When Terry Campbell first came up with the idea of a seatbelt adjuster for short drivers, he had no doubt that it was a million-dollar idea

The five-foot-three Prince George, B.C., inventor, who only has a Grade 8 education, had his lightbulb moment while leaving a gas station. Fumbling with his own chafing seatbelt as he entered traffic, Campbell pulled over to sketch out the idea on a napkin.

He spent about $500 making a prototype and immediately filed for a patent. It was granted in an uncharacteristically short 10 months and, within a year of his great idea, the Master Design Seat Belt Adjuster was being sold at Canadian Tire. Ten years later, it's in thousands of major North American stores and more than 10 million have been sold.

"Fortunately, my product sells best in larger retail and automotive chains, so I don't need to spend a lot of time (marketing), because once you're in there, it's steady," Campbell says.

Photo courtesy of Terry Campbell
B.C. inventor Terry Campbell has turned his ideas into money-makers.

"We're still selling 5,000 pairs a month in Canadian Tire and we've been doing that since the beginning. In Wal-Mart in the U.S. we're selling 40,000 adjusters a month, so I really can't complain."

Yet, for every success story such as Campbell's, there are countless failures.

In today's global marketplace, it's harder than ever to get a good idea off the ground.

"A great idea and $5.25 will get you a caramel macchiato at Starbucks," jokes business professor Rob Warren, director of the Asper Centre for Entrepreneurship in Winnipeg. "What I'm saying is that if you just have an idea, you don't have much."

The Asper Centre has been responsible for launching more than 20 businesses in the last decade, with a total net worth of more than $200 million. Warren, who's also on the investment angel board, hears 50 to 100 pitches a year with only a few getting funded.

"There's plenty of investment money - the problem is that the flow of good concepts is really low because most people get the idea and they stop there and show up and ask for money based on the idea," Warren says.

"You have to be able to prove to me this is more than an idea, that there's something there and it's not just vapourware - then I'll take a look at investing in you."

Warren says a lot of inventors come to him unsure of whether the product will work, where it will be made or even how to make it. He says the best thing prospective entrepreneurs can do is develop their product or idea as much as possible.

"The more you develop a business concept, the more it's worth. Most people say they don't have the money to do that, but in the (early stages) you have to fund yourself. You've got to put your money where your mouth is because, if it's a great idea, chances are 10 other people have thought of it."

Before spending any money, though, all experts agree the first thing you should do is your homework. Is there a similar product on the market? What niche would your invention fill? Have any patents been filed for an idea like yours?

You'll need to do a patent search to make sure your idea really is original. You'll also need to identify how big your potential market is, to ensure the product is something people really want and not just something that solves your problem. If all that checks out, it's time to build a prototype, test the product and get people to try it out.

For a tough and thorough third-party assessment, the Canadian Innovation Centre in Waterloo, Ont., offers a 40-point "critical factor assessment" for $1,200.

Aimed at detecting design flaws and other product problems, the assessment helps determine whether an invention is worth pursuing.

Experts say inventors can help themselves by "road-testing" the product with real consumers, which not only helps work out any kinks but also demonstrates saleability.

"The days of walking into a buyer with a prototype and having them buy your product are gone," Campbell says. "They want to see that it performs and the bigger the chain, the more of a track record with sales they want to see."

Now a veteran inventor with several other products on the market, Campbell regularly gets calls from other inventors asking for advice on how to make their idea a million-dollar product. He says it's easy to spend $20,000 to $30,000 packaging a product only to find out no one wants it.

"I tell people if they can make it fairly easily, make it up and go to flea markets or homeshows where you can get a booth and do some selling," Campbell advises.

"Test out different prices, sit back and don't say much, and see if your packaging gets people's attention, because a product only has about six seconds to sell itself on the shelf - and it has to sell itself because you're not going to be sitting there beside it on the store shelf."

According to experts, protecting your idea is just as important as promoting it. Keeping detailed notes and an invention diary of everything you've done and everyone you've spoken to will help you prove you had the idea before anyone else. It's also crucial to have each person you talk to or show your idea to - even friends and family - sign a non-disclosure agreement.

"The hardest thing about having a great idea is learning the process to protect yourself so you can go out there and flog it," says inventor Cary Lucier, of Windsor, Ont. "I've known people who've gone out and sold someone's idea right out from under them. It doesn't matter what it is, money changes people."

Recently a contestant on CBC's investment show The Dragon's Den, Lucier is trying to raise funds for Fan-Ware, his line of cardboard helmets and sports paraphernalia designed for fans to wear at games to support their favourite team.

While the national exposure was nice, Lucier says he's shocked by how many people have gone on the show without first filing for patent protection. "You can file for a provisional patent yourself in the U.S. - and that's where you want to file first because it's the bigger market - for about $100 and it gives you a year to get your patent application in," Lucier says. "That buys you time to develop a prototype and then you can walk into these major companies and say: 'Here's my idea.' " Getting a good patent lawyer is also crucial - someone in a major centre such as New York or Toronto "who's been sued a lot" is Rob Warren's recommendation. Be prepared for it to cost you, but there's little point proceeding without one.

For inventors and investors alike, the first-ever Canadian Innovation Exchange (CIX) is being launched this year. The two-day event, which will take place in Toronto in April, hopes to fill a void in the marketplace by facilitating networking between investors and entrepreneurs.

"Canada is an innovative nation," says event co-chair Sean Wise. "CIX will showcase our best and brightest entrepreneurs and shine a light on emerging technologies."

For all the budding Edisons out there, the best advice may be to "go for it" if you think you have a good idea.

"If you've come up with something, you need to act on it right now and go after it, because the first person who makes it to the market wins," says Lucier.

(Tess van Straaten can be reached at tess@businessedge.ca)