I have come up with a product that I feel will change a billion dollar a year industry and therefore create another industry to support my new product. I am wrestling with the idea of starting my own corporation and going into production or trying to sell the patent and collect a royalty any advice?
2006-08-23 16:52:18 · 2 answers · asked by KJ 1 in Business & Finance ➔ Small Business
Associations may be a good avenue to explore. These organizations will address many of the thoughts, questions and concerns you'll inevitably have as well as many you haven't anticipated yet. See the source box for some relevant links.
Research, research, research – this cannot be stressed enough. Read as much as you can. Here are some book titles that are relevant:
* From Patent To Profit: Secrets & Strategies For The Successful Inventor, Third Edition by Bob Dematteis
* How to License Your Million Dollar Idea: Everything You Need To Know To Turn a Simple Idea into a Million Dollar Payday, 2nd Edition by Harvey Reese
* The Inventor's Bible: How to Market and License Your Brilliant Ideas by Ronald Louis Docie
* The Complete Idiot's Guide ® to Cashing in On Your Inventions by Richard Levy
There are plenty of free informational resources out there. Check the source box for links to articles.
Hope that helps! I wish you much success & happiness in all your ventures!
2006-08-24 07:44:45 · answer #1 · answered by TM Express™ 7 · 0⤊ 0⤋
Most inventions don't get licensed very easily. Even Dean Kamen (inventor of the Segway) has built companies to sell products. If your product can find a market successfully, then your options to sell the company or to license the product become much more probable. See your local SBDC center (Small Business Development Corporation) for a class on the ins and outs of doing this. Dont't forget to ask your patent attorney about his experience with other clients as well. Good luck!
2006-08-24 12:05:34 · answer #2 · answered by Anonymous · 0⤊ 0⤋