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    6 Replies Latest reply on Apr 18, 2008 1:24 PM by Lighthouse24

    Help

    jerry3009 Wayfarer
      Hello all-

      I have a problem that I hope you guys can help me with. Today I went to a patent attorney with my new idea and he was blown away, he told me that my invention would definitely make millions but there's one problem. He was not sure that it would be patenable because of the use of so many different things that I use. So my question is this; should I go ahead and pay the lawyer fees to process the application and possibly get denied or should I just go ahead and start the business and hope the big fish don't take over before I get started or should I pay the lawyers and just have my patent pending status to warn off those big fish for a few year until the patent office makes a decision
        • Re: Help
          Acumen Newbie
          Hi,

          I think the last option is the best one. After all why let others have a piece from your pie?
          • Re: Help
            LUCKIEST Guide
            Help, jerry3009, I took out my crystal ball and looked into it.
            Basically it tells me that I need more info.
            It sees your new idea, it sees the patent attorney.
            It does NOT see a Business or Marketing Plan.
            It is also cloudy on your finances?? Do you have the necessary funds.
            Finally, it wants to know how soon you can start this business and then
            let the big fish buy you out.
            Good luck, LUCKIEST
              • Re: Help
                jerry3009 Wayfarer

                Hey-

                Thanks for the advice guys, Luckiest I am working on a business plan with a counselor its almost done. As for my finances I don't have the 6000,00 for the lawyer fees(he said he would work with me on the fees) to file the application (he said there is no grantee that my project would receive a patent) nor the 150,000.00 it would take to start my business it would cost to start this business. I am getting ready to meet with some banks to try to get the funding needed. I feel really confident in this project and anyone that helps me get this business off the ground would probably make a hefty profit. Oh yea my credit is around 680 not great but its ok
              • Re: Help
                Lighthouse24 Ranger

                Based on your patent attorney's conclusion (and the fact that you've really avoided offering us any explanation about the idea itself), I'm guessing that your concept is not all that complex, and that it (or a similar one with the same application) is currently being developed by other people, as well. I'm also guessing that once the concept hits the market, nothing will prevent it from being quickly copied and possibly improved on (provided it really is a multi-million dollar idea). Consequently, my suggestion would be to focus your energy (and professional fees) on branding, a trademark, and being the first to get this to market.

                Since you most likely can't protect the competitive position of "only" in the marketplace (no matter what you do), I'd concentrate on securing and protecting the competitive position of "first" -- the innovator -- where the marketplace links your company's name with the product. In fact, you could brand and trademark the product, and then create a company with the same name. In this case, the big fish might be more inclined to buy (instead of eat) the small fish innovator, especially if the name gains market traction right away.

                Hope that helps. Best wishes.