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Overview of Inventing -
Free
online seminar
Take advantage of this online seminar if your are considering doing something
with your idea. Unlike "how-to" guides, this overview is designed to help
you decide whether you want to get started before you spend time and
money. It will dispel the common myths about inventing and warn you about
the pitfalls. You will gain a new and valuable perspective and be more likely
to succeed at making your idea a reality if you spend the forty minutes it
takes to read this. At the very least, you will learn how to avoid scam
artists.
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Initial Consultation - in person or by phone
[Request a Consultation]
After you complete the "Overview of Inventing" you can get answers to your
specific questions by using our Initial Consultation service. There is no
need to reveal your idea to benefit from this service. (In fact, we prefer
that you not tell us your idea at this stage.) We can answer most questions
just by knowing some general information about the type of product you have
in mind. For one low fee of $95 (payable by credit
card), you can speak to an expert for up to fifty (50) minutes about your
invention questions. We provide follow up by e-mail for questions that require
some research.
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Introduction to the Invention Business - group
seminar
If you are new to the invention business, take this seminar which is offered
in the New Orleans area. We can conduct seminars for groups that are considering
collaborating on an invention or for people working on different ideas. Most
new inventors have similar concerns and questions at the outset. We address
these issues efficiently in an informal setting with a flexible format that
generally follows the "Overview of Inventing", but with more in depth content.
We can conduct seminars at remote locations for large groups. For individuals
not in the New Orleans area or those who don't want to wait for a seminar,
you can get the information you need by studying the
"Overview" and then using an Initial
Consultation. The fee for the seminar is $95 per
person (minimum enrollment - six persons).
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Preliminary Technical Evaluation
- an expert overview
If you are serious about pursuing your invention, you can have your idea
reviewed for technical feasibility and manufacturability. We will negotiate
a Confidentiality Agreement if you wish. You will receive a concise written
report and we will review our opinions and recommendations with you. This
can be a crucial part of the information you need to make a go/no-go decision
and get started in the right direction. The fee for this
service is $350.
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Technical Consulting - advice & assistance (with
free
online tips)
Intended for those inventors who would like to save money by doing most of
the work themselves, this service provides you with the ongoing advice you
will need to reduce the chance of making an expensive mistake and going down
the wrong path. You can use our experience to help guide you past the technical
pitfalls of the invention process. Our proven skills for Problem
Definition and innovative Problem Solving could give that
you the extra assurance that you need to proceed with increased confidence
toward your goal. We can help you locate suppliers, conduct experiments to
test your ideas, and even design and fabricate parts that you can't make
on your own. This service is billed hourly according
to our rate schedule which is based on a sliding scale -- the more you use
the service, the less it costs per hour. The online tips that we provide
free of charge are updated on an ongoing basis so you are
encouraged to check that section often if you are developing a new product
even if you are not using our paid services.
Frequently Asked Questions (FAQ)
I - About the Questionnaire for new inventors:
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Why don't you need to know what my invention is?
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Why do you need to know the projected market
volume?
II - About our Services:
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How do I know you won't steal my idea or tell others about
it?
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Can you tell me if my idea will be a success
in the marketplace?
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Can you tell me if my idea will work?
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Will you know if my idea will be hard to
manufacture?
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Can you get me a patent?
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Will you manufacture the product for me?
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Do you have special contacts with
manufacturers?
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Have you developed any million dollar
ideas?
III - About Cost:
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Are your services free?
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Will you do the work for part of the profits
(i.e. - a piece of the action)?
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How much will it cost?
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Can you quote a fixed-price to make a
prototype?
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Can you arrange financing for the
project?
Frequently Given Answers (FGA)
I - About the Questionnaire for new inventors:
-
Why don't you need to know what my invention
is?
In over twenty years experience with product development, we've found that
the same concerns and questions are shared by inventors from all walks of
life. We can answer most of your questions and offer valuable advice if we
simply know some general information about your product. This allows you
to become comfortable with us and test our knowledge of your field of work
without the complication of a confidentiality agreement in the early stages.
[questions]
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Why do you need to know the projected
market volume?
We need a rough idea of how many might be made to give you an idea of the
production costs. The way something is made depends on how many
you plan to make. The manufacturing methods and costs can change drastically
as you go from one level of production to another. And, the more you make
of something, the more you should invest in tooling that makes each one less
expensive to produce. You are probably thinking, "How can I tell you how
many I think people will buy until I know how much it will cost?" That's
a good question -- and that is why this is an iterative process. You make
an educated guess and we give you an idea of the production costs. You refine
your guess and we refine ours until the numbers make sense.
[questions]
II - About our Services:
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How do I know you won't steal my idea
or tell others about it?
First of all, we couldn't stay in this business as long as we have if we
stole ideas. We are honest and we are careful with the information you tell
us you want kept secret. You can check our references. Next, we know how
much time, money and risk is involved in bringing a new product to the
marketplace. We have several ideas of our own to develop whenever we can
can afford to invest in a new product venture. The temptation to steal someone
else's idea just isn't there.
[questions]
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Can you tell me if my idea will be a
success in the marketplace?
No -- and very few people can even offer a worthwhile guess. You might as
well ask the Psychic Friends instead of asking us. I don't mean to imply
that we don't have a basic understanding of marketing. Any good product developer
needs to know quite a bit about the marketplace to work effectively with
the marketing people to properly design a sellable product. However, marketing
isn't our specialty. We concentrate on making your idea a
technical success.
[questions]
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Can you tell me if my idea will
work?
Yes -- and if it doesn't, we can usually find a solution that will. That's
our job. Answering your technical questions may require some testing and
research, but that's why we're here.
[questions]
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Will you know if my idea will be hard
to manufacture?
Again, yes. We study manufacturing technology -- both old and new -- so we
can advise you about the best strategy for making your product at each level
of production.
[questions]
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Can you get me a patent?
We work with patent attorneys to give you added assurance that you will get
the best kind of protection for your intellectual property. But we are not
patent attorneys or patent agents. We have worked closely with many legal
specialists in this area so we can help you find one that is
right for you.
[questions]
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Will you manufacture the product for
me?
We can make prototypes that look nearly identical to the final manufactured
product and we often make small quantities for use in product testing, but
we don't do production manufacturing. We will work with you to select a contract
manufacturer and write technical specifications that tell the manufacturer
what you expect from them. Troubleshooting production problems and working
with the manufacturer to solve them is also part of our service. We even
make custom machines to automate production and improve quality.
[questions]
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Do you have special contacts with
manufacturers?
We've worked with many contract manufacturers and fabrication shops. However,
most people who claim to have "special contacts" want you to believe that
they have the inside track on getting a manufacturer to produce your product
and pay you royalties. If they happen to know someone at a manufacturer that
is just the right one for you, great. But there are thousands and thousands
of manufacturers, contract manufacturers and fabrication shops. The chance
that they know the inside people at a manufacturer who is the best for you
is very small. It's more important that a product developer knows how to
evaluate a supplier and can communicate with them to find one who is right
for you. Once you know that, then you can go looking for an influential contact
if you need one.
[questions]
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Have you developed any million dollar
ideas?
Virtually all of our projects have been impressive technical successes. Some
of our machines have saved our clients millions of dollars in production
costs. However, no single new product that we've developed has made anyone
a millionaire yet. Many new product clients have profited from their ideas
and are happy that they entered the market, but producing a runaway hit requires
some shrewd marketing.
[questions]
III - About Cost:
-
Are your services free?
Our online "Overview of Inventing" and "Expert Tips for Beginners" are provided
without charge. They are a compilation of advice that twenty years experience
has shown to be valuable to inventors. Other services are available for
reasonable fees and they are all designed to save you money in the long run.
If you have an idea that you think is valuable, but can't afford to risk
your own money on it, you can learn about a product development company that
may do all the work at no cost to you in "An
Overview of Inventing". We can also refer you to some small business
development centers and productivity centers that often provide free services
and help with costs.
[questions]
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Will you do the work for part of the
profits (i.e. - a piece of the action)?
A professional quality business plan -- complete with market research, projected
sales, and a reliable source of financing -- could persuade us to consider
investing our time in a project without charge if you also have a strong
management team with a proven ability to run a business. We realize that
entrepreneurs like this kind of arrangement because it lowers startup costs
and can get an extra level of commitment from a development team. However,
since this is the same as asking us to invest in your business, we would
subject it to the same scrutiny as any other investor. Also, consider that
the fees for our services are usually less than fifteen percent of the total
needed to begin production of a new product. Though we play a crucial part,
a business usually needs much more than our services alone to get it off
the ground.
[questions]
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How much will it cost?
For many inventions, this is like asking Edison how long it would take to
invent the light bulb. One experienced entrepreneur was asked this question
by his accountants and he responded, "I'll tell you how much the second one
will cost after I finish the first one." It's hard to estimate how long it
will take to invent something. However, our services will help answer this
question. Some projects are fairly straight forward while others may never
work as envisioned.
Overall cost also depends on your goals. It's rare for even a simple one-piece
plastic item to reach the manufacturing stage for less than $40,000 if you
have it manufactured under contract and market it yourself. The total cost
for most projects is usually much more. But if you only want to prove your
concepts or produce a quality prototype to show to potential licensees, the
cost may only be a few thousand dollars. You can find examples of product
development cost in "An Overview of
Inventing".
The size range of typical O'CTS projects (for development services)
is:
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Product Development - $9,000 to $150,000
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Machine Design - $30,000 to $300,000
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Technical Consulting - $95 to $5,000
[questions]
-
Can you quote a fixed-price to make
a prototype?
Occasionally, but it has been our experience that some significant issue
always arises while making a prototype. You will become aware of some design
problem or worthwhile improvement. This is to be expected because so much
attention is given to every detail in order to construct a prototype. A model
shop would probably complete the work as first specified because it is not
their job to design new products. Since we offer full service product
development, we are in tune with your need to change the design so it fits
your purposes. The problem is that changing the design changes the basis
for the fixed price.
Major redesigns are often necessary no matter how straight forward the work
first appeared. It can be impossible to determine what parts of the redesigned
prototype were included in the original price. And, if you are sure that
your product won't need any changes, you may not need our services. A model
shop should be able to do the job cheaper. If you are wrong, you will end
up with a model that is no good to you except as a learning experience. You
should at least consider having us evaluate the design for hidden problems
before spending too much on a prototype.
[questions]
-
Can you arrange financing for the
project?
No. We're not money people. However, the solid technical information we provide
may help you in dealing with your financial sources.
[questions]
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Last Updated Sunday, 02 August 1998
|
Education and Guidance for
Inventors