Mike Suman

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I am an addicted inventor with 47 patents.   I help others with their ideas and try to get them to start with a need in the market and work backwards to the idea.

I have watched many people take out a mortgage on their house just to pay patent attorneys and in the end there is no market.

I don't charge people for asking for help.  I have been on most of the cable selling TV programs with products and sold dozens of parts to all sorts of distribution channels.  In short I have made so many mistakes I have learned a ton and I am more than willing to share.

My process is a simple step program:

1. When you get an idea make a rough sketch and let it age a week or two and take a fresh look.  If you like it put it back and wait another month if you still like it then move to the next step.
2. Spend as little as you can and get a working prototype.  This first prototype does not have to be pretty or totally functional.   Just get something mocked up.
3. When you get the mock up done and you still like it you need to then search as hard as you can to find something like your idea that is already out there.  This is hard for us inventors because we really do not want to find something but it is important to look hard.   Just use the free search engines to look, something like Google patents works well.  Or you can use the USTPO.Gov site but it is harder to use.  Also you can use all the existing market search engines to see if something is already in the market.
4. If you find something don’t get discouraged.  The first person that did your idea might not have taken it to market for a variety of reasons.    Don't give up at this point but if you idea is already successfully in the market it is OK to stop now as it is the cheapest decision you can make.  Just move on and go on to the next idea.
5. If everything is looking good at this point you need to get some unbiased market feedback.  That means do not ask spouses and other family members.   There are easy and inexpensive ways to get independent reaction to your idea.
6. At this point you should have enough information to put together a rough business plan.  Key points in this plan should be total cost to make and distribute your part as well as a simple cash flow, breakeven analysis, with the details you need to forecast return on investment with best case, worst case, and most likely financial scenarios.

This is a work in process with more to come.

Later

Mike