Questions

Me and and my partners are the inventors of a new handtool. We presented it at a competition at our University and placed well (top 4 out of 30 teams) and got alot of great feedback on the tool and even had some industry people tell us they'd buy it if it were on the market. It was to my belief due to conversations we've had that the goal was to try and to try and license/sell the idea/prototype/etc off. We got a provisional patent and procured the help of some great engineers to develop the product even further and make an even better prototype. Now, one of the partners has brought to the table of use procuring investors and trying to take the idea to market (that means manufacturing, molds, sample orders, patent, etc). This ride was not one I was interested in or planning on taking. I'm an internet/online/ecommerce entrepreneur, it's where my experience and success has been. The handtool market is not one I have experience or knowledge and neither do I want to. They know I'm not really interested in going further as they plan and it's been brought to the table to me for me to cashout my % when they get investors.

Let's keep it short and simple.

1. You shouldn't bother about worthiness of the idea to get patented as in no way you feel attached to the same. You said, you're an entrepreneur that loves to hover around internet et al.

2. Your partners are good and trust able people. In my decade of experience I've seen so many of them struggling to cash out their owndership at one stage or another.

3. Yes, go ahead and sell your ownership. This will be of help to everyone involved with the concept.

4. Do you need to discuss anything further please feel free to reach out to me.

Hope above help!!


Answered 5 years ago

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