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I have an Invention ... Now What?
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   What do I do first...after the thought?
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   Author  Topic: What do I do first...after the thought?  (Read 2587 times)
Deborah Costet
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Re: What do I do first...after the thought?
« Reply #5 on: Feb 24th, 2004, 12:24am »
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Again, thank you.
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M. Arthur Auslander
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Re: What do I do first...after the thought?
« Reply #6 on: Feb 24th, 2004, 5:24am »
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Dear Ms. Costet,
I don't think you are getting the message from this Forum.  
How are you going to be able market your idea?  The worst is that if you show even in confidence, you are likely to be met with non acceptance of what you have and a marketplace full of parallel products, if your idea is good.
I've worked both sides of the fence.
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M. Arthur Auslander
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eric stasik
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Re: What do I do first...after the thought?
« Reply #7 on: Feb 24th, 2004, 12:36pm »
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Dear Ms. Costet,
 
I do not know Mr. Ivey personally, but he is a frequent participant to this forum and he consistently provides accurate and useful answers. He seems like a decent chap.  
 
His recommendation that you speak with Mr. Stephen Key seems like a reasonable proposal. If Mr. Ivey recommends him, then that would be good enough for me.  
 
I have also been on both sides of the fence and my experience is that the single biggest hurdle to making a deal is inventors who have unreasonable or unrealistic expectations of wealth and control.  
 
When you speak with Mr. Key try to get an idea of what is a reasonable approach for a toy company and if you are comfortable with his experience - then I'd say go for it.  
 
The toy company will have their own ideas of how to turn the idea into a profitable product - what you need to consider is how to turn your idea into a profit for you.  
 
You don't need to license your idea - you might want to sell it outright and let the company suffer the expense of patenting and applying for trademarks. Be flexible and be open to their proposals. Don't let a zeal to grab too much stop you from getting anything at all. More good ideas die from this than anything else.  
 
Don't forget to have fun too. There is a lot more satisfaction to life than becoming rich (but I've lived in Sweden for most of my adult life, so maybe I have a distorted view.) Seeing your idea become reality is often more satisfying than the money you might earn from it, but of course this is a personal decision for you to make.  
 
Good luck!  
 
Best Regards,  
 
Eric Stasik
 
 
 
 
 
 
 
 
 
 
 
 
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Deborah Costet
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Re: What do I do first...after the thought?
« Reply #8 on: Feb 24th, 2004, 12:49pm »
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Yes Eric, I did take the recommendation from Mr. Ivy(thank you Mr. Ivy)and contacted that man and I sent an inquiry about his seminars.
See, I know from experience what you mean, my dad had two patents on toys and because he was foolish, he never made one red cent thinking he could do everything himself or being selfish with his expectations of getting rich.
I do not need to get rich nor have that idea.  But alittle would be nice and to see my toy out there and say it was my idea is great too.
Because I know I do not have the money or know how to go from start to finish with actually making, marketing, and producing my item, nor do I want to do all that, I would rather sell the idea and make a little.  This has been my goal from the start.
Thank you,
Momdoc111
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JimIvey
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Re: What do I do first...after the thought?
« Reply #9 on: Feb 24th, 2004, 5:32pm »
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Thanks to everyone for the kind words.
 
Just to clarify, I didn't mean to *recommend* Stephen Key other than to identify him as a possible lead and advisor.  He seems to be successful in selling his ideas and has specific experience in the toy industry.
 
To summarize, he said that the toy industry relies on idea submissions from independent inventors and they're afraid to "stiff" any inventors for fear that word will get around to not do business with them and their free R&D will dry up.
 
For what it's worth, I haven't heard anything similar about any other industry.  When pursuing a different idea unrelated to the toy industry, Mr. Key used patents and even ended up litigating patents to protect his idea.  One of his points was to know your industry.
 
Again, good luck with your venture.  Let us know how things turn out.
 
Best regards....
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