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    9 Replies Latest reply on Apr 21, 2009 8:19 AM by phanio

    New Consumer Product Idea

    Engineer2008 Newbie
      Hi ..

      I am a 30 year old experienced electrical and software engineer. I have an idea for a new consumer product that I think will sell (and let's assume it is in fact a good idea and with good marketing could in fact sell). I have created a mechanical and electrical prototype and i filed a provisional patent application myself and we can assume I am smart enough to do a reasonable job, but I know a lawyer would have done a better job. From what I have seen, to get real legal preparation for a provisional patent or the full patent, i need somewhere between $500 and $10000 .... the costs range wildly between different firms ... regarding marketing and business, I have no experience ... I am a great engineer, but I have no experience doing anything else ...

      Now, I see different options:
      1) Spend a lot of time and money patenting the idea, or at least getting a provisional application filed with a real patent attorney
      2) Think about using one of those inventor help companies ... I have met with one and they seemed very unprofessional, and untrustworthy ... on the other hand they propose to offer low cost patent searches and marketing research reports ... any thoughts?
      3) What about investors? Can I get them at this early stage? How do I do it? What do I need? Does the actual device need to be physically completed?

      Any other thoughts? I really want to protect and pursue this, as I believe it is a good idea and I think it will sell immediately.
        • Re: New Consumer Product Idea
          LUCKIEST Guide
          New Consumer Product Idea, Welcome

          I am a SCORE Counselor and YES I and others at SCORE have counseled clients who want to patent an item (in your case a new consumer product).SCORE is FREE both in person and online. You can reach out to Patent Lawyers and other experts on line (again FREE) and they will answer you.

          It is too early to look for investors (at this stage), and investors will want to read a Business Plan

          Hope this helps, LUCKIEST
          • Re: New Consumer Product Idea
            Maddeb Adventurer
            I'm working on 4 prototypes right now. My uncle did his own patent, but the marking was not so well. I'll use a lawyer, and hope to build a long term relationship with them, as I have about 2 dozen inventions/innovations.

            Donny deutch on cnbc has a show called "the big idea". If you go to their website, you can enter yours, and have only 30 seconds to get his interest. If your selected, they invest in your project and you'd be on the show. Just google his name and name of show and it will take you to their site.
              • Re: New Consumer Product Idea
                PETCOOLUSA Wayfarer
                Do you know investors who have money to invest in my product?
                  • Re: New Consumer Product Idea
                    Maddeb Adventurer

                     

                    Tomorrow, I am meeting with a patent attorney, and he will use his professional opinion and tell me weather my invention is pantentable or not. It need not be a completely working prototype at this point, but if you already have a provisional patent, then you have 12 months to file for a real patent.

                    Filing a patent is more of an art, so I'm told. You do not want to file a description that is too narrow or too broad. Using an attorney is probably a good idea. For a simple idea, you should expect to spend anywhere from $7000 - $10,000 for attorney fees and patent expenses. If you go to 1 attorney, and he/she does not think it's patentable, then get a second opinion. Counsoltations should be free.

                    If you are looking for an investor, then definatley have them sign a NDA prior to telling them or showing them your idea. You might want to look within your family for the financing. You can offer them a % of the rights on the patent if you idea is patented.

                    I plan on doing my own marketing. I will approach big business that already are in the industry of my idea, and present them my invention after the patent is pending. This way, if they like it, I can sell the patent or give them rights to use patent for royalties.

                    My uncle did all of his own work. And his 20 years are now over. He spent many of the years making a variety of prototypes. He never marketed it to existing companies until his patent was almost up. Instead, he was trying to have a brand name for himself and get the product on shelves at walmart, etc. When he finally went to sell the idea outright or for royalties, after 19 years of owning the patent, a company liked the idea, but they waited till his patent expired and produced and sold his idea on their own. 20 years is alot of time to be exclusive, but if you really need to use that time in the beginning to get your idea on the market, so that you will profit from it.
                • Re: New Consumer Product Idea
                  DomainDiva Ranger
                  Our patent attorneys are engineers. You can email me and I will send you their info.

                  Now, if your product is wonderful (and we are assuming it IS), then why don't you look at what existing HUGE company may be interested in your product if it would go into their pipeline and be useful to them.

                  There are many many of those help the inventor companies, most are shills but I am sure there are several that may be good. I think of all the infomercials and have to wonder who is developing their products for these inventors.

                  Do you have friends that would love this product? Ask for money.

                  How about family members?

                  Good Luck, Diva
                  • Re: New Consumer Product Idea
                    PETCOOLUSA Wayfarer

                    Hi my name is Bianca I invented a pet product myself any luck on funding your project?

                    any help would be greatly appreciated.

                    • Re: New Consumer Product Idea
                      Newbie
                      I would look into the United States Patent and Trademark Office at http://www.uspto.gov/

                      Once you are up and running with manufacturing your product look into my firm ProSidian Consulting to assist you with Risk & Energy Management, Compliance, Business Process Improvement, Project Management, and Executive Search.

                      Although we focus primarily on the Energy Industry (Oil & Gas / Power & Utilities), other industries of focus include Automotive, Banking & Financial Services, Consumer Products, Manufacturing, Pharmaceuticals, Real Estate (includes Construction, Hospitality & Leisure), Telecommunications, Government, and Military Organizations.

                      See the website www.prosidianconsulting.com for more details about the firm and the services we offer as well.

                       


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                      • Re: New Consumer Product Idea
                        phanio Pioneer
                        You are better off hiring a lawyer for your patent for two reasons. One, they can do a better patent search then you can - they have the resources at hand. Second, and more important - you want the broadest discription of your product as possible (if it is to narrow - it is usually useless). An attorney (a good patent attorney) will know how to write the patent as broadly as possible.

                        There are many options for you to get either a small business loan or personal loan to cover your costs and start your business. These are non-bank loans which means quicker responses and funding and better rates and terms.

                        You could also network in your community for investors - get out and attend local networking events - you can find a list at your chamber of commerce. Talk to MDs, Lawyers, CPAs, other business owners - if they won't invest - they many know who will.

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