Thanks in advance, I've spent most of my adult life thinking one day I will come up with something new. Sell it and be set for life. Well sixty plus years has went by and I usually reason myself out of the next big thing. Or find out its been tried before or it's already out there. I have an idea that I think will fit the bill. But am not sure how to sell it. I've been doing some reading on the subject and there's ton of info. Most of being, people having a business getting money from you to market your idea. I do know the high percent of ideas never get sold. And just cost the inventor lots of money. I've seen the TV show next big idea all that. I was just wondering if anyone has been involved with this situation. And can give some advice. I don't need a prototype the engineering is obvious. What I've read, is the marketing value of the product is way more important then the product itself. This product has a fantastic potential to sell to a large amount of the general public. But it's something that needs to be sold to a large manufacturer. How do I do that and protect my interest? Ron
Yep and you probably do need a prototype of some sort. Even good engineers like to see something function or on the board at the very least.
hope that this has something to do with traditional rides, and not some fancy onion peeler. lots of info online to read but, be careful who you trust. first you need lots of $$ to go with your idea. you need to produce all of the information that would be needed to get a patent. then get a patent lawyer. hold back a final drawing, etc till you have a legal document in your hand.
If it is not patentable, you will lose it to someone who has funds to market. If it is a viable product, without a patent, you will lose to those with money and connections. It will be probably be eventually be produced in China. Patent is the only answer to a new product. proprietary rights are far more valuable than the original idea. Next you have to find a lawyer you can trust.
I would also add to the good advice that's been stated already, that for your protection you get a hold of a copy of an NDA (Non Disclosure Agreement), fill in your info and make everyone you talk to (except your attorney) sign a copy before discussing anything about your idea or giving any details, even if you've already applied for a patent.
Do a patent search be very careful about these invention companies. I had a client who thought he had a really great idea. He approached one of those patent search companies. They thought it was a wonderful idea and for about $4500 bucks they'd start working on it. Each report was glowing. Of course they needed more money to do further research and marketing. Rinse and repeat long story short after my client was broke and his dad had borrowed all he could the company said they might have been wriong and there was a patent that seemed to be in place that was similar.
Its tough. I have been burned before. As stated you will need an NDA, a lawyer who preferably specializes in patents, and at least $5k for the neccessary paper work and lawyer fees. You can help offset the cost by doing your own patent research. Lock down the patent first before you attempt to do any marketing.
Good advice from all of the above !!! I have been there and done that. You will need very deep pocket's and in the end most all new stuff end's up being copied off shore.Had over 50 new product's (classic Fabrication Inc) that I invented and sold for over 25 year's and they for the most part now are being made over sea's !!!!
Thanks, all good information. There's so many different type people with a wide range of backgrounds here on H.A.M.B. I wouldn't know a better forum to throw something out to get answers. With all the technology we have today it seem a lot of areas are way behind the curve. I'm sure there are lots of ideas out there that would make us more competitive. I just read that in March 2013 theres new legislation that will change some rules in the patent process. It was in acted to stream line the patent process. To get fresh ideas out to help us get out of this bad economy. But there are varied opinions about it, some say it was written to favor large company's. Can you imagine that? Ron
Ron, Just a few more thing's to know. A patent is only good for a number of year's and then everybody can make your invention.Another is someone can make a very little change in your invention and then they can get a patent for their product. One more thing, the over sea's out fit's could care less about you patent because, who has the dollar's to go to china or japan and fight them !!!!!
You need to watch the movie 'Flash of Genius' ... great movie about the guy who invented the intermittent wiper for cars in the early 60's. It destroyed his life. I as an engineer developing new technology and as a creator of 5 patents through my employer, I would never try it on my own. It takes deep pockets to get a patent and if someone copies it here in the US, it takes deeper pockets to go after them. I would create and document your product and just build the highest quality product you can and sell it for a reasonable price. Get name recogniztion and have fun. See where it goes. Don't get caught up in the legal crap because it will not be fun.....
the thing with a patent is, even if you DO manage to secure one, you're going to need a LOT of capitol to defend it once you have it as well... defending a patent isnt cheap
You can get a provisional patent from legal zoom, That is good for one year, that gives you time to try and market it without getting burned, Don't use the invent help people. It's all a scam. 99.99% of patents go nowhere. They know that, they just want your money 10k+ after your provisional runs out and your out of money they will assume possession of your idea. I've been down this road more than once. Basikly your wasting your time.
The only thing a patent does is gives the companies that steal patents an easy place to find information about new inventions.
"I don't need a prototype the engineering is obvious." "..............an invention must also be "nonobvious" to be patentable. In other words, if, at the time of invention, the invention would have been obvious to a person having ordinary skill in the necessary art, it is considered obvious and unpatentable." You may have a problem...... but see a patent attorney.... you may be able to get a free initial consultation....
I'd suggest some self-education on the patent process here: http://www.uspto.gov/ Look under both "Patents" and "Inventors" in the top menu. Remember that a patent does not protect you from anything or prevent anyone else from doing anything. It simply gives you a basis for your legal actions against infringement. Spend some time thinking about your goals. Do you want to start a company to manufacture the product yourself? License it to someone else on a per unit basis or go for an initial purchase and move on with your life or a combination of a lump sum and a unit fee? This is important as it'll determine who you approach and how you do it. I'd also suggest getting in touch with some of the major manufacturers who deal in similar products and ask how they work with inventors. Disclose nothing but vague generalities while getting a feel how they structure their deals. Take all of this information and put a budget together. How much will it cost you in cash and time and how much can you rationally expect to earn? Can you really expect it to be worth the investment?
Ive been down this road a couple of times. Keep in mind that your patent pending holds your idea for a year then you have to shit or get off the pot and invest in your idea. The product only has to be modified 10% for the patent not to be worth the paper it is printed on. Also as mentioned a patent is only as good as how much money you have to defend it. I had a large company decide they really liked my idea and product. I had a patent on it but soon found a very similar item made in China for 1/2 the price retail of my product at wholesale. How much did I want to spend in court costs to fight it? Know when to hold them and know when to fold them as the song goes. The next product I decided to build was approached a bit differently. I ponied up and had a bunch built and sold them myself through a distributors. Did Ok that way. I'm in the middle of a new project and suspect I will do it the second way again.
Wow, I'm always blown away with the wide range of knowledge we have on this site. Thank for all the thoughtfull comments I appreciate it. And I totally know about having enough money to defind your product. Been there a few times one way or another. From the beginning I never thought a patient was right for this item. It's something that needs sold to a large manufacturer, maybe outright or with roilitity. When I said I don't need a prototype, I'm just saying the worth of the item can be seen on paper with engineering standards. I guess that would be a prototype in some way. A few years ago I had an idea to improve an existing product. Very simple fixture to hold foam pad when block sanding i made it out of aluminum I still use it today love that thing. Anyway I contacted the manufacture of the foam pads filled out non disclosure forms. Sent pictures and info, few months later got letter saying not interested. I figure one day I will see it on the market. I will keep slugging away. You all have a good new year. Ron
I've been involved with 2 patents thru my employer. I think patent need has been covered in the earlier posts , even with a corporate legal team it was a long process. You need to determine how to get in front of buyers for the field that you want to market this to, or what companies you would likely market it to? I'm an engr and a purchasing supervisor for new product introduction. I can give some ideas if you were able to narrow it down. I recommend a working prototype, you may only get 10 min to present your idea.
We are in the process of bringing a product to market that will be applicable to early cars. So far, we have about $45K invested in the project including the CAD design, prototyping, getting copyrights registered and a design patent (for the appearance of the product). The patent attorney has a clause that, if he has to defend the patent, his retainer is $50K.....guess we wont be going after anybody who copies us. The best advice regarding the process is to document everything with a signature and date. If you can, have another person witness the document and also date their signature. If you have a logo or name, get a registered copyright on that....registration is about $375 or so and keeps folks from stealing your logo or catchy name of the product. Regarding copycats, get the product to the market first and establish your position. If your product name is unique, people will ask for your prodcut by name....like "give me a pair of Vise Grips" instead of "give me a pair of adjustable locking pliers." IF you have a truly unique and saleable item, distributors will not be hard to find that will sell your product. If your product is of marginal interest or too high priced, you will have a tough time finding folks to sell it. Regarding distributors, research the applicable industry to find what the typical markup is....if distributors in your industry are getting 40% typically and you are willing to pay a distributor 15%, they wont be real eager to sell your stuff. Everyone is a whore in the chain of getting stuff sold.
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