Document Your New Invention Ideas

Did you know Thomas Edison wasn't the first person to patent the light bulb? His competitors filed for and received a patent before him, but Edison challenged them in court and proved his case with a detailed record of the new invention idea.

To document your inventions or new product ideas, use a permanently bound book with numbered pages. This book can be used to document new invention ideas for future development, or to document the progress of an idea from concept to completion.

Royalties on Inventions

The percentage of royalties paid to inventors for their inventions can vary from as low as 1-2 percent to as high as 15-20 percent depending on several factors that include the size of the industry, market and manufacturer. An average royalty though is around 5 percent.

Often, a large and well known manufacturer might offer a smaller percentage than a smaller manufacturer. But if that larger manufacturer can bring greater brand recognition, distribution and customers to the mix, the smaller percentage could end up equaling a larger amount of money.

Tips for Creating a Basic Information Report (Part I)

Include the following in the basic information report for your new product idea:
1. Review your idea and prepare a description and history of its development.
2. Describe functions and appealing features of your new product idea.
3. Discuss product benefits: Will it increase enjoyment, safety or economy for the consumer? Are there benefits for society as well?
4. Discuss trends and outlook of the industry pertaining to your invention.
5. Classify your invention or new product idea according to Government Standard Industrial Classification Codes (SIC Codes).

Find Your Creative Invention Spot

Some people are morning people, while some do best at night. Many people produce best in quiet, while others love the tumult of a busy office. What is the creative environment that gets your invention ideas flowing?

Interestingly enough, the Lemelson-MIT Invention Index conducted a study of where people work best and least. Here are some results that may boost your creativity:

Where do you do your most creative thinking?
- 20.4 percent – In the car
- 19.9 percent – In my office, workspace or school
- 15.6 percent – In bed (falling asleep, waking up or dreaming)
- 14.4 percent – Outdoors
- 4.9 percent – In the bath or shower
- 4.9 percent – While exercising
- 1.6 percent – Watching television
- 1.0 percent – Listening to music

Checking Out the Competition

Before you pursue your new invention ideas, do a thorough review of the types of products available that are similar to yours. Make note of the price and the popularity of the items. Decide if your new invention idea is going to be enough of an improvement to compete with the products already available.

If there are a lot of products similar to your new invention ideas, you may decide that the competition will be too much. If there is nothing at all like your product on the market, ask yourself if it could be because nobody wants something like your new product ideas.

When you are sure that your new product ideas fill a need better than anything available, start developing them.

Use a Non-Disclosure to Protect Your Invention

It's inevitable that if you want to bring your invention from idea to new product introduction, along the way you will have to tell someone about what your invention is.

There are two rules to follow when talking about your invention:

1. Tell as few people as possible.
2. Always use a non-disclosure agreement.

A non-disclosure agreement basically says that the signers are not allowed to talk to anyone else about your idea or to act upon it themselves.

The US Patent and Trade Office has strict rules about the public disclosure of your invention. They will give you one year from your first public disclosure to file for your patent or lose your rights. When you use a non-disclosure agreement, it doesn't count as a public disclosure.

Sign and Date the Pages of Your New Invention Log

Sign and date the pages of your new invention log as you fill them to establish track record of your invention activities.

Never sign or date any page before using or finishing that page. Also, never back-date pages. Back-dating is a dishonest practice that consists of placing a date on information about a new invention idea so that it appears you performed the documented work earlier than you actually did. Back-dating could affect your rights and call into question the date of conception of your idea.

Marketing Considerations

If you're a new inventor, one of the first things you'll want to do is gather relevant marketing information about your new invention ideas. Think about the types of people and businesses that could possibly use your inventions. Review the outlook for the industry pertaining to your new invention idea, determine primary potential markets and secondary consumers, and try to estimate manufacturing and wholesale costs in conjunction with an estimated retail price. By gathering all of these marketing considerations into an organized report, you'll have a convenient reference tool for yourself and others who are interested in your new inventions. If you lack the time or resources to collect and organize all of this data, you may want to look for a reputable invention help company to assist you.

Tips for Creating a Basic Information Report (Part II)

Include marketing and production projections in your new product idea's basic information report:
1. Point out primary potential markets, secondary consumers, etc., by using general U.S. Government statistics.
2. Provide estimates of manufacturing costs and suggest wholesale costs in conjunction with an estimated retail price.
3. Using general statistics, estimate the number and types of outlets where the new product idea could be distributed.
4. Obtain a preliminary patentability search and opinion.

Making Corrections to Your Inventor's Log

If it is necessary to indicate a change the text of your invention log, put parenthesis around the text and draw a line through it. You can change drawings by circling or drawing a square around an object and drawing a big “X” through the area. The big “X” practice should also be used to cover large areas of blank page to show they are not in use and will not be in use.

Don't erase or use correction fluid on anything you write or sketch in your invention documentation. Erasing notations or sketches could raise questions as to whether you made an honest mistake, changed your mind or were trying to change the date of conception or development of your new invention ideas.

It is just as important that you do not tear out or otherwise remove any numbered pages from your permanently bound book.

Prepare to Meet Your Muse

Carry a notebook around with you for jotting down new invention ideas as they come to you. The notebook doesn't have to be fancy or expensive. Any bound paper that fits well into the pockets or bags that you usually have with you will work best.

Even if you think you'll be able to remember the details of the new invention ideas that you get while you're away from home, you may not be able to. Jot down every detail of the new invention idea so you'll be able to recall exactly what you were thinking later on.

Cheap Invention Help

For the cheapest invention help available, go to the library. Get to know the reference librarian. Look at trade publications that service your invention area and read them frequently. When you find a few trade magazines that are relevant, subscribe to them. You'll be up-to-date with the very latest that is happening in your field without having to spend much money.

Get a Patentability Search and Opinion on Your New Product Idea

Use a Patentability Search and Opinion to determine if you should pursue patents for your new product ideas. A U.S. Patentability Search and Opinion is commonly provided by a patent attorney. A "search" consists of searching and reviewing previously published materials available through the U.S. Patent and Trademark Office. The patent attorney uses this information to render an opinion as to whether or not your new product idea is patentable.

Have Confidential Witnesses for New Inventions

Have witnesses sign and date each page of your new invention documentation log as soon after completion as possible. These witnesses should know and understand your invention idea. Be careful with whom you share this information. Insist on a signed confidentiality agreement from anyone you plan to show your invention documentation. Individuals signing a confidentiality agreement agree not to use or disclose the information or details of your invention to another person or company.

Know What You're Getting Into

If you know anyone who has gone through the invention process, talk to that person to find out what pursuing a new product idea is really like. You'll find that invention requires a lot of time, patience, dedication and resillience. Because most inventions don't succeed financially, it's important to have a love of the invention process and a real enthusiasm for your new product ideas. For many, the thrill of invention is its own reward.

Another Way to Get Exposure for Inventions

A great way to gain exposure for your new invention ideas is to enter an invention contest. Invention contests are held both by invention trade shows and by individual companies. You can find contests for your new invention ideas offered everywhere from pet stores to television stations. Look around for one that will fit your new invention, or invent something especially for the contest. However, you should consult your patent attorney before entering a contest to ensure that you do not lose any rights to your new invention ideas.