Idea > Profit

[G-Man]

"Well, if I'm perfectly honest with you, we are already under development with this with our manufacturers in China."

You know who says "honestly"?.... liars.

He might be blowing smoke to discourage you from marketing a competing product, but let's assume for the sake of argument he isn't: He just told you he hasn't brought the product to market yet.....

 

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[iizu]

So, if this were the case, how would I know what place in line I am? I'm not sure I completely understand the idea of a queue in this instance.

I'm sure your attorney has answered this by now..

But as I understand it: You don't know. The process usually takes 2 years, and after that the patent becomes public.
Maybe when you are applying for a non-provisional patent they will actually inform you about similar patents that are already in the process.

Nobody in the USTPO even reads PPA's. Only time they are opened is when you refer to them with a non-provisonal application.

Got in contact with a CEO who is making the absolute closest product imaginable to what I came up with

It's maybe worth calling other companies on your list again. "Did you know your competitor is already developing a similar product?"

The only problems is that you don't know how long in the patent process the other company is. Otherwise you could easily use your PPA filing date as your advantage

 

[Yoda]

It's maybe worth calling other companies on your list again.

Everyone I talk to, I always end the conversation with, "Would you mind if I called you some time in the future with any advancements or new ideas?"

Never gets a No!

 

[ZF Lee]

Any updates...@Yoda? Did you rack up the sales or try to sue the whole market as @AgainstAllOdds suggested?

 

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[Yoda]

[Closed]

The ship has sailed. Definitely not the last thing I wanted to write in this journal, that's for sure. But it's not a total loss.

• I took action.
• I learned.
• I made a few new contacts.

If nothing else, I'm proud I took a shot in the dark and went with my gut. I'm glad I learned something new. Relationships were formed, and I'm happy to grow my circle, even outside of what my 'normal' circle is.

My Top 3 Lessons Learned

1. It's okay to fail. It's not okay to not attempt.​

In just starting this whole project, I gained a lot of confidence in my ability to grow and to resist procrastination. I'm not a huge procrastinator, on the whole, but I do tend to overthink on occasion. Not this time.

It also helped me grow with my spouse, since we knew it would be a big undertaking, by both time and money standards. It was. But actually, we got to work together on portions of it, which was a big relief. It's usually just me, so it was nice to have my best friend take a leap with me.

One of the reasons I started was because she asked if I would ever be okay in not trying to make this thing happen. She was perfectly correct, and I was not. When looking from an Expected Value perspective, it was vastly in my favor.

No regrets in starting.

2. I paid for the experience, and would again.​

I did overspend. Overall, I could have gotten this off the ground with less financial output, but it was not like I took a massive gamble. It was an amount my wife and I were "comfortable" losing, should it have happened. Again, looking at the expected value, a few grand in trial and error is nothing when you compare it to the potential of five and six figure monthly earnings, or more.

That said, I would have done it the same way, ironically, had I gone back and tried again. I might have even paid more.

The truth is, I was happy to pay someone else to get the dirty stuff done for me, correctly and professionally, and it proved to vastly speed up the time from zero to start. But it doesn't have to happen this way every time, which is a nice relief.

On my next project, I now know the blueprint, exactly. Nothing I can't do myself. Pretty cool to have the hands on experience and know the next launch will be quicker, cheaper, and just as good.

Last...

3. I have room for improvement.
​

My research could have been more in depth. But now I know what I'm looking for. Next time, I can improve.

My processes were amateur [for this niche, anyway]. But now I know better questions to ask, and who to ask for. I learned some of this from "One Simple Idea," but the rest from picking up the phone and earning my sweat equity. Next time, I can improve this a lot.

My idea was excellent. It was the timing and execution which came up short. I didn't know it at the time, of course, but I also didn't know how to look. Next time, I can improve ten fold.

 

[Greg R]

[Closed]
My Top 3 Lessons Learned

1. It's okay to fail. It's not okay to not attempt.​

2. I paid for the experience, and would again.​

3. I have room for improvement.​

​

+Rep. See you on your next process thread.

 

[MJ DeMarco]

[Closed]

The ship has sailed. Definitely not the last thing I wanted to write in this journal, that's for sure. But it's not a total loss.

• I took action.
• I learned.
• I made a few new contacts.

If nothing else, I'm proud I took a shot in the dark and went with my gut. I'm glad I learned something new. Relationships were formed, and I'm happy to grow my circle, even outside of what my 'normal' circle is.

My Top 3 Lessons Learned

1. It's okay to fail. It's not okay to not attempt.​

In just starting this whole project, I gained a lot of confidence in my ability to grow and to resist procrastination. I'm not a huge procrastinator, on the whole, but I do tend to overthink on occasion. Not this time.

It also helped me grow with my spouse, since we knew it would be a big undertaking, by both time and money standards. It was. But actually, we got to work together on portions of it, which was a big relief. It's usually just me, so it was nice to have my best friend take a leap with me.

One of the reasons I started was because she asked if I would ever be okay in not trying to make this thing happen. She was perfectly correct, and I was not. When looking from an Expected Value perspective, it was vastly in my favor.

No regrets in starting.

2. I paid for the experience, and would again.​

I did overspend. Overall, I could have gotten this off the ground with less financial output, but it was not like I took a massive gamble. It was an amount my wife and I were "comfortable" losing, should it have happened. Again, looking at the expected value, a few grand in trial and error is nothing when you compare it to the potential of five and six figure monthly earnings, or more.

That said, I would have done it the same way, ironically, had I gone back and tried again. I might have even paid more.

The truth is, I was happy to pay someone else to get the dirty stuff done for me, correctly and professionally, and it proved to vastly speed up the time from zero to start. But it doesn't have to happen this way every time, which is a nice relief.

On my next project, I now know the blueprint, exactly. Nothing I can't do myself. Pretty cool to have the hands on experience and know the next launch will be quicker, cheaper, and just as good.

Last...

3. I have room for improvement.
​

My research could have been more in depth. But now I know what I'm looking for. Next time, I can improve.

My processes were amateur [for this niche, anyway]. But now I know better questions to ask, and who to ask for. I learned some of this from "One Simple Idea," but the rest from picking up the phone and earning my sweat equity. Next time, I can improve this a lot.

My idea was excellent. It was the timing and execution which came up short. I didn't know it at the time, of course, but I also didn't know how to look. Next time, I can improve ten fold.

Rep+ Thanks for the authentic transparency.

(And don't send it back to me!!)

 

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[G-Man]

Rep++ for making your learning our learning

 

[ZF Lee]

2. I paid for the experience, and would again.
I did overspend. Overall, I could have gotten this off the ground with less financial output, but it was not like I took a massive gamble. It was an amount my wife and I were "comfortable" losing, should it have happened. Again, looking at the expected value, a few grand in trial and error is nothing when you compare it to the potential of five and six figure monthly earnings, or more.

That said, I would have done it the same way, ironically, had I gone back and tried again. I might have even paid more.

The truth is, I was happy to pay someone else to get the dirty stuff done for me, correctly and professionally, and it proved to vastly speed up the time from zero to start. But it doesn't have to happen this way every time, which is a nice relief.

On my next project, I now know the blueprint, exactly. Nothing I can't do myself. Pretty cool to have the hands on experience and know the next launch will be quicker, cheaper, and just as good.

F*cking golden.
I think I should aim to have systems which not only change my life, but also fund my mistakes.

So that I can make more mistakes, learn more thing and later make more home runs.
Got to love the Fastlane....where you can make more mistakes than the Slowlane lol.
I really like it that you didn't blow everything on this...it's very risk-reducing. Too many folks blow their cash on either investments or businesses and in the event they make mistakes, they crumble to ashes.

I don't think it's a failure, by definition. I think this project is as good as a hypothesis solver for the next steps you will take.

Rep+ Thanks for the authentic transparency.

(And don't send it back to me!!)

HUH???