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17 Mistakes Inventors Make

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Presentation on theme: "17 Mistakes Inventors Make"— Presentation transcript:

1 17 Mistakes Inventors Make
Presented by Adrian Pelkus May 8th, 2008 Created by: Adrian Pelkus A Squared Technologies, Inc. “Helping Inventors & Entrepreneurs Since 1985”

2 Every invention is a business opportunity
Bear in mind… Every invention is a business opportunity How do you capture an idea? Is the idea worth developing? What do you want to do with your idea? How will you protect the idea? How will you convey it or show it? To who, when and why?

3 Many great ideas are lost in fleeing moments…
Mistake #1 Not Capturing the Idea Many great ideas are lost in fleeing moments… Sticky notes – always on desk Call yourself – leave message White board – easy markers Tape recorder – for “on the road” ideas Notebook – pocket diary

4 Don't let your life pass you by…
Mistake #2 Not acting on the Idea Don't let your life pass you by… Procrastination is the road on which many great opportunities die Could have, would have & should have regrets Thinking positive 3 D’s

5 Everything is Available
Mistake #3 No Early Evaluation of Idea Factors and Weights 5 4 3 2 1 Estimated Profitability Extraordinary Fantastic Great Good Small Margin Technical Complexity Very Simple Everything is Available Custom Fab Needed Custom Design Needed R&D Required Industry $/Year Size 50 Billion+ 10 Billion+ 1 Billion+ 100 Million+ 10 Million+ Number of Competitors <4 >4 >10 >50 >100 Number of Related Patents IP Uniqueness Regulatory Agencies None UL/CSA Off Shore FDA >3 Regulatory Acceptance Likeliness Development Cost <$5K >$5K >$10K >50K >100K Estimated Unit Sales 1st Year $1M+ $100K+ $10K+ $1K+

6 What do you want to do with your idea What can you do What cant you do
Mistake #4 No Reality check What do you want to do with your idea What can you do What cant you do What do you have What do you need Who do you know Who do you need to know

7 Non Disclosure Agreements – NDA, MDA, Trade secrets - forever
Mistake #5 Not Protecting the Idea Non Disclosure Agreements – NDA, MDA, Trade secrets - forever Provisional Patents – file date only, 1yr start Non Provisional Patents –design, utility, plant Trademarks – logos, emblems, Brand names Copyright – written material, music, software

8 Mistake #6 Afraid to show idea / no props or pitch Sketches
Not Properly Conveying the Idea Afraid to show idea / no props or pitch Sketches Power Point Solid modeling / CAD Mockups Working Models User videos

9 Mistake #7 F&F – Feedback & seed $
Presenting Ideas to wrong wrong time F&F – Feedback & seed $ Pros – Help plan / build team / protect IP Angels – Startup $ & network Banks/VC – Business Growth after startup Manufactures – License agreements after IP Off shore – after all development is complete

10 Your “roadmap” to success For business proposals
Mistake #8 No Business plan Your “roadmap” to success For business proposals For License agreements For your own focus

11 You don’t have to do it all and should not
Mistake #9 No Management Team You don’t have to do it all and should not An idea is worth nothing with out action Blind leading the blind Networks Expertise

12 Not using all your resources Staying in control, “keeping” %
Mistake #10 Not Delegating Not using all your resources Staying in control, “keeping” % Getting out of your own way Multitasking efficiently, managing it all

13 Startup 1-3 months Research 1-3 months Funding 3-6 months
Mistake #11 Underestimating startup time & costs Startup months Research 1-3 months Funding 3-6 months Patents months R&D months Mockups 1-2 months Tooling 3-4 months

14 Engineering misleading marketing Inaccurate market surveys
Mistake #12 Changing specifications Jello specs Engineering misleading marketing Inaccurate market surveys Make it cheaper mentality Unproven parts Obsolete technology

15 Change R&D schedule = setbacks Want it bad you get it bad
Mistake #13 Sidestep for Tradeshow Change R&D schedule = setbacks Want it bad you get it bad First impressions

16 Surprise, back to square 1 “Kid tested – mother approved”
Mistake #14 Not fully testing new product Lost investment & time Surprise, back to square 1 “Kid tested – mother approved” Material science & physics modeling Empirical testing Burn in & “infant mortality”

17 Useless patents Tooling vs SLA Going off shore Advertising too early
Mistake #15 Premature investments Useless patents Tooling vs SLA Going off shore Advertising too early

18 Resource requirements & finance planning Double estimates
Mistake #16 Insufficient funding Resource requirements & finance planning Double estimates Contingency plan Constant pursuit of funds Bootstrapping pains

19 Best laid plans see setbacks You have to want it
Mistake #17 Giving up too soon Best laid plans see setbacks You have to want it If you keep focused on your goal you wont be distracted by the obstacles Persistence is the path to success Only those that attempt the absurd achieve the impossible

20 17 Mistakes Inventors Make
Presented by Adrian Pelkus May 8th, 2008 Created by: Adrian Pelkus A Squared Technologies, Inc. “Helping Inventors & Entrepreneurs Since 1985”


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