Warren Tuttle is an entrepreneur, the president of the board of directors for the United Inventors Association and the author of the book “Investor Confidential: The Honest Guide to Profitable Inventing”. He joins Chris Van Vliet from his home in New Canaan, Connecticut to talk about how new products are created, the process of bringing an invention to market, how “Shark Tank” has changed the way we think about products and much more!

On some of his inventions and launches:

“Well I haven’t created all of them but I have been involved in launching them. I did a product called MISTO, which is an olive oil sprayer. That was my first real mission with an inventor 20 years ago. Since then I have launched Cool Towels, you wet them and they drop in temperature to cool you off. I launched the Nespresso coffee systems, I didn’t invent them but I did launch them.”

On how an idea becomes your own:

“I’m sort of old school. It’s great to have an idea, but it’s what you do with it next. It’s not unlike the music business to get to the top, it’s not easy. Then to take that idea and try to sell it and make money from it. You have to take that idea and develop it. We make prototypes and see what is mechanically different to it than anything that has come before it. We then file patents to protect the product. Until you register your idea, you don’t own it.”

On the timeline from idea to patenting:

“I usually look at the timeline from when they bring it to me to when they get it to market. It’s all up to the individual, but I say before you think about patents, you need to vet the marketplace. That’s easy today with companies like Amazon, in the old days I would say go out to the stores. But you really need a month or two to see what is out there and do the due diligence. You then want to develop the prototype, but then that depends on how many iterations you want to make. The first one may take a month or two to build, but then you keep developing it over time. It isn’t an overnight process. By the time you get it ready and hire the patent attorney, you are talking 6 months to a year. But some inventors take years to figure out all of the kinks. It is not an easy process.”

On what his area of expertise is:

“I specialise in housewares, hardware and direct response television. I’m really up to speed on those categories. When someone brings me an exercise equipment or a medical device, I’m not as up to speed. I’m looking for something that is totally different to anything I know about. I get so many submissions over the years, is this different? If it catches my attention, is it functional? Does it work? All these things go through my head, is it novel? Can it be built properly? Can it be made a success?”

On if anyone could be an inventor:

“I don’t think anyone could, but I think a lot of people can. You have a leg up if you have engineering schools or at least an appreciation for engineering. Some people have those maker skills to do it yourself. If you have that background, things can come easier to you. But if you have ideas and ways to improve life, that also helps. Combining those things is a bit tough, but I think it takes people who are persistent. But also the flip side is hanging on too long and blowing your money. Maybe 10 could become inventors if they worked at it.”

On people who think they have a great idea but in reality it is not:

“I’ve been there. I developed a self stirring device for cooking. I actually developed two. Then I sold one to Bed Bath & Beyond for a higher price and one to Walmart for a lower price. But I didn’t sell any. The high end chefs didn’t want help with stirring ad the low end chefs use microwaves. So I failed at that and I learned from it. I went down that road you described. I had so much success from MISTO that people were betting on me and my success. Someone at a trade show a few years later actually unveiled a saucepan stirrer. I said to him ‘I’ve been there, please rethink this.’ But if you don’t put passion in there, you won’t get there. It’s just a case of knowing when to stop.”

On what he is grateful for:

“My mom, my wife and my daughters.”

Featured image: Tuttle Innovation.

More information on Warren Tuttle can be found here.