FundRobot » Funding Sources » Correct Steps In Turning an Idea Into a product, and then Into a Business?

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Old   #1 (permalink)
 
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Default correct steps in turning an idea into a product, and then into a business

I have an amazing tech idea. The product does not exist yet, so I want to be the first to the market! I want to know what steps to take to turn my idea into a legitimate product, and then into a business!

-Do I get the product patented first? I know I can have a provisional patent application sent in, to give me a year or so to develop the idea, but still have the label "patent pending" associate with my idea, which is attractive to developers and investors...
-When and how should I raise funding?
-When do I go to a developer to get a prototype made?
-After I have a prototype made, should I use kickstarter or Indiegogo?

I am 23, just out of college, and FULL of aspiration and determination...I just need HELP!

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Old   #2 (permalink)
 
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Default correct steps in turning an idea into a product, and then into a business

A prototype is not legally required prior to filing your patent applications, but it will certainly help you avoid filing a patent for something that doesn't actually work, making the patent application worthless.

Stop talking to anyone about your invention until you have actually filed a patent application (including a provisional), unless they are under non-disclosure agreements. When you disclose your inventions to others you start "the clock" on the time-limit within which you must file in the USPTO and you may have permanently compromised the "novelty" of your invention. Imagine someone goes out and makes one, or publishes a paper describing YOUR invention. Your later patent application would be pointless in any country that has no "grace period" in which to file after disclosure.

For anyone thinking the "First to file" rule allows anyone to "steal your idea" and patent it must have missed the part that says only the INVENTOR can file a patent application. Therefore, if they invented it on their own, they might beat you to the patent office, but if they simply stole yours, they would be committing a federal crime by attempting to file a claim that they invented it. Also, like Thomas Edison's patents on light bulbs, their patents would be ruled entirely void, having been copied from the works of others.

Many people use the one-year (not a day more) of "provisional application" time to put together the business plan and start shopping the invention around (still in secret) to potential investors.
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Old   #3 (permalink)
 
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Default correct steps in turning an idea into a product, and then into a business

I have an amazing tech idea. The product does not exist yet, so I want to be the first to the market! I want to know what steps to take to turn my idea into a legitimate product, and then into a business!

-Do I get the product patented first?
--NO. Do market research first; thousands of inventions
are HAULED to market and few if any of them are bought.
Many inventors do not seek to solve problems of masses of
customers, they just make neat stuff.
----
I know I can have a provisional patent application sent in, to give me a year or so to develop the idea, but still have the label "patent pending" associate with my idea, which is attractive to developers and investors...
-When and how should I raise funding?
not till u have done market research and written a biz plan
the chances of procuring financing from investors
is about 1%
---
-When do I go to a developer to get a prototype made?
---after market research results show a demand for
your invention.
---
-After I have a prototype made, should I use kickstarter or Indiegogo?
--neither; they are run by people who want community
toys and goods, not problem solving inventions.
they are a waste but likely with good intent
--see if you can keep your invention and money and
visit "garage."
I am 23, just out of college, and FULL of aspiration and determination...I just need HELP!
--what was your degree in?

can guide further
Awesome90 is offline   Reply With Quote
Old   #4 (permalink)
 
Posts: 2,639
Default correct steps in turning an idea into a product, and then into a business

You need to develop your prototype first. Then before you show it to anybody, get it patented. Recent changes to patent law awards the patent to the first person or corporate entity to attempt to patent it. If you go to market with it first, and somebody says: "hey neat idea" and runs off and patents it, then you've lost the opportunity to patent it.

As for investors, you have to prove that its worth investing in. You could use something like kickstarter or whatever, or you could market the idea to angel investors.
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