IP for Inventors/Entrepreneurs
Bob DeMatteis, a succesful inventor with $25m/yr in royalties, was asked what he would do first in the invention process:
"There is only one thing...and it is... to have a real smart marketing expert on my team as soon as possible."
inventors/entrepreneurs become enamored with their idea/concept and
fail to look at it from a marketing point of view. There may not be a
clear market for the product, or the best target market may be entirely
missed by a rush to bring a patented product to market. More
importantly, a completely novel product may require an education
process for the consumers to understand what they have been missing all
their lives. Few inventors/entrepreneurs have the financial backing for
a prolonged educational marketing campaign while their product that is
"ahead of its time" waits for "its time".
SBP works with these inventors to commercialize their inventions.
The COMPASS System provides marketing expertise to inventors/entrepreneurs:
- An early (after provisional patent filing) market needs assessment can vector claims to meet market needs
- A market is identified into which you are inventing rather than inventing to create a market
- Market entry for the patented product establishes a monopoly and would-be competitors are forced to "design around" your product
segmentation is conducted and segment attractiveness is analyzed to
identify methods of commercialization on a segment specific basis
- Strategic Partners and/or funding sources are identified by market segment
- Business Plans based on market needs met by patented products and funding requirements are developed
patent technology to market is especially difficult for the individual
inventor/entrepreneur. They frequently must at least consider forming a
company (business plan) in order to demonstrate the profitability of
one application of their invention. Identifying business partners and
licensing alternatives will frequently make the difference in profit
realization. Many individual inventors exhaust their resources
(financial & time) long before they bring their technology to a
position where it can be commercialized.
Careful and consistent positioning of a technology, and an IP Plan, is key to eventually bringing it to commercial success.
An IP Plan is Crucial to Market Success!