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Milt raised some very interesting points.
First. For the "toy" I did not seek a patent based on a few, trusted recommendations. I was put in touch with a manufacturer in Long Beach who loved the concept and, with my friend the lawyer helping, I signed a contract that gave me money upfront and a piece of the gross sales, not profit only. The hard part was the Terms and Conditions under which "sales" and "profit" are calculated.
It did well for over a year...I even went with the guy to the New York toy show...fascinating event. I did not get rich but I made enough to satisfy myself that I took the idea as far as I could.
The "toy" market is similar to the car accessory market: It was imperative that I found a trustworthy white knight to protect my interests. I may have been able to make more money, but I doubt it.
So, that is my, please forgive me, toy story.
The current patents are much different and are complex adaptation(s) of existing technology (unmanned air vehicles) that met the requirements of the patent office. We also trade marked the concept. The concept of employment is the key.
Similar to the toy episode, we found an investment partner who was very interested in the idea. We approached the partnership differently and kept the provisional patent, trademark and Intellectual Property.
The T&C are different because the scope of the effort is much different than the toy...it is all a risk/reward equation with investors.
So, two different runs at something I "invented" with different approaches to trying to gain from the idea.
Again, all the advice so far has been excellent and matches well with my experiences. I can tell you that you absolutely must have help (legal, etc.) after a certain point to make sure you are protected: The process is like a Cormack novel: No Country for Inventors.
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1996 FJ80.
Last edited by Seahawk; 08-24-2010 at 12:26 PM..
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