Marketing Your Invention

When inventors contact my company, InventionHome.com about Due Diligence I like to explain the concept with a simple example. Think of it this way, if a manufacturer is getting ready to make the decision to develop, manufacture, and market a new product that could potentially cost $50,000 to $150,000 to produce plus inventory costs, they would most certainly take their time to ensure that they are making a good business decision in moving forward with the product (i.e.: have they done their homework on the product). Therefore, you can sum up “due diligence” as the process of gathering all the information necessary to make a good business decision prior to making the large financial expenditure. It can generally be assumed that the more time, effort and money (i.e.: “risk”) that a company must spend to develop an invention, the more they will evaluate the potential license. Keep in mind that even if a product appears to be simple and low cost, the process of developing and manufacturing is rarely simple and low cost. Companies will evaluate such criteria as customer feedback, retail price points, unit cost to manufacture, competitive landscape, manufacturing feasibility, market opportunity, etc.

Inventors often wonder if they need to perform Due Diligence on their invention.As discussed, this will depend on the option you have elected for taking your product to market.

Option 1 - Manufacturing on your own - If you are planning on manufacturing and marketing the invention on your own, then yes you will need to perform due diligence. Essentially, you become the manufacturer of the product and as a result you should perform the due diligence on your invention just like other manufacturers would. The problem that I have found is that many inventors who elect to manufacture their own inventions do little, if any marketing due diligence, which is a big mistake.

Option 2 - Licensing for Royalties - if you are planning on licensing for royalties, then I believe you can minimize your due diligence efforts, because prior to any company licensing your invention, they will perform their own due diligence. If you are working with a company such as Invention Home, the costs to market your invention to companies can be minimal - therefore it could cost you more to actually perform the due diligence than it would to just market the invention to companies (which, is ultimately your best form of due diligence anyway). Remember, you should have taken the time to do your basic market research and a patent search earlier in the process to be assured that your product is worth pursuing in the first place (i.e.: the product is not already on the market and there is a demand).

Let me summarize. If you are planning on investing a large amount of money on your invention, then you should always analyze the opportunity first to make sure it’s worth pursuing; however, if you can actively market your invention to companies with minimal cost, you can be assured that an interested company will perform their own due diligence (not rely on yours). Note: it is always helpful to have marketing due diligence information available as you discuss your invention opportunity with prospective companies; however, it is not always easy to obtain this information so you need to balance the effort and expense of gathering the information with the real need of having it.

I also will provide you with some due diligence tips.As discussed, the idea of marketing due diligence is to gather as much information as possible to make a well-informed decision on investing in any invention. In a perfect world, we would have all the relevant information on sales projections, retail pricing, marketing costs, manufacturing setup and unit costs, competitive analysis, market demand, etc. However, this information is not always easy to come by.

If you are not in a position to pay a professional firm to do your marketing evaluation, it is possible to perform the research on your own; however, you need to understand that research should be interpreted and used for decision-making and on its own, it has no value. It is what you do with the information that matters. Note: I would recommend that you DO NOT PURCHASE “market research” from an Invention Promotion company. Often sold as a “first step” (they’ll usually approach you again with an expensive “marketing” package), the information is largely useless because it is not specific research on your invention. Rather, it is off-the-shelf “canned” industry statistics, which will not necessarily help you make an informed decision.
Before we get to the “tips”, let me clarify that “due diligence” can come under various names, but essentially they all mean the same thing. Some of the terms that I have seen to describe the diligence process are:

• Due Diligence
• Marketing Evaluation
• Commercial Potential
• Invention Salability
• Profitably Marketable
• Market Research
• Invention Assessment

Each of these terms is basically referring to the research to assess the likelihood of an invention’s salability and profitability. The question of whether your invention will sell can never be known with certainty, but you can perform some steps to help you better understand the likelihood of success.

Again, if you are planning on manufacturing your invention on your own, you should consider performing marketing due diligence on your product. If you are planning on licensing your invention for royalties the company licensing your invention should perform this research.

Some suggestions for marketing due diligence are listed below.

1. Ask and answer some basic questions

• Is your invention original or has someone else already come up with the invention? Hopefully, you have already answered this question in your basic research. If not, check trade directories or the Internet.
• Is your invention a solution to a problem? If not, why do you think it will sell?
• Does your invention really solve the problem?
• Is your invention already on the market? If so, what does your invention offer over the others?
• How many competing products and competitors can you find on the market?
• What is the range of price of these products? Can your product fall into this range? Don’t forget to factor in profit and perhaps wholesale pricing and royalty fee, if any.
• Can you position your invention as a better product?

2. List the pros and cons that will impact how your invention sells and objectively evaluate your list

• Demand – is there an existing demand for your invention?
• Market – does a market exist for your invention, and if so, what is the size of the market?
• Production Capabilities – will it be easy or difficult to produce your invention?
• Production Costs – can you obtain accurate manufacturing costs (both per unit and setup/tooling)?
• Distribution Capabilities – will it be easy or difficult to distribute or sell your invention?
• Advanced features – does your invention offer significant improvements over other similar products (speed, size, weight, ease of use)?
• Retail Price – do you have a price point advantage or disadvantage?
• Life – will your invention last longer than other products?
• Performance – does your invention perform better than other products (including better, faster output, less noise, better smell, taste, look or feel)?
• Market Barriers – is it difficult or easy to enter your market?
• Regulations and Laws – does your invention require specific regulatory requirements or are there special laws that must be followed (i.e.: FDA approval)

3. Seek advice or input from others (consider confidentiality)

• Target professionals / experts in the field.
• Ask for objective feedback and advice.
• Talk to marketing professionals.
• Ask sales people in the field.
• Ask people you know in the field.
• Talk to close friends and family members whom you trust.
• Ask for input on the invention such as features, benefits, price, and if they would buy it.

During the diligence stage, existing manufactures have an advantage in that they have the ability to talk with their customers (retail buyers, wholesalers, etc.). In my experience, one of the most important factors that a company will consider is whether their existing customers would buy the product. If I took an invention to a company to discuss licensing (assuming they could produce it at the right price point), there is a very high likelihood that they would license the product if one of their top customers agreed to sell it.

Whether a retail buyer is interested in purchasing a product is a driving force for companies considering product licensing. I’ve seen many scenarios in which a company had interest in an invention but they ultimately decided to pass on the idea because their customer (the retailer) did not show any interest in the product. Conversely, I’ve seen companies with mild interest in an idea who jump at a new product when a retailer expresses interest in it.

Sources: I. Videos Gone Viral, II. The Car Junky, III. The Tech Fanatic

The Law Relating to Transfer of Shares

The stock market has become the backbone of many economies in the world. Unfortunately, those who are engaged in such markets know little or nothing on the that regulate their trading. One of the very critical areas that every investor must know is the laws that govern the transfer of shares by a company and also individuals.

There is a distinction between transfer of shares and the transmission of shares. A transfer is by the act of the member of a company, while transmission occurs by operation of the law on the death or the bankruptcy of a member.

Every shareholder has a right to transfer his or her shares unless otherwise provided in the articles. As per the companies Act, "it is provided that the shares in a company under these Acts shall be capable of being transferred in a manner provided by the regulations of the company. Such regulations of the company may impose restraints upon the right of transfer...."

However, the directors of a company may, in their absolute discretion and without assigning any reason therefore, refuse to register any transfer of share. In such a case, the court may not interfere with the transfer unless one shows that the directors are exercising their discretion improperly.

A forged transfer of shares is a nullity and cannot affect the title of the shareholder whose signature is forged. If the company therefore has registered the forged transfer and removed the true owner of the rights from the register, it can be compelled to replace him.

Sources: I. Videos Gone Viral, II. The Car Junky, III. The Tech Fanatic

Important Changes to Reporting Under the Servicemembers Civil Relief Act (SCRA)

The Servicemembers Civil Relief Act (50 U.S.C. Appx. 501 et seq., herein “SCRA”1) is the successor to the Soldiers’ and Sailors’ Relief Act. It offers protections for persons in active military service. The protections may include mandated 6% interest on some loans, and halting court judgments, evictions and foreclosures. “Military Service” covers seven agencies (Army, Navy, Coast Guard, Marines, Air Force, as well as certain employees of the National Health Service and the National Atmospheric and Oceanic Administration. (See SCRA § 511(2)).

It is important to note that the SCRA provides protection not only to persons on active military service but also up to nine (9) months after termination of active military status. Foreclosures, for example, are invalid if conducted during or within nine (9)2 months after a servicemember’s period of military service. The court could review the promissory notes that gave rise to the foreclosure and could change the mortgage payment and maturity date. Similarly, the 6% interest rate cap extends one (1) year after termination of a service member’s period of military service. §527(a).

There are dangers in proceeding against someone without verifying if the person is in active military service. A person who knowingly causes a foreclosure or seizure or attempts to do so in contravention of the SCRA is subject to imprisonment. (see §533 (d))


Until now, searches under the SCRA only provided confirmation of whether a person was or was not in active military status. This resulted in a severe vulnerability: there was no ability to verify if a servicemember was within his/her period of post-service protection. Effective October 11, 2009, the military active duty verification provided by the Servicemembers Civil Relief Act Centralized Verification (www.servicememberscivilreliefact.com) will include active duty termination dates. This change in reporting was made possible because the Defense Department’s Manpower Data Centers DEERS database (hosted by the Defense Manpower Data Center (“DMDC”)) responses now include this information, at the request of the SCRACVS and at the suggestion of Rod Powers who covers US Military issues at About.com.

At the SCRACVS site, active duty military status verification requests may be conducted without a social security number or date of birth, provided that other identifying information (such as addresses) is provided. The DMDC site will not permit a search without SSN or d.o.b., and, searches conducted with d.o.b. only include a disclaimer indicating that the search results cannot be verified because only a SSN provides a unique identifier. This, disclaimer, understandably, may draw court concern. The SCRACVS has other data available to it to conduct the dispositive searches often required by courts.

Courts universally require an affidavit before a plaintiff may receive a judgment against an individual. Those affidavits should now indicate the active duty termination date, if applicable. The affidavits are sometimes referred to as “military affidavits”, “non-military affidavits”, and “affidavits in compliance with the Servicemembers Civil Relief Act”.

[1] The Act is the successor to the Soldiers’ and Sailors’ Civil Relief Act of 1940. The SCRA is sometimes and erroneously referred to as the Servicemembers’ Civil Relief Act, Servicemember’s Civil Relief Act, Service Member Civil Relief Act, Service Member’s Civil Relief Act, Servicemembers Civil Release Act, and similar.

[2] On July 30, 2008 the protection was extended from 90 days to 9 months. Effective January 1, 2011, a sunset provision will roll the 9 months back to 90 days. §2203(c)(2) of Act July 30, 2008, P.L. 110-289. On the other hand, §522, which applies to other proceedings, remains at 90 days.

Sources: I. Videos Gone Viral, II. The Car Junky, III. The Tech Fanatic

Besides Pornography, Very Few Ways to Censor Internet

Freedom of speech is our guaranteed right as a United States citizen. Or is it? That is the question those opposed to censorship are asking citizens to decide and stand up for. However, the Federal Communications Commission claims it does not attempt to hinder a person’s right to freedom of speech. Their goal is to prevent obscenity and libel from being a part of the media, newspaper, television, and radio.

The FCC will issue fines to any entity that falls under free to air broadcasting who participates in programming that involves obscenities, vulgar behaviors, nudity, or libel. These finds are high dollar amounts ranging from $250,000 to $375,000 per incident.

One huge area of controversy involving censorship involves pornography, especially on the internet. The FCC states indecent pornography can’t be censored, but obscene pornography can be censored. This involves pornography involving children and underage teenagers. Under the regulations of the FCC that have been approved by the Bush administration, those violating the pornography censorship laws can face criminal charges and prison sentences. The issue of censorship regarding pornography has gotten even tighter since 1996 when the Communications Decency Act was passed.

Other than the area of pornography, there are very few ways to censor internet materials. Many people enjoy that freedom while others are fighting to change that. It is one thing if you are searching the internet for a particular subject, then view it. However, many children have found x-rated sites not suited for their viewing by simply typing in the name of a popular toy or music band into a search engine.

Keeping this in mind, it is important to remember that not everything you read on the internet is true. It may very well simply be someone’s opinion with no factual information to verify it. However, nothing mandates they state it is only their opinion on the internet. Therefore, it is often portrayed in a format that appears to be factual.

The issue of censorship remains very controversial. There are those who believe it is necessary to keep some guidelines and integrity in our society pertaining to television, music, and the media. However, the other side of the issue belongs with those who believe freedom of speech should be the prevailing decision.

Sources: I. Videos Gone Viral, II. The Car Junky, III. The Tech Fanatic

Cancer Misdiagnosis

Cancer is a disease that cannot be pinned down to one single cause. There are various factors which may help increase the likelihood of an individual developing the disease. Your genes, general lifestyle, or even the environment may all contribute to increasing the chances of developing the disease.

Early diagnosis of cancer is essential in leading to more effective treatment and lower mortality rate. Failure by doctors to do this can have devastating results for the patient involved. With the current advancements in technology, it is much easier now than ever before to be able to spot signs of cancer. Early misdiagnosis of cancer can have drastic consequences for the patient's life expectancy. In some cases, the consequences can be so serious that treatment may no longer be an option and the patient will be impacted for life.

How can you make a claim?

In order to establish the doctor's liability, the doctor will first be assessed against other doctors in the same speciality. Two fundamental questions will be asked:

* Did the doctor fall under the reasonable standard expected from doctors in his or hers speciality?

* Would the patient's condition be any better now if the correct diagnosis had been initially made? What about comparing this with what actually happened?

In order to establish whether to give compensation, the courts use what we call the 'balance of probabilities' test. Therefore, if it is agreed by the experts in the same speciality that the correct diagnosis would have given the patient a 60% chance of survival, and the actual delay in diagnosis and treatment has reduced that chance to 40%, there will be compensation for that individual. The same rule applies to any other serious flaws in treatment. However, if a 40% chance had fallen down to 20%, there would be no compensation for that. This is because the survival rate was less than probable in both cases.

The balance of probabilities test has not been favourable amongst some commentators who have argued that it can lead to unfair results for some of the patients. Despite the reservations on the part of some, it is the law that is applied today, and the process that will have to be gone through for anyone making a claim.

Forms of misdiagnoses made by doctors in cases of breast cancer:

* Not following up on test results

* Failing to order new tests

* Failing to spot early symptoms

* Mistaking a tumour for an infection or diagnosing the tumour as benign

* Failing to observe an obvious lump during an examination

These are just some of the critical mistakes that doctors have been known to make. Critical mistakes that lead to great trauma and anxiety for the individual involved. An early diagnosis would have prevented a lot of the suffering faced by the individual.

If you have been affected and are concerned about the type of treatment you have received, our specialist clinical negligence solicitors will be able to offer you advice with compassion and understanding. Our solicitors will provide you with assistance and guidance in pursuing your compensation claim.

Sources: I. Videos Gone Viral, II. The Car Junky, III. The Tech Fanatic

How To Get Ex Back

Look around and you will see lots of couple going through break-ups and patch-ups. What is more surprising is that a lot of these patch-ups are actually temporary and if you visit them after some while, they would have broken up again. Now the existence of that relationship is just signified through a shrug and a phrase, “It just did not work out”.

Search online and there are an umpteen number of love gurus and love doctors belting out advice on how to get ex back - from sending a bunch of flowers each day to writing poems and ballads to arranging surprises for your ex. But these are just short term solutions and actually quite corny and suitable for teenager crushes and infatuations.

If you are an adult couple and now have broken-up and wondering on how to get ex back, the above sites are not for you. These are just tactical strategies that provide joy at the spur of the moment. If you have broken up due to some serious issues, this is not the way to approach to get your ex back. Instead, spend a few hours thinking what went wrong in the relationship. Obviously, both of you wanted to stay committed to each for at least a while or you would not have gotten into the relationship. Then what were the issues which caused you to drift apart? If you find the answers to these, half your problems are over.

The next thing that you have to think about is what you can do to alleviate these issues. Not all issues can be because of you - it could also be due to some other problems that your ex is facing such as work pressure, unemployment and financial stress. In such scenarios, think what could be your role. If you feel you can go ahead and do something more, ensure you are ok with it. You should not feel that you are giving too much in the relationship and getting nothing in return. Such relationships are bound to end.

Try to arrange a meeting with your ex. Now, there are a few sites that suggest you wait for a certain time period before you go ahead and call but this is all silly childishness and clash of egos. If you are interested in getting your ex back, go ahead and give a call. Do not get into any arguments over the break-up. Control your emotions and talk to your ex in a friendly manner. Your ex might hesitate to meet. Be assertive but not aggressive. At the same time give sufficient space. Meet up in a place that is neutral - not your house or your ex’s house. Talk over things. Get a commitment to meet more times regularly and take it from there.


Sources: I. Videos Gone Viral, II. The Car Junky, III. The Tech Fanatic

Medical Negligence Occurring In Dentistry

Making a trip down to the dentist is one that can prove to be quite an uncomfortable experience for many of us. After all, it is not a pleasant idea to have the inside of your mouth probed and examined. Nonetheless, it is an essential part of our health regime and it is important that we should be able to trust the health professionals in charge of taking care of us.

In the majority of the cases, the dentists offer an excellent level of service to their patients. However, in some rare cases, mistakes do happen and this unfortunately leads to some form of injury to the patient. It is important to not confuse an unfortunate side effect of the treatment and the actual negligence on the part of the dentist. Some cases are very clear cut. For instance if your dentist was negligent in fitting your crown properly. As a result you are now experiencing trouble eating. It is possible that your dentist failed to spot a serious dental disease and now you are experiencing persistent pain. You may have even suffered permanent damage to your teeth.

What are the types of dental negligence?

There are many different ways a dentist can be negligent. Below are some of the more common mistakes made by dentists:

Misdiagnosis by dentists

This is when the dentist fails to recognise a serious problem which results in the patient receiving inadequate treatment for their dental problem. If the patient suffers more pain and hardship as a result of the misdiagnosis, the patient may be entitled to compensation

Carelessness in procedure

It is the responsibility of the dentist to perform the dental procedure to a high standard, up-keeping the patient's personal safety at all times. This is essential as great trust is placed in the dentist carrying out the procedure. However, the dentist may be careless during the procedure and end up causing personal injury to the patient. This can give rise to a clinical negligence claim.

Inadequate treatment by dentists

The patient is entitled to receive a high standard of treatment for their dental problems. In some cases, the dentist fails in this duty, and as a consequence the patient suffers personal injury. In order to make a clinical negligence claim, the patient will have to prove that another dentist in the same professional capacity would not have made the same error in judgement.

Drug usage by dentists

Providing the patient with the wrong dosage of drug can have catastrophic consequences for the patient. Similarly, failing to make note of the patient's allergy by not examining the forms properly is another serious error sometimes made by dentists. These are serious errors that can give rise to a compensation claim.

If you have personally suffered undergoing a dental procedure, and wish to make a claim, our solicitors should be able to help you. You may feel that your dentist has provided you with substandard care or caused a dental accident which resulted in you suffering personal injury. Whatever the reason may be, our specialist solicitors will be able to advise you.

Please note that in order for dental claims to be successful, it must be proven that the same treatment would not have been provided by a reasonable and competent member of the dental professional. Our specialist solicitors provide a sympathetic and friendly service, and will ensure that you have the best chance available in pursuing your compensation claim for dental injury.

Sources: I. Videos Gone Viral, II. The Car Junky, III. The Tech Fanatic