Event: Getting your invention off the ...

LouisForeman 16 posts since
Oct 3, 2008

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15. Re: Event October 20: Getting your invention off the ground Oct 20, 2008 3:09 PM

in response to: LUCKIEST

Your son should leverage his existing clients to generate new ones. Assuming that his current clients are happy with the job he performs, then ask those clients for referrals and start there. Also, it would make sense to target similar industries or types of businesses that he is already working in. Example...if he serves law firms, then target other law firms.

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LouisForeman 16 posts since
Oct 3, 2008

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16. Re: Event October 20: Getting your invention off the ground Oct 20, 2008 3:10 PM

in response to: caffeinated

A prototype is not necessary to file for a patent, however, you must be able to show that your invention is possible. For example, time travel would be hard to prototype and since you cannot prove it is possible, it is not patentable.

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LouisForeman 16 posts since
Oct 3, 2008

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17. Re: Event October 20: Getting your invention off the ground Oct 20, 2008 3:11 PM

in response to: mominbiz

A design patent only protects the ornamental appearance of an invention...not the function. If your invention has an iconic look to it, a design patent would present others from creating something that looks exactly the same. Slight modifications to the look would bypass the patent. Generally speaking, design patents are not very useful unless they are filed along with utility patents.

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LouisForeman 16 posts since
Oct 3, 2008

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18. Re: Event October 20: Getting your invention off the ground Oct 20, 2008 3:12 PM

in response to: start_up

I think all great inventions are just solutions to society's pains. If you can identify a pain that someone suffers from and invent a better remedy that consumers prefer over what already exists, then you may have a product that could be successfully commercialized. Brainstorming is certainly a good way of identifying that pain and figuring out a solution.

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LouisForeman 16 posts since
Oct 3, 2008

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19. Re: Event October 20: Getting your invention off the ground Oct 20, 2008 3:17 PM

in response to: FCPainter

It would be difficult to license your invention to a company without some level of protection. A patent is the preferable method (and at the very least a patent pending). Before you speak with anyone about your invention, you need to execute a confidentiality agreement. This protects you from disclosure issues.

If your idea is really that great, you might want to partner with someone who is willing to assist you with the funds necessary to obtain the patent. Giving up a portion of the equity is better than not doing anything at all.

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LouisForeman 16 posts since
Oct 3, 2008

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20. Re: Event October 20: Getting your invention off the ground Oct 20, 2008 3:24 PM

in response to: Invest4Wealth

A patent prevents others from making suing or selling your invention for a period of 20 years from the date of filing. A patent is therefore a great asset in protecting an invention that you have developed. Filing for a patent is somewhat time consuming and expensive. Typically, a patent can run from $8000 to more than $25,000 depending on the subject matter and number of claims. A patent should only be filed if you believe that the invention you are protecting can generate enough of a financial return to justify the expense.

When drafting a patent application, your patent attorney will try to construct the claims to allow for as broad of protection as possible, however, during the prosecution phase of the application, you may be required by the examiner to abandon claims or narrow their scope.

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LouisForeman 16 posts since
Oct 3, 2008

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21. Re: Event October 20: Getting your invention off the ground Oct 20, 2008 3:26 PM

in response to: mistataco693

Angel investors are a great source of investment funds AFTER you have gone the route of friends, family, and personal funds. If you are not personally invested in your business, it will be hard to convince others to. Ultimately, it comes down to a return on investment. You need to produce an executive summary explaining the business opportunity and then support it with financial projections that illustrate the profit potential of this business. If the numbers add up and the rewards outweigh the risks, your chances of attracting investment dollars is much better.

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LouisForeman 16 posts since
Oct 3, 2008

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22. Re: Event October 20: Getting your invention off the ground Oct 20, 2008 3:30 PM

in response to: Invest4Wealth

Sourcing manufacturing outside of the US is done largely due to cost savings. This needs to be balanced with the costs of shipping, the time of production, and the lack of control. When you are producing outside of the US, you don't have the luxury of just driving over to the factory and checking on the production. While you can deal with some of these issues by using in-country quality assurance firms, you need to weigh that cost as well.

Your biggest savings outside of the US will be on the labor portion of the product. If the product has a great deal of "hand work" and is relatively small and lightweight, it would be a good product to source outside the US. On the other hand, if it is large, heavy, and can be manufactured in an automated process, producing in the US will generally be cheaper.

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LouisForeman 16 posts since
Oct 3, 2008

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23. Re: Event October 20: Getting your invention off the ground Oct 20, 2008 3:35 PM

in response to: colonny

Beverages are very difficult to patent. Protecting the invention through a "trade secret" might make more sense. The formula for Coca-Cola was never patented. If it had been, it would have been disclosed to the public and been able to be copied by anyone after the patent expired (today that is 20 years from filing). Instead, the formula for Coke was kept as a closely guarded secret that has been successfully protected for many years.

If you have an interesting beverage idea, don't let anyone know how you made it. You really have 2 choices in commercializing...(1) become an entrepreneur and produce it yourself. This worked well for VitaminWater. He sold his company to Coca-Cola this year for billions, or (2) license the concept to an existing beverage company. While obtaining a patent will be difficult, filing a trademark on a clever and catchy brand might be much easier.

I must disclose here that there will be a search on Edison Nation later this month for a new beverage. More details will be available online at http://www.edisonnation.com/

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SBOCTeam 328 posts since
Jul 27, 2007

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24. Re: Event October 20: Getting your invention off the ground Oct 20, 2008 3:36 PM

in response to: LouisForeman

Louis,

For members that have a great idea, but do not have the financial backing, what options are there available to these individuals?

Thanks,
The SBOC Team

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LouisForeman 16 posts since
Oct 3, 2008

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25. Re: Event October 20: Getting your invention off the ground Oct 20, 2008 3:42 PM

in response to: SBOCTeam

We all have great ideas, but unfortunately, most of us do not follow through. This could be for many reasons: lack of time, money, or understanding of the process. An idea without execution is not worth a whole lot, however, if you can execute on the idea, it could be worth quite a bit.

I created the PBS TV show Everyday Edisons to shine a light on all the great ideas out there that never seem to get exposure. Each season we travel around the country meeting thousands of ordinary people who have extraordinary ideas. We select 10-14 ideas per season and then the show illustrates the process of development; taking the ideas from a sketch on a napkin to the store shelves. The inventors receive a 20 year annuity on sales. Not bad for someone who just has an idea and does not want to develop it. Casting calls for season 4 will begin in January and you can learn more at http://www.everydayedisons.com/

In addition, we created Edison Nation http://www.edisonnation.com/ an online community for idea people to network and learn about the invention process. One of the greatest features on Edison Nation is the ability to respond to "Live Product Searches". These searches are from major manufacturers and retailers who are looking to reward you for your great ideas.

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Generation4 50 posts since
Dec 11, 2007

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26. Re: Live Event: Getting your invention off the ground Oct 20, 2008 3:43 PM

Is there an online directory or online resource that I can use free of charge to see if my invention is original or if my idea has already been produced?

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LouisForeman 16 posts since
Oct 3, 2008

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27. Re: Live Event: Getting your invention off the ground Oct 20, 2008 3:47 PM

in response to: Generation4

Yes…to see if an idea already exists, you can go to either:
http://www.uspto.gov
http://www.google.com/patents?hl=en

Both resources allow you to search for free the existing United States Patent database. In addition, I would recommend that search online to see if any similar ideas already exist that are not patented. This “prior art” will be used to determine the novelty of your invention.

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simon07 38 posts since
Nov 28, 2007

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28. Re: Live Event: Getting your invention off the ground Oct 20, 2008 3:48 PM

I have an idea for a consumer product, but I need help with developing the prototype. If I don't have any partners or friends that have this expertise - how do I go about finding a company or person that can build it for me? Also, by telling them how I want it designed.... how do I make sure that they don't steal my idea? Or do I owe them part of any future profits since they are building the prototype for me?

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LouisForeman 16 posts since
Oct 3, 2008

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29. Re: Live Event: Getting your invention off the ground Oct 20, 2008 3:53 PM

in response to: simon07

Surround yourself with people who have done it before and who know how to do it right the first time. A great way of finding these resources is by talking with other inventors. Every state has an inventor organization that assists independent inventors. You can find a listing for these at http://www.inventorsdigest.com/ in addition, Edison nation is another great resource for finding prototypers and other model makers.

Any time you work with an outside service provider, it is critical that you have them sign a non-disclosure agreement. This agreement should include the necessary language that provides for any improvements or modifications will be assigned to you. This prevents them from become a co-inventor on your patent.

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