DEAR JOYCE: How should a person with a great commercial product idea move forward and turn an invention into cash? -- N.N.
The upside of bursting forth with ideas and inventions that are technological breakthroughs or improvements to how things work: You could reap fame and fortune.
The downside of inventing and trying to bring brilliant concepts to life: Most people lose money on their inventions.
REALITY 101. When you think you have a genius brain-flash, first work it out from concept to development. Ideas, per se, can't be patented or copyrighted, and don't sell as stand-alones. If your invention holds true commercial value, it's an uphill climb just learning all you must master to succeed. Inventing is a complex, dense body of knowledge filled with puzzling terms. Never underestimate the level of sophistication you need to acquire about the bright-idea industry and how to protect and market your work.
BEGIN WITH BOOKS. A number of helpful guidebooks are available to make you wise and wary about moving your idea forward. Here are two I especially recommend:
-- "The Inventor's Bible: How to Market and License Your Brilliant Ideas, Third Edition" by Ronald Louis Docie Sr. (Ten Seed Press/Crown, 2010). This definitive guide presents virtually everything you must know to promote and sell inventions without losing your shirt. Additionally, the book contains an exceptional list of resources for inventors, including the author's own Web site: Dimwit's Guide for Inventors (dimwit.com).
-- "Patent It Yourself: Your Step-by-Step Guide to Filing at the U.S. Patent Office, 14th Edition" by David Pressman (Nolo, 2009). In a concept-to-marketplace sequence, the author explains every detail of the art and science of inventing, including the legal aspects. The glossaries of technical and patent terms alone make the book invaluable for the inventing newbie who wants to turn pro without falling off a cliff.
NOBODY'S FOOL. As an invention rookie, you're a walking invitation to pitches from invention-marketing companies that charge thousands of dollars to do what you can do for yourself after reading the how-to books. While some invention-marketing companies provide helpful and legitimate services, others are sharks. Your challenge is to learn how to tell the difference.
Read "Invention Development & Marketing Scams" on InventNet (inventnet.com; click on Invention Scams).
To network with local investors who can help you make good decisions, hop onto the National Inventor Fraud Center (inventorfraud.com; click on Inventors Groups)