If you're really interested in pursuing this, you might consider applying for an Alberta Innovates micro-voucher award which is meant to be $10k towards opportunity assessment (i.e. patent fees, lawyers, business plans, whatever) of a potential product. Then afterward, you can get much larger funds if applicable or desired (3 levels - micro-voucher, voucher, product demonstration). You need to be incorporated to apply, but I've seen plenty of individuals receive these awards.
Also, organizations like Innovate Calgary and TEC Edmonton routinely run sessions and provide advice for these exact scenarios. The resources are out there, you just have to want to make the first step.
I was going to say, I'm sure Calgary has something similar to TEC Edmonton, which is exactly where I would start.
Hey Slava, you'll have to excuse me for being a wet blanket here - but the world has millions of great ideas and invensions right now... 99% of ideas don't fail on the product, they fail on the execution. And they can fail for any million of reasons, half which is beyond your control. Did Google know they had a trillion dollar idea when they first started? I bet they didn't. Did Apple know they had a trillion dollar company? I'll bet if they did, they wouldn't have let everyone else do what they did 2 years earlier (Apple always catches the middle of curve). Did Twitter, LinkedIn, Angry Birds, WhatsApp, Uber etc know? I'm not saying you should not pursue it, but be very careful not to fall in love with your idea, and before you set out, have an idea of when you need to give up on it too.... thats what most successful companies do. I know a lot of startups that are stage 2-3 in VC funding and they would admit their company/ideas are still evolving and sometimes they change direction.... ideas are easy, execution is hard.
If you are serious about this, the best advice I can give you is - build a strong team, build your network and stay humble. That is the trait of all startups these days... don't just chase the money, chase the network and the talent. The money helps your balance sheet of your idea, but it won't help your execution - your team and your network will determine that.
Finally, a business plan... if you seek investors (angel & VC) again, build a case for how your investors will help you network, not fund your company. As a general ROT, I believe they will want 10x or more ROI for your idea.... but again, the focus should be how they help you, not how they fund you. If you think you'll have trouble with angel/VC (or even TEC Edmonton) funding, or if you are worried they might lock you down to your BP and you want freedom and flexibility to move around (recommended), I would try to find alternative ways of funding this idea - they there are options out there (sub-contracts to pay the bills, KS, etc).
Good luck!
__________________
"With a coach and a player, sometimes there's just so much respect there that it's boils over"
-Taylor Hall
Last edited by Phanuthier; 12-05-2014 at 10:45 AM.
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Whichever path you choose could lead to great misfortune.
Haha, well the truth is I didn't really set out to invent anything. I just needed to figure out a way to do something and created that way. I have a business, and frankly I love that and am not really looking for a job or anything here. At the same time I came up with this thing and I think its very useful, so I figure why not see what comes of it?
I'm kind of over politics and politicians. I'm too cynical and jaded already. Just tired of arguing and basically wasting time.
And Phanuthier, I totally get that this could be useless to everyone else and turn out to be nothing at all. I have that exact same thought, and so while part of me thinks that putting some time, energy and resources towards it is sensible, I'm more than well aware that putting everything I have there could turn out to be just plain dumb! I haven't invented the wheel here. There are a million things that could go wrong, or maybe not even get this thing much further than this thread.
And Phanuthier, I totally get that this could be useless to everyone else and turn out to be nothing at all. I have that exact same thought, and so while part of me thinks that putting some time, energy and resources towards it is sensible, I'm more than well aware that putting everything I have there could turn out to be just plain dumb! I haven't invented the wheel here. There are a million things that could go wrong, or maybe not even get this thing much further than this thread.
Cool... I know you, I didn't think you would be like that, but there a bit too much positive mojo going on here and I am always a better pessimist then optimist. If you are 50/50 on this, and don't want to go through the massive amount of time patents take (or the hundread thousands of dollars) - you can always trial run it on Kickstarter. I'm seeing that happen a lot. If you want to trial run it on some people (preferably someone in the industry) I disagree with people here about sharing your idea, I believe more in cooperation then secrecy. Just make sure you protect yourself with a NDA.
if its related to my field in any way (I doubt it, probably closer to finance or O&G) I would be more than happy to give my 2 cents and sign a NDA....
__________________
"With a coach and a player, sometimes there's just so much respect there that it's boils over"
-Taylor Hall
Cool... I know you, I didn't think you would be like that, but there a bit too much positive mojo going on here and I am always a better pessimist then optimist. If you are 50/50 on this, and don't want to go through the massive amount of time patents take (or the hundread thousands of dollars) - you can always trial run it on Kickstarter. I'm seeing that happen a lot. If you want to trial run it on some people (preferably someone in the industry) I disagree with people here about sharing your idea, I believe more in cooperation then secrecy. Just make sure you protect yourself with a NDA.
if its related to my field in any way (I doubt it, probably closer to finance or O&G) I would be more than happy to give my 2 cents and sign a NDA....
Part of the problem I have to deal with is that this is totally out of left field. Its just so ridiculously simple that I have a fear of it being stolen and made profitable by someone else. Frankly, I have no amazing skills and if I could throw this thing together, there is no way it couldn't be very easily copied and far cheaper than I could do it today. I will probably just go the smart route here, and once I have done a more thorough search to make sure its unique, just try to find a patent agent to start there.
You will get torn apart and put back together if you go through an incubator like TEC Edmonton. Or your worst fears may prove to be accurate, and there's little you can go further with, and then you don't have to spend the money on patent agents or the like.
I can't say enough about TEC Edmonton. I had a great experience with them and expect that you would definitely benefit from a meeting there yourself. If nothing else it's a great starting point.
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Part of the problem I have to deal with is that this is totally out of left field. Its just so ridiculously simple that I have a fear of it being stolen and made profitable by someone else. Frankly, I have no amazing skills and if I could throw this thing together, there is no way it couldn't be very easily copied and far cheaper than I could do it today. I will probably just go the smart route here, and once I have done a more thorough search to make sure its unique, just try to find a patent agent to start there.
no problem with that at all, I am currently doing something similar on the side right now...
just keep in mind, I believe by definition, patents have to be non-obvious... also simplicity may cut down margins as well.... something to keep in mind with your idea, or any tangent of it that might come through.
__________________
"With a coach and a player, sometimes there's just so much respect there that it's boils over"
-Taylor Hall
The reality is, nobody is going to steal an un-patented invention these days. It's almost like the helicopter parent fears of their kids getting kidnapped off the street if they ever leave them alone for a moment. There aren't a bunch of people wringing their hands looking for something to make their own.
If it's a good invention, figure out a way to manufacture a number of samples that won't bankrupt you. Don't go crazy with things. There are a lot of local companies that can do one-off manufacturing, so don't ramp up to full production volumes just yet. Keep it small and manageable to start and shop it around and gauge peoples interest. Give some away as Xmas gifts and let people know where they can get more for themselves or friends and generate some word of mouth traffic.
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BEFORE you invest in a patent...think your business model through
Are you going to build a business around it? Or try to license it?
Note that there lots of lawyers and business consultants who will tell you its great to sell their services...
I work in the Innovation sector (with the Provincial Government) and can point you at some more resources depending upon how gung ho you are. PM me anytime if you like.
__________________
"WHAT HAVE WE EVER DONE TO DESERVE THIS??? WHAT IS WRONG WITH US????" -Oiler Fan
"It was a debacle of monumental proportions." -MacT
I'm always amazed at how shockingly simple some of the inventions on Dragons Den & Shark Tank are. Creations by people who stumbled upon a simple solution to a very common problem. Tipsy Elves started really small by selling ugly Christmas sweaters online and now they are a multi-million dollar company.
I have no idea what the invention is but I know Kevin O'Leary is a big fan of licensing deals for a lot of the inventions he sees. You may want to consider that down the road if it gets that far, that way you wouldn't have to set up your own shop, reinvent the wheel and start from scratch.
If it's really that simple I'd do as others have mentioned - do a patent search to make sure no one else already has a patent. Then if it's good to go I'd look for opinions on whether this thing has any potential (using the protection of a NDA). Then if it still had potential I'd probably fork over the dough to secure a patent and thats where things really get going.
Best of luck, congrats and keep us posted. Let me know if you have any tax questions.
Personally I'm a big believer that the execution of an idea is worth much, much more than the ideas themselves.
That's not to say you shouldn't protect your idea, but you need to decide where you want to apply your time/energy/resources. You sorta need to decide if you want to start your own business around this idea, and what protection you'd need around that, of if you'd prefer to partner with some one else to take it to market.
I guess my only real advice here is don't fall into the trap of hoarding your invention/idea like a precious gem without actually putting some time/effort into polishing that gem. Otherwise you'll be stuck with a lump of coal.
Quote:
Originally Posted by Burninator
I remember an episode of Dragons Den where a guy invented and patented a pot/pasta strainer. His patent was for the strainer to be built into the side of the pot. He shopped his idea to some companies and they stole his idea and put the strainer in the lid and patented that. Apparently this was an inferior way to do it but it basically rendered his patent useless. Anyways no idea if this applies to your idea but might be something to think about when it comes to the patents.
Exactly. The patent process isn't going to help you much, execution is everything. The biggest point of the patent process is to avoid others suing you for a patent they already have, or one they make of your idea themselves, if you didn't protect yourself with a patent. Patent law has changed, it no longer seems to be about protecting an individuals idea, but now to protect an individual from litigation.
Last edited by Knalus; 12-05-2014 at 12:44 PM.
Reason: clarity
My advice is to share your idea with people you know and see what they think. Don't waste your money on a patent. Nobody is going to 'steal' your idea. Again, I would share the idea with people you know to get a sense of interest.
Just get a better prototype made by hiring a fabricator in town. Even an indivudual with access to tools and experience in the field might be able to do it for cheap. Local fabricators will have a better idea on how to make your device for cheaper.
Good for you...all I could think about was this Simpsons clip:
Herb: Take it easy, Homer. Now, this device shows how a product, carefully marketed...
Homer: This is the greatest invention in the world! You'll make a million dollars!
Herb: No, Homer, that invention is out already. Anyway ...
Homer: [chuckling] Heheheheh, it's going back for more!
It was later used in an episode when Homer put on weight to go on disability so he could work from home....and used the bird to do his job, and keep hitting the "y" button to vent gas from the nuclear plant.
Back on point, yeah, the most important point would be to get a patent search and then patent the crap out of each element...simply to cover yourself and your intellectual property now and down the road. Also, sounds for your own peice of mind. Then, as mentioned, maybe a more polished prototype, get some friends to use it and pass it onto strangers, and then go off that feedback.
