how to get started with 2 great inventions

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Permalink Reply by SUp.biz, COO on June 20, 2008 at 1:36pm

What are your goals and where are you at...

Do you have patents already? Are all the legalities handled?

How much capital do you have invested? What is your cash on hand availible to the business?

How many prototypes do you have?

Do you have a website?

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Permalink Reply by mike walter on June 24, 2008 at 7:36am

I have done none of the above, I have been using these ideas for years now and people keep telling me they want me to mass produce these things, because everyone wants them what should I do from here.

Thanks Mike

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Permalink Reply by SUp.biz, COO on June 24, 2008 at 12:11pm

If you have at least $50k to invest, then I would go through the patent process and product development. I am just throwing $50k out there because you did not mention anything specific about the two inventions. $50k should cover 80% of the situations.

If you do not have that much, then your best bet is to pitch the idea to small and big businesses that might partner up with you to cover these costs. You want to look for a partner who will be able to cover the capital and promote your invention through their business.

There are two discussions in the Legal Section that might shed some light on this for you.

Inventions
http://www.sta.rtup.biz/forum/topic/show?id=2084667%3ATopic%3A5749

Licensing
http://www.sta.rtup.biz/forum/topic/show?id=2084667%3ATopic%3A3673

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Permalink Reply by Randolph Adams on June 21, 2008 at 11:00am

Don,t waste thousands of dollars trying to deal with invention company like I did . I know of a company Who will evaluate your product and if they like what they see will help you with the patent process.

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Permalink Reply by mike walter on June 24, 2008 at 7:31am

Thanks Randolf, I could use all the help I can get. Any info. u can provide I will take it and run with it.

Thanks again, Mike

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Permalink Reply by Eric Standlee -- Funding Commercial Companies on June 24, 2008 at 9:33pm

Diligent research to find the right advisers will be critical if you haven't any experience in bringing these kind of products to the market.

I have a good packaging and marketing firm in Dallas that I can refer you too, but you will want to ask trusted advisers who you should retain for patent legal issues and for IP protection.

Depending on what is involved in making your product I can recommend a person in my network who does contract manufacturing once you get to that phase.

But, the key is doing your homework and checking references on potential service providers in the patent and IP protection area as well as in the marketing arena.

Some MBA programs spend a lot of time on these subjects and even then MBA grads aren't ready to tackle those questions because they lack experience or the right network.

So, I go back to this, but you need to farm your trusted adviser network and seek their referrals and advice for the right people in your network with good reputations.

Even then, don't blindly trust, but always read all contracts and understand the total costs involved. A good product can and does cost more than the market will bear much of the time. So, consider hiring your alma matter's MBA students to do feasibility studies and market research. They need the experience and they cost less. If you are in Texas, the CNVE.org of the Mays Business School at Texas A&M has such services.

Does that help?

Eric

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Permalink Reply by Jerell Klaver on June 25, 2008 at 7:17pm

The BEST opportunity and resource is Everyday Edisons, and Edison Nation

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Permalink Reply by Robert Johnson on September 11, 2008 at 1:22pm

I beleive that all planning should be done with the end in mind - so I would ask you- What do YOU want to do with these inventions?

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