Inside Small Business | Small Business & Home Business Marketing
Invention Home and Small Business
Russell Williams, President of Invention-Home
Over the past few years, product innovation and the process of inventing have become mainstream in the
For many inventors, entrepreneurs and small businesses, the process of commercializing inventions can be a daunting task. As a result, many are focusing on product licensing as a means of monetizing their inventions as opposed to developing and marketing the product on their own.
Invention Home has developed a unique and innovative approach for assisting independent inventors and entrepreneurs through the invention and patent process with the ultimate goal of matching and connecting the invention with a company that will license and subsequently develop, manufacture and market the invention while compensating the inventor with an ongoing royalty payment.
Invention Home was founded in 2003 by brothers-in-law Russell Williams and Eric Zalevsky following success in building Eric’s invention called the “Chilly Bone” into a multi-million dollar product line sold worldwide. During the process, they realized the lack of good, quality resource options available to help independent inventors with product licensing. They saw an opportunity to build a reputable and credible company that would help other inventors, while simultaneously “re-inventing” the invention industry itself by creating an innovative and streamlined model for connecting inventors and companies looking for innovation.
As a result, their mission became to create the first nationally recognized marketplace for connecting inventors with companies looking for innovative, new products. Similar to how eBay and Monster.com created the “marketplaces” for consumers in their respective industries, Invention Home has created the marketplace for innovation. Today, they have a growing marketplace that consists of over 3,500 manufacturers and product companies that regularly receive and review new inventions with the ultimate goal of discovering and licensing a new product opportunity.
Invention Home’s core service is to help inventors, entrepreneurs and small businesses with licensing, or with obtaining distribution if the product is fully developed. Rather than charging large up-front fees, Invention-Home receives a percentage of the royalty revenue only if they succeed in licensing the invention. They also offer fee-based services such as patent searches, provisional patent applications and virtual prototype design, as well as utility patent and prototype development referral services, thereby providing inventors with a “one stop shop” experience. For manufacturers and product companies they offer a streamlined and efficient source for finding new and innovative product opportunities available for license or sale.
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Posted on Tuesday, January 15th, 2008 at 1:37 pm and is filed under Business, Entrepreneurship, Legal. You can follow any responses to this entry through the RSS 2.0 feed.
