I recently had a business idea that I was sure would revolutionize the home remodeling industry. I talked with my brother (Patent Attorney) about it and he helped me understand that to take an idea to market takes a lot of steps.
- First, I needed to run a patent search. This typically costs about 1,200 to 2,000 dollars.
- Next, I needed to write up a provisionary patent. This would cost only a few hundred dollars.
- Getting a lawyer that knows what they’re doing to help write up and file the real patent starts at 5,000 (this is a favor) and can easily reach 10,000 dollars.
Well, what if I didn’t have that kind of money yet. What options do I have?
After speaking with a relatively successful idea entrepreneurs he talked about how he sometimes starts with the poor-man patent. That is, he makes a working prototype of his idea, takes a picture of it, writes up a brief description of how it works, seals it in an envelope and sends it in the mail to himself. Definitely an option.
Okay, so once you’ve got the patent, then comes the marketing and further development for mass distribution.
This is the step where most people really get stuck. (Or bankrupt at least… (especially in Utah:))
There are of course a few organizations out there that do have more capital and plenty of experience in helping inventors bring their ideas to lucrative market. I did a little research and came up with a few different names that might interest readers to further research. (I’m sure similar organizations exist in your home state if you’re not from Utah).
I’ve known some incubator groups, and of course there are a number of Utah Venture Capital Firms, but really I think the resources are somewhat limited for people who have an idea but no other business experience.
There is no substitute for hard work. When you put your idea on the table, if you don’t move on it, others may.
I have heard however, that if you have an idea and want to turn it into a marketing reality, you may want to speak with a gentlemen by the name of Stuart Reeves as a great guy to point the way on this subject. You should be able to contact him (or his secretary) at his company,Technology Solutions Group.
I’d also be interested in any more useful leads for this subject. Let me know!
Recently I heard (NPR) that Russia is having difficulty coming up with new ideas and innovation. There is plenty of capital floating around but the entrepreneurial spirit seems to be lacking. Perhaps another alternative for Utahns would be for them to petition to the Russians for money. We’ve got the ideas, courage and desire to move on our ideas but capital seems to always be lacking. But then again do you really want to have to fly to Russia every quarter to report to your investors….