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I have an Invention ... Now What?
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   I have an idea and want to sell it
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   Author  Topic: I have an idea and want to sell it  (Read 849 times)
elnina
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I have an idea and want to sell it
« on: Oct 5th, 2004, 4:16pm »
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I have an idea and want to sell it. I do not have the amount of money needed to patent my idea first, nor the clue how to start with it. That's why I want to find a producer of similar product, introduce my idea and see if he will be interested to buy it. How to protect my rights? What is my profit on that?
Any input appreciated. I am new here.
Thank you
elnina
 
P.S. My other optionsHuh
« Last Edit: Oct 5th, 2004, 4:31pm by elnina » IP Logged
Dingleberry
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Re: I have an idea and want to sell it
« Reply #1 on: Oct 5th, 2004, 11:46pm »
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I have an idea as well but I haven't a clue how to get started with it.  I can't even make it without the help of a factory and their material.  If I were you, I wouldn't even introduce it to a company that already makes a similar product unless you already have a patent.
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JimIvey
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Re: I have an idea and want to sell it
« Reply #2 on: Oct 6th, 2004, 3:29pm »
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These open-ended questions really deserve a more length answer than I have time for today.  I'll give a very brief response.
 
It costs you almost nothing to protect your idea as a trade secret.  Just have everyone you tell the idea to sign a non-disclosure agreement (and take careful steps to otherwise keep your idea secret).  There are many weaknesses in this type of protection, and patents are a good complement for overcoming those weaknesses if your idea is patentable.
 
As for having no money, you're going to have to convince someone that the idea is worth money.  If you've convinced yourself, you should start trying to get creative in ways to raise money.  If you haven't, you're going to have a hard time convincing others.
 
People that are good to convince are (i) licensees, (ii) patent practitioners if they are willing to take ownership shares rather than money (rare), and (iii) investors (the best).  Don't just rely on your powers of pursuation; do real research and show actual numbers based on your research as to what type of profits you and your investors can expect.
 
Good luck!
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James D. Ivey
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JSonnabend
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Re: I have an idea and want to sell it
« Reply #3 on: Oct 7th, 2004, 2:37pm »
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Jim is right about trade secrets, but only to a limited extent, I believe.  If an invention is such that upon seeing the final product, the whole of the invention may be readily understood -- or for that matter, if it can be understood through reverse engineering in many situations -- then your trade secret effectively ceases to be one upon commercialization of your product.  
 
Enforceability issues aside -- and there are many, practically speaking -- your NDA will only help you in connection with the parties you approach regarding production, etc., not in connection with competitors once you enter the market.
 
- Jeff
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SonnabendLaw
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