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Author Topic: I have lots of inventions and no money! What can I do?  (Read 3969 times)

AndyFox

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I have lots of inventions and very little money.

If you take someone like Edison who filed around 1500 patents and would have cost in today's money around $500,000 - $1,000,000.
Is this correct or have I got it wrong.

If so, as I am not a rich man, is there a way of patenting or protecting an idea using very little money.

The fact is, I want to build some of my inventions and show them off but I feel the need to protect them first.

Doe's this make sense?

Andy
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Yak

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Re: I have lots of inventions and no money! What can I do?
« Reply #1 on: 12-09-10 at 03:33 pm »

It makes perfect sense.  Unfortunately patenting an invention has its price.  Even if you were to prepare an application yourself, there are still governmental fees. 

Questions to ask yourself:
A) Do you truly have a lot of inventions or do you simply have a lot of ideas?  In other words, have you been able to make, use, and test your inventions? 

For an Edisonian example, while most of the attention related to the discovery of the light bulb was on the discovery of the right kind of filament that would work, Edison had to invent a total of seven system elements that were critical to the practical application of electric lights as an alternative to the gas lights  These development were:
1) the parallel circuit,
2) a durable light bulb,
3) an improved dynamo,
4) the underground conductor network,
5) the devices for maintaining constant voltage,
6) safety fuses and insulating materials, and
7) light sockets with on-off switches.

You don't always know what is all involved in the idea until the invention is complete. 

B) Is there a real market for your inventions?  Edison made millions, but came up with million dollar inventions.

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ManOfManyBadIdeas

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Re: I have lots of inventions and no money! What can I do?
« Reply #2 on: 12-09-10 at 03:38 pm »

I have lots of inventions and very little money.

If you take someone like Edison who filed around 1500 patents and would have cost in today's money around $500,000 - $1,000,000.
Is this correct or have I got it wrong.

If so, as I am not a rich man, is there a way of patenting or protecting an idea using very little money.

The fact is, I want to build some of my inventions and show them off but I feel the need to protect them first.

Doe's this make sense?

Andy

To patent or not to patent is a business question. If you do not have a patent, then you cannot prevent other from manufacturing and selling you invention. You may not get the patent in the end, or you may not be able to enforce it for the lack of money (suing is expensive). But if you do not try to get the patent, you give up the option from the get go.

It actually costs in the neighborhood of $100,000 for the prosecution and maintenance of a somewhat international (more than one country) patent. But what you are asking is a again business question that is only tangentially related to patents. How do you start any business if you do not have money? A simple answer is just give up. A hard answer is you have to work hard trying to convince somebody to give you the money in exchange for share in the profits. The earlier stage you borrow money at, the more you have to give up, because there is more risk. I would just pick the project that you think is likely to deliver very quickly and work on that, the rest will have to wait until and if you make money off of that first project.
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Disclaimer: Any post made by me is only an opinion, not an advice. Considering that opinion keep in mind Disclaimer 2.
Disclaimer 2: I am not a lawyer.

Yak

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Re: I have lots of inventions and no money! What can I do?
« Reply #3 on: 12-09-10 at 03:46 pm »

To follow MOMBI, the US patent system gives you 12 months from a first public disclosure, sale, or offer of sale to file a patent application.  If you think you have a marketable and sellable invention, spend some time getting it made and begin to sell it.  If successful, then use the profits to apply for a patent application on the invention. Although be aware, there are foreign countries which only give you 6 months or no time at all - so you may risk or lose foreign rights by following this approach. 
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AndyFox

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Re: I have lots of inventions and no money! What can I do?
« Reply #4 on: 12-10-10 at 01:31 am »

Thanks everyone for all your comments.
Most of my ideas use natural energy and are very easy to build.
Most can be explained in conversation. I think I should build some and see if they will sell.
Next next question os how do I sell?

Regards

Andy
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doug vagedes

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Re: I have lots of inventions and no money! What can I do?
« Reply #5 on: 12-10-10 at 04:27 pm »

Andy, I tell people all the time, you can have the best idea/product out there,  but if you have a poor marketing plan, the product will not do well and even fail.  And you can also have the stupidist idea/product, but if you have a great marketing plan behind it, people will buy it. It's all about the marketing!!!

Key points;
Build the brand.  A great name sticks in the mind of the consumer.
Get the packaging right.  You literately have five seconds to grab the consumer’s attention and communicate what your product is/does or they will walk away.

If you don’t have the expertise to do this right, then find someone who does.  Spend your time, energy and capital on creating and executing the marketing plan.  You have only one shot.
« Last Edit: 12-10-10 at 04:31 pm by doug vagedes »
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dozer

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Re: I have lots of inventions and no money! What can I do?
« Reply #6 on: 12-15-10 at 07:22 pm »

Andy,
    There is a good book I just read that would probably answer a ton of your questions as well as give you new ideas.  The book is called "How to License Your Million Dollar Idea" by Harvey Reese.  You don't have to buy it, I checked it out as an audio book, so I guess I listened to it, I intend to go buy it though.  My local library, free to get a card, had it available as an audio book.  I imagine that your local library would probably have the same service.  I'm not the author or trying to profit in anyway its just a good book that is very relevant to your questions.  I am interested in licensing some of my ideas, I've gone through the patent process and I honestly think I shouldn't have at this point.  There are lots of ways to protect your ideas and leave a nice long paper trail when you present them to people.  CYA. 
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Jp

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Re: I have lots of inventions and no money! What can I do?
« Reply #7 on: 03-16-11 at 05:18 pm »

It makes perfect sense.  Unfortunately patenting an invention has its price.  Even if you were to prepare an application yourself, there are still governmental fees. 

Questions to ask yourself:
A) Do you truly have a lot of inventions or do you simply have a lot of ideas?  In other words, have you been able to make, use, and test your inventions? 

For an Edisonian example, while most of the attention related to the discovery of the light bulb was on the discovery of the right kind of filament that would work, Edison had to invent a total of seven system elements that were critical to the practical application of electric lights as an alternative to the gas lights  These development were:
1) the parallel circuit,
2) a durable light bulb,
3) an improved dynamo,
4) the underground conductor network,
5) the devices for maintaining constant voltage,
6) safety fuses and insulating materials, and
7) light sockets with on-off switches.

You don't always know what is all involved in the idea until the invention is complete. 

B) Is there a real market for your inventions?  Edison made millions, but came up with million dollar inventions.



The thing is if you are going to need a sophisticated device such as an electronic software to make the invention what you intend it to be, . .
unlike the days of Edison, you probably won't have to build it from scratch, you can more than likely order the part from one of many sources throughout the world.

Doing that would allow you to complete an application for a novel and useful invention, without having to re-invent the light bulb.

But then again, Actually, I'm not sure if this is for or against your argument the purpose of your explanation ?

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Wealth of Ideas, October 2007

"The proposed Patent Reform Act of 2007, however, is so consistently and unmistakably biased in favor of large corporations that the purported motivation for the proposed change to a First-to-File system must be viewed with deep suspicion."
 



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