Five Tips for Inventors and Entrepreneurs
Greg Amundson is an inventor and an entrepreneur with good business sense. He had an idea for a caulking alternative that would save homeowners time, money and mess. As a result, do-it-yourselfers across the country are trimming their home improvement projects with InstaTrim™, THE Universal Trim Solution.
Amundson has two patents on InstaTrim™ and sales of the product are growing rapidly. Getting to this point has been a journey of ups and downs, while always moving forward with vision and a goal. Now, with a commitment to mentoring fellow inventors and entrepreneurs, Greg shares some of the lessons he learned along the way.
- The sooner you can verify that you have a valid idea, the less time and money you will spend.
- To help verify your idea, go to Google Images and enter any name relating to your invention. Look at the images to see if any resemble it.
- Spend money with a reputable patent attorney. You can get good recommendations by networking at inventor shows.
- Decide if you want to be the manufacturer or sell your invention to a third party. Do you want to control all aspects of your product or license it and be paid royalties (typically 2-3% per sale)?
- Find a good manufacturer that will work with you as a new, small business - which is easier to do in the U.S. as opposed to overseas. That’s how we found BioPlastic Solutions in Blooming Prairie, MN.
Greg says it’s important to note that being an inventor can be stressful on your relationships with your family because you spend a lot of time, money and energy on your invention.
“The investment pays off for some, but not for all,” he says. “But when your invention makes it to the marketplace, the rewards are huge!”
Greg Amundson is grateful for his success and is paying it forward by mentoring a veteran through Bunker Labs in Minneapolis. This non-profit organization provides support to veterans who are inventors and entrepreneurs.