Options when the 'idea' stage is complete

[kindafishy]

Hi All,

I have done searches on this forum and read some great advice that I can apply to my situation, but I would like to specifically engage in conversation regarding where I am at right now.

I basically have an idea down on paper. My idea, without really giving anything away, will require both hardware and software engineering/manufacturing. I do not have a prototype, and I have not looked into patenting the idea. I do know that there are products in my 'space' out there, but they are poor solutions to a customer desire and there is not one out there that is like my device.

I have contacted a local college that has an applied research partnership program and I have a meeting with them this week to discuss creating a prototype.

So, here are my questions:

- Am I right in looking into getting a prototype made at this point?
- What other options do I have for getting a prototype made?
- At what stage should I look into getting a patent, or should I even bother?
- After creating a prototype, what are my options for getting this to market? Do large manufacturers ever offer partnerships (i.e. would Samsung or RIM partner with me to build this)? Do large manufacturers ever offer royalties on products sold to them in this way? Is it better to find a venture capitalist, a marketing expert and a manufacturer and try to form a new company around this?

Thanks for reading, please respond and help me work out answers to these questions.

[kindafishy]

...forgot to include this on the original question.

- Is it ever worth it to try to sell something to a larger company when it is just at the idea stage (i.e. just on paper, no prototype, no market research, no patent, etc)?

Thanks.

[akula]

...forgot to include this on the original question.

- Is it ever worth it to try to sell something to a larger company when it is just at the idea stage (i.e. just on paper, no prototype, no market research, no patent, etc)?

Thanks.

there is no market for the kinds of stuff that you're talking about
something at "an idea stage" with "no prototype, no market research, no patent, etc" is not a type of property
it's not able to be bought or sold

[kindafishy]

something at "an idea stage" with "no prototype, no market research, no patent, etc" is not a type of property
it's not able to be bought or sold

Thanks for the response.

That's what I thought, but I figured I would ask. Right now, I am just trying to figure out how to move forward, and what options are available.

What are your thoughts on approaching a large company from another angle during this stage of development? Specifically, would it be a mistake to set up a meeting with someone from a large, well-known manufacturing company to try to work out an arrangement whereby, they help with the prototype/research etc? How about pitching it as an idea for a subsidiary company where they would finance the r&d?

Sounds like a good way for an 'inventor' to get muscled out of their own concept at a very early stage to me, but as you can likely tell, I have not done this before, so I need to ask...

[Mega B]

Before you approach a big company with your idea i would certainly make sure you have a patent on it or a written agreement because many a good idea has been stolen without the inventor being able to do anything about it.You have been warned.

[akula]

Thanks for the response.

That's what I thought, but I figured I would ask. Right now, I am just trying to figure out how to move forward, and what options are available.

What are your thoughts on approaching a large company from another angle during this stage of development? Specifically, would it be a mistake to set up a meeting with someone from a large, well-known manufacturing company to try to work out an arrangement whereby, they help with the prototype/research etc? How about pitching it as an idea for a subsidiary company where they would finance the r&d?

Sounds like a good way for an 'inventor' to get muscled out of their own concept at a very early stage to me, but as you can likely tell, I have not done this before, so I need to ask...

well...you have three options
1. try and hussle up some sort of a deal with a large company
2. patent/register a whole bunch of stuff and sit on it hoping for something to happen in the future
3. try to build a business around your venture

from my experience, options 1 and 2 are typically a waste of time, and i've only ever seen option 3 generate real results for the entrepreneur

the process of building a business is pretty straight forward. it's a step by step procedure and there is only one correct way to go about doing it. it's a pretty disciplined, well structured process. i would encourage you to know the steps off by heart.

[kindafishy]

the process of building a business is pretty straight forward. it's a step by step procedure and there is only one correct way to go about doing it. it's a pretty disciplined, well structured process. i would encourage you to know the steps off by heart.

I sincerely appreciate the response. I can easily come up with my own steps that I 'think' are correct, but are you referring to a specific documented set of things that should be done? Do you have a link by any chance?

I have been thinking about all of this a lot. I think the third option you mentioned is the way to go as well. I had the meeting with the AR Liaison from the college and he likes the idea enough that he is going to shop it around to some of his researchers. If this doesn't pan out, I will seek other avenues for creating a prototype. I am pretty convinced that I have something that consumers will want, so I will just keep trying to figure out how to make it happen.

I have a bunch of other questions at the top of this thread, but maybe I am trying to cover too much ground here. Should I break a couple of those questions into individual threads?

Thanks!