(17) Staying Underground
I'm reconsidering the InventNow! contest - for many reasons. Posing the question "is it really a good idea to enter invention contests" to a forum, I got several good answers - 2 in particular really stuck. Other answers from existing forums seemed to say the same thing. These contests are ultimately only marketing/promotion opportunities for the contest owners, and typically do not really support or contribute to an independent inventor/manufacturer's business case, if the business case is focused on making money (vs. achieving notoriety, fame or personal satisfaction).
From the UIAUSA forum - "such premature exposure will discourage investment by others as it will be easily copied....a good invention is an asset not to waste as an unprotected property".
From inved.org - "it is simply a matter of whether or not the contest helps you meet your goals".
It appears to me there are few Pros (though they are individually very tempting), and many Cons.
Pros:
- fame and fortune, it feels good! (only if I win, of course)
- free PR/advance marketing, to future customers
- possible help from interested investors, manufacturers, "interested parties"
Cons:
- publicity might be negative or misinterpreted, prematurely killing the concept and market
- gives competitors head start on catching up, before I've sold a thing
- my trademark is registered, yet, so could be copied and used without much defense from me
- gives competitors information on creating their own patents, designing around what mine might be
- publicity may drive unwanted contacts and responses, for my 'stakeholders' and my family/friends, even my children
- the contest may set timetables and expense requirements that I'm not yet prepared to meet or address
- I may be forced to take shortcuts to fulfill the contest expectations and resultant publicity, and therefore not fulfill all my carefully thought out steps
- all the "Pros" above can and will likely be fulfilled eventually, on my own terms, should the product be successful.
- I'm not ready to legally defend infringement, nor has my patent issued, so I'm not really ready for worldwide public exposure and the dangers it brings
- the publicity is for me as an individual, vs. me as the representative of a company - i.e. I can't 'hide' behind an LLC facade, and therefore avoid some unwanted entreaties
- I'm actually not interested in worldwide individual fame, just worldwide marketing exposure of the product - just not right now
- I haven't yet received a signed waiver from my day job disawowing any interest they may have in the patent
So, I'm not entering - maybe next year, if I'm selling by then.
From the UIAUSA forum - "such premature exposure will discourage investment by others as it will be easily copied....a good invention is an asset not to waste as an unprotected property".
From inved.org - "it is simply a matter of whether or not the contest helps you meet your goals".
It appears to me there are few Pros (though they are individually very tempting), and many Cons.
Pros:
- fame and fortune, it feels good! (only if I win, of course)
- free PR/advance marketing, to future customers
- possible help from interested investors, manufacturers, "interested parties"
Cons:
- publicity might be negative or misinterpreted, prematurely killing the concept and market
- gives competitors head start on catching up, before I've sold a thing
- my trademark is registered, yet, so could be copied and used without much defense from me
- gives competitors information on creating their own patents, designing around what mine might be
- publicity may drive unwanted contacts and responses, for my 'stakeholders' and my family/friends, even my children
- the contest may set timetables and expense requirements that I'm not yet prepared to meet or address
- I may be forced to take shortcuts to fulfill the contest expectations and resultant publicity, and therefore not fulfill all my carefully thought out steps
- all the "Pros" above can and will likely be fulfilled eventually, on my own terms, should the product be successful.
- I'm not ready to legally defend infringement, nor has my patent issued, so I'm not really ready for worldwide public exposure and the dangers it brings
- the publicity is for me as an individual, vs. me as the representative of a company - i.e. I can't 'hide' behind an LLC facade, and therefore avoid some unwanted entreaties
- I'm actually not interested in worldwide individual fame, just worldwide marketing exposure of the product - just not right now
- I haven't yet received a signed waiver from my day job disawowing any interest they may have in the patent
So, I'm not entering - maybe next year, if I'm selling by then.
posted by T | 3:38 PM
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