From idea to product a long, costly road
By Sarah Hale
Orlando Sentinel
For college buddies Jim Kidd and Troy Comstock, turning a scrap-paper idea into a moneymaking enterprise has been a lesson in trial and error.
The duo took nearly three years to create and manufacture a travel-accessory product designed to ease the burden of pulling luggage. With distribution of their TravelTow finally under way, Kidd and Comstock are breathing a collective sigh of relief.
"The process was a lot harder than we thought," said Kidd, vice president of the Orlando, Fla.-based TravelTow Inc.
From obtaining that first trademark to designing a prototype to finding a manufacturer, the businessmen found the conception process to be a series of baby steps and mishaps.
"It took twice as long and cost twice as much as I thought it would," Kidd said. "But I'd do it all over again."
So how should inventors and entrepreneurs hoping to introduce their products or services to the market successfully protect and launch their ideas?
Very carefully, recommends Jim Lussier, a lawyer with Mateer & Harbert P.A. Lussier, who helps businesses with confidentiality forms, copyrights and trademarks, among other things, says the most important thing to consider is protecting the idea.
"Keep it a secret," Lussier said. "Oftentimes people don't do that. They start telling their family about the idea, sharing it with their friends on the golf course or at a bar. This puts them in a vulnerable position."
Lussier recommends that entrepreneurs protect themselves by having all concerned parties sign nondisclosure agreements, which prevents them from "stealing" the idea and making it their own. Additionally, filing for a patent or trademark would be in their best interest.
Kidd and Comstock were quick to realize the importance of protecting their product — a rotating handle that attaches to wheeled luggage, making it easier and more ergonomic to navigate. Until they received a patent for the product, the two had more than 130 people sign nondisclosure agreements.
They had designed a prototype and were shopping it around looking for feedback, financing and tips. Additionally, Kidd began an informal marketing survey of 100 people to see what they thought of the product, making most of them sign the forms.
"It was instinctive to want to protect ourselves," Kidd said. "I think entrepreneurs generally tend to be a little paranoid."
Before you spend cash on a lawyer to help ease the paperwork of filing for a patent or trademark, search the Patent and Trademark Office online database at www.uspto.gov to see whether anyone already has rights to something similar.
Keep in mind that patents and trademarks aren't cheap. Application can cost $10,000 to $20,000 for a patent and as much as $1,500 for a trademark, Lussier said.
Once the idea is protected — first with nondisclosure agreements and then with something more official — feel free to shop around for designers, manufacturers and financial investors.
Kidd and Comstock are distributing the project on their Web site, www.traveltow.com, and through a couple of appearances on QVC, the television-shopping channel.
"The process has been an enormous test of patience," Comstock said. "It's about using your resources, networking and staying positive."
