Suggestions...
Posted 22/12/2009 - 17:34
Link
Can't help but in the UK there are places where you can be pointed in the right direction and introduced to the sort of people who can help.
Good luck with your idea and I agree let nothing out till you have cover - think in the UK there are two sorts of registration one is for the idea with details and drawings and the other is for the actual manufactured item, guess you need the equivalent of the first till you have the time and in order to get the financial help you need.
Good luck with your idea and I agree let nothing out till you have cover - think in the UK there are two sorts of registration one is for the idea with details and drawings and the other is for the actual manufactured item, guess you need the equivalent of the first till you have the time and in order to get the financial help you need.
Jackie H
K7, K20D, istDS, Optio SV, ME
Most used glass
50mm f1.4, 60-250mm, 28-80mm,
Sigma 105mm 2.8 Macro & Bertha 50-500
K7, K20D, istDS, Optio SV, ME
Most used glass
50mm f1.4, 60-250mm, 28-80mm,
Sigma 105mm 2.8 Macro & Bertha 50-500
Posted 22/12/2009 - 20:31
Link
First thing to do is to try to estimate ballbark business potential for your idea. Try to put together a spreadsheet with the following:
*Total potential market (eg pros+enthusiasts)
* Estimated total customers as % of potential market
* Marketing ramp up (x % of market potential in year 1, y in year 2, etc)
* Selling price & cost per unit
=> profit per annum
That should give you a rough idea of the value of the idea and whether it is worth proceeding.
Next step is to move to secure patent protection. For North-American coverage you should expect to pay anywhere north of US$ 10,000 for competent representation. In other words it is fairly substantial money, but it is not payable in one sum up front; instead there are milestones with payments staggered over perhaps 2-3 years. Ask around to find somebody local with a good reputation; this is not an area you want to try to save pennies on.
Depending on your resources, you probably want to raise some financing at that stage. However, it is still too early to go for venture capital. Instead try what is known as a ‘friends and family’ round of financing, where you tap the aforementioned close contacts for say 1.5-2.5x of the estimated legal fees and other identified costs for the first 12-18 months. In return they should get somewhere between 10-30% of a purpose formed company that will own the commercial rights to the idea.
Once the ball is rolling with the patent process you will either need a second round of financing this time from venture capital or from a strategic/trade partners depending on the product and potential.
You probably know more about the latter than I do. As for venture capital I have several good contacts in Toronto but your situation is very early stage and a specialist field that is not of interest to my guys. Try to enquire from local/state business development agencies as to suitable partners; there may even be some public money/grants available. If you don’t turn up anything suitable let me know and I’ll try to get some names.
Good luck!
*Total potential market (eg pros+enthusiasts)
* Estimated total customers as % of potential market
* Marketing ramp up (x % of market potential in year 1, y in year 2, etc)
* Selling price & cost per unit
=> profit per annum
That should give you a rough idea of the value of the idea and whether it is worth proceeding.
Next step is to move to secure patent protection. For North-American coverage you should expect to pay anywhere north of US$ 10,000 for competent representation. In other words it is fairly substantial money, but it is not payable in one sum up front; instead there are milestones with payments staggered over perhaps 2-3 years. Ask around to find somebody local with a good reputation; this is not an area you want to try to save pennies on.
Depending on your resources, you probably want to raise some financing at that stage. However, it is still too early to go for venture capital. Instead try what is known as a ‘friends and family’ round of financing, where you tap the aforementioned close contacts for say 1.5-2.5x of the estimated legal fees and other identified costs for the first 12-18 months. In return they should get somewhere between 10-30% of a purpose formed company that will own the commercial rights to the idea.
Once the ball is rolling with the patent process you will either need a second round of financing this time from venture capital or from a strategic/trade partners depending on the product and potential.
You probably know more about the latter than I do. As for venture capital I have several good contacts in Toronto but your situation is very early stage and a specialist field that is not of interest to my guys. Try to enquire from local/state business development agencies as to suitable partners; there may even be some public money/grants available. If you don’t turn up anything suitable let me know and I’ll try to get some names.
Good luck!
Posted 23/12/2009 - 13:00
Link
thanx...
will start by doing patent searches, then move onto documentation and patent application, followed by business planning, then will seek capitol investment.
next year will be a busy one, that is for sure...
will start by doing patent searches, then move onto documentation and patent application, followed by business planning, then will seek capitol investment.
next year will be a busy one, that is for sure...
Fired many shots. Didn't kill anything.
Posted 23/12/2009 - 21:28
Link
Don, do you have a Canadian version of Dragons Den? This is a UK television programme in which you are given an opportunity to gain substantial investment and expertise if you can convince the investors/established entrepreneurs of the worth of your idea, albeit at the expense of losing a substantial element of potential profits. They tend to look firstly for a good idea, backed by a convincing business plan, patents in place and an honest, up-front pitch.
I think the principles apply to any approach for external funding.
It sounds exciting, and I hope you will keep the forum up to date of your progress!
I think the principles apply to any approach for external funding.
It sounds exciting, and I hope you will keep the forum up to date of your progress!
Posted 24/12/2009 - 09:48
Link
Don, you should obviously proceed as you see fit.
However, in the course of life in general and your pursuit of patenting in particular you will invariably encounter people that may be helpful in commercialising you idea sometime down the road.
Do yourself a favour and undertake some basic business planning of the type I mentioned above in advance so you can demonstrate a modicum of business/market awareness and generally don’t look a complete novice.
However, in the course of life in general and your pursuit of patenting in particular you will invariably encounter people that may be helpful in commercialising you idea sometime down the road.
Do yourself a favour and undertake some basic business planning of the type I mentioned above in advance so you can demonstrate a modicum of business/market awareness and generally don’t look a complete novice.
Posted 24/12/2009 - 11:36
Link
I wish you well and advise keep it close.
Do not involve friends to help you out
I have recently made a car and although it didn't sell as I'm not a sale's man.
It did cost a lot to fund and with me funding it I had no deadlines witch investors will expect
James
Do not involve friends to help you out
I have recently made a car and although it didn't sell as I'm not a sale's man.
It did cost a lot to fund and with me funding it I had no deadlines witch investors will expect
James
My Fluidr
"To see in colour is a delight for the eye, But to see in black and white is a delight for the soul" ANDRI HERY
"To see in colour is a delight for the eye, But to see in black and white is a delight for the soul" ANDRI HERY
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6213 posts
20 years
Winterpeg Manitoba Canada
As some of you know I tinker with building robots.
I've got a brilliant idea, but not the resources to build a prototype.
This camera related idea would be patentable, and could be considered "Must have" gear, also affordable to any serious/semi pro shooters... the kind of idea that will have many smacking thier foreheads and saying "Why didn't I think of that?"
I need advice on how to protect the idea, and approach prospects for investment capitol. Canada specific advice would really help.
I'm hoping to get a patent and find a manufacturer or to licence the patent...
All suggestions advice welcomed...