Transcript 3 Goals - Inventors' Network

© 2013 Jeske. www.InventiveIdeas.com
or $27,500 in finders fees as a product scout.
Low Cost / High Reward Inventing
 Share most common mistakes
 Explain the ASOTV category
 Inspire creativity
(to find and invent)
 Increase Submissions
[email protected]
(quality & quantity)
™
Carrie Jeske, Inventive Ideas / Will It Launch?
•
A salesperson/marketer
who married an
inventor/structural
engineer. 28 yrs.
•
Inventive Ideas
2000-present
•
Inventor’s Center of KC
2004-2012
•
Will It Launch?
2013-present
INTRODUCTION
100% Investor Funded Licensing Agreements or
Partnership Opportunities.
www.WillitLaunch.com
Sequence Counts
Recommended vs Normal Path
United Inventor’s Association (UIA)
Most Common Missteps
Step 1:
Step 2:
Step 3:
Step 4:
Step 5:
Step 6:
Step 7:
Step 8:
Patent
Prototypes
Molds
Manufacture
Market
Total
Idea Validation
Evaluation & Research
Funding
Prototyping
Patenting
Manufacturing
Marketing
Licensing
$1,200 - $10,000
$1,000 - $10,000
$10,000 - $30,000
$30,000 - $50,000
$2,000 - $10,000
$110,000
Manufacturing Challenges
Inventor
Pre-Production Prototypes
$
Molds ($10,000 - $30,000 each)
$
Quality – add a 3rd party testing lab
$
Sales / Sourcing Agent Fees
$
Manufacture
$
Re-Tooling
$
Short Run Capacity Challenges/Costs
$
Materials – left over / last year’s
Variable
Mindshare / Relationships
Variable
Knock-Offs
Variable
Invent Yourself and/or Become A Scout
Inventor Royalties
Industry standard royalty rates are 1 – 5 %, depending on the stage of
development and a variety of other factors.
Concept or Market Ready ??
Existing Inventory ??
Proven Sales History ??
EXAMPLE:
$19.95 Retail Sales Price
$11.00
Wholesale Price
x
3%
Royalty
= $330,000
Inventor Payment
per million units sold
Direct Response Industry
(DR-TV)
 A $150 billion a year business
 As Seen on TV (ASOTV) Infomercials


Long Form - 30 minutes.
Short Form – about 60 seconds. $19.95
 Fastest, least expensive potential revenue for
inventors

All you need is an Inventor “Mock-Up” Prototype & a
home made Demo Video posted online.
[email protected]
First To Market Strategy
Speed
30 – 180 days to a market viability test.
12-18 mths to rollout.
Confidentiality
Especially During Test Phase
Produce Life Cycle
1 – 5 years success at Mass Market
retailers. 1-5-8 million units a year.
Distribution Channel Control
Mass market retail shelf space speed
and domination reduces knock-offs.
Patent not required
I.P. always a plus.
Short Product Life Cycles.
Best Categories
 Household/Outdoor
 Kitchen Gadgets
 Pets
 Aftermarket Automotive
 Hardware (Tools)
 Health & Beauty
 Fitness
 Toys
How To
Earn $330,000 Inventing Products for TV
Characteristics
MUST HAVE’s
1
Solve a problem,
2 Save time or money
3 “Wow” in Demo Video
4 Pricing
5 Unique
6 Practical / Believable
7 Easy To Explain
Mass Market Appeal
NEGATIVE Factors
Someone in every home.
Positive emotional response.
Niche Users. Novelty.
Seasonal. BBQ Products.
Nothing Preventative / Safety
Home made videos.
Show product “in action”
Too much talking!
More than 2 minutes.
$2-5 Cost of Goods. $11
Wholesale. $19.95 retail.
Too expensive to make.
(materials or production)
New or Improved
Crowded with Competitors
or similar items already done.
Problem worth solving?
Will it do what it claims.
Shipping costs. Liability Risk.
In 30 seconds.
Too many variations:
(size, color, design)
ASOTV Licensee
Investment
Industry Experts,
Product Developers,
Manufactures
$5,000 +
$40,000 +
$200,000 +
Million +
© 2013 Jeske. www.InventiveIdeas.com
Creativity / Inventing
Considerations
1.
2.
3.
Mix & Match
Solve It…
Solve It
© 2013 Jeske. www.InventiveIdeas.com
What if ?
What If…
possibilities
© 2013 Jeske. www.InventiveIdeas.com
Generic-parts technique
Describe
without
reference to
usual function,
material, shape
and size.
Other uses for
pieces and
parts?
© 2013 Jeske. www.InventiveIdeas.com
Thesaurus Technique
Think way
beyond the
narrow range.
© 2013 Jeske. www.InventiveIdeas.com
Why Become A Certified
ASOTV Product Scout
Free Your Mind To Invent the Next Winner.
Maybe Make Money As You Learn.
Help Others.
www.
WillitLaunch.com
Become A Product Scout
Become a Certified ASOTV Product Scout
 Simply submit links to video demos & websites.
 Promote the opportunity in your circle of influence.
 Enjoy shopping without spending money.
$11.00
x
Wholesale Price
3%
Royalty
x
¼%
= $330,000
Inventor Payment
per million units sold
= $27,500
Finder’s Fee
per million units sold
www.WillitLaunch.com
How To Earn
$330,000 Inventing Products for TV
Where To Look for Products?
Help people. Help Yourself.
In Person
 Family & Friends
 Business, Religious, Nonprofit Network
 Products already selling outside the USA
Online
 Direct Mail Catalogs / Small Retail Stores
 Social Networks
 YouTube – Product Reviews, Video Posts
Business Connections
 Creative Kid Contests
 Flea Markets, Trade Shows, Farmer’s Markets
 Inventor Organizations, Product Development Companies, Patent Attorney’s,
Marketing Companies, Local business networks, Start-ups
 Universities & Community Colleges, Economic Development Centers
Keep You’re Eyes Open and Your Mind Sharp ….. Everywhere
“It’s Not Who You Know…. It’s Who You Know, Knows” Carrie Jeske
Before You Submit
EVALUATE / VALIDATE / RESEARCH the concept
1.
Search Google “Images” and Amazon.com by keyword descriptions.
2.
Estimate the cost and retail price based on other products with
similar materials. Goal is $2-5 in cost of goods, $11 wholesale, $19.95
retail.
3.
Review competitive solutions: find your unique advantage, gather marketing
verbiage, assess the size of the problem.
4.
Consider products with similar materials and begin making the best
Inventor “Mock-Up” prototype you can.
5.
Protect Your I.P. - Use an Inventor Notebook and NDA’s.
If you don’t understand the laws, seek legal counsel.
www.WillitLaunch.com
Fast, Low Cost Inventing
How To Submit Your Product
1. Prototype your concept with an inventor “Mock-Up”
2. Demo Video a homemade demonstration (less than 2 minutes) showing
your product in action. Include shots with a “Wow” factor. Describe the problem and
mass market applications. Post online. (YouTube and Vimeo offer private options.)
PROBLEM * YOUR SOLUTION & UNIQUE BENEFITS
Shorter the better. Action. 1-5 minutes.
3. Submit a video link to [email protected]
First Look requested.
Don’t spam your product around town. It makes it less special and unique.
4. Learn from feedback and keep inventing till you hit a winner.
www.WillitLaunch.com