I am the student.
Goal: Profit $1 or more in two years or less
Process: Idea > Patent > Design/R&D > Market Interest > Sell Product/License
Product: Took an existing product, and simply made it better
Story: Had an idea about 3 or 4 weeks ago, and it was one of those, "Man, I need product. It'd be so nice." [Problem]
Naturally, I went online to investigate, and even purchase, said item to solve my minor concern. However, the existing product available was 1.) hideous, 2.) bulky, 3.) super inconvenient.
After getting frustrated and not getting finding I wanted (we're so spoiled these days), I moved from "Seriously? These suck." to "Wow, even I could make this better, and I have no idea how to build it. Heck, I'd do this, this, and this."
Then, bingo! [Idea]
Of course, ideas are shit without execution. But first, a little due diligence, since this did involve an existing item, of sorts.
I hit the USPTO because I thought, "Surely someone is already working on this. It's sooo basic."
Nope. Couldn't find anything in a preliminary search of my own.
Next, I told my wife about it and we started searching more in depth, and simply couldn't find what we were looking for.
I hit up a local patent attorney, told him I had an idea, and wanted to consult with him. He sent me a document to detail my idea and to date it, and send it back so we could discuss the feasibility of it. He had me answer a lot of questions to make sure it:
- Was new (or assumed to be).
- Had utility (most definitely).
- Was clearly defined (it's so basic, I didn't even have to explain the function to him).
Next, we discussed whether the product actually made sense to create/modify (improvement), whether there was already interest or potential interest (market), and whether it was something which would add what he called 'reasonable value' to a person (value).
Check, check, and check.
Action Step: I sent payment yesterday for a patent search, and I'm expecting an answer within the next few weeks.
Guess we'll know then how quick this action thread lives or dies.
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