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How should an inventor with a 166 IQ and lack of good credit, locate investors

Posted on 2006-06-10
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I was posed this situation by an acquaintance........anyone been in the same boat, share experiences or solutions or ideas?

I am an inventor with a 166 IQ and am stuck in a financial rut due to lack of good credit - at no fault of my own - looking for investors for multiple inventions that could revolutionize their respective fields. I am willing to share profits at an unprecedented 50% of each invention, providing one investor takes on all inventions. If multiple investors are willing to join, then different terms could be negotiated. Thank you all for you time and consideration.



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Question by:nickg5
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fredshovel earned 100 total points
ID: 16879559
There's a site here:
http://www.inventorshelpline.info/emailOffer?source=RS_GOOGLE_1

...and the challenge for someone with an IQ of 166 is to figure out how long it takes them to ask for money.

Cheers

P.S. When I got my IQ test result of 60 I was really pleased, thinking that it was a pass...and that the test was out 100.
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by:giltjr
giltjr earned 85 total points
ID: 16879710
Make a list of all your friends and family.  Now circle all of the names that you would not mind if they were mad at you and never spoke to you again.

These are the ones that you ask for the initial amount of money.  If you start doing good, ask the others if they would like to get in on it.  If you don't do so good, well you did not mind if they never spoke to you anyway.  

When applying for loans or grants, do put your I.Q. down.  They don't care how smart some test says you are.  If you can fill out the paper work, then you are smart enough for them. :)  

If I were asked to invest in an invention, I would not care how smart the person was, but how well I though the idea would go over with the general public.  Of course I would have never picked the pet rock or the chia pet to be such big hits.
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by:Booda2us
Booda2us earned 85 total points
ID: 16879907
Here's another site to look at, a company called, Invent-Tech. Here is a link to them:

 http://invent-tech.tv/inventions/?sc=Google&key=inventors%20assistance&frm=Mas-100&ad=Phrase1&disp=searchURL

I keep getting email from some guy in Nigeria, seems he has a lot of money, could be a lead...I'll hook ya up upon request... Hope this helps ya out...Booda2us
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by:nickg5
ID: 16880544
Alot of scams out of Nigeria. I was a victim last year and was helping them ship stolen goods out of the US.
Any way, the guy with the inventive ideas, and I have heard them and they are not chia pets or pet rocks categories. Unfortunately they can not be repeated here. His parents are deceased, he has a high paying job, bad credit right now due to a "family member" and is not married. There are friends to go to with inquiries or job buddies but the family members are limited to step parents who have never really collectively added the step son to the other children to create "our children" Banks are stingy. I'm sure there are individuals who would loan $$ if they were getting a high interest rate in return. I think each invention wanting a patent takes close to $15,000 in funds with no guarantee of success. However two of these ideas seem totally worthwhile to MY unknown and hopefully average IQ.
I'll pass on the above comments and maybe some others will be posted here over the next few days.
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by:Erik Bjers
ID: 16881909
Get the ideas patented then aproach companies in the industries these inventions affect, if the invention is good the company may fund R&D in exchange for production rights of the finished product, paying the inventor for the use of the idea.

eb
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by:nickg5
ID: 16881997
the patent is the problem. He does not have the $15,000 for each patent application. He needs a way to advertise his ideas to potential investors. Local papers are not that promising.
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by:Erik Bjers
Erik Bjers earned 50 total points
ID: 16882077
I find it hard to beleive it costs 15,000 to get a patent.  Go to http://www.uspto.gov/ to check your facts.

eb
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by:giltjr
ID: 16882129
ebjers:  I thought the same thing and found:

     http://www.uspto.gov/go/fees/fee2006may15.htm

There are a LOT of fees, which I have no idea when you would get charged what.  The smallest single item fee is $50, the largest single item fee was over $8,000.  Some item just say "AT COST".  I would guess that you also should use a registered Patent Attorney or Agent (at least for one or two applications), which I doubt would come cheap.  After a couple you might be able to figure out how to do it on your own.

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by:Erik Bjers
ID: 16882165
Think you only need to look in the first section Patent Application Filing Fees

Looks like fees are around 300 for a new patent.  You may want to contact the patent office by email or phone and find out, I don't think you need 15000

eb
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by:Thibault St john Cholmondeley-ffeatherstonehaugh the 2nd
Thibault St john Cholmondeley-ffeatherstonehaugh the 2nd earned 50 total points
ID: 16885164
One (cheap) form of protection I read about was to package all the relevant details of your idea, seal the package completely - with lots of tape and glue etc. and mail it to yourself registered post. You receive your sealed package with paperwork to prove the date it was posted. Do not open the package.
If you approach companies who later 'steal' your design, you at least have some proof that you created this idea before contacting the company - it may help in a legal case.
I think that for a patent you need to provide details openly so that anyone would have access to them - not sure how this works though.
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by:cbromley33
cbromley33 earned 80 total points
ID: 16897626
Patents ARE expensive.  If you do not do a proper patent search, through an attorney that specializes in this, you run the risk of infringing on someone else's patent.  You CAN search online, to a degree.. but your search will not be nearly as thorough as a patent attorney's search, and thus, it can, and will, get costly.

The 'cheap' form of protection by packaging it up and mailing it to yourself does not work in the US.  You can certainly try, but it won't hold water in court because, there are companies out there developing every day, and they can and do pay for patent searches.  By mailing yourself a copy of your notes, you only prove that you wrote down some notes and mailed them to yourself on a given day, assuming the post office actually dated it correctly, etc.  Chances are really good that the company will claim that since you failed to patent it (and you did fail to do so), and they did, they have the rights to it, and you will have to pay them if you want to make your product.  Sorry, it's how it works.

What would I do?  Work on the credit first.  If it TRULY was 'no fault of their own', then there are legal ways to have bad marks removed from your credit report.  Get a credit report, and contact every single creditor reporting something bad to your history, and find out why they reported it, and ask them how you can get it removed.  If it is something that really shouldn't be there because you didn't use that companie's service, you can dispute it with the reporting agency, and a series of letters have to be sent.  Your dispute also ends up on your report.

By doing this you are A. cleaning up your credit report, and b. showing potential investors that you *DO* know how to handle money properly, and are willing to do what it takes to fix things that have gone wrong.

Personally, I wouldn't invest in someone that has a horrible credit report 'through no fault of their own' who hasn't even attempted to get his name cleared.  Why would I trust that he would do 'whatever it takes' to turn my money into a windfall for everyone?

Before investors get involved, you will need to patent it.  Or, get investors to sign very secure non-disclosure agreements (written by an attorney.. not purchased online...), and meet with them, and explain everything about your product, others like it on the market, the potential size of the market, how much you need to achieve your first production run and see what happens.  It isn't easy.. but the good things never are.

Every investor in the world wants to make money on any investment he may make.  If you can minimize risk by proving the need of your product over any others out there, you will find investors.  You just have to approach them properly.  
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by:nickg5
ID: 16898681
His name will be cleared in Novemeber, 2006, credit wise......

his savings plan would take 3 years just for one patent, which he says will cost a total fee of about 15,000.

That is why he is looking for investors who invest in new ideas and inventions.
Any one have ideas on how to locate or approach such people?
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by:giltjr
ID: 16899239
Most investers are not going to fund a patent, they are going to fund the startup after patents are received.    You might be able to get a company/person that does venture capital funding.  Even they generally like to get in after the patents.  What few people/companies that might invest pre-patent most likely would like to own part of the patent.
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by:cbromley33
ID: 16905745
Gilt is again correct.  It will be difficult because the reason to invest isn't yet there.  Without a patent, the investor doesn't know if the product is patentable (and neither does the inventor) until the search is done.  Without that intellectual property, there's no value in the item for a return on investment.  It will certainly be an uphill battle..  I hope he doesn't give up, if he truly believes in the invention.
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by:nsstone
nsstone earned 50 total points
ID: 16918000
How can a fisherman with a glittery lure attract fish at no cost to himself? How about joining various bulletin board services, and dangling your lure!

You have no credit because, like many clever lads, you don't know how to work. If your ideas are well worked out, with your financials and marketing covered, the money will be there.  The fact that you are willing to go 50% means you are not even fussed about ownership! And that means you have not hit the pavement, because there are plenty of investors who will talk if ownership is on the table.

Get to work and stop boohooing.
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by:nickg5
ID: 16919760
nsstone:
the person is NOT me.
He is employed making over $50,000 a year.
The bad credit thing is related to him helping his brother and the brother screwed him over.

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by:nickg5
ID: 16919847
his income and expenses would only allow him to save enough to reach 15,000 for one patent application after 36 months of saving. That is for only one of the 3 patents he seeks. This is why he wants investors in the patent application process because "time" is an issue.
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by:fredshovel
ID: 16919910
I'm wondering how a 166 IQ is assessed. They say Paul McCartney is a musical genius -- and it's well known that a particular part of the brain is dedicated to music.  But I never see any music questions on the IQ test.
If this guy's so smart let him figure it out.
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