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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.
 
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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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.
 

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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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