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Have idea for a device/invention but already invented. Want to make it better though?

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GuestUser3010h

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Hello,

I have an idea for an invention/device . Problem is it’s already invented. However, the devices being sold currently aren’t very good at all, they are ok, but could be much, much better. I just want to make them a whole lot better.

I heard if you have an idea you can give your idea to a company and get royalties from it, is this true? Or I could try to make the device better myself by creating a prototype? I don’t know what to do, or where to start, if anywhere. I could use your help.

Thank you very much
 

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MJ DeMarco

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What research have you done thus far?
Are there patents behind the "invention?"

I heard if you have an idea you can give your idea to a company and get royalties from it, is this true?
Yes, but that is more of a dream than a reality.
 
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G

GuestUser3010h

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What research have you done thus far?
Are there patents behind the "invention?"



Yes, but that is more of a dream than a reality.
I have done enough research so far where I know that I can make a better product then is already out their. To perfect the product will take some time. The product is difficult to make but it’s a very useful item for anyone. The ones being sold now are terrible, I just want to make them a whole lot better for everyone and I can. The product in question is poorly made, is missing many core features that customers will want and need, and doesn’t work up to good standards. So I guess my question is can I profit off of something I can make a whole lot better, but unfortunately has already been made ( and patented )? I’m thinking no I can not profit. If this is the case It doesn’t even matter because I want to build the product for my own use anyway. So either way I win. I’m just hoping I win the way that puts food and water on my table.
 
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powderhound100

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Many, many businesses are started seeing a market need or a way that a product can be improved. If you are able to improve something that the market has already validated, you may have a great idea worth pursuing.
If this product has been patented, you would need to figure out a way around that though.

I am no patent expert, but you can do more patent research here: United States Patent and Trademark Office

I think starting with making some prototypes is a great idea. Keep us in the loop with how you proceed.
 

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Late Bloomer

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MJ discusses improving on an existing offer some in Fastlane. I've not yet read Unscripted, but it looks like he goes into a lot more depth in that book about analyzing the valuable features of something, so you can skew certain qualities to be worth a lot more. Blue Ocean Strategy is a book I highly recommend for a detailed look at how this works. Whatever you develop, get a provisional patent (this gives you a year to have the full paperwork and funds for a final patent). There are others on the forum doing exactly this, probably enough for a "patent-builders club" here, so use the search feature to find their discussions.
 

MJ DeMarco

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but it looks like he goes into a lot more depth in that book about analyzing the valuable features of something,
Yup, I show you how anyone can build a business just based off of skewing 1 or 2 attributes in a value array.
 
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G

GuestUser3010h

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Keep us in the loop with how you proceed.
Of course.

Now that I think on it harder however, some of the electronics to this device may be even over my head. How would you suggest I remedy this ? Hire people to help me build this device? Do more research on electronics/circuitry and just build it myself?

In order to get more help from you guys I will tell you more information. This device you can hold it in your hands. The electronics and circuitry can be quite complex. It’s not quite as complex as a hand held gaming system, but still pretty complex.

Thanks
 
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Late Bloomer

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Now that I think on it harder however, some of the electronics to this device may be even over my head. How would you suggest I remedy this ?
First step would be see if you can measure or project demand without having to build a prototype.
Then, figure the smallest, simplest version, with as few features as possible, that might be enough to demonstrate the idea.
I'll make up a silly little example. Let's say your product will check the time and temperature, if it's cold in the evening it will automatically turn on your furnace and post a message to your Facebook page about the chilly winter. Maybe your demo version could just pop up an alert on the phone, and to your demo web site.
 
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GuestUser3010h

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Is their software available that can project demand without having to build a prototype?

The smallest simplest version is already out their on the market being sold. I want to improve on the existing product so it will have more features.

However, now that I think on it I could make it really streamlined, with minimal, to no extra features and still make the product better then the ones already out there. However, I have to be careful not to cross over into others patents.
 

Late Bloomer

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I want to improve on the existing product so it will have more features.

However, now that I think on it I could make it really streamlined, with minimal, to no extra features and still make the product better then the ones already out there. However, I have to be careful not to cross over into others patents.
Highly recommend you use MJ's guidance in Unscripted, and also Blue Ocean Strategy, to identify opportunities for improvement and the trade offs. Search on Slideshare for slide decks people have made of the Blue Ocean info.
 

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Tommo

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