How to Win at Inventor Hunger Games Where the odds seem to be never - - PowerPoint PPT Presentation

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How to Win at Inventor Hunger Games Where the odds seem to be never - - PowerPoint PPT Presentation

Feb 08, 2023 134 likes •343 views

How to Win at Inventor Hunger Games Where the odds seem to be never in your favor! What I did. What I learned. My new venture. An Inventors Journey by Alan Beckley Inventors Network of Minnesota Wednesday 12/20/17

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How to Win at Inventor “Hunger Games”

Where the odds seem to be never in your favor!

  • What I did.
  • What I learned.
  • My new venture.
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www.AlanBeckley.com www.Inventor-Center.net

An Inventor’s Journey by Alan Beckley

Inventors Network of Minnesota – Wednesday 12/20/17

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Agenda

  • My Journey as an Inventor
  • Lessons Learned
  • My New Venture – AlanBeckley.com
  • LAUNCH webinar for inventors
  • Q & A
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www.AlanBeckley.com www.Inventor-Center.net

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My Journey as an Inventor

Phase I: The Idea

  • My AHA moment – I hated my bulky wallet
  • Proof of concept – crude prototype made
  • Found a patent attorney, filed Utility Patent

– Uh oh: Now I’m committed

  • Now what?
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www.AlanBeckley.com www.Inventor-Center.net

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My Journey as an Inventor

Phase II: The Product

  • Prototypes of Savvy Caddy wallets
  • Wallet form and fit, key benefits
  • All my friends loved it
  • Now what?
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www.AlanBeckley.com www.Inventor-Center.net

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My Journey as an Inventor

Phase III: Initial Licensing and Marketing

  • Initial licensing efforts – 3 years “lost in the

woods”

  • My second AHA moment

– This isn’t working – I could spend 10 years chasing these “butterflies”

  • Now what?
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www.AlanBeckley.com www.Inventor-Center.net

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My Journey as an Inventor

Phase III: Initial Licensing and Marketing

  • Now something completely different -

manufacturing

– Found a small Addison, TX company to help me

  • Test Marketing - Hey Mikey, he likes it!

– I sold Savvy Caddy wallets everywhere – Customers loved the product, but I needed more customers – needed a large commercial platform

  • Now what?
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www.AlanBeckley.com www.Inventor-Center.net

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My Journey as an Inventor

Phase IV: QVC – My First Success

  • QVC – Largest home shopping network in world

– Found an agent, who took Savvy Caddy to QVC buyer – Found a cost-effective Chinese manufacturer – Was on air at QVC for two years:

  • Sold over 5,000 wallets on QVC
  • Now what?
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www.AlanBeckley.com www.Inventor-Center.net

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My Journey as an Inventor

Phase V: Licensing Success - DRTV

  • Direct Response TV – the best path forward

– Savvy Caddy was a hit with TV viewers on QVC – DRTV is QVC on steroids – Persistence again – 5 more years “in the woods”

  • Finally licensed as Wonder Wallet to Allstar Products
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www.AlanBeckley.com www.Inventor-Center.net

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My Journey as an Inventor

Phase V: Licensing Success - DRTV

  • Wonder Wallet has been a huge hit on TV and

in retail stores

– Sold on TV – Sold in over 15,000 retail stores across US, Canada – Sold on HSN very well, in several colors – Royalties are lucrative – I can do what I want

  • I now have amazing freedom of time
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www.AlanBeckley.com www.Inventor-Center.net

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Lessons Learned

Inventing is an Emotional Rollercoaster

  • Hundreds of “quiet deaths” from prospects
  • Learn what you are good at – and focus on it

– Building a business or licensing?

  • Inventor greed kills many licensing deals

– A tiny royalty % may yield large royalty checks

  • Inventors are great at creativity, but not business
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www.AlanBeckley.com www.Inventor-Center.net

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Lessons Learned

  • Fail fast and fail early

– Don’t stick with a product that is not likely to succeed

  • Key elements of a successful product

– Must have 5x mark up from manufacture to retail – Must solve an annoying problem

  • How to cut years off your journey to success

– Find an internal advocate for your product – Continually build your network

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Inventing is Risky and Slow Moving

www.AlanBeckley.com www.Inventor-Center.net

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Lessons Learned

  • There is a gulf between inventors and deal makers

– Inventors craft good pitches for their products, but.. – Deal makers seem indifferent, non-responsive

  • Successful commercialization seems out of reach

– It can take years to get traction – Many frustrated inventors just give up

  • My solution to the problem – AlanBeckley.com

– A resource by inventors for inventors

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There has got to be a better way!

www.AlanBeckley.com www.Inventor-Center.net

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AlanBeckley.com

  • Bridge the gulf between inventors and deal

makers

– I seek out inventors with good products – I can connect inventors to deal makers

  • Need for innovative new products is great

– There may be 1 million independent inventors – Corporations need innovative new products to succeed, but..

  • Many companies smother innovation
  • Inventors are creative risk takers that companies need
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www.AlanBeckley.com www.Inventor-Center.net

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SLIDE 14
  • License agreements connect inventors to deal

makers

– Inventors bring new products to solve problems – Deal makers seek new products to grow their companies

  • The problem: the gulf between inventors and deal

makers

– Inventors lack access to deal makers – Deal makers have bad experiences with inventors, and..

  • Deal makers have established networks of their own for deals
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AlanBeckley.com

www.AlanBeckley.com www.Inventor-Center.net

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AlanBeckley.com

  • My services to inventors and deal makers

– Talent scout to find inventors with good products – My mission Talent Scout  Deal Makers  Product Success

  • How AlanBeckley.com works

– All deals are license agreements – Several channels for success: DRTV, Retail, Internet – The inventor never pays a fee for my services

  • Inventor shares portion of royalties with me & deal maker
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www.AlanBeckley.com www.Inventor-Center.net

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AlanBeckley.com

  • Other services provided to inventors

– Weekly blogs on many topics

  • Over 3 years of blogs on the site

– Free templates and .PDFs for inventors – Other information available for $5.95 - $9.95 – My advice is always free – LAUNCH webinar launched 11/15/17

  • Lots of information modules and videos
  • Specifically designed for new inventors
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www.AlanBeckley.com www.Inventor-Center.net

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LAUNCH Webinar

  • LAUNCH Webinar, 6 elements plus bonus

– Learn new processes – Assess your ideas viability – Uncover – if unique or not – Navigate your business options – Coordinate your IP – Hammer out your prototypes and packaging – Bonus Discussion - 2 trustworthy inventor resources

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www.AlanBeckley.com www.Inventor-Center.net

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LAUNCH Webinar

  • Seeking feedback and help from inventors:

– Contributors provide ideas, feedback, critique to improve webinar content and value to customers – Early Birds – prepay for webinar, locking in a discounted rate – limited to the first 50 who register

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www.AlanBeckley.com www.Inventor-Center.net

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Q & A’s

www.AlanBeckley.com