IP Process |
Small Business |
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."
Many inventors/entrepreneurs become
enamored with their invention/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 IP COMPASS®System provides marketing expertise to inventors/entrepreneurs:
- An early (after provisional patent filing) market needs assessment can modify 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
- Market segmentation is conducted and segment attractiveness is
analyzed to identify methods of commercialization on a segment specific
- Strategic Partners, potential licensees and/or funding sources are identified by market segment
- Business Plans based on market needs met by patented products and funding requirements are developed
Bringing patent technology to market is especially difficult for the individual inventor/entrepreneur.
They frequently must consider forming a company (business plan) in order to demonstrate the
profitability of one application of their invention. Identifying business partners for a product 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!
© Copyright 2001, Strategic Business Planning