Intent to invent: Startup steps to monetize unique ideas

by Dave Flaherty | March 9, 2021 2:41 pm

By Edward Vondell

It is obvious the industry is filled with talented, creative, and hard-working professionals that have many brilliant ideas. However, because they do not always have a path to innovative growth in their businesses, or learning how to patent, protect, and monetize their creative designs, many of them never make it to the market or get gobbled up by bigger players.

The author’s company strives to bring unique ideas to the pool industry and has succeeded at introducing innovative, patented products to the market. However, the road to innovation started off bumpy, as it took several years to develop a system of proven processes.

The team studied and adopted steps used across various industries. As a company, it was decided to share these practices with industry colleagues so they could avoid making costly mistakes or risk being deceived by marketing scams.

Prior to the pandemic, the company shared its knowledge through seminars at various regional trade shows. This article provides information that was presented in these seminars and also highlights a 10-step process that includes some basics on understanding the patent process and how to avoid invention marketing scams.

Turn ideas into true business opportunities

From service techs to builders, retailers, and even workers at manufacturing companies, the industry generates unique product ideas. However, without a specific process to bring these designs to market, these would-be entrepreneurs become frustrated and never realize their dreams. Most people underestimate their creativity, productive capacity, intelligence, and full potential.

Even for the author’s company, the team made several attempts before establishing a formal process to create new, innovative ideas, which turned into patent-protected products that could be manufactured. To get started, professionals need to have a step-by-step method and a good understanding of the patent procedure. Having a proven process to follow will help inventors get their ideas to market.

As soon as someone begins thinking about finding a solution by creating a new product or service, they have started the first step of the process—‘The Intent to Invent.’ This is the beginning of a long process that can take months, even years. Searching for instant gratification or a ‘get-rich-quick’ scheme is the enemy of realizing the dream of bringing a product to market. However, it is important to start with the desire and then achieve goals with persistence. Both these factors are important steps along the journey to bringing a product to market.

Proven 10-step invention process to monetize new product ideas

To provide structure to the process of bringing ideas to market, the author’s company created a 10-step process to guide its team to a successful product launch.

Step 1: Intent-to-invent mindset

Companies must be actively thinking and looking for something to invent. Once an idea comes to mind, one must be motivated and ready to start a structured approach to getting the product to market. If the item or service is what customers want, combined with patent protection, it can make people and companies millions of dollars.

Step 2: Solve problems

Finding a product or service that will solve a problem is what customers need, so be sure the invention being pursued is something that achieves the goal or makes life easier for builders, retailers, service professionals, or consumers.

Step 3: Desire

Inventors need a burning desire to make it happen. There will be many roadblocks in bringing the product to market, so be passionate about an invention and driven to see it through. This is needed to keep going and to get through challenging times.

Step 4: Persistence

Do not give up when refining a product or service. Going back to the drawing board multiple times is common and, most likely, necessary. As inventors spend time examining the item and the market, they will likely find ways to improve, and might even come across a better concept along the way.

Step 5: Collaborate

This step is important whether one is working in a company or alone, as help is needed in getting the product or service to market.

It is important to have a non-disclosure agreement (NDA) in place if working with outside partners. This applies to designers, suppliers, prototype makers, machinery companies, and even market-research firms.

Step 6: Brainstorming

This is a good technique to continue refining the product or service when one hits a roadblock. Keep reimagining how the product or service will be used in the real world, and think of additional features that will enhance the original idea.

Step 7: Toolset

Having the right tools, equipment, or software to bring the product to life is important. If an inventor does not possess these, they may need to find a company to build or develop it for them.  But remember to get those NDAs signed before sharing information, as it is better to be safe
than sorry.

Step 8: Get dirty

From building the product to testing it out—the entire process takes time and effort. Inventors will need to roll up their sleeves to prove it out before being confident the invention works. Testing and validating assumptions are essential to ensuring success. Make sure to be in the field with potential users/buyers to receive feedback. Do not be afraid to make adjustments to the design or avoid them after the product has been launched. A tested and proven item will be much easier to sell. One would not want to patent something that can be easily improved upon after it has been introduced in the market.

Step 9: Protect

If one has a ‘winner,’ they must make sure to start the patent process before going to market. Beware of unethical invention companies because inventors can do this without their ‘help.’ Be sure to get recommendations of trusted patent lawyers who are experts in the industry.

Millions can be made by producing the product or service, selling the rights, or licensing agreements. Making the right choice is critical, but having patent protection is the only way to have the strength of the government on one’s side. This is a powerful negotiating tool when selling rights or licensing.

It is important for pool professionals to get a grasp on what it means to get a patent on an idea or product. A patent gives its owner the right to exclude others from making, using, and selling the invention in the country where the patent is issued. To get a patent, the claimed invention must be useful, novel, and non-obvious. It is incumbent upon an inventor to file the patent application sooner rather than later because when two inventors have similar products, it is the first one to file who receives priority over the other. However, the first-to-file rule only applies to true inventors—copiers cannot be awarded valid patents.

Patents promote innovation by granting a government-enforced limited monopoly to the inventor.  The rights last for 20 years from the date of filing the application and, in exchange, the public gets the right to practice the patented invention once the patent expires.

Step 10: Market

Getting the product in front of the customer is the only way it will sell, and choosing the right method is critical. Getting an idea to market by selling the rights, licensing, or producing is the ‘last mile’ of the journey. Choosing which
way to go can be exciting, but financial intelligence is important.

Multiple additional factors come into play, so there is no formula to decide. Lifestyle, competencies, financial backing, competitive environment, and economy all play important roles in making the right decision. Once the idea, product, or service has been proven, the final phase is critical in getting the product to market and selling it. Many people struggle to understand the next steps, and this is when the ‘marketing sharks’ will begin to circle around. Often the lack of funding can be a concern, but this can be overcome with good guidance.

Having honest, ethical, and local legal help is the best way to move an idea forward. Beware of people or companies who want to ‘help’ get the idea to market, as it could end up costing thousands of dollars, and one may be left with nothing to show for the expense, other than frustration and a hole in their pocket.

Conclusion

Many have heard the success stories of those who have had an ‘Aha!’ moment, which turned their idea into millions of dollars. The media has done a good job at overly promoting their journeys.  Unfortunately, many people are unaware of all the steps and years of hard work likely required to make it big.

It has been said, “Where there is a will, there is a way,” and it depends on how much desire someone has burning in their gut. Being systematic in one’s approach to come up with a unique idea will give inventors the structure needed to determine the best method to bring the product to market. This 10-step process gives industry colleagues a place to start the process.

Edward Vondell is co-owner and chief operating officer of the fibreglass pool manufacturer, Thursday Pools LLC—a position he has held since 2012. Prior, he was employed with Chrysler Corp. He earned his bachelor’s degree in engineering from Purdue University in 1985 and an MBA from the University of Notre Dame in 2001. Vondell is vice-president of the Indiana Chapter of the Association of Pool and Spa Professionals (APSP). He is a successful inventor of automotive and fibreglass pool innovations and their accessories, and has five products patented and multiple patents pending.

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