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  1. #1
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    Default How to patent an idea? And affording it!!

    So my mother and I have come up with a BRILLIANT new idea/invention that I just know there is nothing like of already, it would sell like hotcakes, and all you ladies on here would LOVE IT! my question is, to get an international patent costs are around $10,000 - $20,000! O don't have that sort of money!! Any ideas on what to do?

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  2. #2
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    Could you somehow borrow the money (not sure what type of loan) then pay it back when the product makes a profit??

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    Find an investor. They get 'x' percent of profits and certain rights. Our friend did this and both have done VERY well out of the agreement.

    Ideally it needs to be someone who has developed their own idea and been a success so they can also mentor you, share their companies resources etc...
    Last edited by BlissedOut; 05-05-2012 at 07:25.

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    Could you somehow borrow the money (not sure what type of loan) then pay it back when the product makes a profit??

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    You could settle for design registration. Design registration is done with IP Australia and is applicable to protection of how the product looks, shape pattern etc. You can DR providing nothing has been done like it in Australia before so it's a new product and looks distinctive and a DR can last for 10 yrs. You get exclusive rights to the design and you can grant others the right to use it. If the thing you've come up with isn't mechanical or had a working function you can't actually patent it anyway as its not classed as an invention rather it would be a design. If it is able to be classed as an invention maybe an innovation patent is more for you. It more for household gagets, is cheaper, quicker and simpler to get a IP rather than a standard patent. The only downside is IP only lasts 8 years and is applicable in Australia.

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    Thanks! The idea does have a moving part that is the main essential part to the product. I don't really just want to protect the design I want to rotect the whole concept/idea its a product that I think every mother will want! All around the world, I'm so excited by it just don't know how get started!

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    Quote Originally Posted by BlissedOut View Post
    Find an investor. They get 'x' percent of profits and certain rights. Our friend did this and both have done VERY well out of the agreement.

    Ideally it needs to be someone who has developed their own idea and been a success so they can also mentor you, share their companies resources etc...
    My problem with this is, if I take it to an investor to help pay for the patent it will be unprotected when I show it to them, how can I trust they wont steal the idea?

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    Also make sure you have truly scoped out whether it exists already or not, including overseas. I know someone who was burnt by this!

    I think that, as in most things, if you need an investor then an element of risk is unavoidable. But investors must get ideas given to them all the time and don't steal them. Most wouldn't have the time! So it's worthwhile them getting a % of any profit instead as they don't have to do the ground work, just fork out the cash!

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    Quote Originally Posted by spitthedummy View Post
    My problem with this is, if I take it to an investor to help pay for the patent it will be unprotected when I show it to them, how can I trust they wont steal the idea?

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    You can talk to a lawyer and ask that the investors sign a form before you present your idea and business plan I think.

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    Wow that is sooo exciting make sure pop back and let us know how your going. Great job!


 

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