A quick article from inventorspot triggered a previous experience that I would like to pass on. The article talks about a bubble gum manufacturer and a toy manufacturer joined up to create bubble gum bubble bath soap. Although this is a joint venture of two established firms working in related (kids) but not the same market, joining up with other inventors working in related fields can have great benefits.

Potential Issues

Many things can get in the way of the relationship working, most of which are the same as any two companies coming together like power structure, culture, and direction. However, the largest problem with these relationships is the creation. Inventors are so focused on the secrecy, they pass up opportunities to enhance the probability of success. How do you get over the fear of idea theft? First introduce your idea in a general industry or market term. It is a kids safety product or a sleep aid or a cooking accessory. Hopefully your counterpart in the conversation read this post as well and they will respond with a general description of their product. If anything seems similar, ask to go get a drink together at a later time. You can bring an NDA along to that meeting and a recorder too if you want (pretty cheap these days at Staples). Once there, put your cards on the table. If there is no opportunity for an overlap, (making something together) then you will at least get some feedback from an inventor working in a similar field and have upped your network.

Too much risk ???

First I don’t believe that there is a lot of risk in this type of arrangement. You are exposing your idea to another inventor, who is working on their own idea (highly unlikely the same idea). The other inventor will not abandon their idea to steal yours, because they care about their own too much. If you are solving the same problem but in different ways, you are at worst potential competitors.

What do can you gain??

Even if you have bought into that a potential partnership meeting has a little risk, why do it. The benefits can be great.

1. Stronger company / product line -> More likely to get funding
2. Market knowledge – companies licensing in the same market, research (internet and surveys), retail contacts
3. A better product, (put two products together and an ultimate)
4. At a minimum knowledgeable feedback

In summary, you can gain a lot by getting a partner during your invention development. Also remember that 50% of $1 million is a lot more than %100 of $10,000 or nothing.