Business Opportunities Weblog

July 30, 2008 by Rich Whittle | 1 Comment

Daily Chronicle:

It’s a common dream. One day, you’ll invent “The Next Big Thing.” You’ll get a patent, they’ll sell like crazy, and you’ll make millions.

It could happen. But not overnight.

“The process began for me in 2001, and I’m still looking for licensing. This is not something to do if you’re looking for quick results,” Sycamore resident Emily Hummel said.

In 2001, Hummel invented a discreet wrapper to dispose of feminine hygiene products. Her patent was granted in 2004, but she has yet to sell the idea to a manufacturer or marketer.

“Once there’s an invention, you need manufacturers. But they’re not sold on it without a market survey,” Hummel said. “I kind of feel like I went through business school getting my patent.”

Expecting a quick, easy route from concept to market is one of the common pitfalls inventors encounter, said Deanne Casey, a market research manager with the Wisconsin Innovation Service Center at the University of Wisconsin-Whitewater.

“People have to understand this is a long-term project, and it takes a lot of hours and some money out of your own pocket to bring it to fruition,” she said.

Patents can cost thousands of dollars in government and legal fees, and are no guarantee an invention will ever hit the market.

Casey suggested inventors seek the support of a small-business development center at the state or local level and said entrepreneur networks can provide valuable support as well.

“People become so attached to their invention they don’t want to listen to thoughts that could improve it,” she said. “There are a lot of resources at the state and local level that can help you establish networks.”

Photo by Kate Weber Carlson.

In Inventions | 1 Comment
Tags: Marketing, Patents