Path I should take with potential startup: portable power generator
Hi WSO, I have a friend who's a regular on this site. I was talking to him recently, and he said some pretty good things about this site and recommended that I seek advice here. (I wasn't quite sure where to post, so I made two threads, one in the VC subforum and another in the Other subforum). A little about myself: I hold a PhD in Physics/EE/Applied Math from a top tier program and have been working as an engineer for the past few years.
Recently, I've come up with several ideas for creating a small, portable power generator that outputs power/electricity from mechanical forces found in everyday life. I recently created a prototype that carries out my most basic idea, and from the tests I've run, it's already more powerful than similar generators on the market, as measured by power density. I'll be working on the remaining prototypes in the coming weeks, but I'm fully expecting that each will be even more efficient than the first.
Now here's the dilemma (and the reason I've been pretty vague thus far): the idea in itself is not complex. Although there are very few engineering/physics majors on here, I'm sure all of WSO could fully understand how my idea works within half an hour tops. Moreover, the materials used are relatively cheap, and the construction process isn't complex. If I were to divulge my ideas to an angel investor or VC firm in hopes of obtaining funding, I'm sure they could very well just take the idea and execute/capitalize on it themselves.
Anyone have any ideas on what to do next/possible paths to take in a situation like this? File a patent perhaps and wait for pending status? Much thanks in advance for any insights.
Yeah, contact a patent lawyer. A couple of my friends just roped me into being CFO for a small start up company that has a similarly basic yet innovative product, which basically means I get stuck with all of the boring set up work. I contacted a patent lawyer which cost a couple of grand to get the patent. Turn around time was pretty fast as well. Assuming the lawyer does a good job and structures the patent well, once it is in your name you should be good to go.
Check out this link on confidentiality and NDA's (non disclosure agreements) by Mark Suster, a popular VC guy, in a reputable fund. http://www.bothsidesofthetable.com/2009/07/26/on-ndas-and-confidentiali…
If your product is that easily replicable then it is very likely a similar product already exists or has been patented. Do some thorough research on your potential competitors and market to confirm or deny this. If it already exists then your startup will need to differentiate itself from its peers to succeed (ie price, cost, innovation, etc.).
Re: NDA VC and investors will not rip you off. If they do, and word gets out (word always gets out), then no one will ever talk to them or take their money again. They just killed their own career . . for the opportunity to maybe make it as an entrepreneur.
If you're idea is not that innovative and has cheap materials, I would bet that it's sitting somewhere in the lab of one of the other competitors. Many products get killed and don't make it to mass production. Ever wonder why golf clubs and cars come out with new versions every year? Why not just throw it all into one awesome new car, because companies want consistent cash flow.
So go for it, launch it and kick some ass.
Cupiditate praesentium optio rerum quia. Aut ipsam voluptatibus aperiam error non illo aut. Eum commodi incidunt quaerat quia cupiditate tempore temporibus. Architecto et voluptatem rerum. In vitae perferendis et ex libero. Similique voluptatum ut ut. Occaecati voluptas et dolor quam magni porro.
Voluptatem deserunt repellat aut ipsam similique. Fuga et repellat sit eaque corrupti fugit cupiditate. Soluta autem odio ut et recusandae voluptas.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...
Quia non blanditiis autem nulla voluptas libero alias. Sequi facere voluptatem et sunt. Cumque est et reprehenderit laboriosam. Dolorem corrupti ad iste sed et aliquam labore. Voluptate quaerat odio et saepe voluptas. In fuga est est omnis animi. Rerum voluptate recusandae nihil libero odit.
Rem enim eligendi nulla aut commodi voluptas. Impedit omnis qui aut rerum. Quibusdam commodi delectus asperiores earum voluptatibus repellendus itaque. Eos sint repudiandae quaerat quos corrupti est molestiae iusto. Fugiat est omnis iste quia unde nam ea. Enim vel est quos quae deserunt minus quasi hic.
Eum explicabo cumque nihil. Et placeat repudiandae temporibus. Officia iste accusamus deserunt architecto est odio. Ut magni nisi tenetur id facere itaque. Iste nihil natus accusamus non quam corporis maiores voluptatem. Fugiat eveniet consequuntur eum nulla alias corrupti illum odit. Adipisci iste eos atque.
Ipsa iure ut laborum soluta. Tempora ut facere cum odit dolorum ut. Consequatur sint eligendi qui neque dignissimos.