Philadelphia Business Daily

what is the best way to approach companies with ideas for products or new products?

ive got a lot of ideas for new products or improvements to existing products and what to approach the manufacturors. obviously i want some financial payment especially if the product makes the company a lot of money. whats the bes tot approach them?

Public Comments

1. Without patents on your inventions, you have nothing to sell. Prepare prototypes, get the patent(s), then approach manufacturers to license (or purchase the patents outright) for your products. Do not approach anyone about your ideas, or mention them to anyone but your patent attorney. You have no protection for your ideas, and telling someone is as good as giving them away freely.
2. To some extent I agree with ibu guru. Unless you legally protect the product anyone can steal it. Note that I said PRODUCT. Ideas in themselves are not patentable, but products and processes are. I have a patent # 4,428,555 and it is a manufacturing process. Also note that if you come out with a product companies can come up with a reasonable facsimile and skate around your patent. Also remember the inventors adage: $10 to invent it $10,000 to patent it $1,000,000 to defend it. I mean that you are responsible to file law suits if someone copies your patent and you have to put up legal fees up front. Suppose you invent a new seat belt and your friends at Ford decide infringe on your patent. They are a big company with deep pockets. They could drag on the law suit for years, costing you, literally, millions to defend your patent. Then suppose you run out of money. Tough luck, buddy! They can take your patent and use it if you can't afford to fight them! That said if you do want to propose product to a company I would advise that you get what is called a "provisional patent" first. Here is a link to the US Patent and Trademark Office page about that: http://www.uspto.gov/web/offices/pac/provapp.htm Patents typically cost over $10,000 to get, but a provisional patent only costs a few hundred and it will protect you for a year from the filing date. Good luck. I hope you make millions!