The thought occurred to me that maybe the price, place and promotion are not the only lesson to be learned. But they are also redesigning the product to find the right equation. However, all my attempts failed. I was blinded by my own stubborn persistence, why can not the most important lesson of all. But what was the lesson? I tried to find the answer, but it seemed the time had expired. Then it was confirmed: Offers additional financial support from my investorFair Representation and left free, and with them my enthusiasm and excitement. I had all but given up already, and others. What I used in those days was how to explain to my friends, family and readers to my resume that I have developed six figures "pie-in-the-sky" lost inventions. I was seriously discouraged and stressed as I had never been. I used to bring a towel with me to bed when I woke up during most of the nights, drenched in cold sweat, I wouldDry it with something. The people around me felt relief and distance from me. In the early stages of the project, invention, I ended a long-term relationship with my girlfriend, who lived in the amount of money you started, and constantly reminded me of it. I could not tolerate, that I constantly annoying. Really thought I was not sane. Even my friends lost patience with the never-ending story. Inventing Business asked a heavy toll, and I could not decide whatWorse yet, my plan to install flange or invention "or cure the disease."
Haunted by the memory of all waste in the last fifteen years, I find true meaning in the past, I asked the ultimate design tool flange to the test. I had the same question for the umpteenth timeby the artisan yet another "Why do the bells that?" We asked all agree that the design of the flange was questionable, but I felt I did not think that my instrument concepts were the solution to the problem.Then I had a flash of intuition, above all, a renewed perspective. The first project focused my attention to the options of David and I had discussed at our first meeting. A draft was prepared by a flange with a clamping surface hexagon. This was the turning point where I realized that I turned the wrong way through the development of the tool flange of the same shape. A new flange design would offer the reps and distributors, a new utility that I'm sure I was able to sell, how to solve theInstallation problems for the artisans, and allow them to pass on costs to their customers. My hope was rejuvenated.
I always imagined flange success with the new thermostat first in 50 years. Only a shadow loomed over him and threatened them in their childhood. My I was surprised investors by saying "No more, John!" She had often said: "You are all inventions tinker toys!" For her I also had the boy who cried wolf. I felt this time was different, as inHistory of the child and the wolf. Frankly, I think she knew too much. He was just determined to spend more money in their opposition to, just for principle.
Mary had given to recognize their farm of 100 acres at an early stage as collateral against a loan for my business. He was ready to bet the farm, literally, but it was far from that liberal thought. I felt hopeless, knowing that he had already spent the money from the sale of his house, where I had made the original call service for about a yearfirst. She stayed with me for 30 years and not developed, I could not wait any longer. Could I ask you, but I never asked for money - he always knew just when to contribute in this way. And if this idea turned out to be? Mary was 78 then, and his best friend since college, was nicknamed "CW", short for Crazy Woman, many years before. That's why I'm not sure, but it seems to be a risk in the past, and has lost some kind of refrigeration business, andI did not want to give more fodder to her friend. Yet, I was explaining the significance of this latest discovery, it seemed relevant to possible number of pages. I figured the simplest solutions are often the best. And I had to convince them that this flange was my best. Luckily I was around different people in the industry to support my belief that I had actually invented a "winner" this time. It 'was then that I realized he was right. Finally, they believed the flange wasa good idea and has invested more money.
I met again with David and revisited the design of the flange tool / we had done years before. We modified the design for an eight-sided dice, which could include being easily grasped by a common key. The only significant difference between the tool flange and the flange new era that the instrument had a hexagonal nut. It 'was as simple as a Post-it Notes. The art has suggested that no one had done before the first bell with a thermostat,I have asked myself many design patents and utility, as my lawyer and I could think of. At that moment I spoke of nearly 70 ideas for a series of drawings flange.
I completed development on the four drawings in a month. It only took a few phone calls, and in a moment I was back on track. Once again, the president of the local supply house has offered his advice: "Call the Executive Vice President of Marketing for Emerson-Swan Rep, Inc. in Massachusetts and ask him what he thinksabove the flange. This company placed a company of Rhode Island, Taco, Inc., producer of "hydraulic" components, including flanges and thermostats. Taco was the market leader in the region and its products enjoy high brand loyalty. What I quickly learned it would delight and inspire me.
I called the VP, and we met two days later in the waiting room of a Mercedes dealership, while his car was served. He seemed very happy with the flanges have been impressed with him, even if I had the feelingIt 'was something he did not tell me was that he seemed to care. These were so simple low technology sand casting. I accepted his kind of energy, rationalizing that it was typical for a person to see their enthusiasm when they saw my inventions for the first time, but I decided to dig a little 'and I am glad I did. I learned that Taco was losing money on their flanges and are factoring that the loss in sales price for their circulation. The negative contribution to earnings resulting in an increaseCompetition, leading to a loss of 30% of its market share for the flanges. The VP said the immediate enthusiasm for a new flange design.
A week had passed and he remained true to his word that he arrange a meeting with taco. I met Taco VP of marketing and a handful of executives in their work. As expected, its level of interest has been high, and the beginning of negotiations. Now I was in for training in the art of negotiation. The search for success has created enormous controversymy personal life, but the pursuit of a "deal" made my previous attempts to shame.
The negotiations could not be so naive as I had hoped, so I decided to buy a flange around to realize that when Taco was interested in the flanges, then their competitors will, too. They were. I found that all had problems with their flanges. This seemed incredulous. It was not long before I was on a plane to California to meet with executives of the largest pump manufacturers in the world,Grundfos all expenses paid. Taco but the greater number of these types of thermostats threaded flange sold worldwide, more than one million per year. With this awareness has helped me to determine the overall size of the market, and I seriously considered the market supply flanges with me. I have contacts with a number of other manufacturers, representatives and potential investors. I lined up production agreements in negotiations with the two companies failed primary. However, I chased themstrong.
The last thing I needed was Taco, another company competing against them. Therefore, they had more, without losing my design, and to win with her. They knew that if they lost their market share with a flange patent pending, a "better mousetrap", then again I could cut a deal with a lot of sense. The fact that it produces so many bells, the possibility of substantive rights for my investors and myself safe, and I was determined to repay them. So youMonths later I signed a licensing agreement with Taco on two flanges, but not before asking for help for the last time by President warehouse, this time with negotiations, I needed a mediator. Taco and had reached an impasse in negotiations, but if the President agreed to give it only lasted 3 weeks to adjust the agreement, and the first check, $ 35,000, was signed in my company.
Since the completion of the transaction, Taco has replaced their old standard with my drawings. "Freedom of flanges"as they are, they are called, are on the market, and the positive response has nothing less than a consensus. It seems that a new standard was created. The most common question is "Why did not this year?" I wish I could collect royalties on my answer to this question. Every time I hear this question, I am reminded of a message of inspiration on a poster in the office my insurance agent: "What we can easily see, is only a small percentage of what is possible, imagination is.with the vision to see what just below the surface. the image that is important, but invisible to the eye "This solution flange is a prime example of a concept that was so simple that anyone looking in front of me as torture. I took the path can be less stressful and more direct if I had the same attention to the option right from the beginning bell. hindsight is so clear. It is not true?
Eight months after the first agreement, Taco and Ithe second agreement on three inventions valve. Recently, we started to discuss my latest invention ideas.
I'm looking for the tools to design based flange reminds me of the 3M Company in search of a new adhesive. When you engineer a sticky substance stuck in the squares of paper to keep his place in his church hymnal, had created what became the post-it notes, an idea so simple as my flange. Another extraordinary inventor, Norm Larson of inhibiting chemical formulas of the first 39Rust first of his 40 Success: "Moving water, try 40", in other words, WD-40 ®. I had success with my 30 attempt, but not over $ 100 million that the success of the WD-40 ® can be done. It seems that solutions for specific problems are often discovered before being recognized as solutions, and you can take an idea through a process of elimination takes place before the discovery of success. My plan was to launch a single productCompany-a-product companies are rarely successful. Although, in the absence of instruments with the flange and the success has made it clear that the most simple designs can often be more successful. Also, I knew little about the market for flanges at the beginning of my journey and not think I could establish with North American distribution Taco compete, even with a new flange design. Luckily I came to the club of my trip was much wiser and traveling. WithReach invent the wisdom of my gray hair to begin with, but I do not need that towel.
The development process invention must not be as difficult as it was for me. I should be much more market research before so much money on patents, designs and prototypes expensive production cycles and, in general, turn my wheels were on the wacky ideas. In a perfect world, the $ 10,000 market analysis at the beginning helped me to have the road to victorymuch earlier. I noticed that we have a much greater market potential than for flanges for flange tool. I think I could have saved $ 145,000 when I bypassed the instrument approach and went directly to the flanges and valves, my last five inventions.
Looking back on my experiences from my present point of view as President Emeritus (2000) Inventors Association of New Hampshire, I noticed that many other inventors through the same type of educational process that I seeMost of the failures and small successes, like most of the inventors must learn by doing and not for what it takes to set up properly. Inventors should be aware of the development process and have its pitfalls invention. They will also need to have passion and determination, and, above all, marketable idea. Also, I know that the following statement is echoed by Thomas Edison in the minds of other inventors, as is in me: "If I had known in advance what I'm in because I would nothave begun! "But I have to start with, and I successfully completed. I pushed the drive and creativity I never knew that I was able to fail and beat the odds. 98% of the inventors, many of whom make the same mistakes that I have provided .
It should be noted that my "Boot Camp" invention, and my ultimate success would not have been possible without the faith in the course of my investors would be possible. In return for their willingness to take risks Maria will receive a ten percent return on their investments in total, plus 40%Royalties from license agreement seconds. Most inventors money before you have success, I would have if not for Mary. Not only was my angel, my savior, but in my darkest hours of the failure seems imminent. I am very thankful to be refunded.
An intangible benefit for me is that I learned more about my capabilities and limitations of this process than any other personal challenges. To overcome this challenge, I have a new career, I foundhad hoped. I am currently studying at school in the business that I started in the 80s and is in engineering, are still reinvest my copyright. Ironically, and with a bit of luck I have products to trade, I never need to invent and use the return.
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