| Mar. 01 2008 at 11:32 PM |
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I think that any deal an inventor makes to receive any percentage based on "net profits" is likely to get burned.
Everyone with business sense, knows that the books can easily be
"cooked" to make it show just breaking even or loosing in the "net"
profits.
I think any honest company should be willing to make a deal to give from GROSS revenues to the inventor.
It might be only 1% but from the gross, not the net.
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| Mar. 12 2008 at 5:20 PM |
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I had an offer from Sears/Craftsman for my product that they wanted to only offer 1% plus $5000.00 up front. I gave up on them and can't imagine a mega company like Sears wanting to screw the little guy.....man, welcome to reality!!!!
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| Mar. 12 2008 at 7:46 PM |
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If that offer had been 1% gross I might have taken it.
Think of it this way, if Sears can sell 500,000 at $3.00 each, that would give you $15,000 plus the $5000 up front.
Now you have money to create another invention and pay a lawyer and marketer to promote it and get the big bucks.
Or perhaps enough to start a business.
True, Sears would be raking it in while you get very little, but if you focus on parlaying that into something bigger and better it still could be a stepping stone.
As far as the justice is concerned, well they say "life isn't fair", but they also say "living well is the best revenge".
Edited by: Inventrepreneur - Mar. 12 2008 at 7:49 PM
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| Mar. 17 2008 at 1:31 PM |
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Not a bad idea about taking 1%, but I really don't completely see the business sense of settling for 1%. If it is a great product/service and you know it, hold out just a little and continue to shop it around. I'm not suggesting to be unreasonable of your desired target %, but demand a more reasonable offer--after all, it's your idea!
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| Mar. 18 2008 at 12:00 PM |
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Does anyone know who and how to approach the right company about your idea? Also how do you present your idea without the risk of them stealing your idea?
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| Mar. 18 2008 at 12:33 PM |
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Hello Parker;
I am wrestling with that problem myself.
A few things you might do though (and I do not know how much they would help but they cannot hurt) might be to write down your idea, in as much detail as possible and then get it notarized and then send it to yourself in the mail and keep it sealed.
You might even wish top send it in a small box, or package because at the Post Office they stamp it all over on every fold of paper or cardboard on each seem.
That way they are certifying that they sent that package with those contents on that date.
If you can make a model (especially a working one) and somehow date it, that would also not be bad.
You might wish to tell close friends and family so they can attest to the fact that you indeed had that idea on such and such a date to prove you did not come up with it after copying someone else.
If you have money you might wish to hire a patent attorney to patent it for you.
There might be organizations or groups which can direct you to lawyers who will do it not too expensively and who won't rip off your money or your idea.
Some of these "We will develop your idea for you" companies might be honest but I tend to doubt it.
I have not seen one yet which has developed anything I have heard of for anyone who is the actual inventor who is now rich because of them developing that idea or invention.
I wish someone (Startup Nation or the TV show the Big Idea with Donny Deutsch on CNBC
on weeknights, for example) or a business start up magazine, would interview someone like
Joy Mangano (I think that is her name) whop invented the self wringing mop and now makes millions selling her huggable hangers on the shopping channel, how she first made the prototype of her mop and how she first sold it without getting the idea stolen from her and how the rest of us can do the same with our ideas.
No one has ever produced a babystep by babystep how to do it from square one to selling it and making the profits.
Everyutime people are featured and they talk about how they got started, critical details are always left out, unless it is something unduplicatable.
Like in one Big Idea episode a woman who started her own line of Ice cream made from goats milk said she started by renting a refrigerated truck for thousands of dollars per month.
Well I have no money to do anything like that so it does not help me.
Others do not tell the beginning details.
Like someone might say "well I made my first one and got it patented and started selling it.
OK how did you make the first one?
What materials did you use, how did you bend them into shape?
What workspace did you use, your house?
How did you respond when you went to the patent office and they said you had to prove no one else had patented that idea before?
Hod did you even FIND the Patent office?
All these details and more need to be asked in these interviews and they aren't.
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| Mar. 20 2008 at 9:44 PM |
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Hi there Inventrepeneur! Great post!!
Speaking from experience, I'm truly just a stay at home mom who brought her crazy idea to market and now either me or my product have been featured on The Bid Idea 4 times on in the last 2 months. The best book out there for inventors is "The Mom's inventors handbook" by Tamara Monosoff, but you have to be willing to do the work. It took me 20 months from light bulb moment to market, and I worked at like a dog every day (and tried my best to raise my two daughters at the same time) There are people out here that can help, but you've got to do your time in the trenches. What do you need?
Leslie
Founder and President
Charmed Life Products LLC
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| Apr. 06 2008 at 5:19 PM |
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Invetrepreneur..great post..
Leslie..I am getting the Mom's Inventor Handbook.
I love the resources that come out of these postings.
Colleen Dougherty Bronstein Designs
Sun Safe Designer Clothing
http://www.sunsafedesignerclothing.com
http://www.bronsteinartwork.com
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