Patents

How One Inventor Turned a Spring Break Idea Into a Six-Figure Business

Brittany Lyte — Fri, 22 May 2015 15:00:11 +0000

Rob Ianelli reached down to crack open a beer with his shoe.

It was 2006 and the 19-year-old American University student was on spring break in Mexico throwing back a few cold ones with his friends. He was wearing a trendy new line of beer bottle-opening sandals made by the surf brand Reef. In his eyes, the utility of a fashionable, wearable bottle opener was brilliant. A frat guy's dream. There was just one problem: Probably the most inconvenient place to house that beer opener, he surmised, was in the sole of his shoe. The floors of most frat houses aren't exactly clean.

Inspiration Strikes

These were the thoughts occupying Ianelli's mind when he walked into the next bar on the strip and whipped off his sunglasses. From his perch on the bar stool, he contemplated local Mexican beer to order while fingering the frame of his glasses. Then it hit him.

"I was just sitting there looking at my glasses and I thought, 'This is the real place for a bottle opener,'" Ianelli said.

He sketched it down on a napkin. A pair of shades with a bottle opener built into the earpiece. How had no one else thought of that?

"It was a joke to some extent," Ianelli said. "Everyone dreams about inventing products. First thing I did after sketching it on a napkin was get a patent. I had no idea what I was doing. But two years later I had a prototype."

If it sounds like it was easy, it wasn't. Ianelli had no experience in engineering and product development. (In college, he studied International Relations.) Not to mention the first prototype was a bust.

"They didn't fit," Ianelli explained. "They also did not open bottles. They had a piece of metal on the end that looked like a claw, but it was functionless. It was pretty disheartening."

Try Pry Again

For awhile, Ianelli gave up. Then, about a year after the prototype dud incident, he got a second wind. Inspired to make a fresh start, he networked his way into a business deal with a more design-focused factory than the one he had previously worked with. It took a whole lot of trial and error, but eventually Ianelli succeeded in creating a prototype that fit his vision: Fashionable, functional eyewear to help students more easily achieve a most essential collegiate need — beer-drinking, of course.

He launched the product under the name Brewsees in 2011. And within two years, he had a six-figure business.

"I wanted the brand to be youthful," Ianelli said. "The ultimate consumer is a 19-year-old frat guy. I look at it as a lifestyle brand, and we're only just beginning with our line of beer-opener sunglasses."

Ianelli, who is now 28, said he has sold more than 30,000 pairs of the eyewear he dreamt up nine years ago while on spring break. He said the company is currently experiencing month-over-month growth rate of 200%, in part thanks to a robust network of 108 Brewsees campus ambassadors at colleges across the nation.

In addition to creating new styles of sunglasses, Ianelli said he dreams of branding out into apparel and partnering with a brewery to create a Brewsees brand of beer.

Staying Motivated Through Failure

His best advice for other inventors is as simple as this: Make sure you want it it badly enough, and if you do, stop at nothing until you find success.

"There's absolutely no chance that you're going to have an overnight success," he said.

"So do you really care about what problem you're trying to fix? A lot of people are just trying to get rich, but the people who do the best and find the most success are the people who are so passionate about the problem they're solving that they're never going to give up until they they solve it."

He said it's also important to realize that you can dream up the greatest invention in the world and it might still be a flop.

"Making a product is one thing, but building a business that can sell that product in a way that's profitable is another thing and that's what you need to be successful," he said. "Kickstarter doesn't cut it."

For Ianelli, the hardest part of the invention process was product development.

"It's not for everyone," he said. "I'm good at it now, but I started out pretty much clueless. There's no college course or magic wand that's going to teach you what you need to know. But if you truly believe in your idea, you will figure it out."

What product invention are you sitting on?

This article is from Brittany Lyte of Wise Bread, an award-winning personal finance and credit card comparison website. Read more great articles from Wise Bread:

6 Steps to Licensing Your Product

Justine Grey — Wed, 17 Aug 2011 19:31:33 +0000

Link:

http://www.openforum.com/articles/6-steps-to-licensing-your-product

You’ve invented a product. Your family, your neighbors and everyone and their brother said your product is sure to be the “next big thing.” So you patent your product, consider production, think about distribution and making sales, carrying inventory and insurance, hiring employees … and suddenly your big idea has become a great big ball of anxiety.

Taking a product from idea to market can be expensive and time consuming. And it’s not for everyone. Many product inventors instead decide to offer their product for licensing. Essentially, an inventor hands over the reins of product development, manufacturing, marketing, and sales to someone else. In return, the inventor collects royalties every time the product is sold.

The world of product licensing can be confusing. Taking baby-steps and gathering as much information as you can before you begin will help make the process a little clearer.

1) Make Sure Your Idea is Protected

If you can protect your invention with a patent, consider doing so. A patent prevents someone else from copying your idea and profiting from it. When you make a licensing deal, the company buying the license also gets access to your patent. If your invention or product is not patentable, such as with artwork or written material, be sure to have clearly stated copyright authority of your work. If seeking a patent, meet with a patent attorney to be sure you have all your ducks in a row; seek a copyright attorney if that better fits your product.

2) Know What You Want

You don’t want to go into a licensing deal without knowing what’s going on. Have an idea of what you want out of the deal, but be flexible. Speak with your attorney about reasonable royalty expectations, length of time you’ll allow your product to be licensed, and other details.

3) Drum Up Some Business!

Doing your own market research and initiating sales is a good way to discover how marketable your product is and if it will sell.

If you’ve already been selling your product, be sure to compile all of your current and past sales data to reflect units sold and sales income. If you haven’t been selling yet, consider getting your product in front of your target market and start garnering sales. Companies may be more interested in your product if you have proven sales to back it up.

4) Research Your Dream Partners

Knowing companies that may be a good fit for licensing your product is crucial to making a good deal.

Research companies who would pair well with your product and make a list of your top ten. Then, visit each company’s website and get familiar with their product lines, what stores they distribute to and who to contact for more information. You can also try finding representatives for each company on Facebook or LinkedIn, which may offer additional key information.

If you can’t find the information you’re looking for online, call the company and ask for a representative. Let them know you’re looking for information on licensing as companies sometimes have designated representatives just for that purpose.

5) Perfect Your Pitch

Once you’ve decided on the best companies to contact, it’s time to make contact. Craft an introduction letter, also called a pitch letter, to let the company know more about your product. You’ll want to include information on your product’s uses, your target market, sales data, why you think your product is a good fit (see #4, above), and other key points.

Keep your pitch letter short and sweet – no more than three to four short paragraphs. Be sure your letter is addressed to the correct person and not “to whom it may concern.” You may choose to send your letter by mail or email; be sure to read the company’s contact policies if available.

6) Be Persistent and Follow-Up

Staying on top of the letters you’ve sent is imperative to keeping the ball rolling.

Consider purchasing a blank calendar simply for the purpose of writing down when you’ve sent an inquiry letter and when you followed up. Consider following up one week after you’ve initially contacted a company. Include a specific date and time for a phone or email meeting if possible. Bottom line: Be sure to follow-up until you get a “yes” or a “no”, and don’t give up. Once you’ve scored a licensing meeting, you’ll know your hard work was worth it.

This article is from Justine Grey of Wise Bread, an award-winning personal finance and credit card comparison website. Read more great articles from Wise Bread:

Over 7 million money-making ideas - Google Patents

Paul Michael — Fri, 13 Apr 2007 05:35:08 +0000

Ever dreamed of patenting a great idea that could make you a fortune? The Pet Rock maybe? Or the Jump To Conclusions mat? Well, you'll find even more crazy ideas using Google Patent Search , or even better, submit one of your own.

I've only been buzzing around on Google's patent search engine for a few minutes, but I have already found some very unusual and unique inventions. For the sake of Wisebread readers, I thought I'd look for inventions about saving money, time and hassle. I found thousands. Here are just a few of my favorites.

1: The Compartmented Piggy Bank

2: A space-saver pizza box (nice)

3: A wine & spirits carry-out package

4: A briefcase that converts into a table

5: A split-ends remover (not much use for me, I shave my head)

I'm sure you'll have something more specific in mind when you're looking around. Maybe it will inspire you to invent something of your own, and file a patent. With over 7 million already out there, you've got some competition. But who knows, maybe your idea will be the next iPod. Go for it.

Oh, and speaking of inventions, check this one out. A fridge that throws you a beer. Nice.

Beer Fridge Launcher - Click Here for more great videos and pictures!

This article is from Paul Michael of Wise Bread, an award-winning personal finance and credit card comparison website. Read more great articles from Wise Bread: