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MenuI have an idea of a hardware product, that has received good feedback until now.Should I fill for a provisional patent or start an indiegogo campaign?
From what I understood once I have filled for a patent, I can't have a public campaign about the product as I have less chances for the patent to be accepted.
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The answer: do both. The first thing you need to know about patents is that the U.S. now has a first-inventor-to-file system after the American Invents Act (AIA) went into effect in 2013. I have to disagree with Dan above: for hardware inventions especially, a patent is an important part of the business plan. The first inventor who "races to the patent office" now is typically the winner. This means if you do not file for a patent on your invention, you can lose the rights to your invention much easier than before the AIA.
The next step is to think about how a patent fits into your business plan. A patent application is but a tool in your bag when starting up. A crowdsourcing campaign on a site like Indiegogo can validate the idea. But it also puts the idea out to the public and starts the 1-year clock ticking on when you can get a patent.
For hardware startups, however, if you're not thinking about a patent upfront -- you're likely leaving a massive amount of your product's value on the table.
I make my living in patents and have seen this story many times. I hate to say it, but the answer is figure out the business and then file the application (unless you are into lottery tickets). It is the business that makes money and you need to know how that will happen.
If you do a quick and cheap provisional filing, (a) you get quick and cheap and (b) you start the one year clock ticking. May as well put your back into it right away to know why you should spend the money on patents before you spend it.
That is my two cents.
Disclaimer: 1) I am a full time patent lawyer; 2) I have sold IP portfolios for many millions of dollars and 3) I have built multi-million dollar businesses and the third is my personal preference.
From my experience, I would file for a provisional and then do a public campaign.
STOP. FORGET ABOUT A PATENT FOR NOW.
You don't have a plan for how you are going to sell your product. Everybody loves everything until you ask them to pay for it -- especially big companies with money to spend on your razzle dazzle new hardware. Why are you spending money on lawyers when you need to be spending money on a damn good business plan.
FUCK THE PATENT. SERIOUSLY....
Go do more homework before you decide to file paperwork. Keep that money in your pocket. Invest in exploring new sales channels, marketing ideas, and strategic distributor relationships.
Check out the interview I did with the Founder of Huli Huli on CrowdfundBeat.com
Also, I'd look at the Sell Something function on CrowdTilt.com
FYI, we are launching a new Web TV Series about StartUps In Action on CrowdFundBeat, DailyMotion, CrowdSourcing,org, and more along with national broadcast AM radio.
Contact Mike Hayes - StartUpsInAction@gmail.com
Thanks, and good luck.
There are lot of questions here. First, you got good feedback -- from whom? If from your friends and family, that's worthless. If from a professor or consultant of any sort, that worse than worthless.
The only feedback that is worth anything of course is the market itself. IF the product sells, it's good; if it doesn't, it's no good. Since that makes its chicken and egg issue, the next best feedback is from someone who has sold something similar in the market and has been successful at it. Everyone else is just guessing, at best.
Unless you can say that the feedback you got is from someone else who holds a patent in the same field and has worked for or started company that because very successful selling that. For instance, if I want to sell a new type of soft drink, I would want feedback from someone who has sold new soft drinks successfully in the past few years.
Assuming you have that feedback, and it is positive, then you must consider why a indiegogo campaign? The fact is that most campaigns fail to raise any money at all, much less their targeted goal. To do a successful indiegogo campaigns requires several months of planning and quite a bit of time, effort and money to get the word out. Do you have a marketing plan that will drive at least 10,000 people to your indigogo video?
These are questions I would address before doing either action.
Related Questions
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How do you determine if a business idea is worth pursuing?
You ask the customers, and gauge their level of interest. Better yet, get yourself in front of some customers, and instead of telling them what you make or do, ask them what they need. When you notice that many of them need the same thing, and if it is something you can make or provide, you then have a business idea worth pursing.Daniel FreedmanDF
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Where do l go to sell my patented idea?
First of all, what you have is a provisional patent **application**. For now, the provisional patent application is not publicly available. This can be a big advantage to you. You can use this time to improve your invention and file additional provisional applications. If you don't plan on making/practicing the invention yourself, you should make sure to try to think of everything possible regarding how that invention can be improved. This would (hopefully) come naturally to a practicing inventor. When you file your non-provisional application, your disclosure will be made public ("published") 18 months from the filing of the non-provisional. While your applications are not publicly available, I suggest waiting until you file your non-provisional application(s) to talk to others. Quite often, provisional applications do not have the detail or the scope that the non-provisional will have -- due to the time spent on getting drawings accurate and making sure everything is included in your non-provisional applications. It is best to have a complete application before talking to practicing companies. Sophisticated companies will take advantage of information not disclosed in your provisional application to file their own patent applications. If your applications are not publicly available (or even they are published), you should sign confidentiality agreements (non-disclosure agreements) with anyone you talk to about licensing or buying your invention. Keeping track of who you talked to with confidentiality agreements can be the basis for "notice" of the invention by an infringer -- when they eventually steal your invention. You can sell your idea anytime, but a provisional application is worth a lot less than a non-provisional application which is worth less than an allowed application or issued patent. Provisional applications are generally not as complete as they could be -- and require additional time and finesse to complete the non-provisional application. In terms of appearances, if you are not willing to put in the money to file the non-provisional application, the invention is likely not worth that much money. Companies as well as non-practicing entities may look at provisional applications, but not for long, and will not give you the kind of money that you may get from selling a fully examined patent. Of course, it depends on how good your invention is.Amy PearsonAP
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Can i create and sell my invention before filing for a provisional patent and maintain my rights to the invention?
The answer is yes, but it always depends. Let me begin by saying that the more knowhow, etc. involved, the easier it is to sell something without any patent protection. Otherwise, you are trying to sell something without protection and you get no protection until the patent issues, which may take years. The acquirer may just run with it (I would) without licensing knowing there is no cost until your patent issues. Then, when you file, they will see your claims and try to modify their product around your claims. It is slightly vicious in nature. That said, I may not act much different if you file first, unless I can buy your patent or the license costs are very inexpensive. Secondly, many countries have absolute novelty and you will not be able to protect your invention there ever, even if a licensee arises and wants to enter those markets. This too, is a serious limitation for licensing. My conclusion would be that you are underfunded to address your IP and that I can get away with murder. Filing the application is your way of telling people that you are serious. That said, it is not necessary and I have a lot of clients that file later or never file.Gordon FreedmanGF
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How to approach business owners for an idea extraction?
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So I have an invention idea but do not really know how to go about
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