How to Make Money with Your Invention Idea with Brian Fried

Brian Fried’s Guide to Profiting from Inventions

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Welcome back to the Daily Mastermind. George Wright III with your daily dose of inspiration, motivation, and education. And we have something very unique for you today. So let me give you a quick intro to this amazing individual.

He's an inventor, entrepreneur, and public speaker. He's got 15 patents and licensed products—ones that you probably see every day. You didn't even realize it—it’s going to blow your mind. He’s the founder of Inventor Smart. I could go on and on. I'm going to have him give some of his accolades, but he's been featured on As Seen on TV, QVC, New York Times, and Inventor Digest multiple times. He’s also an author, and so I'm happy to have you here today. Brian Fried, welcome to the podcast.

Thank you so much, George. I'll tell you, man, two ships passing in the night a lot of times, but we are together and we are going to drop some value bombs here.

So let me start out, even though I gave you a little intro, let me have you give us a quick idea. We're going to be talking today about inventions and taking people's ideas and making them tangible.

How do you make money with them? How do you go to the next level with them? But you are by far the authority that I’ve found in this area from the research I've done and the conversations we've had. So share with me and our listeners your journey. What got you into this vein? Why are you so passionate about it? Give us that backstory before we get into some of the details.

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Brian's Journey into Invention

I think, George, when I first started to realize that I was an inventor, I started to look and see things that people were doing. I was a pretty good people watcher and noticed things that annoyed me. I thought, "You know what? I think I’m onto something here."

I continued to jot down my ideas, had a pretty decent-sized spreadsheet, and started to categorize them. I asked myself, "Wait a second, is this only for me, or is this for other people? Is there a big enough market for this, or is it something niche that maybe I might make something on? But where's my opportunity? Where’s that aha moment to say, 'You know what? This is something that I'm going to take to the next level.'"

So I started to work on some ideas and go through the motions. I started to make a lot of mistakes, which I realize now, and I had some successes, which I enjoyed. Then I started to get involved with a lot of groups, communities, and the industry of invention. People started to ask me for help because I had some levels of success, and it turned into this whole thing of getting involved in the inventor world.

So, was there a first invention you did that you remember, looking back, and thought, “Ah, that was the thing that just worked”? Because I'm sure, like most inventors, you probably had all kinds of things that didn’t work. But what was that first big win or big idea?

Absolutely. One of the first ones that I actually brought to life was called the Balloon-a-Band. You’re not going to be able to purchase it today, but I’m just going back—look, I’m 50 now, so I guess I started almost 20-something, almost 30 years ago.

It was a nylon wristband that had a metal D-ring on the outside of it and some Velcro—otherwise known as hook-and-loop in the industry.

When you went to Madison Square Garden or Nassau Coliseum back in the day, you’d buy a $12 or $15 Mylar balloon with Elmo or Cookie Monster or Princess or whatever on it. By the time you got back to your seat, you’d look up at the ceiling and see every single balloon there.

And kids crying.

Yeah, there’s no reason to buy another balloon after intermission because all the kids are bawling and upset. So I came up with this wristband to keep my daughter’s balloon on the ribbon attached to the D-ring. You could take it on and off. It was also a weight, so the balloon wouldn’t fly away. You could easily put it on a wrist, belt buckle, or stroller without cutting off circulation. But again, that was something niche and a really inexpensive item.

Fast forward to now, George. For example, during the pandemic, it was very difficult to get paper goods. I cherished every paper towel sheet.

I looked at the top of the roll and realized it was dirty—dried up with orange juice or tomato sauce. I asked friends and family to send me pictures of their paper towel rolls, and it was disgusting.

So I invented something I now have a patent for: a device that fits into the inner tube of the paper towel roll. When your hands are wet or dirty, you can pull the sheet off without dirtying the roll.

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Advice for Aspiring Inventors

I know that a lot of people now have really amazing ideas, but most everyone goes, "Hey, wouldn’t it be cool if you could do this?" But then they think, "Ah, I could never... like, I could never get that done. Inventions are not something the average person can do."

The first thing I say, George, is, "Is it yours?" I understand that you searched on Google on page one with your eyes closed because you didn’t want to find it.

Or you went down the aisle of Walmart or your favorite store and said, "Oh my gosh, it’s not out there. I’m going to be a gazillionaire. This is it. This is the one," right?

But I would say that many people—and I tell this to pretty much everybody—need to do their research. Business owners and business people listening to this, no matter what you’ve done, you’ve done your research before you put your time, money, energy, and effort into it.

And it’s the same thing with an invention or an idea for a business product—whatever you’re doing. You do your due diligence; you do your research. What’s going to make you different from anything else out there? Is it something you should put your time, money, energy, and effort into?

I know it’s exciting. A lot of people make decisions based on their emotions and not based on facts or research. That’s one thing I always say, George.

I love it. And we’re both marketers as well. So it’s funny because I say that to people a lot. They’re like, "I’ve got this amazing idea," and they just go after it, spending money and doing whatever. I ask, "Have you looked at what the competitors are doing? Have you done your market research? Have you done this or that?"

It’s like measure twice, cut once, right? So I think that’s great, very wise advice. I think people will learn the more they get to know you that it’s not just an unrealistic thing to think you can make money with an invention or an idea, but it’s super smart to start in the right place.

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Turning Ideas into Businesses

So how do you take an idea and build a business around an invention? Could you help us make that a little more specific? How do you envision an idea becoming a business, and where do you start?

George, I’ve been an inventor for many years. Actually, being an inventor coach and going through this process, listening to people—it’s been over 18 years now.

People have had successes. People have had failures, which are lessons learned and challenges. I’ve had the chance to listen to high-profile people, interview them, and learn from them. That has made me who I am today.

When somebody comes to me with something, I can almost see where it’s going. But you know what? Every person, every product, every idea is different.

When I talk to somebody, I figure out: Who are you? Is this something you’re doing as a side hustle while working full-time? Is this something you want to go all-in on as an entrepreneur? Or do you not have time, and you want someone else to manufacture and distribute it while you earn royalties?

I think it’s really important to assess what you want to do and how you want to do it. That’s step one. Then I go back to where you are and help you get to where you want to go.

So ultimately, the first thing—like we were talking about earlier—is to do your research. A patent search with a patentability opinion is always a good step, but do your research first before spending money on that.

Then you want to figure out what it’s going to look like. I chicken-scratch a drawing or create something tangible. I used to take my daughter’s toys and rip them apart to create a prototype. I find existing items to make things easier along the way.

I might hire an engineer or a prototyper and get the concept to a point where I feel good about it. At that point, I might want to protect it with a provisional patent application so it’s “patent pending,” or I might file a design patent if it’s ornamental. Otherwise, I’ll go for a utility, non-provisional patent application.

There’s a lot of steps. Then I might want to trademark it. After all that, I’d ask: What’s next? Do I license it to earn royalties?

People often say, “I want to sell my idea.” But what are you selling? You need intellectual property. If I came to you, George, and you owned a clothing company, and I showed you an idea with no IP, you wouldn’t need to pay me. You could just make it yourself, right?

If I’m going to present something, I want to provide a competitive advantage in the market. I want to offer IP that someone can rent the rights to and, as they sell it, pay me royalties.

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Understanding Patents and Trademarks

This is key. I want to pause you for one second because we talked about this before. For the people listening—business owners, entrepreneurs, CEOs, and high achievers—I want to make a clear distinction.

We’re not just talking about inventing something. We’re talking about creating a brandable asset, something profitable, something that builds your lifestyle. What I love about how Brian thinks is that he focuses on locking down value in the marketplace through legally binding and specific IP.

Sometimes people get confused between patents, trademarks, licensing, and things like that. Could you help us differentiate these and how they apply to businesses and ideas?

Sure. Let’s break it down.

If we’re talking about patents, is it something that functions? For example, my collapsible egg tray.

One night, I had no room in my fridge. I had a carton of eggs, and there was one egg left. That annoyed me. So I created a collapsible tray where, as you remove eggs, the tray takes up less space. I call it Extra Space.

This is a utility patent because it has a function.

On the other hand, there’s my Paper Towel Topper, which is ornamental. That’s a design patent.

So, let me clarify—if I have a logo, I can trademark it, and once it’s used in commerce, it becomes a registered trademark. But what about a system, like a seven-step process we take people through? Could that be patented, or is it something that would be copyrighted instead?

Great question! Each of those—trademarks, patents, copyrights—are distinct forms of intellectual property. A system might be eligible for a process patent, while a logo would fall under a trademark. Copyrights, on the other hand, protect creative works like books, music, or technical drawings.

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Class of Goods and Trademark Protection

Let’s take your Phoenix logo as an example. It’s trademarked within a certain class of goods or services. Now, if I wanted to use that same logo on milk cartons, I could potentially do that because it’s in a completely different class.

Interesting! That was going to be my next question. I have a registered trademark for both the Phoenix logo and the Daily Mastermind brand. But does it make sense to register in multiple categories to avoid conflicts?

It really depends on your business. If your focus is apparel, for example, protect it there. If someone uses your logo in a non-competing category, like microphones, it’s unlikely to confuse consumers. That’s the key: consumer confusion.

What about domain names? Are they worth trademarking too?

Domain names themselves aren’t traditionally classified as intellectual property, but they can be an important part of your brand. Here’s what I recommend:

• Secure the domain early.
• Consider registering the name as a word mark. A word mark gives you flexibility—you can apply it to various designs and logos without being locked into one specific look.

That’s a great point. I recently launched JoinTheEvolution.com as the hub for my academy. Based on what you’re saying, I should think about trademarking the name itself, not just relying on the domain.

Exactly. Word marks are versatile, and they ensure your brand name is protected across different mediums. A domain name alone won’t stop someone from using your name on a product.

Let’s pivot a bit. For people out there with a great idea, one of the biggest challenges is emotional attachment. What advice do you have for balancing emotions with sound business decisions?

That’s a critical point. Inventors often get so attached to their ideas that they skip essential steps like research. Before you get too invested, ask:

1. Is it truly unique? Search patents, trademarks, and existing products.
2. Is there a market? Just because it excites you doesn’t mean it will sell.

And what about trust? Many inventors fear sharing their ideas.

That’s where Non-Disclosure Agreements (NDAs) come in. Before discussing your idea with anyone, have them sign an NDA. It’s a simple yet powerful way to protect yourself.

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Final Advice: Protecting and Scaling Your Ideas

For those listening who have an idea but don’t know where to start, what’s your advice? Start with these steps:

1. Do your research. Make sure your idea is original and viable.
2. Protect it early. File a provisional patent or register a trademark if needed.
3. Think about your market. Who will buy this, and why?

And where can people find you if they want guidance?

The best place is my website, BrianFried.com. I’m also active on LinkedIn and recently launched the Inventor Smart Community app, which is full of resources for inventors.

Whether you’re an entrepreneur with a vision or someone sitting on a million-dollar idea, Brian’s insights provide a roadmap for turning dreams into reality. The key? Research, protect, and plan.

Remember, it’s never too late to take the first step. Start small, seek guidance, and who knows? Your idea could be the next big thing.

If you found value in this conversation, share the show. This is the kind of message that can help so many people. Hit us up on Instagram and Facebook @TheDailyMastermind.Once again, my name is George Wright III. This has been The Daily Mastermind. Have a phenomenal day.

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About Brian Fried:

Brian Fried, “The Inventor Coach,” ignites innovation. A dynamic innovator, author, and speaker with 15 patents to his name, Brian has transformed ideas into licensed products and successful ventures seen on QVC, in infomercials, and on the shelves of major retailers. For over 18 years, he has guided inventors from concept to commercialization as a dedicated invention licensing agent.

Brian engages audiences with insightful talks on innovation, sharing his expertise with budding inventors, corporate teams, and agencies. He is the author of three books packed with actionable advice for navigating the invention landscape. Additionally, through his online platform, InventorClass.com, he offers a comprehensive 3-hour eLearning course that provides DIY guidance for inventors at all stages of their development.

As the founder of the National Inventor Club, Brian hosts monthly livestreams featuring guest speakers who explore various aspects of the invention process, offering both inspiration and practical advice. In October 2023, Brian launched the Inventor Smart Community app, a groundbreaking platform designed to enhance networking, collaboration, and social media engagement among inventors. Available on Google Play and the Apple App Store, this app enables inventors to connect, share ideas, and access a wealth of resources, furthering Brian’s commitment to empowering global innovation.

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Guest Resources:

LinkedIn Page: https://www.linkedin.com/in/brianfried

Facebook: https://www.facebook.com/brian.fried.39

Website: https://brianfried.com/

YouTube Channel: https://www.youtube.com/channel/UCHMzAuup-pvZSPOvwirZqY

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About George Wright III:

George Wright is a Proven, Successful Entrepreneur- and he knows how to inspire entrepreneurs, companies, and individuals to achieve Massive Results. With more than 20 years of Executive Management experience and 25 years of Direct Marketing and Sales experience, George is responsible for starting and building several successful multimillion-dollar companies. He started at a very young age to network and build his experience and knowledge of what it takes to become a driven and well-known entrepreneur. George built a multi-million-dollar seminar business, promoting some of the biggest stars and brands in the world. He has accelerated the success and cash flow in each of his ventures through his network of resources and results driven strategies. George is now dedicated to teaching and sharing his Prosperity Principles and Strategies to every Driven and Passionate Entrepreneur he meets. His mission is to Empower Entrepreneurs Globally to create Massive Change and LIVE their Ultimate Destiny.

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