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Invention: Next step.

Discussion in 'Product Creation, Inventing, Importing, Sourcing' started by ^eagle^, Dec 9, 2012.

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  1. ^eagle^
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    ^eagle^ Contributor Read Millionaire Fastlane

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    Ok I had an Idea and built a working prototype. I have researched patents and found both a similar patent already exists and an actual company that is selling it. I can make it for about half the price and am targeting a new Niche I know will explode in the coming years.

    So far my neighbors think it's a great idea and I will look into seeing how much someone is willing to pay for it.

    1. Because a patent exists already but my product is different in form but not function do I even need a patent?

    2. Forum Has anyone had any experience with these guys? Are they Legit and honest? Or am I giving up too much control?

    3. Should I just wait until I sell a few before I look into patenting?
     
  2. Mike39
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    Mike39 Gold Contributor Read Millionaire Fastlane Speedway Pass

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    I would just get a provisional application
     
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  3. Graham Chong
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    Graham Chong Contributor Read Millionaire Fastlane

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    A fundamental question we have to ask, which route are you intended to go?
    Licensing?
    Or venturing?
     
  4. yahdmon
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    yahdmon Bronze Contributor Read Millionaire Fastlane Speedway Pass

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    If you can afford it, start the patenting process. At the minimum, go talk with a patent attorney... then you can start asking question about the hardware and marketing and licensing.

    You might not have anything, ownership-wise at all.
     
  5. vangorilla
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    vangorilla New Contributor

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    File a provisional and throw the kitchen sink in it. In other words, include EVERY method or variation in it.
    Approach every manuf that would sell this pdt.
    If there's a demand for the item, you should be able to license it. Let that company handle the IP issues going forward. Chances are they will investigate the IP before they negotiate.
     
  6. Likwid24
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    Likwid24 Platinum Contributor Read Millionaire Fastlane FASTLANE INSIDER Speedway Pass Summit Attendee

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    I would check with a patent lawyer to make sure your not infringing on the other product. Yours may be different, but if they had a good lawyer, the patent might be written so broad that your change is protected under it.
     
  7. ^eagle^
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    ^eagle^ Contributor Read Millionaire Fastlane

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    Right now I just want to get some built to see if there is a market for it. The idea is really simple. The materials are almost free but the labor is intensive which makes it hard to do and not a lot of people would want to do it. But I enjoy hard work and working with my hands so it's not that bad for me. If I can sell a few to neighbors and what not I'll look into patenting it. Honestly I'm not sure I need one. The product is very general. I have a notion to make this into a business. Its something I can do On my own in my spare time so I guess for now it would be a venture.

    If I set up to start mass production at least on a small scale I can look into licensing. I think it could sell in stores. But Until I sell a few on my own I'm not going to make that assumption.