I have 3 life changing inventions. whats next? im good at inventing but bad at all the rest. thanks?

Question

I have 3 life changing inventions. whats next? im good at inventing but bad at all the rest. thanks?

Answer 1

Kes has most of the answer. One minor error in that response is that US patents now cover 20 years from the filing date (it used to be 17 years from the issue date).

There is a new book out that I am currently reading named "Intellectual Property Law for Scientists and Engineers" by Howard B. Rockman. While it wan't turn you into a patent attorney, it is very readable and informative. There are several other books available on the topic as well but I am not familiar with them.

One option that may be worth investigating is a license of your inventions to a company that is already producing similar things. Be sure to get a Non Disclosure Agreement signed before talking with them (otherwise, you are making a public disclosure of your invention).

In a licensing arrangement, the large company would handle all of the patent details, if warranted, and your reward would typically be a royalty on the items sold or a lump sum payment. If you think that your invention will sell many thousands or millions of units, then a royalty arrangement can be very lucrative for you. In low volume and some other cases, a lump sum might be the better option.

When discussing your invention with a company, focus on the financial side of things. No matter how ingenious your inventions are, a company will base its decisions on return on investment. As a simple example, if you sell your idea for a million dollars and it will cost the company another million to tool up to produce it and the expect to spend another million advertising it, then their investment is 3 million dollars. They will want to know how long it will take them to recover that investment and show positive cash flow as well as how long that cash flow should last.

If you don't already have hard figures (not just optimistic estimates) for return on investment, do the necessary work to determine them. If you can walk into a prospective buyer's office and confidently say "If I could show you how your company could be making an additional 5 million dollars per year, would you be interested?", then you actually have something that someone will spend time listening to.

Answer 2

Get the idea patented.

http://en.allexperts.com/q/Inventing-New...      

http://www.entrepreneur.com/startingabus...

http://www.dondebelak.net/index.php?page...

Good Luck!

Answer 3

do you actually have these in your hands or do you mean you have an idea for an invention?

If the latter, I'd pick the best and concentrate on it. Make drawings, make a working model, and solicit expert opinions. Once you are sure your idea is workable and an "advance on the state of the art" proceed with a patent.

Answer 4

In general you may have only one year to file for a patent from the date you make a public disclosure of your invention.  It is usually necessary for you to document your invention using for example a pen & ink drawing that reveals the novel feature and is witnessed and dated by someone (usually not a relative) who can state on your behalf that they understand the drawing.  This will establish your priority (earliest date) in case more than one person submits a patent application.  For practical purposes you likely will need the services of a patent attorney who will have a patent search performed to establish novelty and avoid infringing upon other pre-existing patents.  A syphon was invented in ancient Egypt and is prior art, which can not be re-patented although improvements may be patented.  Certain patents (perpetual motion machines, etc.) will not be allowed.  A patent may permit you to sue to protect your rights for 17 years.  However there is a design patent (exotic fishknife handle, etc.) that protects for only three years.  Rather than get a patent, some inventors go directly to market with a gadget that is reasonably priced but requires perhaps expensive dies, it in just not worth someone else going to the same expense when they can't compete any better.  Read all you can about patents, especially how laws differ in diferent countries and steps you must take to acquire world rights.  Patent laws may have changed since I last read about them and you need the latest information.