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How much worth a good idea?
- Thread starter kazi
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The first thing you will need to do is apply for a patent. How do you know someone else hasn't thought of it?
After your idea is secure you will shop the idea to companies that it will benefit. If they are interested an offer will be made for a lump sum or royalties. If you get lucky one of them will use it without your authorization and you can sue them and spend all you money on attorneys to recover your loses.
You have to realize you haven't invented Sticky notes or Velcro. The likelihood of a large payout for your invention is small. Your best bet is to manufacture your idea, do a test market to see if its desirable. If it is people will purchase it and you will be rewarded with the profits.
After your idea is secure you will shop the idea to companies that it will benefit. If they are interested an offer will be made for a lump sum or royalties. If you get lucky one of them will use it without your authorization and you can sue them and spend all you money on attorneys to recover your loses.
You have to realize you haven't invented Sticky notes or Velcro. The likelihood of a large payout for your invention is small. Your best bet is to manufacture your idea, do a test market to see if its desirable. If it is people will purchase it and you will be rewarded with the profits.
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I've been there, done that, and gotten screwed. That's about the first thing that's guaranteed.
First you need a patent attorney to research other patents to make sure there's no infringement. That's big bucks. Get a weasel, and he will tell you you're good to go on, even if he found a conflict. He will then start charging to for getting the patent applied for, and finally the patent. You've spent a lot of bucks on lawyers, and you're a LONG way from making your first cent. You still need to sell the idea outright, or make a royalty agreement with the company that might want to use your idea.
The easiest way, and cheapest way to do it is get a design patent and submit a change to an existing item, then just have it produced. The whole secret to a good idea is get it on the market, and be the firstest with the mostest.
Hard Lesson: The guy that invented the string trimmer got it on the market, and shortly thereafter Toro weed eaters were next to his. He had a totally new invention with an exclusive patent. He sued, but didn't have enough cash flow to keep paying an attorney to go to court with him since Toro's fleet of lawyers kept postponing.
He went broke. He's not the first, and he won't be the last.
First you need a patent attorney to research other patents to make sure there's no infringement. That's big bucks. Get a weasel, and he will tell you you're good to go on, even if he found a conflict. He will then start charging to for getting the patent applied for, and finally the patent. You've spent a lot of bucks on lawyers, and you're a LONG way from making your first cent. You still need to sell the idea outright, or make a royalty agreement with the company that might want to use your idea.
The easiest way, and cheapest way to do it is get a design patent and submit a change to an existing item, then just have it produced. The whole secret to a good idea is get it on the market, and be the firstest with the mostest.
Hard Lesson: The guy that invented the string trimmer got it on the market, and shortly thereafter Toro weed eaters were next to his. He had a totally new invention with an exclusive patent. He sued, but didn't have enough cash flow to keep paying an attorney to go to court with him since Toro's fleet of lawyers kept postponing.
He went broke. He's not the first, and he won't be the last.
HumboldtBlazer
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patents are hard to defend, you need big time money, then someone in China will always steal your idea. The way make money is to keep being innovative. This has been said before by Scottm who is a known member and engineer. I too have an idea that I would like to patent but looking into it and heading advice of others it is just not worth it for small timers.
- Thread starter
- #5
I've applied for a spanish patent because it was cheap, so first step is started, I've also produced some items and tested in my buggy, the results are great, now I'm working in some samples for a 1/5 touring car manufacturer, test will be done during next month, but I'm also sure it will work, those guys told me that they have never seen something similar on the tracks, and allthough is something simple they really like the idea and want to make the performance test to install it as a standar part of their cars.
The only problem to release the product without patent is that I'll be the first but as I don't have sales structure I'll sell just some items as aftermarket parts before all the big fishes start producing at lower prices than me. I think that there are some governament helps for spanish research and development, I'll call them tomorrow, the patent for usa only is about 6000$ that means a patent for europe,USA and Japan can reach the 20000$ easily, register a name cost about 1400$.
I have a strange feeling, I'm excited that something done by me can work and be sold worlwide, but at the same time I'm worried about other people will steal the idea and make money with it. I don't pretend to become rich but it whould be fair getting some money for the time and efforts invest on it.
I'll post some drawings and test results here once I decide what to do.
The only problem to release the product without patent is that I'll be the first but as I don't have sales structure I'll sell just some items as aftermarket parts before all the big fishes start producing at lower prices than me. I think that there are some governament helps for spanish research and development, I'll call them tomorrow, the patent for usa only is about 6000$ that means a patent for europe,USA and Japan can reach the 20000$ easily, register a name cost about 1400$.
I have a strange feeling, I'm excited that something done by me can work and be sold worlwide, but at the same time I'm worried about other people will steal the idea and make money with it. I don't pretend to become rich but it whould be fair getting some money for the time and efforts invest on it.
I'll post some drawings and test results here once I decide what to do.
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Good to hear you've gotten farther than just the idea stage and have done your own testing.
Do yourself a favor. This is VERY important. Take lots of photos, make copies of your drawings, document all your tests and any correspondence with a manufacturing company, seal them in an envelope and mail it to yourself REGISTERED mail. It will be time stamped and dated on the day you sent it. DO NOT....DO NOT EVER open the envelope. If there's a problem later on, the judge will open it, and this will prove when you had it.
That's often been referred to as a "Poor man's patent".
Do yourself a favor. This is VERY important. Take lots of photos, make copies of your drawings, document all your tests and any correspondence with a manufacturing company, seal them in an envelope and mail it to yourself REGISTERED mail. It will be time stamped and dated on the day you sent it. DO NOT....DO NOT EVER open the envelope. If there's a problem later on, the judge will open it, and this will prove when you had it.
That's often been referred to as a "Poor man's patent".
- Thread starter
- #8
I've asked for some information, a 10 years application cost about 900$, your are theoretically protect worldwide for one year, after a year you have to pay for each country you whant to add in the 10 years protection, that means I have a year to try recover the 900$ investment, doesn't sound a big deal, I think I'll apply for this patent.
