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Product That Will Save Lives

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Richard7721

New Contributor
Read Millionaire Fastlane
Apr 30, 2019
7
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I'm struggling with finding the right direction to go. I have patent pending protection on a product that will save many lives. The product can be used in general public, commercial, government and military.

This is my first time inventing a product and I am to the point where we have a prototype. I tried to sell the patent to a buyer who was interested and wanted a list of materials. We were not in the position to offer a list of materials as we did not have a prototype yet. I jus sent the list of materials to them and am waiting to hear back from them. They have signed a non-disclosure agreement.

I believe the government/military would find great value in the product and I would like to offer them the chance to buy the product as well.

Does anyone have advice on how I should proceed?
 

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Black_Dragon43

Silver Contributor
Read Millionaire Fastlane
Speedway Pass
Apr 28, 2017
279
751
285
Eastern Europe
I'm struggling with finding the right direction to go. I have patent pending protection on a product that will save many lives. The product can be used in general public, commercial, government and military.

This is my first time inventing a product and I am to the point where we have a prototype. I tried to sell the patent to a buyer who was interested and wanted a list of materials. We were not in the position to offer a list of materials as we did not have a prototype yet. I jus sent the list of materials to them and am waiting to hear back from them. They have signed a non-disclosure agreement.

I believe the government/military would find great value in the product and I would like to offer them the chance to buy the product as well.

Does anyone have advice on how I should proceed?
Hi @Richard7721

Have you tried into looking at the idea of licensing your invention? That would be one way, and then you'd get paid royalties (a share of the revenues, usually between 1-10%), and someone else would take care of the manufacturing and distribution.

The other way would be for you to handle the manufacturing & distribution yourself. More work, but more rewards if you pull it off successfully.

I would not sell the patent - a one-time sale will be less profitable than a licensing deal if your product really makes it big.
 

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