1. ENTRPRENEURIAL IDEA The idea is the specific way in which that opportunity will be addressed
Most people confuse entrepreneurial opportunities with ideas. When asked to give an example of an opportunity, they will often begin by offering s list of ideas.
Successful entrepreneurs know that even the most brilliant idea will fail if there is no need, no want, no market, and no perceived opportunity for it.
It might be a great idea to open a new sports goods store in a particular location, but if there is no need for this kind of store in that community, the idea is bound to fail.

2. THE PROBLEM WITH INVENTIONS Can the Invention be Commercialized
THE PROBLEM WITH INVENTIONS Can the Invention be Commercialized? Less than a 2% chance
Is there a potential market?
(A need or want)
Is the idea profitable?
Is it technically feasible or probable?
Can it win government approval or meet regulations? .
WHAT IS AN INVENTION?
Some entrepreneurs build businesses that produce, distribute, and market an inventions.
Some inventors do not realize the potential commercial applications of their invention or prefer not to pursue it.
CANADIAN INVENTORS AND INVENTIONS
See Table 11.1, “Canadian Inventions and Inventors”, on page 345.
Year
Invention
Canadian Inventor
1921
Insulin
Drs. Banting and Best
1960
Goalie mask
Jacques Plante
1994
Java computer language
James Gosling

3. “Build a Better Mousetrap, and the
World Will Beat a Path to Your Door”
The de facto mousetrap choice is the “two for a dollar” Victor Snap Trap pictured .
It’s easy to use and has a nearly 90% success rate in achieving its intended goal.
So if that’s the case, why have over 4400 mousetrap patents been issued by the US Patent Office?
What are we looking for in a mousetrap anyway?

4. DVD Rewinder: Yes It’s Real
Just when Blockbuster had blacklisted me for never rewinding, this genius company has released a gadget that will solve all of my problems. The DVD re-winder will rewind DVDs. The Centripetal Velocity Spindle will ensure that you are never charged for forgetting to rewind.

5. Strange But True Inventions
With over six million patents in the U.S. alone, there are bound to be a few that make us scratch our head and wonder, "What were they thinking?"

6. Think Those were Strange? How about these Actual Patented Inventions?
• Flying Chicken Plane -- just like it sounds, it's a plane in the shape of a giant chicken
• Dad Saddle -- for when little kids "ride horsey" on their dad's back
• Dining Table Dishwasher -- Finished dinner? Just open the table and put the dishes in.
• Poodle Earrings -- for the next time your dog wants to look classy (ear-piercing required)
• Sneaker with Hoop -- each sneaker has a tiny little basketball hoop on the back. Can ants dunk?
• Talking Dog Collar -- with recorded messages, it sounds like your dog is talking! Sort of.
• Santa Detector -- it's a stocking with an alarm that sounds when the stocking is filled
• Composition for Attracting Flies -- this had to be patented? The flies I know aren't very picky.
• Bird Diaper -- honey, isn't it your turn to change the parakeet?
• Automated Hot Dog Stick -- it's got a little cage on the end to keep the dog from falling into the fire.
• Dog Dust Cover -- ahh, but it's so much fun to vacuum pets! (Just kidding! Don't !)
• Self-warming Ice Cream Scoop -- it's got a little cavity to put in a bic lighter. Hot idea!
• Time Pop -- combination watch and lollipop holder. Takes a licking and keeps on ticking.
• Meat Goldfish -- a meat-jerky snack that can be eaten, OR -- get this -- used for BAIT! Yum!

7. Where Do I Find Great Ideas?
Social Media
- Be not on only on the cutting edge but on the bleeding edge
Newspapers
- Business trends, availability of jobs, ads for businesses for sale
Magazines
- Predictions of future, new products and services
Trade Shows
- New products presented, selling opportunities   
Need to be a Good Observer
- May miss a lot
Look for Patterns
- Watch for changes
Access Information
Talk to people, research from organizations, government
agencies, community groups

8. EVALUATING IDEAS “Anything that won’t sell I don’t want to invent it
It’s sale is proof of utility, and utility is success”
Thomas Edison –
American inventor and businessman
Is the invention useful, do people want it?
Can the idea or invention be commercialized?
Is there a market for the product, service or process?
Edison developed many devices that greatly influenced life around the world, including the phonograph, the motion picture camera, and a long-lasting, practical electric light bulb.
In addition, he created the world’s first industrial research laboratory. Dubbed "The Wizard of Menlo Park" (now Edison, New Jersey) by a newspaper reporter, he was one of the first inventors to apply the principles of mass production and large teamwork to the process of invention, and therefore is often credited with the creation of the first industrial research laboratory.

9. GOING TO MARKET…. TAKING THE NEXT STEP
Patents and Copyrights
Entrepreneurs need to patent or copyright their inventions.
A patent is the registration of an inventors legal right of ownership for their invention. It prevents others from using the invention without permission.
A copyright is the exclusive right to publish, produce, sell, or distribute an original work of literature, art, music, software, design, and so on.
PATENTS AND COPYRIGHTS
The acquisition of a patent can be complicated and expensive.
Lawyers can help with application and patent searches.
If someone else has a previous patent or similar one a new application will not be granted.
Inventions are protected during the “patent pending” period of time.
To prevent the theft of your idea(s) make sure to utilize the services of a reputable patent service.

10. GOING TO MARKET…. TAKING THE NEXT STEP
Licensing Agreements
Licensing an invention or innovation
allows another business to use it for a fee or a royalty.
Franchising Agreements
Similar to a licensing agreement, a franchise agreement is an arrangement for one business to license the rights to its name and procedures to another business or person.
Producing the Invention
The manufacturing of a new invention often requires
a large amount of capital and expertise.
This process can be very risky.
Selling the Rights
Entrepreneurs can sell outright
their patents or copyrights.
ENTREPRENEURIAL OPPORTUNITIES
Licensing Agreements
Royalty is a fee paid to the owner of a patent or copyright by someone who uses it.
A royalty can be a fixed price or a percentage of total sales revenue.
Ideas, images, and names can be licensed in product development.
Fictional characters and sports teams are examples of things that could have their names, pictures, and logos on products.
Producing the Invention
Often entrepreneurs form partnerships with established businesses or financial investors that provide funds and expertise.
Venture capital markets are a forum for bringing together inventors and financial investors who are interested in developing new ideas.
Selling the Rights
This is the fast way to realize revenue from an invention or innovation.
An advantage would be that the buyer assumes risks such as financing, production, and marketing of the product.
Another advantage is that the entrepreneur would not have to wait for the money.
A disadvantage to selling the rights is that the invention is used in an application not anticipated by the inventor.
A second disadvantage could be that long term profits may exceed the payment for the patent or copyright.

11. A GOOD IDEA?
A ?

12. A GOOD IDEA? (con’t)

13. A GOOD IDEA? (con’t)

14. A GOOD IDEA? (con’t)