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Patent It Yourself - PDF Archive

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ChaPter 11 | How to MARKET YOUR INVENTION | 317<br />

pany and got them to offer her Makin Bacon® via a<br />

discount coupon on their bacon packages. The result: An<br />

instant success! The bacon company’s investment was mini -<br />

mal, yet it profited handsomely by providing a way to cook<br />

its bacon dryly. And Abbey got her commercial distribution.<br />

Abbey’s story also shows that creativity has no age limits.<br />

7. The Celebrity Endorsement Route<br />

If a product bears a celebrity’s name or endorsement,<br />

people will be far more likely to buy it. So, getting a celebrity<br />

to endorse it is often a key to instant success. Consider<br />

George Foreman’s Lean, Mean Grilling Fat-Reducing<br />

Machine griller. Without the champ’s endorsement and<br />

name it might not have been a fabulous success. Celebrity<br />

endorsements are particularly useful if you have a sporting<br />

goods invention, such as a golf club. To get a celebrity<br />

endorsement, first perfect and get your product ready for<br />

market. Prepare suitable sales and promotional materials,<br />

with photos, and then approach the celebrity you feel would<br />

do your baby justice. While you’ll have to share a good<br />

portion of your profits, you’ll find that your chances of<br />

success will be almost assured if you have a good product<br />

and can get a famous celebrity to endorse and name it.<br />

K. Summary<br />

After filing a patent application, try to get your invention on<br />

the market; don’t wait until your patent issues. Since it can<br />

take a long time to license an invention, perseverance and<br />

patience are essential.<br />

There are seven routes to profit from an invention and<br />

they involve using a marketing intermediary, manufacturing<br />

and/or marketing your invention yourself, or licensing<br />

your invention to a company. Most inventors use the latter.<br />

Don’t use a fee-based intermediary (a company that<br />

wants up-front money) unless they can demonstrate that<br />

many of their clients have made more money than they paid<br />

the intermediary.<br />

The best way to sell or license an invention is to demonstrate<br />

a working model. Find prospective manufacturers<br />

in stores, catalogs, and trade magazines. Larger companies<br />

will require that you sign a waiver (giving up all rights except<br />

patent rights) before they will look at your invention.<br />

You may have better luck with companies that are smaller<br />

and geographically close to you. These companies usually<br />

communicate in a more direct manner, avoid the NIH<br />

syndrome, and often don’t require a waiver.<br />

If you want to manufacture and/or distribute the invention<br />

yourself you may need financing and a business plan.<br />

There are many ways to get publicity for your invention<br />

including premium marketing and celebrity endorsements.<br />

l

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