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New ABC show The Shark Tank & protecting my idea.

DougsterDougster subscriber Posts: 4
edited June 2009 in Protecting Your Ideas
Aloha everyone,
I received the message from Startup Nation about the new show from ABC called Shark Tank...
Where entreprenuers & Inventors will spiel the "Sharks" to try & get funding.
Could I ask for professional advice on what is the best way to proceed.
I think my "OFF THE WALL" Extreme Ping Pong could reaslly benefit from such exposier and they also own ESPN and that would be a great fit for getting my game & play on TV. Its also a very visual game/sport so I am sure people would love how exciting this is. My only concern is not handing over all rights to my property. I obviously wouldn`t do that.
Anyone have thoughts on this subject in general?
Thanks much & make everyday a GREAT day!
Aloha
Doug 
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Comments

  • DougsterDougster subscriber Posts: 4
    Here is my update:
    I received a email back from the shows producer David Polanzak and he said the lawyers are not finished with the contract we would have to sign, it still needs "The T`s crossed & the I`s dotted in his words.
    He stated, he will be calling me next week to discuss this further & I will be happy to keep people updated here as well.
    I just hope that they don`t think people will sign over full control over the "Business model" like American Inventor wanted.
    That was why I turned down that show.
    Aloha for now everyone!
    Doug
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  • DougsterDougster subscriber Posts: 4
    Tiger Taco & Legsx3:
    Thanks for the replies, good thoughts.
    The producer is going to call next week and I have legal concerns as well obviously so I will keep an open mind while trying to "sell" my business plan at the same time trying to get on with my legal plan.
    I know that after reviewing the 5-6 pages American Inventor had, that I wasn`t interested in giving up all rights to my "baby"
    Have a great weekend!
    Aloha
    Doug
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  • DougsterDougster subscriber Posts: 4
    TheSoMeEx:
    Point well taken, Good luck/skill to you!
    When I say My Idea, it is the whole thing I mean, my business plan & everything. I am very close already to being ready to take it to market.
     The way I look at it, as long as I am not signing over all rights, I would LOVE to have the national expoiser to "Sell the WORLD" on "OFF THE WALL" Extreme Ping Pong!
    I know it would be a MUCH bigger hit on ESPN then...Poker tourny`s YAWN....
    It seems like a natural to me anyway
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  • 451connect451connect subscriber Posts: 1
    I got the email also.
    I`m no lawyer but didn`t think there much risk because I went live already...
    www.451connect.com
    The email I got didn`t say anything about signing over rights.
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  • 451connect451connect subscriber Posts: 1
    wow...10% 0f Gross Reciepts.
    I hope I am faced with making a decision like that in the near future.
    If they get the ratings on the 7 shows ABC will easily green light many more.
    PR
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  • DougsterDougster subscriber Posts: 4
    10% of net profits sounds more realistic...
    My email stated that the contract wasn`t finished yet.
    No word back yet from the shows producer.
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  • patentandtrademarkpatentandtrademark subscriber Posts: 103
    ask lawyer if you should file patent application before disclosing idea.
     
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  • ccusaccusa subscriber Posts: 0
    Just wondering if anyone else has recieved a e-mail from david polansak at ABC`s Shark Tank.  It refrences the application and a personal telephone follow up. About 2 weeks ago. No response yet.
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  • DougsterDougster subscriber Posts: 4
    Yes same status here too ccusa
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  • DougsterDougster subscriber Posts: 4
    I just spoke to Dave, he seems like a real good guy. We got along great and I was able to create a good visual of "OFF THE WALL" Extreme Ping Pong and how it will be the next world wide game hit!
    The next part is producing a 5 min video of said game & explaining it in a way to SELL the rest of the group there.
    Also the usual Background checks and 20 pages of legal paperwork I have yet to go through.
    He did say you won`t sign over the idea. Its just a chance to PITCH the Sharks who have the cash to invest in the next best thing since sliced bread and then sell them the financial side as well...
    ABC owns ESPN Sports network! It sounds like quite the WIN/WIN to me!
    This is MUCH more exciting to watch then some half baked poker tourney!
    Aloha all & have a great weekend!
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  • ccusaccusa subscriber Posts: 0
    I spoke to shark tank as well,
    I am glad to see things are moving forward, for you and me both.
    Regards
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  • pulseguypulseguy subscriber Posts: 0
    Hey can someone let me know if you can go on the show to pitch just an idea? With no patent or any type of protection? And if you only have a not operational prototype
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  • pulseguypulseguy subscriber Posts: 0
    Ok I see! But what if the investors are interested in the idea/invention?   Couldnt they also be investing in the protection of the idea?  Besides my pitch includes 50% of my business.
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  • patentandtrademarkpatentandtrademark subscriber Posts: 103
    it`s probably worth a few bucks to discuss the specifics of the patent prospects with your lawyer.  There are lawyers that claim to offer "free" initial consultations- but very few in the patent area.  You can probably find one that would discuss this with you for a small flat fee.
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  • pulseguypulseguy subscriber Posts: 0
    After applying for the show online i got an email back from one of the casting directors, and she asked me to respond with "i confirm and accept".  That was almost two weeks ago.  Does that mean ive been selected or does everyone get that email?
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