The Entrepreneur Forum | Financial Freedom | Starting a Business | Motivation | Money | Success

Welcome to the only entrepreneur forum dedicated to building life-changing wealth.

Build a Fastlane business. Earn real financial freedom. Join free.

Join over 80,000 entrepreneurs who have rejected the paradigm of mediocrity and said "NO!" to underpaid jobs, ascetic frugality, and suffocating savings rituals— learn how to build a Fastlane business that pays both freedom and lifestyle affluence.

Free registration at the forum removes this block.

Invention: Next step.

^eagle^

Contributor
Read Fastlane!
User Power
Value/Post Ratio
12%
Mar 17, 2008
815
98
Florida
Ok I had an Idea and built a working prototype. I have researched patents and found both a similar patent already exists and an actual company that is selling it. I can make it for about half the price and am targeting a new Niche I know will explode in the coming years.

So far my neighbors think it's a great idea and I will look into seeing how much someone is willing to pay for it.

1. Because a patent exists already but my product is different in form but not function do I even need a patent?

2. Forum Has anyone had any experience with these guys? Are they Legit and honest? Or am I giving up too much control?

3. Should I just wait until I sell a few before I look into patenting?
 
Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

Graham Chong

Contributor
Read Fastlane!
User Power
Value/Post Ratio
54%
Apr 29, 2012
63
34
A fundamental question we have to ask, which route are you intended to go?
Licensing?
Or venturing?
 

yahdmon

Bronze Contributor
Read Fastlane!
User Power
Value/Post Ratio
42%
May 3, 2012
373
158
I live in Bloomfield Hills, Michigan
If you can afford it, start the patenting process. At the minimum, go talk with a patent attorney... then you can start asking question about the hardware and marketing and licensing.

You might not have anything, ownership-wise at all.
 
Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

vangorilla

New Contributor
User Power
Value/Post Ratio
30%
Aug 15, 2011
23
7
South Florida
File a provisional and throw the kitchen sink in it. In other words, include EVERY method or variation in it.
Approach every manuf that would sell this pdt.
If there's a demand for the item, you should be able to license it. Let that company handle the IP issues going forward. Chances are they will investigate the IP before they negotiate.
 

Likwid24

Legendary Contributor
FASTLANE INSIDER
EPIC CONTRIBUTOR
Read Fastlane!
Summit Attendee
Speedway Pass
User Power
Value/Post Ratio
295%
Mar 26, 2011
2,098
6,193
46
Staten Island, NY
1. Because a patent exists already but my product is different in form but not function do I even need a patent?

I would check with a patent lawyer to make sure your not infringing on the other product. Yours may be different, but if they had a good lawyer, the patent might be written so broad that your change is protected under it.
 

^eagle^

Contributor
Read Fastlane!
User Power
Value/Post Ratio
12%
Mar 17, 2008
815
98
Florida
A fundamental question we have to ask, which route are you intended to go?
Licensing?
Or venturing?
Right now I just want to get some built to see if there is a market for it. The idea is really simple. The materials are almost free but the labor is intensive which makes it hard to do and not a lot of people would want to do it. But I enjoy hard work and working with my hands so it's not that bad for me. If I can sell a few to neighbors and what not I'll look into patenting it. Honestly I'm not sure I need one. The product is very general. I have a notion to make this into a business. Its something I can do On my own in my spare time so I guess for now it would be a venture.

If I set up to start mass production at least on a small scale I can look into licensing. I think it could sell in stores. But Until I sell a few on my own I'm not going to make that assumption.
 
Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

Post New Topic

Please SEARCH before posting.
Please select the BEST category.

Post new topic

Guest post submissions offered HERE.

New Topics

Fastlane Insiders

View the forum AD FREE.
Private, unindexed content
Detailed process/execution threads
Ideas needing execution, more!

Join Fastlane Insiders.

Top