Turning a million dollar idea into a million dollars

DENVER - If you have a million dollar idea and need some advice on how to get started, a new book and an inventor's conference may be your ticket to booming business.

The Hoola Hoop, Crocs, Post-it Notes, The Snuggie - all simple ideas that turned into millions of dollars for independent inventors and stimulated the economy in depressions and recessions.

So just how do you turn that little idea, like blankets with sleeves, into cold hard cash?

Louis Foreman, author of the new book "The Independent Inventor's Handbook" and Executive Producer of the PBS show "Everyday Edisons" says it is all about profitability.

"The first thing you want to do if you have a great idea and we all have great ideas is to figure out whether or not you can actually make money from your idea. I've seen too many inventors go down a path of pursuing an invention only to find out later that there's not an economic return to be justified from that investment," Foreman said.

He says anyone can turn their ideas into riches and says his favorite success story is about a man in his seventies.

"A 78-year-old man just wanted to organize food storage containers. He came up with a device called the Smart Spin that organizes food storage containers and makes it easy to find the base and the lid. In the first year of selling that product he sold hundreds of millions of dollars. It was a product that no one believed in but he had the perseverance, he partnered with the right people and eventually got that product into the marketplace," Foreman said.

The author and producer says inventors should also be cautious about who they share their idea with and when to get a patent.

"You always want to have a certain amount of confidentiality around your product. Take notes in an inventor's log book and when it's appropriate, when you find there is enough opportunity to pursue the invention, work with a patent attorney to see if you can patent your invention. What you don't want to do is start the process too early. Don't start spending money before you know how you're going to make money," he said.

Foreman says even though the economy is sluggish, the recession is the best time for innovation.

"Consumers want to buy things. They want to buy things that make their life more enjoyable or help them get through the day. There's a great opportunity right now to bring new products to market and satisfy the demands of consumers," he said.

"The Independent Inventor's Handbook" is now available in stores.

On Tuesday there is also a conference for inventors from 1:30 p.m. to 8 p.m. at the Cable Center on 2000 Buchtel Blvd. The 5th annual DaVinci Institute's Colorado Inventor Showcase is a place you can meet with officials from the DaVinci think tank and meet with other entrepreneurs about new energy and technology products.

For more information head to http://www.davinciinstitute.com/