Cut out the clutter Invention would let consumers throw away their coupons - but still cash 'em in
Kathy P. wants you to stop clipping coupons. Kathy, an elementary school teacher, says she has a better way for consumers to save money. She calls it the "Home Value Card and Scanner." "It's a way for people to save money before going to the store," Kathy said. "I came up with (the idea) because I'm a teacher," Kathy said. "I like saving money." But she didn't like clipping and keeping track of the numerous slips of paper. So about two years ago she began developing the idea for her invention, inspired by the ubiquitous gift cards she saw consumers buying. She started looking into how to patent and market her idea on her own at first but ultimately found the process too time-consuming. With the help from Google, she found Invention Technologies, Inc., a Florida-based firm that provides support and services for inventors.
Invention Technologies doesn't release data on how many ideas it receives or accepts each year or how many of its clients' ideas ultimately reach the marketplace because such data could be "misleading," said Abdur Kelly, an inventor relations specialist with the company. "This is a risky business," he said. But after reviewing Kathy's idea, the firm concluded that there is a wide market for her product and estimated it would cost consumers about $30. "It would pay for itself within, you know, six months," Kathy said. Since she called Invention Technologies in October 2003, the firm has done market research on her product, helped her register for a patent and currently is looking for a manufacturer to license and produce the device.
The company also prepares promotional materials such as press releases and showcases clients' ideas at monthly trade shows. Kathy said she did most of the design work for her idea over the summer to avoid taking time away from her day job. "This is something I'm strictly doing on off time," she said. In return for the company's services, Kathy said Invention Technologies will get about 10 percent of her profits from the product. She and the firm hope to have the product available to consumers by the end of the year. She said her family and co-workers have been supportive of her efforts. "All the people at work were like 'Go for it! Go for it!'" Kathy said. But there are technical and practical challenges that will have to be addressed before the product can enter widespread use.
"I don't know how that would quite work," said Miguel Agosto, assistant manager at a local drugstore. "That's a whole different setup from the way that we deal with coupons now." Currently, stores collect and return the physical coupons to manufacturers to be reimbursed. Agosto added, that the store probably would require new software to accommodate the system. But he said that the idea could be useful to consumers if implemented. "I don't see why not," Agosto said. "It sounds like it could work if the other issues could be resolved."