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What to do if you have a good idea for an invention? (physical product)

Discussion in 'BlackHat Lounge' started by J1218, Jul 5, 2011.

  1. J1218

    J1218 Power Member

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    We all know how popular and profitable some of the simplest ideas can be. Just think of all the stupid things on infomercials every day that sell like crazy (snuggies, pillow pets, slap chop, pocket chair, and so on.) Those are easily million dollar ideas and simple as hell. There's nothing complicated about turning a bathrobe around so the sleeves are in front and calling it a Snuggie, but someone did it and is now a millionaire.

    Well what if you have an idea like that, where would you go to get it out there? I think of little gadgets all the time that might be useful to people, but I just have no clue what to do with it from there.

    I've seen some inventor commercial a few times where they say they will help you, but are they legit?

    Anyone have experience doing this? I'm sure with all the creative minds here some of you have thought of a good physical product that could be a huge hit.
     
  2. ShadeDream

    ShadeDream Elite Member

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    With these kind of things I am always scared that they will just steal your idea and run! Good thread though as I'd be interested in what to do too.
     
  3. J1218

    J1218 Power Member

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    Yep, that was my main concern too. If they are paying millions of dollars for a TV commercial, there's obviously something in it for them.
     
  4. Nordajgt

    Nordajgt Regular Member Premium Member

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    patent.
     
  5. SpellZ

    SpellZ Regular Member

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    Watch Dragon's Den!

    People in that show come up with the craziest gadgets and get rejected.
    Watch the Canadian one tho! 10x better!
     
  6. phluid

    phluid Power Member

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    Get your provisional patent and you should be covered for the first year at which point you will need to get a proper patent or the dropping the project if you have no progress.

    Here is a site that I have always found to be cool for this kind of stuff: http://www.kickstarter.com/
     
  7. xollls

    xollls Junior Member

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    No need for patent, just make sure you have them sign a "non disclosure agreement" before you submit an idea. Its not in there best interest for them to steal your ideas. Patent are a costly and lengthy process (if you have the patience and money go ahead).

    Try to stay away from companies asking for a large up front payment to submit your idea.
     
  8. artizhay

    artizhay BANNED BANNED

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    You take it to http://www.kickstarter.com/
     
  9. xollls

    xollls Junior Member

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    as the poster above said you can also get a "provisional patent", do your research.
     
  10. lancis

    lancis Elite Member

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    Provisional is cheap, having your patent checked by patent editor is cheap as well.
    These two are a must, otherwise you have all the chances to get your idea stolen.

    Non disclosure agreement is bull... because you cant prove the connection between those you present your idea to and those manufacturing it.

    If the idea is something major then better find an investor, otherwise if its a gadget search for a manufacturer and ask for a percent of the revenues.
     
  11. Cnotey

    Cnotey Power Member

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    Hey J, I can tell you from experience (I have over 20 patents) the best thing to do is talk to a professional inventor under NDA. Regardless of what anyone says, you don't always want to patent something.

    In fact, if there is anything about any of your inventions that can't really be reverse engineered, I would advise NOT patenting it. Because when you patent something, you have to reveal exactly how your invention is built and how it works. Not always the best course of action.

    I would either

    1. Get some prototypes made, get patents if needed, and sell to big corporations.

    or

    2. Get prototypes made, get patents if needed, and produce and sell them yourself.
     
  12. MillionaireMindset

    MillionaireMindset BANNED BANNED

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    Hey Cnotey,

    I very often get deep into thought and come up with tons of ideas which I think would be very useful in everyday life to many people throughout the world. The only problem is, I don't have the money or the knowledge of what to do with my ideas. Could you PM me your Skype ID or Email so I can get in touch with you so that I could get a few helpful hints and ask some questions?
     
  13. roamer

    roamer Power Member

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    It'd go something like this:

    Provisional Patent -> Contact big companies and offer partnership/exclusive license if they create prototype, if they're not interested thank them for their time and tell them you'll go to a competitor with the same offer. Bottom line is, you've got like a year to get a company to back you up and create a working prototype. If companies know you won't sit idle on your idea, they're more likely to try and seize the opportunity instead of waiting for your temp. patent to expire and steal it.
     
  14. thesimpleseller

    thesimpleseller Newbie

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    there's always shark tank lol
     
  15. Apposl

    Apposl Power Member

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    Interesting thread. What if you are just putting a different spin on something already out there? So when you go to these big companies, they might say, hey, good idea...but then just do it with their own products. How do you protect from that happening? Tell them you have a provisional patent, copyright, etc etc, talking with other large players about licensing deals, professional presentation and the like? I don't care if they buy my product, or just offer it as an option for their own - I just want a chunk of change if they think it's a good idea and decide to do it with their own as well.