What do you do with a patentable idea but have no money and little time - Pensacola Fishing Forum

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Old 07-01-2013, 11:05 AM   #1
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Default What do you do with a patentable idea but have no money and little time

I've gone through the patent process before and spent money for nothing. I absolutely will not go through the hassle again but I'd like to see my idea put into production. Oh yeah, I'd like to make a few bucks in the process because times are hard and cash is short at my house.

The big question is how to do it without getting screwed. Been there--done that too.

I came within a gnat's eyelash of posting this as a tip but decided not to. Retirement is great if you can afford it. Unfortunately, I can't.
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Old 07-01-2013, 11:08 AM   #2
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Try some Venture capital guys. Venture magazine.
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Old 07-01-2013, 11:43 AM   #3
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Shark tank tv show?
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Old 07-01-2013, 12:17 PM   #4
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Patent isn't worth anything without cash to enforce it.

Sounds like you need a partner that can bring some funds to the table....or amp up the risk-taking.
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Old 07-01-2013, 12:23 PM   #5
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You could try this but buyer beware especially with Walmart and/or any invention contest. Just read about it this morning.

http://money.cnn.com/2013/07/01/smal...s+(Top+Stories)
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Old 07-01-2013, 01:19 PM   #6
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Why don't you share the idea in detail with us? Maybe we can invest as a group? The PFF think tank....

We can hire Dewey Cheatum and Howe as our patent attorneys.
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Old 07-01-2013, 05:04 PM   #7
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yea, share exact details!!!!!!!

We will not tell anyone
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Old 07-01-2013, 06:39 PM   #8
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Maybe this?........http://www.quirky.com/
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Old 07-01-2013, 07:03 PM   #9
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Trust yourself first and foremost. Do your own research, file your own patent, then once it is obtained find an investor. You will find valuable info here: http://www.uspto.gov/. I realize time is short for you but it will be worth the effort.
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Old 07-02-2013, 12:18 AM   #10
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Finally, a topic I actually know something about!

I have invested in many companies and worked on, and with a lot of patents. This is what I have learned. Patents are pretty much worthless in the hands of the average guy. What could the average guy do if a company infringed on the patent? Hire a lawyer (with the normal $5k upfront retainer) and send a nasty letter? That's a waste of time. Fighting patent infringement requires both time and money, and lots of both.

Most products are not successful because of a patent or innovative idea. Products are successful because they serve a need, but more importantly they are do well when they are marketed and sold well. Whoever sells the product best will own the market, not the most innovative solution.

The suggestion above to find business partners is good advice. (I'm not offering to be a partner, by the way.) Look for folks who have experience in bringing new products to market and would have a passion for the product. Talking to potential partners who have money to invest or have connections who have money is critical. The money to bring the product to market needs to come from somewhere. The fewer the investors the better though. Keeping investors happy can consume plenty of time and energy.

Although this may seem counter-intuitive, posting your idea is not a bad suggestion as an alternative to patenting it. By putting the idea into the public domain, you make it difficult for others to patent the it. Remember a idea/patent is not the most important key to success, selling is! Whoever sells the product the best wins.
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