Unfortunately there are many scam companies out there who prey on the hopes and dreams of inventors. However, they can not be determined solely on their practice of charging fees. It is their reputation and success that must be judged. The invention business is highly risky and you will have to pay the price. If a company,who has success in bringing similar products to market charges fees to help you, I think that is respectable. They are in the business of giving you the opportunity for success, however, they can not make a guarantee. It is for that opportunity that you are writing a check.

So my advice is to thoroughly investigate the company you select. It will not guarantee your success, but it will give you the peace of mind that you hired a qualified company to give your product the best shot at making it to market. Alternatively, save the money and do the work yourself.

Also, I noticed that Michael Collins has a “Sell Sheet” up. It is a good demonstration, but it should be qualified as a sell sheet for people who are attempting to license their inventions. If they are mfg. their product, it would not be the same format for a sell sheet on an item/line.

Lisa

by Michael Collins, CEO of Big Idea Group and author of “The Million-Dollar Idea in Everyone.”

Though there is no formula for creating the perfect sell sheet, attached is a sample for your review. This one includes the following:

• Inventor contact information.
• A visual of the product. To create the “Watering Hole,” the inventor simply took existing toys cut and glued them together to make what appears to be a functioning outdoor sink. The garden hose is actually taped to the bottom of the play structure.
• Key elements: what it is, how it works, and what the major benefits are.

Inventions happen when you are whacked at the side of your head by ideas which inspire you to immediately get down working in order to transform them into workable reality. Ideas can come out of the blue or by deliberate processes like brainstorming, free-association, long walks and long hot baths. These are the tried and tested methods which produce a breakthrough occasionally and now there is ‘Edgecraft’ a method which can churn out lots of effective ideas that can be readily and inexpensively implemented to substantial profits.

Edgecraft is a methodical process taught by Seth Godin, prominent speaker and best-selling author of business books, who shot to fame as an author of note with his book on permission marketing. This method enables an individual to come up with soft innovations. Anyone can do it and it is very simple to learn.

Edgecraft involves finding the ‘edge’, also called a ‘free prize’ because it is an innovation just waiting to be discovered at the very edges of an existing product or service. Edgecraft involves discovering this ‘free prize’ or ‘edge’, in an unrelated industry, which has made the original service/ product remarkable. Then relating that edge with your own consumers and figuring out ways to implement it in your own product or service.

Go as far as your consumers allow. Your product already exists you just need to discover and connect it with those soft innovations that are there at the edge and would delight consumers. You will be able to think up hundreds of such edges which you can combine or take away from your product or service. Once you have marked out the desired edge all that is needed is someone who would back it and convince others so that it is implemented.

With Edgecraft you can come out with innovations which will set people talking about and that will be the grand prize because if something gets talked about, it is a success!

by Michael Collins, CEO of Big Idea Group and author of “The Million-Dollar Idea in Everyone.”

When the Hunt criteria and prizes are agreed upon by the client, we announce the Hunt to the inventor community. Then we wait while thousands of inventors from across the country (and some from across the globe) start dreaming up ideas and solutions. In the early days of running these innovation contests, I sometimes feared we would not receive many submissions or that the ideas would not be worth showing to the client. I have since learned to trust the inventors in the Big Idea Group network who never fail to impress me with their creativity and effort. Those who do particularly well, however, tend to do the following:

1. Follow the rules. One of the primary benefits of Open Innovation is that you have a client telling you exactly what they want—and are ready to buy. To make the most of that opportunity, follow the guidelines as closely as possible. Now I recognize that sometimes a good idea fits most, but not all of the requirements given. That is okay. We still want to see those ideas. But submitting something totally off course, like fishing gear to a garden tools Hunt, for example, is not going to work. (If you have a great idea that does not fit a Hunt, schedule time at one of our Big Idea Group Roadshows instead.)
2. Do your homework. Just as you would with an invention of your own, look in stores and look online to see if your idea is already out there. One tip for online research is to put the product benefits into your keyword search criteria. For example, if you search for Racquet Smackit, the name of your new tennis teaching tool, you probably will not find a match. But if you look for keywords describing your idea such as racquet, slice, training, you will find a few products with similar descriptions already on the market.
3. Look for prior art. You do not need to hire someone to do an exhaustive patent or trademark search, but a layman’s online search for prior art is recommended. If you find something similar but are not sure whether or not your concept infringes on the intellectual property, make a note of it in your submission and we’ll take a look at it ourselves.
4. Create a visual. Again, you do not have to spend a lot of money to get your idea professionally rendered, but a visual image created with Photoshop, clip art, or a picture of your popsicle stick prototype will go a long way towards helping us understand what your idea is. When we are sitting in front of stack of submissions to review, those with pictures or sketches are much easier to digest.
5. Give it to me in 10 seconds or less. Although in our sample submissions, we ask for marketing ideas, competitive products, and a variety of other specifications that may take several pages for you to explain, those details simply help us dig deeper once we have an understanding of what your basic product concept is. A quick sell sheet on top of the submission with a picture and a list of benefits is a tremendous asset in helping us quickly assess the viability of your idea.

Although we get hundreds of submissions for each Hunt, we do read through each and every one of them. Following these guidelines will help you create a more memorable presentation and help us to quickly assess the overall potential of your idea.

Invention involves creation, development and growth. Since the roots of inventiveness lie in the human mind, the basics of invention also lie in the characteristics of the mind. These are attitudes which help inventiveness thrive.

Inventors have long been perceived as people in search of answers and solutions. That’s important, but what‘s equally if not more important are the questions. Before the answers, come the questions. It’s the quality of questions that decides the quality of the answers. Great thinkers and inventors have always asked questions which regular folks did not even imagine or dare to ask. Such questions have lead to historic breakthroughs down the ages. Effective inventors do not take the reality around them for granted; they are always busy questioning and figuring out new and better alternatives.

Saying that creative thinking is important is stating the obvious. What is actually more important is to understand where this creativity comes from? If you get around to thinking about it, the answer will be, it comes from a sense of wonderment. Wonderment excites, energizes, motivates and frees your thinking to soar beyond all imagined limitations and enter into a magical zone of where you can ideas ranging from useful to revolutionary.

Finally persistence, which is the key to success in all walks of life. Hard work does not have any substitute. You have to keep working on your ideas, developing them at every opportunity and against all limitations and failures. That’s the only way you can make it through to the end you desire, else your idea will stay in your mind and wither away.

So Ask, Think, Work and Create.

The Internet has overwhelmed our life in such a way that we have forgotten how helpful the good old library can be for research purposes. The internet has been a boon for inventors but the library still has its strengths that would be valuable to inventors.

The most obvious things that libraries provide are books of course! Complete books which are not available on the net, not all of them and not for free. A number of very helpful books can only be bought and they are usually expensive and published in limited quantities, or found at libraries. Books can provide the kind of in-depth data that may not be available on the internet. There would be times when your local library would not have a title that is required by you but libraries often network with other libraries where they can loan books that they do not have from a library that has it. Besides, several libraries also provide access to internet facilities so inventors who do not have a computer or an internet connection can get access at the library.

At your local library you would be able to find books detailing how other people have turned their ideas into reality. Though their product maybe different, their stories would provide you with invaluable insights into the process. You can also find detailed information about the kind of product you are working on, its industry and the various companies that manufacture and/or market it. The more you know about similar products out there the more effective product you can come out with and there may be cases where you realize that the idea you are working upon has already been patented, then it would be time to move on.

Librarians are people trained to find information. They are very likely to find you sources of information which you may have missed out, like maybe, some titles you never knew existed, a chapter or two in a book which you would not read, may contain the information you were looking for, same with magazines. You can also put in a request to subscribe to a publication that would help in your work. It can also be something as apparently simple as using the right terminology which a librarian can be very good at.

Then there are the big libraries with departments or librarians dedicated to business matters. Such libraries have subscriptions to various publications and websites which would be very expensive for an individual. These places are a gold mine for substantial information.

by Michael Collins, CEO of Big Idea Group and author of “The Million-Dollar Idea in Everyone”

Once we decide to stage a BIG Hunt, we work with the client to put together some guidelines for the contest and to decide on a prize structure. We have learned over the years that we are more apt to receive submissions that meet the client’s needs and have a good chance of being implemented if we provide a clear set of requirements. Below are a few of the key elements we focus on:

• Function. In the Staples’ Manila File Folder Hunt, the client wanted to increase sales of this well-known office product by adding features, but the winning submission could not change the function of the manila folder (hold and organize papers), add costs to the manufacturing process, or add features that would necessitate a change in supplier. In the Bell Bicycle Accessories Hunt, the client wanted accessories that installed easily and could be added to bicycles aftermarket (not part of the bicycle manufacturing process itself). In the Deflecto Compu-Desk Organizer Hunt, the client preferred modular designs over those that required any form of installation.
• Form. Shelf-life and stability are big issues for our food and beverage clients. They typically want products that can stay on shelves for a reasonable period of time without perishing or losing flavor or quality. Acceptable fruit forms, for example, may be those that are jellied, dried, freeze-dried or frozen. Sometimes form is equally important to non-food clients. The European lingerie company wanted new bra fastener and adjustment suggestions that would be durable and machine-washable.
• Cost. Although it may be hard for inventors to really have a sense of how much a product will cost, elements like electronics, sensitive materials, tiny parts that break easily, and designs that require extreme precision can sometimes make a good idea too expensive to produce. Other times, the application of the product drives the cost criteria. In the DEMCO “Date Due” Hunt, for example, the client needed inexpensive products to help patrons remember to return their library books on time. Since the product would be given away to patrons, the cost to produce needed to be as low as possible.
• Extensions. Products that have the potential for expansion are more desirable than those that are limited to one form or function. Most of our clients want a platform—a product they can build upon. The Backyard Safari Bug Vacuum we licensed to Summit, for example, turned into a plethora of Backyard Safari products including an adventure set, flying bug catcher, talking magnifying glass, bug habitat, and more.

While it may be tempting to submit products that do not meet the specifications asked for, chances of winning a Hunt without following the guidelines are slim. When the client is asking for something in particular, we try to give it to them. This is especially important because one thing innovation contests and the traditional invention licensing process have in common is that signing the deal is just the beginning of the many steps required to get a product onto the shelves and a royalty check into your mailbox.

Since a number of people and processes get involved after we hand over the winning entry, we work with the client to set up a prize structure that compensates winners upfront in case the project later gets derailed and royalties never materialize. Where possible, we also ask clients to provide additional cash and merchandise awards to significant contributors—people who are especially creative, submit several potentially good ideas, and who put in notable efforts. We like to recognize and reward as many people as possible in each contest.

This gentleman may have rarely combed his hair, but his works include more than fifty scientific papers and a number of non-scientific books. Einstein received the 1921 Nobel Prize in Physics and is revered all across the world. In popular culture, the name “Einstein” has become another word for genius!

It may be worth your while to check his views on what it takes to master the game of innovation…

• Innovation is not the product of logical thought, even though the final product is tied to a logical structure.
• It’s not that I’m so smart, it’s just that I stay with problems longer.
• Any intelligent fool can make things bigger, more complex, and more violent. It takes a touch of genius — and a lot of courage — to move in the opposite direction.
• Anyone who has never made a mistake has never tried anything new.
• The secret to creativity is knowing how to hide your sources.
• If at first, the idea is not absurd, then there is no hope for it.
• We can’t solve problems by using the same kind of thinking we used when we created them.
• The true sign of intelligence is not knowledge but imagination.
• Logic will get you from A to B. Imagination will take you everywhere.
• The important thing is to not stop questioning. Curiosity has its own reason for existing.
• The only thing that interferes with my learning is my education.
• The mere formulation of a problem is far more essential than its solution, which may be merely a matter of mathematical or experimental skills. To raise new questions, new possibilities, to regard old problems from a new angle requires creative imagination and marks real advances in science.

Inventors often have to tread a lonely path. And often, to achieve real breakthroughs, you have to think different. And what better way than to follow in the footsteps of two young guys, Larry Page and Sergei Brin, the founders of Google, who changed the world with their search engine? These guys dared to set their sights high and refused to compromise along the way. They overturned established norms and paved their own path.

If the thought of changing the world with your invention enthuses you, going the Google way is your best bet. Larry and Sergei have achieved their impossible dream with a strong commitment to their philosophy. Follow the path they’ve shown, and you’re sure to reach the heights you never imagined that you could.

Aim for the Sky

Make your dreams big. When you reach out for the moon, you may not quite make the cut; but rest assured, you won’t turn up with a handful of mud either. Break the status quo, think different! Strive to make the world a better place!

Banish Fear

Make sure your dream fires you up. Dare to make audacious moves, and never penalize for failure. Move fast, and keep learning all the way. No matter if you fail or make a wrong turn… pick yourself up, correct course and push ahead.

Be bold

If the guys at Google are afraid of anything, they fear fear itself. They are frightened of not being bold enough, daring enough… of not thinking big enough. Break the barriers and bulldoze away your mental roadblocks. You are the only one who can hold you back.

The story of Google is a story of dreaming big. Be sure to follow the philosophy that helped create he most successful search engine the world has ever seen, and you’d be well on your way to making your mark on the world with your own amazing invention!

Where do you get your ideas from? This is probably one question which is asked with a lot of excitement and anticipation. So much so, that the answer, however good it may be, can never rise up to satisfy the expectations of the person who asked it. This is one question that people ask artists, storytellers and inventors. It is fascinating, the process of invention, almost magical, which is why people are always eager to know about the secrets behind it.

Inventors are generally known to be well educated people, sometimes holding technical degrees. But when asked, some major prolific inventors make light of their degrees. They give more emphasis on the breadth of their knowledge and education which, they say helps them come up with innovative ideas and solutions.

Inventors do share certain traits. It is very familiar to find inventors, who as kids had the tendency to build things and to take apart toys and gadgets just to understand what made them tick. This engineering mind-set is commonly carried on from childhood in prolific inventors.

They also share some basic approaches towards innovations like persistently thinking or working on a problem and then letting it cogitate at the back of the mind. They are curious and possess boundless enthusiasm in their areas of interest and keep thinking and working on their projects, developing their knowledge all the time. This motivates them to push the envelope and go beyond what already exists.

A supportive environment is also very important. This refers to an environment where even wild ideas are listened to with an open mind and discussed. Criticism and mockery can kill a potentially great invention at the idea stage itself. In fact it has been noted that a substantial percentage of the most prolific inventors work for organizations that place a high value on patents, support them in various ways and reward their employees for coming up with patentable ideas.