Starting own business / Patent funding

[alan lx]

Let me start by saying this is something that has been on my mind for a few years now. It didn't just pop in my head last week or last month. I work in logistic / distribution type of stuff. A few years ago i had this idea about a new type of safety device that could be applied across thousands of different jobs around the country and the world for that matter. I am not going to get into details or specifics here for obvious reasons.

My question for everyone here is a couple things.

First- what is the best way to go about getting funding for a patent? Do i just start by talking to a patent lawyer first? And see what they recommend?

Second- I have heard of a poor man's patent where you document the idea and send it to yourself in a sealed envelope. But I have also read this method does not really work. Does anyone here know?

I know there are a million other things to work out. Like do i just sell this idea to another company and let them have all the headaches. Or do i just go and do this on my own. Keep in mind here, my time schedule and financial resources are pretty limited. But i am unwise to sit around and not do anything. I really dont have anything to lose.

Let me know what you all think. I basically have a lot of ideas and am trying to weigh out all the options. Opinions?

[deevergote]

The poor man's patent is a questionable method. It's most commonly used (and used successfully) with creative/artistic endeavors. My old singer used to mail himself his lyrics. Something that specific and personal would be difficult to accidentally reproduce (well, some of his stuff was terribly generic... but that aside... )
Your idea, without knowing what it is, may or may not be specific enough for that poor man's patent to work. It'd be good security, but I wouldn't rely on it. At the very least, you'd have to defend it in court... and that alone would be costly, especially if your idea were to be taken by a large and wealthy company.

Talking to a patent lawyer would most certainly be your best option.
I would look into finding a corporate sponsor. A wealthy company that would be willing to fund your patent in exchange for being offered exclusive rights for a specified period of time. You would need to be able to pitch the idea without giving away too many details, though. That could be difficult... and that's where the lawyer would come in handy!

[alan lx]

I agree completely with the last two points about a patent lawyer and a sponsor. If I can do this correctly, I could possibly get away from my full time job. It may lead to some other opportunities that allow this to happen.

Right now it seems like I am at the point of delaying is the worst thing to do. I would really be upset if someone else brought this to the market. (And working a bunch of hours every week making others profits gets old). For the immediate future, I am just going to work on a business plan and a contact list of people that will help on this.

If anyone has any experience with this kind of funding new projects or ideas, please chime in. Thanks

[jhoff]

I agree completely with the last two points about a patent lawyer and a sponsor. If I can do this correctly, I could possibly get away from my full time job. It may lead to some other opportunities that allow this to happen.

Right now it seems like I am at the point of delaying is the worst thing to do. I would really be upset if someone else brought this to the market. (And working a bunch of hours every week making others profits gets old). For the immediate future, I am just going to work on a business plan and a contact list of people that will help on this.

If anyone has any experience with this kind of funding new projects or ideas, please chime in. Thanks

kickstarter.com

I was just going through the site looking at different project ideals.

[reklipz]

Kickstarter is great, and worth looking at, but it's not for everyone/everything. Good luck with the project!

Ah, JHoff beat me to it! The tab sat open for a bit before I replied.

[GeoffM]

Send me the idea. I'll take care of it for you.

[alan lx]

I just scanned quickly thru kickstarter.com. That is kind of the platform I am looking for. Except looks like they are more into film/ tech stuff. I will research it more. Thanks.

Any other sites like that would be great.

Geoffm - yea I will get right on that.

[deevergote]

kickstarter.com

I was just going through the site looking at different project ideals.

I hate to criticize, but it irritates me to no end every time you say this... and you say it a lot.

He has an idea, not an ideal.



I was going to mention Kickstarter, but the whole concept behind it is to pitch an idea in enough detail to make others want to help fund it. Something tells me that doing such a thing would require revealing far too much of your plan publicly. It would be useful if you needed startup capital to implement the plan once the patent was in place, but it would be a very dangerous method of funding the patent itself. Unless, of course, you give very little information... then people won't have anything to go on, and nobody will want to give their money!
Additionally, kickstarter campaigns are most often accompanied by gift packages that come with donations of a certain amount. It's a great option for musicians, artists, filmmakers, and authors, because they'll have a product that can be given away (along with other perks, autographs, etc...) In your case, there's not much to give away to support the funding of pure intellectual property.

[alan lx]

^^^ Deev, your pretty much right on. Its almost like you have been in my position before. I have been reading researching this stuff all evening. The amount of information is mind boggling. There is patents, patent pending, trademarks etc etc.

I even spent some time researching my local state community college has some classes on starting a small business, funding, tax law etc etc.

I think a start would be to sit down with a patent lawyer. I think from there I can develop a general plan of action.

These ideas do get the creative thinking juices flowing!

[deevergote]

Gotta use my business degree for something, right? I also kinda kicked ass at business law...

[crazymikey]

[alan lx]

I have starting writing a first draft of a business plan. At least it's a start and better than not doing anything.

Also, making some notes on some local (well kinda local) on some business people that meet once a month.

Just putting some things down on paper seems to give a small sense of accomplishment. Like I said, it's a start.