d) getting it on store shelves, (e) designing packaging, (f) patenting it.

So it walks you through those steps, and provides resources for doing your research.

[ninesuns]

Hi Forrest

A year back I consulted for a client for 12 months on commercialising two such inventions. I'm no expert but I did learn a lot in those 12 months.

Protecting your IP and the legal side of things is by far the most important thing you can do. Astute investors and companies you are looking to license/sell the idea to, look for two main things.

1. How solid is your IP position/protection and; (Is my investment safe)
2. How solid is your sales forecasting model (Is this going to make any money)

You can do it all yourself but having investment from an astute Angel is often good for two main reasons.

1. Protecting your IP is not cheap
2. Acccess to their networks, skills and experience (Often with other entrepreneurial ventures)

My advice would be to:

• Check on-line to see if someone has already patented the idea

• Develop a solid prototype (or at least prove it can work)

• Write a good business plan with a solid forecasting model (We will achieve 2% marketshare within 3 years is not a solid model)

• Develop a good presentation (Focus on IP and Sales Forecast)

• Find if there are any Govt Agencies or Organisations that provide resources or funding:
  • In Australia The Govt at all 3 levels have many grants for these projects
  • We also have the Triton Foundation

• Pitch to Angel Investor Forums like the Founders Forum

If you have any more specific questions you can PM me or we can continue the thread.

[Bruno]

Just to clear things up: IP = Intellectual Property

[ninesuns]

IP does indeed = Intellectual Property