Invention—How to Pitch, Patent, and Prosper as a Nurse Entrepreneur

 

Problem-solving is an essential skill in a nurse’s toolkit. Nurses’ intuitive thinking has led to a wide array of impactful inventions, from feeding tubes to alcohol wipes to crash carts. But despite that spirit of innovation and the fact that nurses vastly outnumber other health professionals, fewer than 5 percent of health device patents are associated with nurses.

One big reason: Entrepreneurship is rarely taught in nursing school.

To help address this gap, Emory Nursing and Nurse.org have partnered to produce a podcast mini-series on some of the essential skills you’ll need to thrive as a nurse in today's healthcare landscape, including how to pitch, patent, and prosper as a nurse entrepreneur. If you have an idea for the next life-saving innovation in health care, this episode is for you.

Step 1: Bet on yourself

So, you’ve come up with a way to make your job easier while improving care for your patients. The first step is to take your idea seriously.

It is far too common for those around nurses to brush off their innovations or to take the ideas for themselves. Remember, this is your intellectual property, and no one understands the real clinical needs that gave rise to it better than you.

“If it's something that you're passionate about doing, you absolutely can do it,” says Jeri Ford, RN, BSN, CPN, a pediatric intensive care unit nurse, co-host of the Nurse Converse podcast on Nurse.org, and co-founder of Baby Whisperers, a private baby nursing company. “Don't let fear hold you back.”

Step 2: Learn everything you can

Start by assessing if your idea has been done before. Googling can help, but it’s also smart to search the open-access United States Patent and Trademark Office database. In addition to seeing whether your exact idea already exists, it’s important to determine what similar products or services are out there. Understanding how your idea builds upon or differs from those solutions is crucial.

Knowing what makes your idea unique is one of the most important aspects of building a business case. This is a document with key, standard elements (such as feasibility, risks, and benefits) that explain and justify a business idea. Eventually, your idea’s unique selling points, or the aspects that set it apart, will help you tell a compelling story to funders and customers.

Tap the SBA

Once you know your idea hasn’t been done, it’s time to draft core documents like your business case. A great starting point is to check out the templates and resources available from the U.S. Small Business Administration (SBA).

“They provide free consulting with people who have also started their own businesses,” says Rasheeta D. Chandler, PhD, RN, FNP-BC, FAANP, FAAN, an associate professor at the Nell Hodgson Woodruff School of Nursing at Emory University in Atlanta and a digital health strategist and consultant with Chandler Consults.

Your local chapter of the SBA offers free courses on entrepreneurship as well. Your local Chamber of Commerce may also provide opportunities to engage with business owners in your area.

Consider taking a business course

If you’re still enrolled in nursing school, explore whether your institution has a business school. While formal university credits cost tuition, it’s common for business schools to offer continuing education courses to members of the university and local community.

Not a current student? Coursera is an online learning platform that offers a range of expert-taught classes to help you build your knowledge base, says Dr. Chandler. You can often get a free membership from your state employment department. Some courses are available for free on Coursera as well.

Find a local mentor

Score.org is a free service that pairs aspiring business owners and entrepreneurs with mentors in their area.

Step 3: Protect your idea

Once you have a workable idea, it’s essential to protect it. If your idea is a new process or invention, it might make sense to patent it. Even if it’s not fully developed, you might have a firm enough plan to apply for a preliminary patent. A preliminary patent asks for less information and funding than a full patent. It will protect your idea for a limited amount of time while you develop it further.

In addition, if you are currently working at a hospital or school, “you want to be mindful of the rules and regulations when it comes to intellectual property (IP),” says Monique Bouvier, PhD, ARNP, PNP-BC, assistant professor at Emory School of Nursing and the corporate director for nursing science at Emory Healthcare.

In many cases, if you develop your idea during business hours using institutional resources, your employer may automatically share ownership of your IP, as well as potential profits. Some entrepreneurs knowingly partner with their employers to access mentorship opportunities, resources, and support that large institutions can provide. Others prefer to work independently because they do not want to automatically share profits.

If you hope to avoid profit-sharing, make your intentions clear. Ask what boundaries need to be set to clearly separate the work you do ‘on’ versus ‘off the clock.’

“Most hospitals and institutions have an office of information technology transfers,” Dr. Bouvier says. “Contact them and say, ‘Hey, I'm thinking of inventing this. I am not going to be doing it during work hours.... Declare that upfront and have them sign off on it.’”

You may need to hire a lawyer to help you navigate this part of the process. Affordable online options include LegalZoom and Rocket Lawyer.

Step 4: Secure start-up funds

Once your idea is safe and you’ve developed a strong business case, it’s time to apply for start-up funds. Sources of funding may include:

• Incubators, like Halcyon or Matter. These organizations help support entrepreneurs, often in return for a share of future revenues. Accelerators, like the Women’s Health Accelerator Program from Springboard Enterprises, follow a similar model, although they usually work with businesses that are in later stages of development.
• Federal funds, such as through the Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) programs from the SBA
• Nonprofits, such as the American Nurses Foundation’s Reimagining Nursing Initiative or the Robert Wood Johnson Foundation
• Private funds, such as from Johnson & Johnson’s QuickFire Challenges crowdsourcing platform

Listen to the podcast episode for tips on how to craft a compelling pitch to help you line up funding.

Step 5: Incorporate

If you’ve made it this far, you'll need to decide whether it makes sense to set up your business as a limited liability company (LLC), a corporation, or another business structure. The SBA, a tax adviser, and a lawyer can help with this decision. Your lawyer can guide you on whether a trademark makes sense to protect the name of your business.

Step 6: Grow your business

Ready to market your idea to real customers? This will take all your networking skills as you promote your product at trade shows and conferences, in local newspapers and magazines, and across social media. Don’t forget to invest time and effort to develop a handsome website.

“If you're not visible online, it’s like you’re nonexistent,” says Dr. Chandler. Services like Wix and Squarespace can help.

You got this

If developing your business sounds daunting, remember that as a nurse you are already a problem-solving, multitasking pro.

“As a nurse, you know how to wear several different hats and still be successful,” says Dr. Bouvier. “When you invent something, you're going to wear many hats again, so don’t let that deter you from innovating.”

“You're probably going to hear more no’s than you do yes’s, but that's okay,” adds Dr. Chandler. “You have to be resilient in this space. Just keep moving forward.”

For more inspiration and support on your journey, tap these resources:

• NursePreneurs: A community of nurses seeking to develop entrepreneurial ideas
• National Nurses in Business Association: A network of nurses looking to start their own businesses
• Equalize Startups: A nonprofit providing free training and support to women academic inventors

🤔Nurses, what’s the biggest barrier stopping you from pursuing your innovation idea? Share your thoughts in the discussion forum below!