Browse Category: Inventor Education

The 6 Keys to Invention Success – The Short Story!

Source Direct Presents – 6 Keys to Invention Success

We’ve put together a list of the 6 Keys to Invention Success – use these when looking for a company to help you realize your inventing dreams and goals.

#1  – Do your research and look for obvious red flags! We often hear inventors complain about being taken advantage of by invention companies claiming to have all the answers.  A company that gives you a price for your project without seeing the product first-hand is probably not the direction you should go. Inventions are intricate, and no two are alike.   Don’t settle for a one size fits all program unless you are looking for cookie cutter results.  An honest company will want to evaluate your product to determine the right next steps for you.

#2 –Spend Wisely and Read the Contract. We all only have so many financial resources to achieve our product development and commercialization goals. If you partner with a company, make sure they are money well spent. If a company sends you a quote for services, make sure you get clarification on exactly what you’ll be receiving. The biggest mistake you can make is spending your allocated capital incorrectly on services that don’t get you where you want to be.

#3 – Be Open to Suggestion. Inventors often fall in love with their invention.  And it’s understandable. However, there may be suggestions given to you to help enhance/improve/modify your product so it will have a better chance  in the marketplace. Experts have years of experience in manufacturing, consumer buying habits, retail requirements, etc. that they may suggest you apply to your product to increase its commercial viability.  Keep an open mind.

#4 – Try to Get It All Done Together. Spreading your project across to many different companies can be hazardous to coordinate. Letting ONE COMPANY handle the project eliminates finger pointing. We are responsible from start to finish.

#5 – Keep Marketing In Mind. When your product has completed manufacturing and is “on the ground” ready to go to the consumer, do you have the proper sell sheets, proper pricing, shipping logistics, social media campaigns, or website design? Remember, you only have a few seconds to make a first impression; you’ll want your marketing materials to be persuasive and engaging, while highlighting the benefits of your amazing product. Utilizing every open source of digital and direct-to-consumer marketing will help promote your product to the appropriate audience.

#6 – Has The Manufacturer Been There Before? Make sure the company you choose walks the walk and talks the talk. Find out how many products of their own they have taken from a design to a finished product and actually sold them through. Ask them the last time they were on a factory floor. You need a manufacturer working for you who knows how to handle every step of the process – make sure you’re paying an expert, not someone who will be soliciting help from someone else. 

 

Crowdfunding your Invention: Best Practices

Chances are, if you are an internet browsing human being, you’ve stumbled upon a crowdfunding website, or have seen people trying to raise money on a digital platform. It’s very common to see folks raising money for a trip, buying a new iPhone, medical expenses, vacations, charity, and even invention launches.

There are a few things to know before jumping into Crowdfunding. If you are an inventor looking to raise all of your funds on a Crowdfunding platform, make sure you know exactly what you’re getting into. There are different rules and constraints for each popular Crowdfunding site…I’ve done the research for you so you know which one works best for you!

Don’t get involved with crown funding until you have a quality video demonstrating your product as well as a functioning prototype to show what your product does!

Kickstarter – This is the most popular, I have seen, for Invention funding. A few things to know: Firstly, it’s an all-or-nothing method of fundraising. If you do not reach your funding goal, you wont get any of the funds pledged. Secondly, there are also fees associated with it – Kickstarter takes 5% of the funds off the top, and then there is also a 3% and $.20 per pledge fee for payment processing (fee breakdown – citation here). Though Kickstarter is the most popular, you may want to avoid it if you don’t necessarily have the largest following and support backing.

Kickstarter Fee Structure
Kickstarter Fee Structure

Indiegogo – Indiegogo is a pretty substantial platform for Crowdfunding, alongside Kickstarter. From the Indiegogo website, “It is free to sign up, to create a campaign, and to contribute to a campaign.* When your campaign raises funds, Indiegogo charges a 9.0% fee on the funds you raise. If you reach your goal, you get 5.0% back, for an overall fee of 4.0%.” There are a few more fees to pay, and different tiers of funding:

 

indiegogo
Indiegogo Fee Structure

GoFundMe – Finally, the 3rd Crowdfunding source I’d like to go over is GoFundMe. Probably the easiest of all, this platform just deducts 5% and $.30 per donation, and a 3% processing fee for payments (fee structure here). The fee structure is very similar to Kickstarter, however, you get to keep any and all of the funds that you raise, even if you don’t reach your goal. GoFundMe is growing in popularity, and has claimed to have raised $1.2 billion in donations since it’s inception.

gofundme
GoFundMe Fee Structure

Final Thoughts from Source Direct

It’s up to you, the inventor, to make the decision that is most appropriate for your product. From a professional marketing standpoint, keep these thoughts in mind:

  • Use Kickstarter If…: You have a large following of people, ready to give. Also, be prepared to have incentives to give to the donors.
  • Use IndieGogo If…: You have a medium sized following and a reachable goal in sight. Make sure you use a lot of social interaction to gain a following.
  • Use GoFundMe If…: Your following isn’t huge, but your product/idea is something that any browsing donor may be interested in. Promote your GoFundMe as much as possible, because you’ll get all of the funds regardless of your goal…but still set a reasonable one!

We would like to suggest using GoFundMe, because as an inventor, you are relying on any/all funding and assistance to get your product moving. This is a good way to get a head start on your funding. Try out a goal of $1000, see what happens, and then go for more!

Meet Our Staff – Nathan

Every month, we will interview a different member of the Source Direct team! This week, lets chat with Nathan, our Client Networking Director and Sales Manager.

Q: Tell us a little about your position with Source Direct.

A: I was hired at Source Direct to handle Client Networking, Acquisition of New Inventors, and Retail/Online Sales of new products. Pretty much, to sum it all up, I make sure that you feel comfortable with Source Direct when you start working with us, and then I sell your products when the manufacturing has completed. I will be the first person you deal with, and the last!

Q: What inspired you to take on a career helping inventors?

A: I’m a creative guy. I love technology, design, art, innovation, and new products. Coming from a marketing background, I understand the potential with brand new products, so I decided to bring my knowledge to Source Direct!

Q: Give us a rundown of your day at the office!

A: This is a rather interesting question, mostly because every day is very different for me (I actually like that a lot!). One day, I could be utilizing social media to promote a product, and on another day I could be on the phone with big-box retailers, getting product into the stores and online. I try to keep a schedule, but due to how many inventors we work with, that gets a bit hard!

Q: If someone was thinking about working with Source Direct, how would you convince them to do so?

A: I feel as though our product line speaks for itself. We just unveiled our new Inventor Showcase, which is an online resource and e-commerce store to showcase our brand new products, direct from the manufacturer. Does any other invention company do that? The answer is usually no. Most companies “talk the talk” but can’t “walk the walk”. Ask us about our years of retail success in a niche market – I promise you, it wasn’t easy, but it happened, and is still happening! 

Q: If an aspiring inventor reads this blog, what are some words of wisdom that you may have? 

A: Here are a few things to keep in mind:

  • We don’t take every single item. Yes, we are an a la carte, fee-based company – but that doesn’t mean we will do every product! We have to believe in it as much as you do. If you are struggling with yourself about your product, we can help you.
  • DO NOT SPEND YOUR MONEY WITHOUT DOING RESEARCH! Most invention companies will charge you a flat rate “to make your dreams come true”. Don’t fall into that trap. I hear from people every week who lost a good portion of their available funds to a scam company.
  • Your product/idea is something you value. Do it right the first time. Even if you’ve encountered speedbumps, that’s okay – we have too. The best way to become a great inventor is to learn from mistakes. Our founder, Ed Mauro, has been through everything in the inventing world (he invented many products, including the Club Clean!) – so he has made the mistakes already that will help you in the long run. That’s why we’re here!

Notes from Nathan: I look forward to the opportunity to speak with you! We are real people, with real goals, and a real great attitude! We will do our best to help you in any way we can. Give me a call, and you’ll know we mean business. We offer free consultations and product evaluations.

Thank you for the interview, Nathan! If you want to get in touch with Nathan directly, email Marketing@TheSourceDirect.net or call 888-373-3876, extension 212. Tell him you read his Q&A on the Source Direct Blog!

I Have An Idea….now what?

Hello readers! Nathan here – I am the Client Networking Director and Social Media Guru for Source Direct. I am starting this blog as a 5 part series to help inventors see their product to completion. Enjoy this blog, and share with your inventor friends! 

“Okay, I have an idea for an invention…now what do I do?” This is probably one of the most common questions that we usually get asked. The journey to completion of a product can be very exciting – but everything starts with a solid idea. 

You must be very careful. In this age, with social media and information interactivity, it can be very easy to lose track of your confidential thoughts, ideas, and innovations. Many have heard the old saying, “Send a letter to yourself with your idea enclosed…this way nobody can say it’s not originally yours!” Don’t do this! This isn’t a legal way to secure your idea – no matter what anyone says. Make sure that all parties involved in your idea have signed some sort of documentation to keep everything secure.

After you have put all of your thoughts on paper, the very first thing you should do is call us – Source Direct! Our founder, Ed Mauro, is an inventor himself – he’s been in exactly the same place you are now. We can help you go directly from concept to completion, and our 20+ years of experience will speak for itself. We have inventors call us every day, seeking guidance and assistance to make sure that their dream becomes a reality.

Feel free to contact me today at 888-373-3876, extension 212. I love hearing about new and amazing products! Mention this blog and you’ll receive a complimentary analysis of your product, and how we can help you today!

Is your invention GOOD enough to succeed in the marketplace?

Ideas for new inventions can come at a dime-a-dozen. Everyone thinks they have the latest and greatest idea for making the world a better, more efficient, and cooler place to be. Despite a biased belief, not all ideas will work – or even make it to prototyping.

Here are some things to keep in mind when attempting to bring your product idea to life:

Cave_invention

  • Does it serve a purpose? Consumers are consistently looking for a solution – does your product provide a solution to their imminent problem? If you are looking to create an item purely of a novelty nature, consider that it’s “purpose”.
  • Is the target demographic realistic? Speak to different consumers in your target demographic to see if they like or dislike the idea. Pre-development testing is a good idea, so you get an understanding of what could happen on the store shelves. Is this something that your demographic can get excited about?
  • Has someone else come up with this idea, or something similar? This is huge. Obviously, there are different competing brands with virtually the same product (Coke/Pepsi, McDonalds/Burger King, Mac/PC). Yes, the examples provided are broad, but you should make sure that there  are enough unique identifiers to your product to make it different. 
  • Do you have the captial to pull this off? By capital, I don’t necessarily mean money (completely). Do you have the supplies, resources, materials, and financial backing? It takes a lot of work to bring a product to life.
  • Is your idea solid? Could you pitch this idea in front of potential investors, and be confident? You must have 100% confidence in your product to see it to completion.

[box type=”info”] A funny quote about inventions..
“The very existence of flamethrowers proves that sometime, somewhere, someone said to themselves, ‘You know, I want to set those people over there on fire, but I’m just not close enough to get the job done.” ― George Carlin[/box]

Do you have an idea for a product? Call us today – 888-373-3876, extension 212!

We offer free consultations! Don’t delay – call today! You can also email us by clicking here. 

Avoiding Suspicious Activity – Inventors, Be CAUTIOUS!

“There is no greater fraud than a promise not kept.” – Gaelic Proverb

Fraud is everywhere. Lies, deciet, scams – it’s all around us. Sometimes we may see an opportunity that is too good to be true, and more than likely, it typically is. Take a look at this infographic (courtesy of http://www.hongkiat.com/blog/internet-scam-hotspots-infographic/).

scams

Understand, though, that there are ways to make sure you aren’t being scammed. One of the main reason why scam artists get away with their tactics is because consumers don’t do enough research. Before you say yes to anything, no matter how big or small, know the benefits (or even the consequences). Property can be stolen right from under your nose if you aren’t careful.

That’s where inventing scams come in. Our founder of Source Direct, Ed Mauro, was a new inventor back in the late 80’s and witnessed every scam and setback you can think of. “Come to us and we’ll manufacture your product and have it on every shelf, in every store, in the entire USA!”, before they’ve seen the invention or concept! Some invention support/promotion organizations alike to us (Source Direct) may turn down ideas – not every single invention will be a winner in the eyes of the organization. Ask for a complimentary consultation with Source Direct to see if your product may be a fit!

Over 25 years has passed since his first invention, and now Ed has brought his expertise to all Source Direct clients to make sure that the development of their product is seamless and non-stressful.

A few red flags of shady Invention Production Companies could be:

  • Saying YES to your product idea before seeing a prototype.
  • Asking for a large sum of money up front without a promise of services.
  • Promising that the item will immediately become a success – it’s all based on the market, economic climate, supply/demand, and product quality and usefulness.
  • Not having any past successes.
  • Lacking a website or a phone number associated with the company.

What should you ask the Invention Production Company for?

  1. Client Testimonials/References (for applicable clients – some may have confidentiality agreements).
  2. Website/Phone Number/Email
  3. Signed contract or proposal, clearly stating the project outline and expectations.
  4. Mailing Address – to an actual location (a red flag could be a P.O. box).
  5. Marketing samples from previous inventions.

Here are a few scam prevention articles that have been published for the benefit of aspiring inventors:

  1. http://inventors.about.com/cs/avoidingscams/ht/Invention_Scams.htm
  2. http://www.ipwatchdog.com/inventing/avoiding-invention-scams/ 
  3. http://www.consumer.ftc.gov/articles/0184-invention-promotion-firms

The faulty and shady techniques of inventor support organizations inspired Ed to create Source Direct, a resource for inventors who are looking for support from concept to completion. Source Direct is a member of the UIA (United Inventors Association of America) and the Inventorz Network. Past successes, products, and our mission can be seen on TheSourceDirect.net.

Do you have an idea for a product? Call us today – 888-373-3876, extension 212!

We offer free consultations! Our experts would be happy to hear from you, and find out more about your product. Ask for Nathan!

Inventor Resources…where do you go?

When it comes down to finding the best resources for starting your invention journey, you should use caution and only work with individuals that you trust. There are many scams floating around the industry, so you should be weary! We have compiled a list of resources that we trust in:

  • United States Patent and Trademark Office – The USPTO assists independent inventors, small business concerns and university affiliated inventors through its Office of Innovation Development.
  • Source Direct – We help you design, construct, manufacture, market, and package your product! Source Direct is your one stop shop for making your invention dream a reality!
  • UIA (United Inventors Association of America) – The UIA is a Federally Registered Non-Profit Educational Foundation. Our commitment is to provide educational resources to the inventing community, while encouraging honest and ethical business practices within the industry service providers.
  • Inventorz Network – The Inventorz Network™ is the new collective voice of The Next Big Zing, Womentorz and Women Inventorz Network to create the ULTIMATE network and marketing tool for inventorz.

Would you like to be added to our list of resources? We are always looking for patent and trademark attorneys, aspiring inventors, inventor associations, and networking groups. For consideration, please email Marketing@thesourcedirect.net or call Nathan Daugherty, Client Networking Coordinator, at 888-373-3876, extension 212.