Now it's time to come up with some money to keep moving forward with your invention. Uh oh. Major roadblock!
Where to find the extra cash?
Whether it's prototyping expenses or money for your patent, it's time to use your creativity. An option that may work for you is getting one or more professional partners. These are a special category of partners - they don't invest money.
Instead, they invest their professional services in exchange for a share of your invention or your business. Professional prototype designers, accountants, contract attorneys and marketing specialists of all types all have the potential to be professional partners.
Be warned: Professional partnerships often are hard to come by.
Independent inventors sometimes think when patent attorneys see their great ideas, they'll eagerly barter services for a share of the invention. This is rarely the case.
Patent attorneys are restricted by professional ethics from taking more from an inventor than they would be entitled to receive as reasonable compensation for their services. This means most patent attorneys and patent agents will not barter for their services.
We asked five Texas attorneys for their experience in this area.
Two said they had worked out such arrangements in the past, but made no money.
One said he once had a trademark client who was a real estate broker and a personal friend. He handled the trademark work for her, and she negotiated for his new home without charge.
So bartering does happen, and it may be worth it to you to suggest it if the individual with whom you are working with indicates a strong enthusiasm for your invention or if you have some other product or service you can offer in exchange.
Prototype designers are potential partners. But unless your invention is that one-in-a-million idea, they would probably prefer to be paid in currency rather than bet on the success of your invention. That said, we have heard of prototype designers who actually suggested the bartering arrangement to inventors.
Professionals who are helping you to design packaging, develop a marketing plan or get publicity for your invention also may work as professional partners. They may be willing to do this if they see the invention's potential value and want to gamble what they would receive in payment in exchange for a possible big payoff.
Lisa Lloyd, inventor and licensor of the hot-selling French Twister hair accessory, worked out a deal with the mold maker for her first invention.
She asked for and got the mold at cost by convincing the professional that if she failed, he would lose only the amount that would have been his profit on the mold. But if she succeeded, he would share in her profits. The rest is history, and we are certain that the mold maker would be happy to make that arrangement again.
Almost any professional whose services you will use in the development and marketing of your invention holds the potential of becoming a professional partner. If you choose to pursue this avenue and are successful with it, be cautious not to sign on too many professional partners. This is an area where you could find yourself in the position of becoming a minority owner of your own invention.
Independent inventors often are ahead of the game in having the moxie to step out of their comfort zones and develop brand new items.
If you feel that you have the next iPod or the next Cabbage Patch Doll, go for it. When it comes to seeking professional partners, it never hurts to ask.
Mary Russell Sarao and Barbara Russell Pitts are co-authors of "Inventing on a Shoestring Budget." Contact them at www.asktheinventors.com.
