I read the book Mommy Millionaire about inventor Kim Lavine a little while ago and it’s a worthwhile read for anyone looking to take an invention idea to market.
The story begins with a mum (mom) Kim Lavine sitting by her sewing machine and noticing bag of corn nearby. This leads to her creating Wuvits. Wuvits are like small material pillows filled with corn that you can heat in the microwave and then wrap around your neck or place on your body. They can make you simply feel nice and warm or help get rid of your aches and pains. From this point Kim Lavine goes through everything she did to get her product to market. It is an incredibly thorough book which goes into all aspects of the business from getting protection for her idea via patents and trademarks to business plans, hiring people like graphic designers and salespeople, finding suppliers and working out pricing for wholesale and direct to retail.
One of the things I liked about this book is that she shares the bad times as well as good, the problems most businesses face such as cash-flow and trying to raise capital via banks and investors. My only niggle with the book was a personal one that she tells you to ask your designer to pass on all their savings to you eg. the margin they can make on print etc, now while this is no doubt a good business move my designer brains says “hang on we have go make a living too.”
If you have a product invention and are looking to get it manufactured yourself this would be a good book to have, read through, and then use as reference material. While many books will teach you about inventing and patenting an idea, not that many teach you the journey of someone from inventor, to entrepreneur and business woman. It’s about selling strategy and determination not just the invention and it was definitely not a bed of roses. It is hard to believe that such a simple idea could take so much hard work to bring to market and yet potentially have such huge rewards.