How to Protect Your Great Idea
Issue #2479
- WEALTHY: How to protect your great idea (Michael Masterson)
- HEALTHY: The right processing turns a health foe into a health friend (Kelley Herring)
- WISE: Jonathan Swift on discovery
Also in this issue:
- Once again, specifics save the day! (Suzanne Richardson)
- Just the facts, ma’am (Jason Holland)
- It’s Fun to Know… about the longest word in the English language
- Add “consanguineous” to your vocabulary
== Highly Recommended ==
A $98,000 Return on Investment
Some of the richest men in the world have made their fortunes in the stock market. But they didn’t make all that cash without first putting some of theirs out on the line. They knew – and so should you – that there’s only one way to get filthy rich. To turn money into more money by investing wisely.
How do you know if something is a wise investment or not? By your ROI - return on investment.
The stock market isn’t stable enough. Your best chance to be a millionaire today is to start your own business. And your best bet at doing that right happens if you have a successful mentor. So how about 12 mentors each promising ideas worth $100, 000?
That’s a minimum $98,000 return on investment! And that’s if you use only one of their ideas. If you use all 12…that’s $1.2 million in cash - in your pocket! And that’s just in the first year alone!
Some people invest in real estate…some invest in the stock market. At this year’s Bootcamp, we’re inviting you to make an investment in knowledge that will be the best investment you ever make.
“Discovery consists of seeing what everybody has seen and thinking what nobody else has thought.”
Jonathan Swift
Getting Your Inventions Patented and Sold
We got a letter from “Kellen,” who has invented something he thinks can change the world and make him a lot of money.
Kellen is currently a business owner and founder of a men’s fitness franchise. He said he had tried to be the “Curves for men,” but is finding out that “men don’t take to fitness like women do.”
He has developed an idea that he says “could revolutionize the auto industry” and “drastically affect the world’s reliance on oil.”
“It will kick off an industry so gigantic” he says, “that… well, I don’t want to get carried away… but can you say ‘Microsoft?’”
Kellen wants to know two things:
1. How can he find Venture Capitalists/Angels/Investors who would be interested in funding the research and development he needs to prove his idea works, and…
2. How can he protect/patent his idea to keep it safe from would-be thieves?
I’m not an expert on patents or venture capital. (I prefer businesses that can be started on a shoestring budget.) But I’ve learned a few things about them over the years that I can pass on.
But before I do that, I want to make a general point about inventions and inventors. What I’m about to say is no reflection on Kellen. It’s just a warning to anyone reading this who might harbor dreams about getting rich by inventing something.
The warning is this: Many are called, but few are chosen. Or, rather, few are called and almost no one is chosen.
The inventing game is a long-shot business. Most people who develop “amazing” ideas and try to patent and sell them find out that they have already been invented… or have been tried in the marketplace and failed. For a new product idea to be successful, it must pass three tests. It must be:
- New
- Unique
- Useful
So would-be inventors must stop and ask themselves: Is my idea really new, unique, and useful?
The “new” question can be answered by doing a little research. Either it is or it isn’t. But if it is new, that isn’t enough. It must be unique in some way. It must have some quality that differentiates it from other, similar ideas/devices. And that differentiating factor must be useful. It must be something people will be willing to pay for.
But even if your invention is new and unique and useful, its chances of getting produced and eventually making money are very slim. That’s because the marketplace you will want to bring it to is filled with businesses that don’t want your competition. They will do everything they can, including suing you and getting regulators after you, to get rid of you. Resisting them will take time, money, and tenacity.
So that is the most important thing Kellen needs to understand - the difficulty of the job ahead of him. The odds of making a fortune through an invention are about the same as becoming a movie star or sports hero. Possible, but highly unlikely even if you’ve got the goods.
That said, let’s answer Kellen’s two specific questions: 1. How can he find Venture Capitalists/Angels/Investors who would be interested in funding the research and development he needs to prove his idea works? Silicon Valley and Wall Street immediately come to mind. But you can find money lenders and investors all over the place. An Internet search for “venture capital” or “angel investors” will yield several directories.
Charles Delvalle - a market analyst for ETR’s sister site, Investor’s Daily Edge - recommends the National Venture Capital Association (nvca.org). Charles also tells me that “green” industries, like alternative fuels and energy, are a current hotspot attracting VC investment. From the few details Kellen gave me about his business, it sounds like this might help his case.
Andrew Gordon, ETR’s Investment Director, adds these sources for finding venture capital: the U.S. Small Business Administration, your local Chamber of Commerce, local business incubator programs (which could be part of a local university or city/county/state economic agency), and your state government’s economic development department.
Just like any investor, venture capitalists want to see a return on their investment. So Kellen will have to show them proof that his new technology really works. They’ll also want to see that his invention or idea has a market of customers ready to buy. None of this can come from his word alone. He must provide detailed specs and-up-to-date market data. Also, he needs to show that he and/or his partners have the experience to run a business. In short, before he even starts to look for investors, he needs a cogent business proposal. 2. How can he protect/patent his idea to keep it safe from would-be thieves? You can’t patent an idea or theory, however unique. What Kellen needs is some sort of specific process, technique, or device (or at least workable plans) that aim to do the job his invention is meant to do. Even then, there is no guarantee that his patent request will be granted. There are some pretty tough standards that have to be met.
If approved, enforcement will be Kellen’s responsibility, not that of the patent office. If he believes another company or individual is infringing on his patent, the only way he will be able to stop them is by asking them to cease and desist or suing them in federal court.
The U.S. Patent and Trademark Office handles patent applications. They will be able to answer any questions ETR readers have about the process, including how to apply and the application requirements. If you’re interested, check out their website for more information: uspto.gov.
[Ed. Note: As Michael points out, becoming an inventor is like waiting for lightning to strike. But you don't need to invent a brand-new product to build a multimillion-dollar business. Discover how you could be making an extra $1.2 million next year...]
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Reader Feedback: “I think your ETR e-mail is well done.”
“I’d like to thank you for the Michael Masterson article entitled ‘How Much Are You Worth? Figure It Out and Make Your Life Much, Much Richer.‘
“I’ve often used a similar barometer for choices in my life, but I really enjoyed Michael’s direct formula for What My Time Is Worth. Not to mention having the knowledge of the tipping point, and maintaining the goal of raising it!
“I am a new subscriber, and I think your ETR e-mail is well done. Thank you.”
Paul Mackie
Baie D’Urfe, Quebec
[Ed. Note: What's the best way to get more of the information and advice you want the most? Let us know what you like! Write to ETR at ReaderFeedback@gmail.com and tell us what's helped you, what you love, and what you want to see more of.]
Why “As Soon As Possible” Is a Stupid Request
Specifics can be truly powerful. They can help you:
• become a better writer by making your writing come to life with detail
• get prospective customers to read your sales copy by making your headlines more intriguing
• target your ideal customer by making your sales copy more believable
• charm employees and colleagues by showing them how closely you’re paying attention to their strengths
• make travel writing so vivid that your readers can feel, see, and taste the scenes you’re describing
• give presentations your audience will love by sticking to facts, figures, and stories that illustrate your point
• break down your goals into easy-to-achieve pieces
• and much more.
But specifics can also keep you on track in everyday situations. Here’s how…
My would-be novelist cousin recently sent me a short story she’d written. She asked me to read and edit it.
“When do you want it back?” I asked.
“Oh, as soon as possible,” she said.
Taking that comment at face value, I put it on my to-do list. But because the “deadline” was flexible, I didn’t make it a top priority.
When a week passed, my aunt called me up, worried. My cousin was in tears. She was afraid the story was awful, and because I didn’t want to hurt her feelings, I was saying nothing.
In fact, I hadn’t even looked at it!
To my cousin, “as soon as possible” meant “right away.” To me, it meant “as soon as I can get to it.” Which I hadn’t yet been able to do.
The truth is, your top priorities are rarely going to be the same as other people’s. And if you are depending on them to get something done for you, you need to get them to move it up on their priority list.
The best way to do this is with specifics. Say, “I’d love to have it back by noon on Wednesday.” or “I need it no later than October 15.”
Only if the task is truly NOT time-dependent should you say “as soon as possible.”
[Ed. Note: If you are looking to add $100,000 or even $1 million to your bottom line, you need to attend ETR's 2008 Info Marketing Bootcamp. You'll get 12 specific strategies that can help you make $1.2 million - or more! - in 2009. Sign up today.]
But Wikipedia Said So
We’ve written in ETR many times about the dangers of relying on websites when doing research. As a sports reporter from the UK tabloid The Daily Mirror recently found out, Wikipedia is one you really have to watch out for.
The reporter wrote that fans of the Cypriot football (that’s soccer for you Yanks) team AC Omonia were known as “the Zany Ones.” And he referred to their habit of wearing “hats made from shoes.” But turns out this “background research” was drawn directly from the team’s Wikipedia entry… which had been updated by an Internet prankster.
At least the reporter didn’t totally embarrass himself. Here are a few of the Wikipedia “facts” he left out of his article: The fans’ theme song is about a little potato, and they “keep their season tickets in the oven for safekeeping.”
The Web is a great tool for research. But don’t take any one website as gospel. Make sure you get confirmation from other sources.
[Ed. Note: The Internet makes it easy to find what you're looking for. But it's also easier than ever to make mistakes. The best way to make sure you're working with information that's both useful and truthful? Base it on personal experience. At ETR's 2008 Info Marketing Bootcamp, our expert panel will be revealing the most profitable, most effective methods they've used to create a combined $1 billion in revenues. All of their recommendations are based on what's worked for them. Reserve your seat now.]
Soy Foods: Friend or Foe?
You might think there’s very little difference between tempeh and tofu. But when it comes to your health, this couldn’t be further from the truth.
Why? Unfermented soy foods - like edamame, soy nuts, soy sprouts, soy flour, soy protein isolate, soy milk, and tofu - contain two anti-nutrients: trypsin inhibitors and phytic acid.
Trypsin inhibitors reduce the body’s natural ability to digest proteins, and, therefore, assimilate the amino acids in them. Phytic acid reduces the absorption of minerals like magnesium and zinc, essential components of enzymes that participate in hundreds of biochemical processes.
Fermented soy foods, on the other hand - including miso, tempeh, soy sauces, and fermented soy milk and tofu - actually stop the effects of phytic acid. Plus, they create probiotics - “good” bacteria that benefit gut health and increase the assimilation of nutrients in the body.
Studies have shown that it’s these traditionally fermented soy foods that should be credited with the reduced rates of cancer and heart disease seen in Asian populations. Not the soy burgers, soy shakes, and other processed soy foods that have been popularized in the last decade.
If you like soy foods, make sure you’re getting organic, fermented soy products. And, like anything else, consume in moderation.
[Ed. Note: Soy may be touted as healthy. But, as Kelley points out, it may be doing you more harm than good. Looking for a healthy dessert option? Put your sugar-packed soy bar down and reach for a piece of delicious chocolate cake. High in protein and fiber, plus an excellent source of omega-3 fatty acids, Kelley's soy-free cake mix delivers wholesome nutrition... in the form of a decadent dessert.
For more delicious and healthy recipes - plus the latest breakthroughs in health - sign up for ETR's natural health e-letter.]
It’s Fun to Know: The Longest Word in the English Language
The longest word in the English language is “pneumonoultramicroscopicsilicovolcanokoniosis.” It’s the name of a lung disease that miners get by inhaling fine silica dust.
It won’t be easy to work this word into conversation… but with ETR’s Words to the Wise program, you can add 100 impressive words to your personal lexicon that you can actually use. Having a great vocabulary makes you sound - and feel - more intelligent. Plus, it can increase your confidence in your speaking ability and others’ confidence in you.
== Highly Recommended ==
Success Is as Easy as Flipping on a Light Switch…
Suppose that there was an almost magical switch you could flip that would put all your dreams within reach.
And I’m talking ALL your dreams…
Adding a few thousand bucks to your paycheck each week. (And who doesn’t want a little extra cash?) Turning your passion for gardening into a small business… or becoming a black-belt martial artist… or writing a book of poems.
Whatever you want to do…
Here’s your chance to get everything you want out of life
Word to the Wise: Consanguineous
“Consanguineous” (kon-san-GWIN-ee-us) - from the Latin for “with” + “blood” - means related by birth, descended from the same parent or ancestor.
Example (as used by William Shakespeare in Twelfth-Night): “Am not I consanguineous? am I not of her blood?”
[Ed. Note: Become a more persuasive writer and speaker ... build your self-confidence and intellect ... increase your attractiveness to others ... just by spending 10 VERY enjoyable minutes a day with ETR's new Words to the Wise CD Library.]
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Anyone can ‘invent’ some gizmo or gadget - a physical ’solution’ they perceive will satisfy a ‘need’. Trouble is - there are so many people and it’s not uncommon for any two (or more) to dream-up the same idea. In the USA patents are granted by the USPTO based upon a proven ‘first to invent’ date.
Of any two inventors who submit their patent applications; the one with documented proof -(notarized records, correspondence, etc) demonstrating he/she had developed the idea into a workable solution which (given the ‘design’) anyone (having the capabilities) could copy and produce - wins the patent.
In all other countries it’s the ‘first to submit’ who is granted the patent - records be damned.
In either case it’s essential to safeguard the confidentiality of the design and to release it for review ONLY to those who agree to safeguard it as well (in writing).
There are a great many companies which I, and other inventors I’ve spoken with, have dealt with and most are nothing more than scam artists - ‘invention marketing firms’ promising (for a sizable fee often in excess of US$5000) to patent and market your invention to companies who’ll give you a ‘cut’ (’royalty’) of their profits.
Nearly all of these are boiler-room operations bilking trusting souls out of their life savings - firms which sell hope through invention so long as it’s profitable and the next big thing tommorrow.
Only one firm, I’m aware of, is headed by a genuine inventor who made his fortune through inventing a technology used globally today and upon which thousands (if not millions) of people depend every day. That man is Trevor Bayliss and his contribution was the ‘wind-up radio’. (see bio - http://en.wikipedia.org/wiki/Trevor_Baylis )
You can learn more about this man through his website, learn all about the patenting process and receive guidance in bringing you invention to-market. In-fact his firm is the ONLY one which aids in patenting, finding companies interested in producing the resultant products (for a royalty paid the inventor) and/or developing a new company around the invention.
Unlike most every other invention marketing firms, making such promises, Trevor’s (found at - http://www.trevorbaylisbrands.com/tbb/home/home.asp ) is genuine and can be trusted.
Your article puts tofu in both the unfermented and fermented categories. Which is it please?
I think their should be a law passed protecting one’s idea from being stolen when confiding with a patent attorney and financial aid for anyone that has an idea for an invention. Many people have great ideas but don’t have the know-how or knowledge to advance from that state. I for one have a ’story’ that you would not believe. I was very young, a female and told my true story idea to a patent attorney who stole the information, proof of materials, and evidence that made a ZILLION $$$$’s worldwide. Maybe that is why we have a generation that don’t produce mentally anymore???