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Master Don Juan
I'm on the brink of acquiring my first real ASSET, with the possibility of getting my second right along with it.
I recently formed a partnership to get 50% ownership on one potential patent, and I'm currently working on getting at least 25% ownership on a second idea that my partner has. The first idea is mine to begin with-- my partner just tweaked it and adapted it to be more marketable.
I actually set up the situation quite well-- my partner does research and testing, I do development. My partner is a teacher, and since both concepts that we are trying to patent deal with educational materials, I have the opportunity to test the materials as I create them. The first test run was a resounding success, and we got tons of research feedback for practically free b/c my partner tested my invention on her students. Tommorrow (9/9/05) we will begin the second trial of the product, complete with changes I implemented after taking the results from the first test into consideration.
I can't be too specific about the concepts we are trying to patent until the patent is actually granted, but it is to be published in book form. Since I provided the original concept for one of the patents in question, My task is to create the printed materials in exchange for 50% of the profits. Not bad, considering that it cost me zero in cash to get in, and I get 50% of the royalty checks and other proceeds. I would have liked to have 100% of the patent, but its worth splitting b/c my partner has the means to test it, whereas I don't, and my partner has contacts that I don't have.
anyway, I just wanted to share what I've been up to. Intellectual property investments are not quite as profitable as real estate in the short term, but I sure can't complain about having 50% ownership over a unique idea that can be used in schools everywhere with my invention getting 100% of the market share for the next 20 years and get 50% of the royalty checks for a very long time after that.
I recently formed a partnership to get 50% ownership on one potential patent, and I'm currently working on getting at least 25% ownership on a second idea that my partner has. The first idea is mine to begin with-- my partner just tweaked it and adapted it to be more marketable.
I actually set up the situation quite well-- my partner does research and testing, I do development. My partner is a teacher, and since both concepts that we are trying to patent deal with educational materials, I have the opportunity to test the materials as I create them. The first test run was a resounding success, and we got tons of research feedback for practically free b/c my partner tested my invention on her students. Tommorrow (9/9/05) we will begin the second trial of the product, complete with changes I implemented after taking the results from the first test into consideration.
I can't be too specific about the concepts we are trying to patent until the patent is actually granted, but it is to be published in book form. Since I provided the original concept for one of the patents in question, My task is to create the printed materials in exchange for 50% of the profits. Not bad, considering that it cost me zero in cash to get in, and I get 50% of the royalty checks and other proceeds. I would have liked to have 100% of the patent, but its worth splitting b/c my partner has the means to test it, whereas I don't, and my partner has contacts that I don't have.
anyway, I just wanted to share what I've been up to. Intellectual property investments are not quite as profitable as real estate in the short term, but I sure can't complain about having 50% ownership over a unique idea that can be used in schools everywhere with my invention getting 100% of the market share for the next 20 years and get 50% of the royalty checks for a very long time after that.
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