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Archive for October, 2009

To become a successful entrepreneur you need an idea, a strong will, and some luck.

Friday, October 30th, 2009

When you believe in your idea full heartedly and have the motivation and perseverance to make it a reality, you’re also creating your own luck along the way. That’s been our story from the start. Here is what we learned along the way:

Outside your box: Up and coming entrepreneurs often start looking at their skill set and then think of a new idea for a business based on these “skills”. An accountant may consider starting an accounting company, someone who happens to be good with cars may open up their own garage… My advice would be to consider thinking outside this skill set “box”. Two of the co-founders of our company, Tweble.com specialize in Finance & Accounting and are soon to be Chartered Accountants. Just because you’re good at something doesn’t stop you from thinking of a unique idea outside your field. Bringing an outside perspective into a new domain has often led to many innovative ideas out there!

Act: Ideas are a dime a dozen but having someone act on their idea is the difference between an entrepreneur and someone who witnesses their idea online and says “Oh man, I told you this would work, that’s my idea!” The key is to act, act fast, act strong and stay the course despite the numerous obstacles in your way. You convinced yourself this idea would work for a reason…

Attack: So now that you’re sitting there with an idea that you should have had “no business” pursuing in the first place, it’s time to attack. We put out ads in the local listings to find a highly skilled programmer that would be willing to help us. Just like most young entrepreneurs; we were reluctant to pay out of our pocket for an idea which we were not even sure was possible! As a result, we started looking for a partner rather than an employee. After interviewing about 10 candidates, we found our man. Remember that luck I was referring to…? He also happened to have a team of highly skilled programmers ready to help us in China.

Time management: If you have school, work, and/or other responsibilities, making time for a project you’re not even sure will work is probably one of the tougher obstacles a new entrepreneur will face. But if you believe in your project enough, you will find time for it, I promise. Unfortunately, my friends, family & girlfriend at the time, had to witness my disappearance for a year -> but you have to be willing to make sacrifices to follow through on your dream. Besides, if they truly love you, they will understand.

Interns: In this tough economy, there are workers out there that would be willing to take a pay cut in order to get a job. Or even better, there are people out there that just might believe in the project as much as you do and be willing to work for free! The learning experience and the chance to be part of something big from the grass roots level is sometimes enough to have someone as motivated as you are to help. But don’t forget to award them once the company takes off!

Today, we are receiving advice and support from a very prominent ex-CEO of a couple of large IT companies. How did we meet him? To become a successful entrepreneur you need an idea, a strong will, and some luck.

About Mohit Kumar’s company: Tweble is a real-time forum search engine that aggregates the most active discussions on the web and categorizes them by subject and by country, providing visitors the unique opportunity to find out the world’s opinion on any topic of interest.

Posted in Entrepreneurial, Inspirational | 1 Comment »

Why do Inventors/Entrepreneurs need Confidential Disclosure Agreements?

Monday, October 26th, 2009

1) A confidential disclosure agreement (CDA) is a written agreement between you and another person (vendor, engineer, bartender, etc.) stating that whatever information, documents, etc. you discuss with them is confidential and they can’t share it with others. By signing this document the second party in the conversation (vendor, engineer, banker, etc.) can now be sued for damages associated with him “spilling-the-bean” to someone else or using the information without your written consent.

These CDA’s will become more important as congress completes its work on the Patent Reform Act of 2009 (the group lobbying for this is known as “The Coalition for Patent Fairness.” The “Coalition” includes Microsoft, Apple, Google and other ‘small players’ trying to get their voices heard). If passed, the new Patent Law would change from “first-to-invent” to “first-to-file.” This means that if you discuss an idea with, say a plastics molder, to see what the potential tooling cost would be for you new idea, and the molder takes your idea and files for a patent as soon as you leave… It’s his patent!

We could spend the next 3 months discussing the damages and/or merits of the Patent Reform Act of 2009, but I see it as a waste of time. If Microsoft, Apple and Google are paying big money to get this passed… It’ll pass. The real conversation is what can we do to protect ourselves regardless the changes in the law. One thing is to have everyone, including your brother-in-law, sign a CDA.

A “boilerplate” CDA can be obtained by an attorney.

Note from Jeff Gawronski: Paul Tuttobene is also an inventor that took an idea (Buck Magnet) and made it a reality. He shares all the highs and lows in a must read book titled ‘INVENT-ONOMICS’ If you have an idea for a product invention before you go any further you have to read this book.

Posted in Inventing, Patents & Trademarks | Comments Off

The Importance of PR to Small Businesses

Friday, October 23rd, 2009

Too often, small businesses spend all their money on manufacturing, only to find their product sitting on a shelf, gathering dust because there is no way to take it to its intended market. Or, they create an amazing website, but no one knows it’s there!

Public Relations, more than any other form of marketing (such as advertising, direct mail, etc) is critical to the success of small business in identifying and reaching the marketplace. There are five important reasons for this.

1-All PR campaigns require a spin or a “story” and to develop that story or message requires creative focus on the mission or goals of the Company. At one popular national newspaper, the mantra is “why now, who cares?!” If your PR firm can address those two key questions in their media outreach, you’ve struck PR gold! That said, look for a firm that employs some former media types – newspaper, TV, or magazine. They generally have a better sense for the lingo inside newsrooms.

2-Public relations takes advantage of what is called the, “Implied Endorsement” of the media. Right or wrong, true or false, the public believes that the media is impartial and objective. When a journalist says that such and such product or service is the greatest thing since modern medicine, people believe just that. When people read an ad or watch or listen to a commercial, they question the statements made because it is the message the Company wants them to believe.

3-Public Relations starts and fans the flames of the word-of -mouth process, which is also very powerful. How often do we hear, “Did you see that story on TV last night about so and so?” Or, “I just read about that in the newspaper!” Public Relations and word-of- mouth work hand-in-glove to get the word out usually much more quickly than if PR were not involved.

4-The power of public relations can “fast forward” the small business’ goals, thus saving the small business money it would spend while waiting for business to come to them. PR primes the pump and gets cash flowing in (instead of just out), much faster.

5-Bang for your buck: the same amount spent on a one time ad or commercial in one publication or television/radio station is multiplied by hundreds if not thousands when spent on PR. For the same price – likely less, PR if done correctly, hits many, MANY more outlets thus letting hundreds of thousands know instead of just the audience of one particular publication on any given day or month.

announcement

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What would you do if you knew you couldn’t fail?

Monday, October 19th, 2009

My older brother asked me that question at the start of my entrepreneurial journey and it’s stuck with me the whole way. It’s been a long road so far with setbacks and times where you fundamentally doubt whether the path you are taking is the correct one but that single question seems to make everything easier and more manageable; clearer and finer focused; far more creative and really…just downright more fun.

Think about it. What would you do if you knew you couldn’t fail?

I’ve learnt to keep the sentiment behind that question fresh in my mind and it has opened doors for me and given me the confidence to do things I otherwise may not have done. It also eases the long nights spent (and there will be many long nights!) trying to get things just right.

I’ve also learnt the value of talking to anyone and everyone that will listen about your idea, product, startup or business. People are generally helpful and if you are thoroughly excited about your idea they will inherently want it to succeed themselves. You will find all sorts of people come out of the woodwork with ideas and offers to make what you’re doing work.

Have you always been interested in something but couldn’t picture what success would be like? Are you stuck in a job you hate but have a passion for something else? Do you have vast knowledge about a subject or hobby that sets you apart from others?

Do you know what you would do if you couldn’t fail?

About: Photoswarm is the answer to the above questions for me. I’ve always been keen on photography and wanted to offer users photo website that is slick, simple, social and gives pro users their own www.yourname.com domain name with a minimum of technical knowledge. You can try one out for free! www.photoswarm.com

Story: Will Jennings is an electrician and keen photographer and his business partner Aidan is a web developer. They both were not really happy with what the market was offering as far as photo websites as they felt there wasn’t anything that made it simple and seamless to obtain your own www.yourname.com domain name (URL) so they decided to take the entrepreneurial route and build something themselves. Like all entrepreneurs the process has included long nights and early mornings, but the thrills of bringing to life an original concept has been worth every second.

Posted in Inspirational | Comments Off

Inventor Event – November 3, 2009

Friday, October 16th, 2009

Whether inventors gather at their local entrepreneurial chapters or online in social outlets, one thing is for certain, there is a need to gather as a group and share best practices and ideas. Of course it is also important for these entrepreneurs to promote their product and find resources that can assist in the entrepreneurial journey. At Yak About It we try to provide both a place where entrepreneurs can promote their inventions and can be inspired by other inventor stories. This of course is only one avenue and the need to meet in person and get connected will always be a necessity. The Colorado Inventor Showcase is just that event. For greater product exposure you can set up a booth (reasonable fee) and meet a host of potential resources or for an even lower fee you can simply attend the show and make new contacts and meet fellow inventor friends.

Guest: Deb Frey, Vice President of the Davinci Institute elaborates: Inventors are a group of people that are tortured by their ideas. Hollywood makes fun of them, the business world often takes advantage of them, and they often end up destroying their lives – losing their families, going bankrupt in pursuit of their dreams. These are the dreamers that our society has been built upon. These are the people that are our future heroes. We owe the inventors a debt of gratitude.

The Colorado Inventor Showcase takes the inventor out of their comfort zone and into the limelight. The inventor ends up on an unusual collision course with people who can help them. This event puts them in a position of respect, it puts them in a position to be discovered and makes them the center of attention at this event. The Colorado Inventor Showcase takes place in lovely Denver, Colorado on November 3rd, 2009 at The Cable Center.

To Exhibit the investment is $297 for a 6′ tabletop and $497 for a 10′ booth. Price just to attend this event is $40 for DaVinci members and $50 for non members. To learn more check out:

http://www.davinciinstitute.com

davinci.showcase

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Sourcing in China

Monday, October 12th, 2009

For many Americans seeing the words ‘Made in China’ represent not only a displeasure, but often a down right disdain. For companies that are able to produce products in America it has become a badge of honor and pride. Often a mistake inventors make is getting swept up in their love for America so much so that they manufacturer their product here at any cost. Don’t get me wrong if it makes business sense (and cents), then absolutely, America should be the first option taken. Most of the time however, the choice to produce in America leaves small independent entrepreneurs over-expensed, with a debt hole difficult to dig out of.

Take for instance my BedPost Shelf invention, like all good entrepreneurs I wanted it to say ‘Made in the U.S.A.’. When I received the tooling price and price per unit for production in America my jaw dropped. I knew I couldn’t afford it. What’s maybe worse is that if I could afford it I would have had to sell 10,000+ units just to cover the cost of the tooling. At the time China seemed so foreign and anyway I couldn’t wrap my brain around the possibility that the cost could be that much less.

With going direct to China seeming too foreign, I contacted a U.S. Sourcing company who had contacts in China. When the price came back I thought they were kidding. My entrepreneurial dreams were again alive! The tooling was 1/6 the cost and the price per unit was ½ the cost it would have been to produce in America (included shipping expenses to U.S.). Not only could I afford my invention I could also offer it to consumers and retailers at a price that wouldn’t get laughed at. Even if I could have afforded the U.S. price I would have had such a high retail price that sales would have been slim to none. If us as consumers while we shop look at a product and say, “That looks like a useful invention, I am willing to pay this high amount because I see it is made in America”, then maybe it could make sense to purposely pay more for U.S. manufacturing. However, (and I have seen it with Yak About It featured inventions) what is often said by us as consumers is; “That looks like a useful invention, but it is priced too high and I’m not willing to pay that much.”

Instead of looking at manufacturing jobs lost, inventors and consumers have to look at all the jobs gained. By being able to produce in China not only was I able to start and sustain my invention, it has also lead me on much larger entrepreneurial path. By utilizing one piece of the equation (manufacturing) overseas I have provided income and/or jobs in customer service, accounting, finance, warehouse, freight, packaging, information technology, design, marketing, PR, engineering, and sourcing. That doesn’t even count a host of other industries that have benefited from my entrepreneurial endeavors such as travel, food, entertainment and more. If I chose to manufacturer in America I would not have been able to support so many industries and employees. The point is Americans gain more by entrepreneurs seeking to source overseas.

Since my early maturation I have become such a believer in this concept that I took it upon myself to go direct to China for manufacturing, which reduced my cost another 50% by dropping the U.S. sourcing company. I have also gone a step further and for the past 4 years I have been self teaching myself Chinese in my spare time to get a greater understanding and communication with my contacts. This is not necessary, but it sure helps. It helps for all the obvious reasons and for the less obvious reason of reducing risk. All start-up entrepreneurs fear getting a container of poor product, the fear is disconnect resulting in a bad shipment. (With the advent of testing companies this should no longer be a fear.)

For start-up entrepreneurs that have an invention made of plastic that needs to be sourced check out www.china-arun.com and / or email jeff@yakaboutit.c0m

Posted in Sourcing & Prototypes | 2 Comments »

When Lightening Strikes

Tuesday, October 6th, 2009

When Lightening Strikes and your mind is electrified with that great invention, what should you do first?

Not always so graphically, but this question is often raised during my workshops and inventor organization visits across the country. In a nutshell, this is the advice I usually offer.

First step, when that lightening strikes: take good notes.

No, not in a letter addressed to yourself. That only works in songs like “Rikki, don’t lose that number.” Instead, jot it down along with a sketch in an inventors’ notebook – - nothing fancy, just a dime store composition notebook with fixed pages. Follow-up with regular updates on your concept development. Use ink, date the entries, number the pages and occasionally invite someone who can understand your invention to read, sign, and date your notes. BTW, this witness should not be someone who would benefit from your invention if he or she ever had to testify on your behalf in a Court proceeding. Keeping a journal takes little effort but lots of discipline, and should be started early in the process, even before the smoke from the lightning bolt clears the air.

Second step: validating your invention takes considerable effort. It requires research and is certain to tie up a lot of weekends. Your objective is to figure out if your invention is really new – - or if you’ve simply been clueless to what’s going on in the rest of the world. You also have to figure out if your invention has potential in the marketplace. For example, you need to know what people already are using to address the same problem or obtain the same benefits. You need to get your mind around the marketplace competition. I recommend inventors split their efforts between market research and patent searching. While most inventors are quite familiar with typical marketplaces (brick ‘n mortar as well as web-based), relatively few have stepped into the world of patent documents.

Patent searching is an art, and a full time vocation for a vast number of professionals. It’s also something that most anyone can tackle with a bit of diligence and modest computer skills. It may surprise many of you that one of the easiest places to begin patent searching is with the good old Google® search engine. Amazingly, it differs little from any other Google® search. In the Google® listing of services and products, choose PATENT SEARCH. Here’s a quick example. Let’s say I’ve invented a combination stapler and laser pointer. Hey, that’s gotta be new! I simply enter the terms: > > stapler laser pointer < < and see what comes up. Uh oh. Not so new after all. Practice on the basics, then move on to the “advanced” search and follow the engine search tips. Read some patent documents to see how they’re written. Note that the patents discovered in your search almost always refer to other patents that were cited in the initial examination…and to later issued patents where the discovered patents were cited in the examination of subsequent applications. Interestingly, the Google® engine includes nearly all US Patents back to 1790 and they are term-searchable.

The US Patent and Trademark Office home page can lead you to the USPTO patent search pages. There, it’s fairly easy to search US Patents and Published Patent Applications by a wide range of searchable fields from document text to inventor name, technology category classification and more. Try it out. Lot’s of other sites to discuss. Get back to this blog with your input or questions and let’s yakaboutit!

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About Don Kelly (in his words): Hi…I’m Don Kelly, patent agent, certified licensing professional…and an ardent fan of Yakaboutit. I live at www.patentagentplus.com …and can always be tapped for some free advice…for what it’s worth ) Above are some tips for inventors with great ideas. Please let me know what you think…especially if you have informative comments or additions. I’d like to make this a highly interactive, informative blog…but not so complex that it defies understanding. Feedback on this sample would be most enlightening. And don’t pull any punches. I’ve been around so long those punches simply add to my addled nature.

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