Inventing New Products/Inventions/Finding Grant Money

Advertisement


Question
Ms. Ballou,

I'm recently working with a company trying to help me market and get my patent for my ideal.

My ideal is to help removal of cigarette smoke to prevent illness due to second hand smoke.

I'm needing help from angel investors to help me pay for the patenting.

My ideal will help people global not just internal.

Please advised,
Thamks

Answer
Hi there,

Nice to hear from you.

You wrote:
1. I'm recently working with a company trying to help me market and get my patent for my ideal.

a) You're using the word "Ideal" versus using what I think you mean which is "idea".

b) Might this company your "working with" be an invention submission company? I suspect it is. If they want your money versus they act like a partner putting up their resources and money, then to me it has the smell of invention scammer. Are you sure you've "thoroughly" checked them and their successes versus "listened" to what they say?  

b) Has a Prior Art Patent Search been performed yet accompanied by a written legal opinion? Finding investors when there may nothing proprietary that is protectable may be an uphill battle.

c) Did you know for less than $200 "you" can get your idea, invention or product into patent pending for a year? It's really simple. Patents written by an attorney or patent agent cost a lot of money and take minimally around three (3) plus years to issue as a patent (unless it's merely a "weak as water" Design patent). Are you intending on waiting all those years for a patent to issue, or what?  

2. My ideal is to help removal of cigarette smoke to prevent illness due to second hand smoke.

a) Ideal what?

b) Do you realize how many patents and products there are targeting the same issue you speak of? Hence a prior art patent search should be performed because what you've come up may or may not be protectable. it should cost around $250 "with" a writen legal opinion. You don't take a marketing companies advice it is patentable, you get a prior art patent search performed. Also, will it need government approval and testing? Or has the FDA issued anything saying it's not needed for an invention such as you have?

3. I'm needing help from angel investors to help me pay for the patenting.

a) No way you need the above. If you can't afford less than $200 to get your invention into patent pending, how on earth are you ready for an Angel? Is it you're looking for an Angel because you have a product in the market with major sales and you need an Angel to take your company to the next level? I mean, Angel's don't usually invest in pure "ideas" in someone's head or even for that matter physical products not typically in either the technology or medical related fields - hot ones right now.

b) You don't need an Angel to help patent anything. They expect those seeking money from them to have that minor issue addressed already. If you can't afford less than $200 to get your invention into patent pending for a year, something is wrong. Didn't this marketing company tell you this is all it takes? You do not need to apply for a formal patent right off the bat requiring the big bucks. That comes down the line. Also, with the new "First to File" law being enacted on the 16th of this month, you'd better make sure NO ONE knows about your invention because the U.S. will no longer be a "First to Invent" country. It's now going to be the first one to the patent office irrespective of who has been working on the idea and development of the same invention.  

b) Or is it you're looking for the type of investor we call FF&Fs (friends, family and fools?) I'm not clear what stage of development your invention or  market-ready product or corporation is at? Could you make this clear, please?

c) How much inventory do you have you have to get to market needing an investor or Angel's help?

4. My ideal will help people global not just internal.

a) Your "ideal" - ideal what? Do you mean Idea?

b) As I mentioned there are thousands of inventions some with patents and some not all alleging they help the issue of second hand smoke.

c) You can email me privately with the name of the company who wants you to raise money as I may have facts in my files about them you need to know before you go off on what may be a tangent if you're starting off trying to get an "idea" launched.

d) Did you know you do not need an investor to launch a product. If you are being sold on the idea you need one something is already amiss other than if the investor is needed to purchase inventory.

5. Finding list of Angel inventors should be quite easy. First, do you have an ongoing small business promoting and selling the produce you need more money for? Getting one on board is another issue. Do you have a Business Plan written and reviewed by say a bank or perhaps S.C.O.R.E. office in your state?  

Do you realize there are Angel clubs in every state of the union sometimes more than one per state. You must first really understand what Angel's seek in start up corporations they invest in. You do have a start up corporation, right? They don't usually invest in ideas, invention, or products but on-going businesses with certain revenue minimums (each investor has different limits). Some investors take equity for their help; hence an up and running corporation.

If you wish to contact me off line so we can speak you'll find me in Google including my phone number. The long and the short is, to find an Angel if your invention/product qualifies for one at this stage can usually be found on Google as part of a club in your state of Angel Investors. They each usually list what type of investment opportunities they are willing to entertain.

Regards,
Penny Ballou  

Inventing New Products/Inventions

All Answers


Answers by Expert:


Ask Experts

Volunteer


Penny Ballou

Expertise

The Invention Process; Royalties; Licensing Inventions/Products; Pricing; Direct to Market; Marketing/Promotions; Patent Searching; DIY patent writing; Types of patents/costs/how to's; Funding (grants and Angel investors); Prototyping; Off-Shore sourcing.

Experience

I am founder of an inventors group; Advisory Board President of www.inventored.org; former Licensing Executive Society member; researcher for www.piausa.org and a consultant; plus moderate and contribute to several online inventor discussion groups.

Publications
Enter my email address into any search engine to find them.

Education/Credentials
Invention development: well-studied and applied in all aspects of the process and an inventor myself with one invention in patent pending and others ramping up. Lived and attended schools in Mainland China and the UK.

©2016 About.com. All rights reserved.