Inventors Need Business Plans

"The Patent Pending blog has a great post on the chances of success for independent inventors. The bottom line: 2-3% of the independent inventors that Bob Shaver sees actually winds up making money off of their patents.

This is why the first piece of advice for all independent inventors, especially first timers, is to do a business plan before spending money on a patent.

What I suggest is writing a business plan for a large company in the market that might like to license the invention. This hypothetical company needs to see a definable advantage to the product in their marketplace with their margins."

From Anything Under the Sun Made By Man.