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Developing a business idea/invention

  • 18-08-2008 1:15pm
    #1
    paddyblue
    Registered Users, Registered Users 2 Posts: 169 ✭✭


    Hi,

    I've come up with an idea, an invention of sorts, but not sure how i should go about selling it to someone.

    It is basically a new service that could be developed & sold here...i've done some preliminary research and reckon there is a defineit market for it. However, due to the fact that i don't have the cash to take this any further, i would be looking to try to sell the idea to someone, for say a fixed initial fee &/or shares in the future profts. This idea would need the co-operation of a particular existing public sector service, so i have thought about maybe trying to sell it to them...

    Obviously i would need to do full market research for the idea & be able to show that it could work, have an estimate of the initial investment required, possible returns, etc but before i go any further i'd like to know if i need to patent this idea first to prevent prospective investors cutting me out of the deal once i pitch the idea to them.
    Does anyone know if it's expensive to patent an idea? Are there different levels of patenting something or is it a standard fixed fee? Obviously if i need to splash out big bucks just to secure the idea i might as well put this to bed for..... the immediate future anyway.

    I'd appreciate any avice

    My knowledge of business is very limited so excuse any ignorace i'm showing here.


Comments

  • #2
    CaraFawn
    Closed Accounts Posts: 314 ✭✭CaraFawn


    paddyblue wrote: »
    Hi,

    I've come up with an idea, an invention of sorts, but not sure how i should go about selling it to someone.

    It is basically a new service that could be developed & sold here...i've done some preliminary research and reckon there is a defineit market for it. However, due to the fact that i don't have the cash to take this any further, i would be looking to try to sell the idea to someone, for say a fixed initial fee &/or shares in the future profts. This idea would need the co-operation of a particular existing public sector service, so i have thought about maybe trying to sell it to them...

    Obviously i would need to do full market research for the idea & be able to show that it could work, have an estimate of the initial investment required, possible returns, etc but before i go any further i'd like to know if i need to patent this idea first to prevent prospective investors cutting me out of the deal once i pitch the idea to them.
    Does anyone know if it's expensive to patent an idea? Are there different levels of patenting something or is it a standard fixed fee? Obviously if i need to splash out big bucks just to secure the idea i might as well put this to bed for..... the immediate future anyway.

    I'd appreciate any avice

    My knowledge of business is very limited so excuse any ignorace i'm showing here.


    With no money you will have to struggle a bit I am afraid.
    First-off, write your idea with as much details as possible.
    Find a sollicitor and send him your document with all the description by registered post and instruct him not to open it. Keep it in his office for the record.

    Get appoitments with Enteprise Ireland and other private VC.
    But before doing this, make sure you have a really good story.
    Make sure people will be interrested. Make sure nobody else thought about this.

    Also ask yourself, why people would like to buy my product/service etc...
    VC will ask you lots of questions, which is normal, if you are not able to answer them, they will show you the door.

    We all have ideas all day long, that is great. But selling it is another story.
    Be prepared for that. Make sure there is a market, and preferably, not only Irish.

    To raise interrest with Enterprise Ireland and VC, you need to have a product that can be exported. That is what we call the scalability. If your service/product is not scalable, forget about it.

    HTH


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