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New Invention ideas

Discussion in 'Inventing, Innovating, Licensing' started by supermannpc, Dec 10, 2012.

  1. supermannpc
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    supermannpc 20 kph Read The Millionaire Fastlane

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    Hello all,
    I am currently working on a product that I had patented a little while ago. Im sure like most of you like me are constantly coming up with new ideas and products.
    I am trying to focus on 1 idea at a time, I have a heavy load as it is, I am VP for an electric contracting business and i am a property investor as well.



    My question is what do I do with these other ideas that I have? Is there a firm out there that buys ideas? A colleague of mine said he had a friend that worked for a company and his job was to come up with 3 ideas a year and paid very well.
    Should I patent everything??
    I just don't want to venture off and be scattered and never complete anything.
    Any guidance or help would be very much appreciated.
     
  2. dknise
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    dknise 210 kph Read The Millionaire Fastlane Speedway Pass

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    Watch the Shark Tank and Dragon's Den. It's amazing how much you can learn about product patents, what sells and what doesn't.

    There was a guy recently that came on and had 80+ patents for products after 7 years... with NO sales. Without going out and licensing your patent, pitching it to a larger corporation to team with, or going directly into manufacturing, it's no better than having the idea in your head. You just put your idea on paper.

    If you TRULY think they are great, attainable ideas, write them down somewhere and give them time for you to think about. Focus on executing one product or a line of products end to end and get it out the door to generate revenue. It takes 210% to get a business running, so splitting that 210% between 5 products means you'll be falling 160% short on each one.
     
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  3. supermannpc
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    supermannpc 20 kph Read The Millionaire Fastlane

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    Thats exactly what I am doing. I want to fully execute the 1 idea so I am not scattered with 10 half ass projects.
    I agree with Shark Tank and Dragons. Ive read Cubans, O'leary book. I am on Herjevec's now
    Id just hate to let these ideas sit and idle and potentially get snagged from another inventor. I also dont want to start spending a fortune on Patents that I will not be using right away. I am fully on board to license
     
  4. Alana
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    Alana 90 kph Read The Millionaire Fastlane

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    You have a lot of options…which sometimes can be worse than having just one or two. First thing first, pick one idea (for now….). Which one? I’m assuming you read HOT or NOT: How to know if your Business Idea will Fly or Fail by Sean Wise and Kevin O'Leary (since you mentioned you read the Shark Tank books). If not…that’s the first one that might help you choose. The second book I would recommend is One Simple Idea by Stephen Keys (you’ll see this book title pop up all over this forum….and the all knowing MJ recommends it too). The book helps to explain some options you have with an idea (for ex: patenting it and turning it into a business or licensing it and collecting royalties).
    Make sure you are writing down your ideas in on a pad of paper (or iPad if you’re hip with tech) so that you can come back to them when need be.
    If you’re impatient about reading and want to get feedback on your ideas right now, consider asking:
    -this forum
    -friends/family
    -store managers (that is, stores where you would see you product being sold. Ask them what is selling big time right now, etc etc etc).
    -people in that specific market (ie: if I am developing a new frying pan then I will go to a cooking school and see if I can pick a chef’s brain…).
    You can’t be shy…you have to be persistent.
    But keep in mind that the answers you receive are just opinions (even huge companies spend millions to do product research/development and still come up with total disasters….New Coke anyone?). I remember asking my high school teacher science teacher to help me design a smokeless cigarette that just blew out steam and then having him tell me that it was a lame idea…and now E-cigarettes are everywhere (thanks Mr. Sampson). So take everything with a grain of salt.
     
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  5. supermannpc
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    supermannpc 20 kph Read The Millionaire Fastlane

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    Alana
    I just sent you a PM
     
  6. JasonR
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    JasonR Maverick FASTLANE INSIDER Read The Millionaire Fastlane Speedway Pass

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    If you're ideas are that good, I'd consider buying an idea or two off of you (provided the ideas haven't already been executed or patented).
     
  7. yahdmon
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    yahdmon 60 kph FASTLANE INSIDER Speedway Pass

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    You will get more traction by picking on product and sticking with it. You have enough on your plate. You might find that the one idea will consume your entire life. Take Bill Gates as an example -- he just mainly did one thing.
     
  8. supermannpc
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    supermannpc 20 kph Read The Millionaire Fastlane

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    Jasonr i sent you a PM
     
  9. supermannpc
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    supermannpc 20 kph Read The Millionaire Fastlane

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    You are exactly right. Thats why I was writing this thread. I have my my idea patented and in the process of the working protype. I want to mainly focus on licensing or selling my product. There is ton on my plate, last week I just sold one of my rentals and bought a duplex. Meanwhile my triplex is ready for rent
    Did I mention I have a 10 month old baby girl lol!
     

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