Enjoy Freedom? Money?

Get Breaking Fastlane Updates.
  1. the entrepreneurs red pill

    Talk To Other Millionaire Entrepreneurs ... for FREE!

    Some people take advice from millionaires, others take advice from people who want to be millionaires. If you're tired of taking millionaire advice from your broke uncle, your paycheck-to-paycheck friend, or your 30K millionaire co-worker, register today and get the uncensored, and yes, the sometimes uncomfortable truth from real millionaires who live and die in the entrepreneurial trenches.
    register for the fastlane forum

    Start Your Own Personal Revolution: Grab the Book that Started it All!

    Get The Millionaire Fastlane ||| Download 3 FREE Chapters ||| Learn More

Invention: Next step.

Discussion in 'Inventing, Innovating, Licensing' started by ^eagle^, Dec 9, 2012.

  1. ^eagle^
    Offline

    ^eagle^ 50 kph Read The Millionaire Fastlane Speedway Pass

    Joined:
    Mar 17, 2008
    Messages:
    819
    Likes Received:
    85
    Speed Points:
    69
    Location:
    Florida
    Rep Bank:
    $60
    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?


  2. Mike39
    Offline

    Mike39 170 kph FASTLANE INSIDER Read The Millionaire Fastlane Speedway Pass

    Joined:
    Mar 17, 2012
    Messages:
    1,492
    Likes Received:
    1,368
    Speed Points:
    401
    Gender:
    Male
    Location:
    Denver, Colorado
    Rep Bank:
    $1,152
    I would just get a provisional application
    1 person likes this.
  3. Graham Chong
    Offline

    Graham Chong 20 kph FASTLANE INSIDER Read The Millionaire Fastlane

    Joined:
    Apr 29, 2012
    Messages:
    61
    Likes Received:
    26
    Speed Points:
    32
    Rep Bank:
    $29
    A fundamental question we have to ask, which route are you intended to go?
    Licensing?
    Or venturing?
  4. yahdmon
    Online

    yahdmon 60 kph FASTLANE INSIDER Speedway Pass

    Joined:
    May 3, 2012
    Messages:
    362
    Likes Received:
    150
    Speed Points:
    80
    Location:
    I live in Bloomfield Hills, Michigan
    Rep Bank:
    $208
    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.
  5. vangorilla
    Offline

    vangorilla 15 kph

    Joined:
    Aug 15, 2011
    Messages:
    23
    Likes Received:
    7
    Speed Points:
    20
    Location:
    South Florida
    Rep Bank:
    $20
    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.
  6. Likwid24
    Offline

    Likwid24 220 kph FASTLANE INSIDER Read The Millionaire Fastlane Speedway Pass

    Joined:
    Mar 26, 2011
    Messages:
    1,869
    Likes Received:
    3,048
    Speed Points:
    773
    Gender:
    Male
    Location:
    Staten Island, NY
    Rep Bank:
    $12,399
    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.
  7. ^eagle^
    Offline

    ^eagle^ 50 kph Read The Millionaire Fastlane Speedway Pass

    Joined:
    Mar 17, 2008
    Messages:
    819
    Likes Received:
    85
    Speed Points:
    69
    Location:
    Florida
    Rep Bank:
    $60
    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.
Certain Xenforo Add-Ons by Waindigo