OK…I’ll add my first tactic. I am no longer looking for the “home run”. Get a “man on first” is a win for me now.

Make a contact and build my network. I was talking to a buyer for a retailer in the top 3 for home supply. He cut me short and said, “Look, I’ll be honest with you, the company is in trouble right now…call back in a few months”

Atleast I have the contact and the invitation for the follow up. That is a win to me. I seek more of these “small” wins these days.

Thoughts or tactics for the inventor right now? Be prepared to overcome economy based objections before they arise (or at the very least as they arise). When you are selling your invention, you are a sales person…

Some industries have benefitted from the current economy. If there’s a reason why your invention may benefit from the current economy, sell that. Can you cite evidence that your product will sell well, and be a nice money-maker for a would-be acquirer? All the more reason that a company not doing well might need to license your invention, and this is especially the case if you have invested in all or most of the necessary r&d and are willing to accept royalties on a back-end percentage basis. Just get your contact to see it that way.

“You WILL NOT get a true indication of how good your idea is right now.” Thats possible but it is often the case on some level regardless of the economy. There is often an invisible barrier you need to get past before someone in position to license your invention will actually take you seriously, and a licensee does not take you seriously before reviewing your pitch you face an uphill battle. The current economy is just one more excuse among a few that likely already existed…

Advice in general, that could be especially pertinent now, focus on establishing relevant business relationships. First seek to get your foot firmly in the door, than set out to make your full pitch. Be patient, and recognize the gradual nature that characterizes many business interactions…and recognize that a lot of feedback you receive initially may be nothing more than impulsive…

The main focus for an inventor at this point in history is to provide products that are practical in nature, instead of strictly novel whims. There are things in life that we all need to accomplish, from brushing our teeth to driving to work. Coming up with products that fill real needs will sustain our society. selling posters of kittens that say “hang in there” won’t solve anything.
It is up to the inventor to find the need and fill it. The funds are there for purchasing, but it has to be something worth purchasing, at a value added price.

Ron, I think you have made a fine choice for now.
Just get on first and from there you can go for
the home run.

Ron, What was the company in the top 3 that told you they were in trouble? I think that the bad economy offers opportunity, also. Good sense ideas should make a positive impact. Same with comfort ideas. Green ideas are where companies need to take a chance. Ideas that can make the world a better place are everywhere and the company that ignores those important pitches will certainly fade into oblivion.

Ami…the company is 84 Lumber. I like them too, they don’t monopolize the home center business. They are #3 behind Lowes and Home Depot.

All retailers except Wal-Mart and Target are down. This is the simple fact.

Many say that opportunity comes in a down economy. Yes, in a few cases like Ramen Noodles that can feed you for $.20. Cold cuts are selling like crazy because people brown bag it. Stuff like that is where the rumor comes from.

Those opportunities are for major super efficient manufacturers that pump out necessity items at a very cheap price.

The nice-to-have market is SHOT! Ya know…I watch this stuff…others aren’t that aware. In 2002-2003 I noticed the frozen food section to be VERY low with stock and alot of EMPTY shelf space. I have NEVER seen it like that during decent times or mild recessions.

Here now in 2008 the frozen food freezers around here are 10% empty with some VERY big areas of just frozen wire racks. I’m in North Central New Jersey. We were called the second richest county in the U.S. The suburb over IS the richest county in the U.S.

People are not even spending as much on semi-prepared frozen foods in the supermarket.

When things like this happen not too much else will sell.

Handi-Straps is moving along, I am lucky, sales are “moving”, nothing to brag about, but the recognition, brand is spreading well. I assume many will buy later when they have the money.

Hey Ron, one 84-Lumber closed here in Melbourne,
Florida, they went bankrupt.

Our 84 lumber in Harker Heights, TX is gone too. I was really surprised – went to buy cabinets and the building was vacant.

Wow….didn’t know 84 lumber was closing stores!!! We need 3 retailers for a specific market. Very important as two can create a monopoly of sort.

Here in NJ I live in what was recently the #1 and #2 richest county in the U.S. Don’t think that means much except it costs much more to live here.

Our Home Depot and Lowes are dead too. You walk in and a couple people ask if they can help you….no one ever gave a s*** before! I also see the workers huddled up with not much to do.

I already have my mind made up…it if it all falls apart I will build a shack by the river on someone’s forclosed property and fish for a life. Maybe I should go now. Anyone want to come? We could build a community and invent stuff for the outdoorsmen….survival gear.

Inventors have to learn to go witth the flow. No matter the economy companies are wanting to expand or at least survive the current situation. If you can show a company a better mouse trap or a product that is more cost effective you have a chance of getting in the door.
That is why I am always telling Inventors not to get stuck only looking for the MILLION DOLLAR idea. A good example is the toy industry. they took a severe beating this year with all the media exposure about lead in products or poor quality. One result of this backlash is that most of the companies I have contacted are now looking for items that will sell in the $10 to $15 range.
They know consumer confidence is low and will not shell out large amounts of cash for their products so to survive the crunch they are lowering the prices and size of their products.

In bad economic times the idea is to invent something that will save people money. That’s how you do it.

The interesting thing about the game “Monopoly” is that not only is it a game about money, but just so happened to be invented during The Great Depression. An made the inventor super rich right in the middle of the storm because it was a cheap game to manufacture and about a topic that everybody was in to.

I can see the marketing angle perks in my product based on the descriptions here. I have to admit that since I’m working in every spare minute I have (I read and type fast), I just only within the last few days have seen some media coverage of just how bad things have gotten. I knew they were always issues and concerns (that I didn’t particularly agree with as far as how they came to be), but suddenly it just seems so critical and bleak. I’m not worried about my product as I am the time limit as far as viability of the protection. If things go the way of another depression, how long does something like that last? Am I looking at losing 5 years of 20-year protection? kwis? Since I’m coming in late to this media coverage, are we talking a run to the bank and withdraw money type situation right now, withdraw a little to have on hand, or what? I’m also worried that this will make it harder for me to find a manufacturer alone.

“…and will not shell out large amounts of cash for their products”

Precisely my thinking with a product I have developed for children, Roger. I have designed a choice of three packaging and price point options. Despite what a recent evaluator stated at an early point in the product’s development, I think an affordable variation that kids can actually buy themselves with their own pocket money is a smart move. Also being a comic book industry alumnus, I know it did not hurt the sales of Pokémon cards or pre-speculator/ direct sales market comic books. Sometimes steady sales of a low cost item can translate into a blockbuster, too. Creative people understand this, but it can be difficult to get across to some MBA’s.

The consumer is one of the “strangest birds” you will ever find. This is why large experienced companies will say you never know about a product until it hits the market.

The consumer will make decisions and they might not be the smart or right ones, so sometimes your product has no fault but still fails.

At a time like this it baffles me why the lottery machine is so busy. The thing has not slowed down at all. I watch these machines when I go into stores. If these machines were my product, I would be doing EXCELLENT right now in a near depression.

Does this make sense? Sometimes I think this country needs a depression to wake up and get things right by force.

Point is, you just don’t know how your invention will do in these times, but you should know, much more thought and strategy must be put into the plan.

My product is a recession buster. Get tasks done in half the time without straining yourself keeping yourself fresh for the next task. still, my sales are down but I am also not trying as hard. I am waiting until ‘09. It just doesn’t pay in advertising etc. right now and retailers are not taking on new products, they are concentrating on moving their tried and true products.

Matt….you there? Am I right about retailers at this time?

I believe you are correct Ron. All of the companies I have contacted are looking to survive the next few months and hoping things will turn around with the next year. The majority are playing it safe. I can’t blame them when you look at where the economy has been this year.

Chrissy,
Pray for a deal by Sun night. If we don’t get one, more banks are going down and all bets are off. By politicking as long as they have, they’ve already lengthened the recession. Just my opn.

Hello Roger…I have just decided to wait it out. the big push is off. It can only discourage me.

I work on networking and getting to know people. I have an ongoing sort of friendship now with Orca Communications, the publicist. We are getting ready for a campaign in ’09.

Building these alliances is all I can do i feel especially when Starbucks called this year a washout. They sell a damn cup of coffee. In bad times people don’t cut back on food and drink much. when they cut back on coffee even if it’s gourmet, not good. that is one of their last treats.

I can see cutting back on vacations, new big screen TVs and new luxury cars….but not coffee.

These alliances I focus on are helping. Orca said they are getting me on the Big Idea TV show without paying them to promote me just to help for now.

I’d say for us here to focus on building your Rolodex and not selling much or even licensing your invention maybe. The wall may be just too high and discourage too much with the effort to climb the insurmountable.

This inventor"s journey is not all about the sales all the time, it is about building a future.

Relationships are always the best way to move forward. That is why I always tell Inventors to not just leap blindly into a venture without first doing their homework. Part of that homework is knowing who is best to move your idea forward and has the best share of the market you are targeting and have all your ducks in a row before you contact them. That does not mean you have to be in debt up to your ears. It means you know your product. Its strengths and weaknesses. Why a consumer will want to spend their hard earned money on it and what benefits it has over what may already be out there. You have shown you are well versed with all aspects of the Handi-Straps and can pitch it at a moments notice. Your confidence in your product and ability to share it with potential buyers puts you well ahead of others that fumble through their pitch or get stuck on a question they were not prepared to answer.
Ron, hang in there. I understand the market is bizzare right now but you can do it.
I don’t know if you have seen my latest invention the Pebble Peeler that hits the shelves within the next two weeks. You can see it at my website http://www.rogerbrown.net or in the photos section of my EN page. I wasn’t sure if it would come out during all this mess in the market, but the company said consumers are still in the market for things that are under $10.

Roger,

Just curious, did you make the pebble peeler before you licensed it? Did you have a prototype built before hand? Did you have a prototype for the pizza cutter or the visor clip? How about the knock out game?

According to Mark, you are not a “true inventor” unless you actually have made the product yourself before you licensed it. That is “lazy” according to Mark.

Sorry to barge in on this thread. See “Are you an inventor or product developer” thread.

This is a difficult time for most everybody, not just inventors. But the plus point, is people are reaching for something new. This is where the smartest inventor steps in. I went to Lowes the other day. They had 5 people working the entire sales floor, one open register, and they still don’t have a store manager. There aren’t enough employees to keep the store staffed. It all depends on the area that you live in.
Alaska went through this exact same economic issue in the 80’s and the entire housing market crashed, and we lost a lot of banks. We learned our lesson and the banks learned theirs, and this crisis is not really happening here. I was watching a local news talk show and the moderator asked “will this wall street issue affect us?” the guest replied “last time I checked, we are still part of America.” :)

This might be a really stupid question, but I honestly don’t remember it from back when it was discussed in school a loooong time ago…..what happens if your bank does go down? You don’t lose your money that was in it do you? I faintly remember discussions somewhere about not being able to make withdrawals, but not if the banks “went down” (finish laughing at me before you answer!)

No sweat Chrissy, I’ve gotten this question about 1,000 times in the past few weeks. Basics: FDIC insurance covers an individual, per account per institution up to 100k. Joint acct is 200k (100 each) That’s cash. In an IRA you’re covered by FDIC up to 250k cash. Each CD up to 100k at different institutions, 100k. If you have 50k in a checking/savings acct and a 100k CD at the same bank (single accts) you’re covered 100 out of the 150 and theoretically you’re exposed to loss on that 50.
Securities are different. Most banks/brokerages have SIPC insurance as well. You can google FDIC limits and find more.

Just an addition to that;
Credit unions are insured the same way through The National Credit Union Administration (NCUA).

Hi Patrice,

I will answer Mark’s opinion shortly in the other thread. Now to answer the question you asked above. I did not build a prototype for the above mentioned items I got licensed. The main reason was that there was no need to since the companies got the idea from the sell sheet on the first attempt. I know the normal rooute is to prove the concept, but in these cases it was easy to do. As an example, the Peeble peeler, if I told you without looking at any drawing the two halves fit together like the Ying and Yang symbol would you really need anything to prove that concept? Why waste your time and money to prove a concept they already know?

Thanks Mike, Mark, and Toni – just wasn’t sure insurance would help if everybody was on their way out. lol. It must take some time to be able to get access to all your money – which is what has me a bit worried. All of my big expenditures are about to come. What about a Money Market Investment Account – how are those covered? Of course, I could just call on Monday…..

Chrissy, your point is accurate and something we hope to never witness. Theoretically, the Treasury just keeps printing and everyone gets theirs, but what devalues the dollar worldwide.
Focus on getting a plan approved this afternoon! :) And the money markets- it it’s the mmkt inside an FDIC insured bank, etc. than you’re fine. If it’s a mmkt mutual fund NOT held at a banking institution, that’s different. Some mmkt funds have lost value recently and one of the oldest “broke the buck”, meaning its value decreased less than $1.00…something they should not do. The Fed is backing mmkt funds up with some several billion, but actually we’re still in the same boat.

Ron and other Inventors …. there is one place that sells and features ONLY inventor created products.

www.yakaboutit.com (Go to Submit Your Product on the homepage)

…The goal is to get your usefully inventive products noticed by consumers … which in turn is what really makes retailers take notice.

-Jeff

BELIEVE! YOU CAN DO IT!

No…you can’t do it just by plugging your website. You need to smile and say hello first and then maybe your stuff works…if people like you.