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Developed My Idea/Invention But It Is Now Sitting
ClydeKen
subscriber Posts: 1
Hi All:
Three years ago, I decided to go forward with a twenty year old idea that I had and hired a company to develop it. (Am I allowed to mention the company name?). Anyway, about a year ago, with what they called a "Virtual Reality Prototype," it was presented to at least two companies that I know off. This was verified because I had to fax signed permission letters to them prior to the presentations.
After that, I received three updates within several months of each other and then, no updates until I called them about a month ago. I do know that it sometimes takes many presentations before any manufacturer will pick up on a product regardless of how "dynamite" of an idea the originator might think it is. After a lengthy conversation with the director of licensing, I decided to leave it with them.
I have invested over $12,000 into the project. It would have been more except that at the end of the prototype development, the company offered me a deal whereby they retained 20% of the product rights for me not having to invest any more into it.
I have an urge to go back and see about buying them out of the 20% share and going forward with my own efforts to manufacture and sell the item. With what is being sold over the internet (primarily ebay) there is a possibility I could do very well with it. Without getting into details of the product, I liken it to the "Pet Rock" or the "Inflation Hedge" - a gag gift, conversation piece for the "person who has everything." I think it`s a dynamite idea.
I welcome anyone`s input on my thoughts about going it alone. As is the case with many others, funding is a major source of my hesitation.
(BTW, I have another idea that is now over 25 years old and no one has brought that product to the market, either. (This product would be best marketed to major sports teams - NFL, NHL, NBA, etc.)
Regards,
Three years ago, I decided to go forward with a twenty year old idea that I had and hired a company to develop it. (Am I allowed to mention the company name?). Anyway, about a year ago, with what they called a "Virtual Reality Prototype," it was presented to at least two companies that I know off. This was verified because I had to fax signed permission letters to them prior to the presentations.
After that, I received three updates within several months of each other and then, no updates until I called them about a month ago. I do know that it sometimes takes many presentations before any manufacturer will pick up on a product regardless of how "dynamite" of an idea the originator might think it is. After a lengthy conversation with the director of licensing, I decided to leave it with them.
I have invested over $12,000 into the project. It would have been more except that at the end of the prototype development, the company offered me a deal whereby they retained 20% of the product rights for me not having to invest any more into it.
I have an urge to go back and see about buying them out of the 20% share and going forward with my own efforts to manufacture and sell the item. With what is being sold over the internet (primarily ebay) there is a possibility I could do very well with it. Without getting into details of the product, I liken it to the "Pet Rock" or the "Inflation Hedge" - a gag gift, conversation piece for the "person who has everything." I think it`s a dynamite idea.
I welcome anyone`s input on my thoughts about going it alone. As is the case with many others, funding is a major source of my hesitation.
(BTW, I have another idea that is now over 25 years old and no one has brought that product to the market, either. (This product would be best marketed to major sports teams - NFL, NHL, NBA, etc.)
Regards,
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CraigL: Much appreciated.
Jeff: I went over to AOL.com but did not know how to get to "Westnova, username". As a "fledgling interpreneur" there is still much I have to learn about using the internet.
Thanks, Choc
Placed a telephone call to Davison Engineering (Pa) and my contact is out for the day. Left a message so he should call me back tomorrow although I am not waiting and will be placing a call as soon as I get up in the AM. I normally get up at 5 so I can call and leave a message or wait till they get to work (6 my time, 9 theirs) first thing. Try both.
I had lunch today with my friend who owns the Strike Force Tour and he absolutely loved the idea and is now thinking about investing in it. He also told me that he could help me line up some investors if need be (or at least give me an introduction so I can talk to them). My younger sister travels to Taiwan regularly for her own manufacturing company so she can find out manufacturing costs for me.
Will keep you posted. Thanks again for your encouragement and "kicks-in-the-butt".
Regards, Choc
Director of Licensing and I had a great conversation. In summary:
1) Product is mine and I am free to see if I can find a source different from them. Just be careful not to present it to companies they have already presented to.
2) They will continue to present the product even though I am presenting it at the same time. Keep each other informed so we do not duplicate efforts. If they find someone and I approve of it, then they have the 20% stake; if I find someone by myself, I do not have to give them 20%.
3) If I can find someone to manufacture and get Davison involved in the final negotiations (because of their experience negotiating contracts) they will expect their 20% stake to be honored.
4) In my dealings with Davison, there is no more cash needed from my side for them to keep trying to find a manufacturer; but, if I`m doing it on my own, I do have some outlay.
5) The are very flexible.
I must now spend a little bit of time to develop my plan of action.
Regards, Choc
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And so the day ends....more or less
Take a look at it at AOL blog WESTNOVA and let me know what you think . WES Comment from westnova - 3 / 24 / 06 5 : 23 PM. < Rainy Monday ...
journals.aol.com/kyllein/MacKellerannsworld/entries/1529
http://journals.aol.com/kyllein/MacKell ... /entries/1 529
And there goes Friday
Now , I got a response from someone who read this blog , In Re : Universes , from WestNova on AOL blogs . He has an idea for what the universe looks like ...
journals.aol.com/kyllein/MacKellerannsworld/entries/1550
http://journals.aol.com/kyllein/MacKell ... /entries/1 550
MacKellerann`s world
All About Me. All about me . . . . Hah ! Well , lemmesee ; First - off , the name Kyllein MacKellerann is my name . It was given to me when I was too small ...
journals.aol.com/kyllein/MacKellerannsworld/
I have invested over $12,000 into the project. It would have been more except that at the end of the prototype development, the company offered me a deal whereby they retained 20% of the product rights for me not having to invest any more into it.I
Davison has been in trouble with USPTO for questionable practices and is at the end of settling a lawsuit where a client put a second mortgage on his home for $12,000.If an invention is a good one then $150 to $300 is all an inventor should have to pay for an evaluation. At that point the company should be willing to invest in the product for a percentage of the profits.They will have to do a lot of leg work so, therfore the modest fee is not unreasonable because their time is worth something.Consider www.Lambertinvent.com, they will foot the entire bill if they accept your product.I don`t have the link regarding the write up about Davison but if you were to google on Davison fraud PA, I`m sure you will find them.Of course you don`t have to pay anymore money because $12,000 is a big pay day. Now if they should finally get your product licensed, then that`s just bonus money.Wanday
P.S. her`s the link
http://www.lightlink.com/bbm/pinvmktg.html#dav</A>
Wanday2006-10-24 21:56:59