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I have an Invention ... Now What?
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   New Idea - use licensing company or pursue myself
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   Author  Topic: New Idea - use licensing company or pursue myself  (Read 1121 times)
jakers02
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New Idea - use licensing company or pursue myself
« on: Dec 6th, 2007, 12:32pm »
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Hello
 
New to this forum, seen some great information and advice out there. I have an idea that I already sent to a design company for evaluation (T2 Design) and they did a preliminary patent search and my product would be patentable based on the prior art. Next step would be to pay for the engineering to see how the invention would be developed. Then of course of the rest of the patent process.  
 
My dilemma is that I don't have the money to go further right now and would like to find some help. I have been trying to research companies like harvey reese, lambert and lamber, evergreen ip, and creative group marketing.  
 
Any advice on what to do next or someone that can help would be great.  
 
By the way my product is baby/kids market.
 
Thanks
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CriterionD
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Re: New Idea - use licensing company or pursue mys
« Reply #1 on: Dec 6th, 2007, 4:23pm »
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Evergreen IP seems to have a good rep.  But companies like Lambert, Evergreen, etc - that work for free and only collect money on the back-end of a successful licensing agreement tend to be rather selective (I'll add - Lambert & Lambert charges you $179 upfront for their basic evaluation, Evergreen and some others like the Big Idea Group I believe do not charge anything upfront).  
 
Start by thinking of it this way - would you be willing to take a few easy steps to establish a large enough corporate credit line in order to fund your product development efforts?  Chances are, you could if you wanted to, and if you were successful you would potentially end up making a lot more money than you  
would have spent on interest charges.    
 
Sounds a little risky to you?  Thats reasonable.  But then why would another company without an emotional investment in your invention want to completely fund your product development (or at least parts of it perhaps) only so that they could gain a percentage of profits in the event your invention was successfully licensed.
 
Going through a company like Evergreen, finances are simpler, you don't owe debt, and those working on your behalf (if they choose to do so) may very well be licensing experts (and/or people with connections) that can help strike an agreement.  Thats why inventors interested in working with these companies come a dime a dozen.  Thats why you need to set yourself apart from the pack - often, either your invention has to legitimately and obviously be among the best things since sliced bread, or it has to be presented persuasively (not necessarily talking graphical presentation), and thats still no guarantee by any means.  You don't want to just be able to say that your invention is very marketable, you want to be able to show it.  
 
In your shoes I wouldn't necessarily rule out a company willing to help you license your product.  But if you are basing conclusions on a "preliminary" report from a design firm you may not be that far along in terms of creating a persuasive presentation.  I would work on doing what you can do within your budget and then, if you choose to do so, consider one of the companies you mention above (as a disclaimer, I am not endorsing any of them, although I am unaware as to reasons any of them should be avoided).  And of course, if you spend enough time learning about licensing - if you can do it on your own obviously its always better to hold on to 100% of revenues when you can.
  
« Last Edit: Dec 6th, 2007, 4:35pm by CriterionD » IP Logged

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jakers02
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Re: New Idea - use licensing company or pursue mys
« Reply #2 on: Dec 14th, 2007, 9:12am »
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Thanks for the great response. I do see where you are coming from and I guess I will have to investigate more on obtaining some sort of financing once I can prove the product I am working on is feasible to make safely. Then I can decide whether or not I want to use one of these companies or pursue it myself. I will continue to search these forums for valuable information that will help in the future. For now I need to find a design/engineering firm to help with the development of my product. I'm not very mechanically inclined, so I would never be able to make a safe product.
 
Thank you for the info.
 
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