PiperE
31 posts since
Jul 22, 2008
2.
Re: Have Patent, Have Prototype, Need Financing Dec 8, 2008 10:07 PM
Tender,
I used to be the facilitator for the inventors forum on CompuServe a long time ago and have experience in manufacturing a patented product, I have also written an article on invention marketing that is still floating around on the internet somewhere.
You are taking the route that many inventors think they are supposed to take; invent, patent, maunfacture. Let me tell you about a different way. What you are good at is inventing. You are an idea person. That is what you should continue to do. If you start looking for money, creating a business plan, manufacturing, marketing, merchandising, etc,, you have to stop inventing (believe me there is no "spare" time to continue to invent") and suddenly becomea brilliant business manager. Sure, it can really happen but the probably is not high.
Another option is to continue doing what you are good at, inventing, and find a company that is already good at manufacturing a similar product, that knows how to merchandise the product and already has space on store shelves. Sell the rights to the product and you get paid a royalty. Trust me, you will save yourself so much heartache, time, and money. The chances of you making money from a royalty is far greater than you making money doing it yourself.
This is just a short explanation why the royalty option is best. Hope this helps.
Paula Serber
Business Loan Specialist
