Words to live by. I need to just do things more often. Here’s an example.
Today at breakfast my son and I discuss some ideas for a new kitchen tool. It’s time for lunch and I’ve done a product and IP search and contacted eight companies with an introduction letter to start a discussion about the product idea.
There are two approaches to developing a product to license:
1) File a PPA and then send your sell sheet to companies. Drawback: Costs $110 just to file the PPA and you have to draft the document and create drawings. Takes a lot of time and energy. The clock is also ticking, you have one year to convert the PPA and file for a patent.
2) Contact companies and see if they are interested first. Don’t disclose the invention. Just state the problem to be solved and the benefits of your product. If the company is interested, execute a NDA to protect yourself and start the discussion. I call this the Roger Brown method. I also read about this in the book “Kids Inventing! A Handbook for Young Inventors”.
So I opted for option 2. Of course, I will need to follow-up with the company and at some point make some drawings and a sell sheet to get the idea across. The benefit is that I don’t waste a lot of time and money on an idea that has no interest.
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