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End of my Rope!!!
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At the risk of sounding over-ambitious, both. I`d like to bake my cake &
eat it too!
In all honesty, I feel I have a very concrete plan to finance a large
corporation with the revenues earned by a licensing agreement with every
motorcycle manufacturer who desires to remain competitive in the
market. When Volvo was proposing seatbelts be put in every vehicle
made, the industry as a whole was reluctant. But when the "industry" saw
the data Volvo had compiled through their R&D they were compelled to
follow suite, otherwise face being ostrisized by the public for not caring
for their customers well-being.
My device could carry an equally large influence on the Motorcycle
Industry due to the simple fact that it makes the operation of the bike
more user-friendly, thus safer. If a company like Honda adopts the idea &
Harley doesn`t, the consumer will vote with their money.
In the interest of safer operation, the rider will be more confident, so men
& women alike who were doubtful in their abilities to safely operate a
motorcycle will now feel that the operation is "second nature", bringing
into the market a customer base that could not exist before the adoption
of this device. Using the industry`s sales data, demographics, & forecasts-
this could essentially DOUBLE the sales of motorcycles both here in the
U.S. and abroad.
As far as "The Company" is concerned, I would like to branch out into a
number of markets that could be considered as "durable goods", but at
this stage it is more of a long term goal. I just want my potential investors
to know that this isn`t a short sighted plan- if I were to start the company
today I would retain the services of a company or companies that could
manufactuer our designs to supply demand for the aftermarket industry
until the idea caught on. As sales grew these company`s might become
my subsidearies... But my preference would be to start at the top & work
down from there. Honda is Top Dog right now- whatever they do the
world takes notice.
Sorry for such a long answer, any questions?
Rob O.
Also, in my opinion, I would definitely cover myself with these patents before selling anything. Many attorneys will take equity positions or fine the angel investor for you once they see your product. It is easier for them to turn on an angel than for you to find one. I`d be looking just to fund the patent filings at this point.
emmytay
First thing is, motorcycle manufacturers will not put something on their bike that doesn`t solve a problem that they have or isn`t required by regulation.
An ugly fact, but safety is rarely pushed, unless it`ll give them more sales. It`s a marketing thing.
As far as your provisional patent goes, tread VERY carefully there if you are looking at foreign protection. There have been very few cases through the courts that deal with that relatively new combination. You are MUCH better off filing your full patent application ASAP. There is no cost for a year to reserve your foreign filing rights (you have to file for your foreign issues within 12 months of filing for first patent application -- It`s not that expensive to file the PCT application).
If you might end up going it yourself, and want a supplier, let me know. One of my primary suppliers does quite a bit with motorcycle parts. They can make the parts in the US or Vietnam, whichever suits your needs.
Do you have your company set up? Investors need to know into what they are investing. Given your answer to Rich ("Bake your cake and eat it, too"), I have a feeling that you aren`t ready to approach investors -- You call your plan "concrete" -- How much detail have you outlined on paper? What sort of financial models have you set up?
posts I have used the marketing data that Honda had compiled about two
years ago which allowed me to use their forcasts & demographics to
compile what I believe to be some very accurate assumptions of future
sales based on the incorporation of my device.
My market research supports these assumptions closely.
You have made an accurate assumption! I have not however gotten that
far yet. I hope to have my models in order in the next few days. There is
such a wealth of info here I have been gorging myself with podcasts &
forum posts to better equip myself for a well thought-out plan.
Thanks for asking.
Rob O.
There are about 5 million idea people in the USA with products at about the same stage are yours. Maybe you are further along with a proto, bplan, and some financial forcasts, I dont know. But, in many ways you are in a worst situation. You are bumping into the bigboys!
This can go several ways, mostly bad. 1)You can patent it, and present it to them, and they can just steal the idea and wait for you to sue their $MM team of lawyers who drag it out for 7 years. 2) You can sucessfully license it to them, and they don`t use it - they just wanted to take it off the market so no one else would have it - and therefore it generates no royalties. 3) Or You can sucessfully license it to them, and the product is a success.
The chances of scenario 3 are very rare when dealing with a big company, unless you yourself has a $MM team of well known lawyers, and the most well-known patent attorney in the world has filed your patent. So, I would suggest that you forget about the bigboys for now and work with the smaller custom bike builders, refine the design, build up some cash, and become a threat to the bigboys the hard way. Maybe along the way you will bump into a millionare that can see your vision and wants to give the bigboys a ride for their money. At that point, the bigboys will know where to find you. Sorry, just being realistic. And when dealing with foreign big manufacturers, multiply everything I said by 10.
Also, I went to a class a few years back and learned that a worldwide patent costs $60K per country. Gulp.
to buy the best Lawyers in town & knock `em dead with their own stick.
I welcome the input of anyone who has a critical thought in case I might
be missing something- It will make my endeavor that much better
prepared. Keep the reality coming...
Rob O.BetterMousetrap2006-11-16 17:59:20
Also, I went to a class a few years back and learned that a worldwide patent costs $60K per country. Gulp.
You`re a bit off on that. Costs vary widely by country. I`ve filed for patents in the US, Canada, Germany, UK, France, Japan, India, and a few other countries. My guess is that for a VERY VERY extensive patent in a country that required a translation, it could be around that price, if you add up years of maintenance fees.
There are four primary costs:
Legal Fees
Translation fees
Filing fees
Maintenance fees
The translation fees are by far the largest part upfront (especially if you have a large patent).
I can tell you that for me, if a translation was required, then the lawyer`s fees, translations, and filing fees ran from about $8,000 to $10,000 per country. The maintenance fees have been running between $200 and $600 per year.
You are right about one thing in particular -- If you think it`s expensive to GET a patent, then you`ve never seen the financial requirements to DEFEND one. Be prepared to fork over at least $250,000 to get a decent lawyer to take your case -- Unless you`re extremely lucky and have a slam-dunk case (That doesn`t happen too often).
One critical thing about international patents... Most of the upfront fees can be delayed for several years, while keeping your right to file in individual countries. First, you file in the US. Then, after one year, you file a PCT application. Then, within three years of filing your original patent, you have to file at the national level (the expensive part...), but you can file for most European countries together as one, and then wait another year to file at the national level for those European countries.
The idea is to delay as long as possible, and make sure the market will support it, and it`s worth filing at the national levels in your key market countries.
Be careful...I believe that the Sloans might have some connection to one of those groups -- They give lectures at the INPEX show (or at least have in the past)... And I`m sure you are aware of the company that puts on that show.