What to do with ideas / inventions

[Leecher]

Does anybody else find themselves coming up with an idea or invention that is fishing related? I guess my problem is I have no idea how to share an idea with someone who could "run with the ball" if it were viable. Anybody ever patent something or get an idea past just the "idea stage"? I love to fish, both Walleye and Musky, and would love to work in a related business. Product development and marketing would be a kick!

Leecher

[Fin Addict]

I design medical products for a small company and as such wear many hats related to design, regulatory control, setting up manufacturing facilities etc. Believe me, the initial idea is a VERY small portion of what is needed to actually bring a product to market. If you really have a great idea bounce it off some individuals that you trust in the industry and see if they think it can be sold at a price that will make everyone involved some money. If you plan to sell at retail for $10 you better be able to make it for $3 or less. I find this test eliminates most of my ideas. Then you need locate materials, someone to produce the product (if you produce overseas you will probably need outside advice), packaging, shipping, a sales force that is already calling on your target audience. As you can see, the list is very long. That said, if your idea is really unique and marketable and you have deep enough pockets to develop the product, go for it. You could go to a larger co w/ your idea but do some research ahead of time to be sure you are well protected from them stealing your idea w/o yourself getting a cut of the action.

[Chairman]

We are always looking for new products here at Off Shore Tackle. If you have a good idea let us know. We came up with the Tattle Flag from the ideas of Mike Victor and Denny Glapa. The easiest way it to get it into the hands of an existing company that aready has an established distribution. Let them do the finishing touches and collect a royalty on the product.

Most of the inventions I have been shown are to specific to be used by the average angler or too complex to be cost effective to put on the market. The other post about manufactured cost verses retail is a good start in pricing. You have to remember that in the tackle industry most of the sales are in three levesl. First the product is sold to a distributor then to a dealer and then to the consumer. Keep that in mind when you are talking about price.

Good luck and keep thinking up ideas. Get them to us and lets talk about it. Be prepared for lots of rejection from manufacturers though since marketability is the key to sales.

[KevinA]

Go talk to a patent attorney (not one that advertises on TV...find a real one, depending on where you live I might be able to suggest a firm) and learn all you can about the process & the conditions you'll have to meet...there are alot of them. Be very careful about telling people about the invention. If there is any evidence you let the idea into the public domain, kiss the patent goodbye. Actually getting an idea into the public domain (i.e. publish in a journal...) is a defensive strategy that is used, but it is done on purpose....don't you do it by accident.

Patents are basically built on three pillars: 1) the idea has to be novel (original, new to the world, an improvement over the current art) 2) it has to be good for something, it has to be useful (this sounds overly simplistic, but it isn't, demostrating & documenting this on one of my recent ideas kept a team of 6 busy for 7 months) 3) it can't be obvious to those skilled in the art (this is where a patent examiner's judgement becomes a real issue...combined with your arguments of how one skilled in the art wouldn't anticipate your invention).

Depending on what country around the world you look in (due to their patent law) I've got around 3-8 patents. Patent filing fees can be large. The last one I went after had filing fees totaling around $400,000, but you won't be seeking world coverage. Patent prep fees can be large also (attorneys working by the hour..). The entire process can be mind numbing at times. Patent attorneys make alot of money...and they should, given what they do. The prep/filing/first review from the USPTO (US Patent & Trademark Office) will probably take 14-18 months. If you're awarded it on the first review consider yourself lucky. Usually, if the patent will fly it may go through on the second review. http://www.uspto.gov/web/offices/pac/doc/general/v

For the moment the first thing to do is to close your mouth to friends & co-workers & talk to an attorney. If you're in some related field & you developed your idea aat work your employer may have a claim on the idea. I sign over all rights to my patents to my employer for a buck ($1, and they don't even cut a check for that anymore, it's part of the employment agreement). It may be that going to a large company already in the business may be a good option. You could do this & still be protected from losing the idea if an attorney authors a good confidentiality aggreement. He'll/she'll lay down a good paper trail, if the company does steal the idea you could have a good case in court to be reimbursed for all the money the company made on the idea (and not have to pay their development costs...). Of course if you lose the case you'll be broke.

Not trying to scare you off, just letting you know the process can be nerve racking(if this scared you off then you wouldn't have made it anyway :-). Talk to an attorney.

[KevinA]

the link did copy through right...there's no /v on the end

http://www.uspto.gov/web/offices/pac/doc/general/

[Backwater Eddy]

I know what NOT to do!

Don't talk to tackle rep's before hand, or at all, tell the idea in secured legally, learned this the hard way.

You will get a gee wizz that is interesting but.....bla-bla-bla, then you won't get as much as a honorable mention as it hits the market.

Live and learn I guess?