AbsolutelyNew Blog

The reinvented Amazon and your invention

Did you notice that amazon.com, the company that practically invented online bookselling, has reinvented itself?

The company’s not asking to be called “The online retailer formerly known as a bookseller.” But it’s quietly yet methodically put so much energy into broadening its offerings that, for the first time in its 15-year history, this year amazon’s selling more general merchandise than books, music and movies. In other words, it’s become something of a web Walmart… and more.

This matters to you the inventor for a few key reasons:

1. Walmart may not return your calls (or grant you an appointment), but it’s relatively easy to set up an online store and/or to sell your invention on amazon. In fact, amazon makes it easy to do all this because you’d then be helping bring more people to amazon.

2. Amazon’s become THE online destination shoppers go to for product reviews from real people. So if you believe in your invention and think it provides real value, don’t you want it out there where people can not only buy it but sing its praises very publicly?

3. We don’t recommend producing your invention before confirming there’s a market for it. But if you’ve gone ahead and built inventory, putting it on amazon can be a cheap way to help assess the selling proposition—if it sells well, you’re on to something; if not, you’ve still got work to do. All that said, putting your invention out there too early is risky, so you’d only want to go down this path after thoughtfully weighing the pros & cons.

So, how are you leveraging the reinvented amazon for your invention?

For more info on what amazon’s up to, you can click here for a recent overview in the NY Times (free registration required).

What's your modern-day AC?

Movie theaters long ago emphasized their air conditioning to draw summertime crowds in search of cool relief. What’s the modern-day equivalent: Barnes & Noble just announced that it’s offering free wi-fi in its bookstores.

The book retailer believes—smartly—that fast & free surfing will lure more people into its stores, and keep them inside longer... where they’re more likely to buy books and/or try out its new eBookstore. Smart indeed, especially when wi-fi set-up and maintenance will cost B&N so very little.

This brings up some relevant questions for you and your invention. What's your modern-day AC lure? In other words, how are you thinking about what you can “give away” to create more value for your target users... such that they’ll be more inclined to buy your invention? And are you looking for ways to grow your sales from your existing customers (in B&N's case, those peope who are already in the store) rather than focusing entirely on growth via new buyers?

(In giving kudos to B&N, we should note that Starbucks has offered limited, free wi-fi for more than a year... but we’re still scratching our heads on why it limits as it does—requiring people to first register Starbucks cards with at least $5 on them, and then only allowing free wi-fi access for two hours a day. Could it be that Starbucks really doesn’t want people to hang out in their “Third Place”—a term for your home away from home & work? Or have the Starbucks HQ folks simply drank a little too much of their own Kool-Aid?)

Get a Winning Team Behind Your Invention

When bringing an invention to market, industry experts agree that the team is as important as the idea. That’s why we recently added industry veteran Bill Feroe to our team. He is one of a distinguished group of executives who can say that during his 25-year career, every product he has developed has been profitable.

Prior to joining us, Bill was Executive Vice President of Merchandising at The Sharper Image. During his ten years there, he developed and launched hundreds of products, generating over a billion dollars and tripling The Sharper Image’s annual revenue.

Independent inventors, like you, have benefited greatly from his help. He recently helped one inventor earn more than two million dollars and another earn more than 10 million dollars in royalties.

His mission at AbsolutelyNew is simple: to find the best inventions and bring them to market. He oversees our product development and merchandising group, and his expertise spans a broad range of categories, including personal care, housewares, cleaning, automotive, lawn & garden, gifts and toys. Before joining The Sharper Image, he worked at other leading retailers, including Target, Williams-Sonoma and Mervyns.

He is clearly a remarkable individual. But he is just one of the talented people on our team. Other AbsolutelyNew executives have worked at leading companies (like Apple), have won prestigious awards (like the Industrial Design Excellent Award) and have launched products that have been featured in major publication (like USA Today, Business Week and The Wall Street Journal).

If you're an inventor trying to bring your invention to market, it's very difficult to do it all by yourself. Very few individuals have the requisite skills, experience and expertise it takes to accomplish all the tasks required along the way. That's why you need a talented team to work alongside you. A team that includes people like Bill Feroe.

Welcome to the AbsolutelyNew Blog

Maybe it hit you while you were driving. Or taking a shower. Maybe you looked at a product on the shelves and thought, "I can do better than that." Or maybe inspiration struck out of the blue with an idea so unusual that there's nothing even remotely like it on the market today.

Regardless of how it happened, you have an idea for an invention. Congratulations! We wish we could say the hard part is behind you. But the truth is, your quest is just beginning. As any successful inventor can attest, the real challenge lies in converting your idea from a concept in your head to a real product ready to sell in the marketplace.

That's where we come in. AbsolutelyNew is a consumer products company focused on bringing the world's most innovative products directly from inventors to retailers. We have a unique process for developing and launching new products that triples your chances of securing a licensing deal from a major manufacturer.

But this blog isn't about us. It's about you, the inventor, and what it takes to make your invention successful.

On these pages you will find honest and straightforward advice on every stage of the invention process -- from patent protection and market research to prototypes and engineering to securing licensing deals with manufacturers and marketing your product to retailers. We employ experts in all these areas, and we'll tap into their wealth of knowledge to bring you practical advice that can help take your idea or invention to the next level.

Of course, we can't do it alone. We want to hear from you about what's on your mind. What challenges are you facing? What successes have you had? What questions do you have? Drop us a line at blog@absolutelynew.com and let us know.

Until then, happy inventing!