Introduction/General Question

**nickluto** · 10-15-2007 05:02 PM

Howdy.

I am a senior Economics major at Texas A&M University. I've always had a business-framed sort of mindset and the other day I stumbled upon an idea that had real marketability.

The device itself is quite simple. It's an electronic device that somebody with no more than an undergraduate computer science degree can program. It's small, functions are relatively simple. The only problem is that I have no idea where to start. Do I draw up some schematics and a flowchart of the very simple program code? Like a diagram of the menu's it would take you through? I am a college student so I have very limited capital, however, if i were able to obtain a patent and develop this product, I definitely think there is a very solid market for it. My goal is low-cost production and a retail price of around $30-$40. Who should I talk to about developing my idea?

Knowing nothing about entrepreneurship, how do I allow myself to develop this idea without having other people attempt to take advantage and steal it from me?

Any ideas?

**radreality** · 10-15-2007 05:33 PM

probably the best and fastest way, but not necessarily the cheapest, would be to hire an attorney.

You could spend your time learning about business, but why spend a lot of time on something you aren't very knowledgeable with when you can just have someone else do it and learn slowly along the way?

If you don't want to have any business partners you can just hire an attorney or a business consultant. Consultants are cheaper, generally $75-$125/hr; compared to attorneys, $200-$250/hr.

I wouldn't let those high prices for an attorney discourage you though. A lot of firms have certain business packages that are flat rates. It might be something worthwhile to at least look in to.

______________________________
Robert Falk
Business Developer / Investor
Self Help & Success Forum

**nickluto** · 10-15-2007 06:19 PM

Thanks. You have any recommendations?

Also, my father works for an esteemed company in the semiconductor industry. Do you think I should ask him if he has any 'ins' into the industry...as in, if I wanted to get IP developed, someone who could get me some pointers?

Obviously, being a college student, 250/hr is a big investment, even if im going to test the waters and see if this could be a profitable venture (or not). I imagine this is why 95% of good ideas die a slow and short-lived life...

Also, who can I consider trustworthy with my idea? So far I only have a concept and I can develop it further if need be. But is there certain documentation that people need to have that ensures me that it is ethically-correct if they keep my idea a secret? I am willing to pay for this if need be, but what do I need to have when I see one of these people?

I guess my main question is...if I go to someone with this idea, what do I need to look out for to ensure that they are legally obligated to keep it my IP (short of having a patent)?