Pond Boss Forums INTRO Questions & Observations patent attorney

Well I have had much experience in the last ten years with patents and business deals.

First and for most is everyone and anyone you talk to about your idea have them sign an NDA. A none disclosure agreement. File it and hold it for future possible legal battles.

Second the idea and product in a box is the easy part. 95% of the work is selling and marketing the product. In this case you have a current product that has is own current dealer and client base. You research the company sales, dealers, distributorship, local or national. This will give you an idea of what % or possible income you may be entitled to. Then is it worth spending the time and money on.

Easy way is to sell your ideal for a % of the current company's sales and stock options for your improvement on the product. Do not get greedy. Something is better than nothing.

The Key for a patent improvement is 10%. If the design is changed for the better by 10% you can get a valid new improvement patent.

Copy rights and trade marks have more power in the patent world. Patent pending is another grey area. The patent is pending providing I file the paper work. Patent pending on a product may indicate there is no patent at all providing they decide file to patent it. Patent pending is enough to prevent most from trying to patent or change a products patent.

I would go to the company who has the product you have improved. Have them and any division of that company sign an NDA. At that same meeting have your LOI your letter of intent ready explaining you have improved their product for the better. Do not get into the details of how! Lay out in the LOI what you want 2% of retail is very good return for an idea. Have a lawyer draw all this up to protect you and your idea.

Here is the deal if they feel your improvement is worth 2% of retail sales they will take it. If you ask for to much they will wait for the NDA to run out and make the changes anyway as RND. At this point you need deeper pockets and good luck with that.

You can see how in business these kind of deals are the most sketchy as they come. The most you have on paper with dates the more civil it will be.

I really hope this helps your friend and good luck. Do not let it consume you. Do not think about it every hour. Try two days a week or this can drive you to the point you will give up and forget it all together.

A new idea that is a great idea is best 99% of the time building it running with it finding a large distributor to take it and make money with it. Let them make the money. Its like jumping onto a train that is going by or you could start making that train one nut on bolt at a time. I have jump on some trains with large company's and its the only way to really fly just DON'T get greedy or you will be under that train.

Cheers Don.