Aug 17, 2006 11:36 am US/Eastern
Family First: Parent Inventors
by Cindy Hsu
NEW YORK (CBS) ―
If you think you have a great idea for an invention, but you don't know how to get it to market Victoria Pericon has expert advice. She's Editor of Savvy Mommy Magazine and has just written the book "Cool Mom Inventions: Secrets of 76 Successful Mommy Inventors."
Top tips for inventors? 1. Do your homework: Research trends in the industry of your product, study the Web sites of related products.
2. Talk to other entrepreneurs and to people who have experience in areas you don't – i.e. product development, marketing, law, etc.
3. Even if it means emptying your change purse, don't skimp on professional Web design and press materials. When you send professional press packs to the media and to buyers, you'll be noticed.
Biggest mistakes? 1. Some moms would use companies who offer invention tapes/DVDs or teleconferences for a fee but there is no need for the moms to pay for that information.
2. Using invention submission companies who take thousands from the people who can do the same things on their own. Some moms mortgaged their homes in order to do submissions or to pay amounts shady brokers told them to send. Brokers overseas (Europe and Asia) are notorious for being shady and moms can lose large amounts of money if they don't have a reputable broker or sourcing company.
3. Paying hefty patent fees when the product may not actually be covered outside the U.S. by the patent instead of getting a "provisional patent" (which only costs $100).
What makes a good invention?A product which makes the life of the intended user much easier. That's the key to a successful invention. If the product is supposed to fill a void in the market which is desperately needed, it's going to be a hit if it comes to the marketplace and is a product of quality.
How much money does it take to start? Some moms started their company with as little as $40. Others mortgaged their houses. It really depends on whether they want to manufacture the product themselves or go to a company like Parents of Invention, and just license the idea to the company while getting royalties (without doing "any legwork").
What surprised you most in writing your book? While writing "Cool Mom Inventions : Secrets of 76 Successful Mommy Inventors," I was surprised that many moms didn't take advantage of the information available on the Internet (and only used offline resources – SBA, library, etc.) or network with other moms in business for free advice. Some inventors also spent early money on professionals when they could have waited and put that money to better use.
Who do you need to hire? Definitely first thing -- a Web site designer. It's important to have a professional online presence so buyers, media and customers can find you which will lead to your product's success.
Good resources?Parents of Invention, Cool Mom Inventions.
Final Thoughts?Moms getting into this industry should not be afraid to ask questions and get all the free advice they can get. There are companies who offer tapes/DVDs or teleconferences for a fee but there is no need for the moms to pay for the information.
E-mail Cindy your thoughts
(© MMVI, CBS Broadcasting Inc. All Rights Reserved.)
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