Invention Idea Advice

[Kev]

Just wondering if anyone has ever had an invention idea that they've taken to market, or any experience with invention ideas and the best route to go. I have numerous ideas for inventions and I'm at the point where I'd like to "get them out there" and see if any have the potential to take off.

I have seen places online that say you can just provide them with the idea or prototype, and they will do the rest if they feel it is a good enough idea. I was just wondering if you can trust companies like this, and if anyone had any suggestions or real life experience they wouldn't mind sharing? It would be very much appreciated.

[surferguy]

First off keep your idea close. Letting somebody online take a look at it sounds very dragons den-ish to me. I really cannot offer much but I will watch this thread closely as I feel I am in the same boat.

Do you have a prototype?

[troutman]

Spend an hour with an Intellectual Property lawyer.

[3 Justin 3]

Don't tell anyone your idea. Ill write a longer post when I get home. As an entrepreneur student I can tell you what not do to specifically.

[surferguy]

Originally Posted by troutman

Spend an hour with an Intellectual Property lawyer.

What would an hour with an IP guy be worth? I know nothing about lawyers.

[Phanuthier]

Originally Posted by surferguy

First off keep your idea close. Letting somebody online take a look at it sounds very dragons den-ish to me. I really cannot offer much but I will watch this thread closely as I feel I am in the same boat.

Depending on what you are "inventing" letting other people know may mean you can't file for a patent. Also less known, but even putting down vital info in gmail can cause you to be denied a patent. I believe Yahoo is safer, but be diligent about how you protect your IP.

As for the Q... are you looking to just sell your idea off to someone else? Or are you looking to do a startup? If you are doing a startup, stage 1 of funding is to find an angel investor. VC's usually don't sponsor early stage startups (they might, but most go via route of angels). You need to have a business plan to present. There is info out there on how to draft up a a business plan proposal.

[CaptainCrunch]

Take all of your documentation, and diagrams and everything and mail it to yourself so that you have the postmarked date.

[Phanuthier]

Originally Posted by CaptainCrunch

Take all of your documentation, and diagrams and everything and mail it to yourself so that you have the postmarked date.

Uh not sure if thats a joke, but I'm pretty sure thats not how you do it. A fixed spine notebook with dated documentation is what is usually used in courts (as far as I know).

[CaptainCrunch]

Damn green text

[troutman]

Originally Posted by surferguy

What would an hour with an IP guy be worth? I know nothing about lawyers.

Most lawyers offer a free 1/2 hour consultation (Lawyer Referral @ 228-1722). After that, I would imagine hourly rates run from $300 to $500+.

[Kybosh]

Originally Posted by Phanuthier

Uh not sure if thats a joke, but I'm pretty sure thats not how you do it. A fixed spine notebook with dated documentation is what is usually used in courts (as far as I know).

Actually, sending yourself a few things with registered mail acts as date/time stamping it.

Step 1: Keep your idea close.
Step 2: Clearly identify your objectives. I mean CLEARLY.
Step 3: Start looking around in ernest to see if your idea is already out there. Are there things similar to your idea out there?
Step 4: If you're serious, then I would agree with Troutman, and consult with an IP lawyer. They will discuss all the options out there for licensing or patenting and so on etc.
Step 5: Decide on further steps if worth pursuing. Prepare yourself for rejection.

Depending on your idea, there are bodies out there that can help. For example, Innovate Calgary or TECEdmonton have helped launched technologies developed at Universities (and other places) to viable licenses or start up opportunities.

Be forewarned, angel investors and venture capitalists usually don't even want to see you if you only have an idea. These days, they want some sort of deliverable before investing. Don't half ass anything.

[Discoste]

If these sites are actually saying "tell us your idea, and we'll do the rest...patent and market it for you". Stay away from sites that allude to such things. You can't patent an idea.

The site(s) should assist you in the file patenting process and "examine your application" are better.

btw, in Canada it is "first to file" that grants you a patent. In US it is "first to invent"

http://www.ic.gc.ca/eic/site/ic1.nsf/eng/04366.html

[sclitheroe]

Originally Posted by Kev

I have numerous ideas

Not here to rain on your parade, but if you're at a stage where you've got many ideas, you are likely far, far, off from having anything ready that's of value or application.

You need laser precision focus on one specific, unique, marketable thing, because even then, the odds of successfully taking anything to market are extremely slim. It's ruthless out there, and its a high stakes and very expensive game once real money is involved.

I'm not saying its not worth investigating, but sitting there with a bunch of ideas thinking its time to "get them out there" strongly suggests to me that you aren't ready yet for next steps.

[Wormius]

Originally Posted by Discoste

If these sites are actually saying "tell us your idea, and we'll do the rest...patent and market it for you". Stay away from sites that allude to such things. You can't patent an idea.

The site(s) should assist you in the file patenting process and "examine your application" are better.

btw, in Canada it is "first to file" that grants you a patent. In US it is "first to invent"

http://www.ic.gc.ca/eic/site/ic1.nsf/eng/04366.html

+1 regarding that those sites / infomercials are scams. They have all been shown to be a cash grab for them.

I think in practical terms, build yourself a prototype. There are several design houses in Calgary that can help you build one if you're not capable.. They will not steal your idea from you.

I think the notion of inventions / IP getting stolen has been over-dramatized. I'd say a lot of companies and people are too busy with other things to bother putting their resources on stealing somebody's invention and trying to market it as their own. From my own experience, if you have a good idea, most companies that would want to use it somehow, are like "tell us when you've built some and we'll buy them", not wringing their hands in delight that they can take your idea because you've told them about it.

Now, I don't know how true this is, but I would almost think the more people who know the idea/ invention is from you the better.

[octothorp]

Depending on what your invention is, it may make sense to use a crowdfunding platform like Kickstarter: you put the project out there, and interested individuals can support it. The advantage is that you're already building an audience for your product, you keep complete control without needing to turn it over to another company. Search for products that have a similar audience to yours to see if there's potential there. For example, there are lots of iphone accessory projects like tripod mounts, speakers, and panoramic cameras that have each received more than $100,000 funding from thousands of customers: that invested audience is almost as important as the actual funding.
Just make sure all your intellectual copyright ducks are in a row. The downside with kickstarter is that you need to put your project out there, and if you don't meet your goal, you won't receive any funds. So spend a lot of time understanding what makes a successful campaign vs. an unsuccessful one, and be prepared with a plan B if you don't get your funding. And most importantly, be prepared to move forward quickly if you do get your funding.

I think for kickstarter you need a US bank-account, but that's pretty easy and cheap to set up if you decide that it's the right approach for you.

edit: here's the technology section of kickstarter for some example of successful projects:
http://www.kickstarter.com/discover/...most-funded#p1

[Phanuthier]

Originally Posted by Kybosh

Actually, sending yourself a few things with registered mail acts as date/time stamping it.

Really, thats held up in court? I didn't know that. All I know is its been drilled into our heads to have a dated log book for such things as IP.

Kickstarter is also a great idea, but that seems to be more of a mom & pops hobby projects.... I don't think you're going to get much royalties out of that (? through only browsing and buying crap off there, never used it as a service)

[Sidney Crosby's Hat]

If you have a less attractive wife, people will be more willing to invest in you.

[Winsor_Pilates]

Likely not what you're thinking, but this site in interesting none the less. My concern would be giving up huge ownership of your invention as a trade off for getting people power behind it.
Quirky

[Cube Inmate]

Don't waste your time. Anything that can be invented already has been. In fact, I think the patent office will be obsolete in a few years time.

[Kybosh]

Originally Posted by Phanuthier

Really, thats held up in court? I didn't know that. All I know is its been drilled into our heads to have a dated log book for such things as IP.

Oh I agree. Lab books, project planning documents and so on etc. are the best documentation out there.