Intellectual Property Law

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What do you do if you do not have the money to create the invention,

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but have a valuable idea?...
What do you do if you do not have the money to create the invention, but have a valuable idea?, How do you earn money from an idea?
Submitted: 8 years ago.Category: Intellectual Property Law
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Answered in 3 hours by:
6/16/2010
IP Lawyer: Win, Patent Prosecutor replied 8 years ago
Win
Win, Patent Prosecutor
Category: Intellectual Property Law
Satisfied Customers: 265
Experience: Over 12 years of intellectual property law experience representing individuals and start ups.
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The first thing you should do is make sure your idea is truly novel. Many inventions have been patented but not marketed. Accordingly, you should do a patentability search at the USPTO. http://www.uspto.gov/patents/process/search/index.jsp If your invention is not patentable (must be new, non-obvious and useful) then there may be no barriers to entry and others can simply copy your idea. Further, you may want to consider if you can sell your patent and are not infringing others' patents.

 

You can contact an invention promotion agency, which will promote your invention to try to get you a licensing deal. However, they may not be worthwhile (you need to ask them how often they've managed to generate revenue exceeding costs).

 

Another possibility is to sell your invention to a non-practicing entity (NPEs), which will then enforce or license your invention. You will most likely need to have a patent though before talking to them.

 

You might also want to get funding from the government (e.g., DARPA or DOE). The government will pay you to research and develop your idea if it is in an area they are interested.

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DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

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