FAQ's
What does ThinkVillage do?
ThinkVillage collects ideas, assesses them for commercial value, protects viable innovations and then works to place pending or issued patents into industry. We bear the costs of patenting and licensing in exchange for a share in future revenues.
ThinkVillage was founded as a technology transfer organization (TTO) for individual inventors. Inventors submit their ideas and ThinkVillage assesses, invests and prepares the ideas for introduction to industry. ThinkVillage also provides services for research institutions and universities to supplement capabilities and to augment licensing efforts. ThinkVillage works with industry experts and law firms to provide in-depth assessments, prior art searches and patent filings. Finally, ThinkVillage works with the investor community to provide visibility into the newest innovations hitting the market.
Who can submit an idea?
Anyone, really. However, innovators often work for companies that have first right of refusal on any intellectual property that is created on company premises, that is created with company resources, or that is in line with current business operations. This is also true for inventors who work for universities and research organizations. If a company or other employing entity does not wish to advance the idea, inventors are usually given approval to pursue it individually. This is most often the case when the idea is outside of the business scope of the organization. Individuals not under such organizational obligations are free to submit their ideas to ThinkVillage.
Why do I want to submit my ideas?
Many, many great ideas never make it to market. An equally shocking number are marketed by individuals at great expense and are often not intellectually protected (e.g., as a patent application). A product put to market without a patent may be copied, marketed and sold by an unrelated company, reducing both realized profits as well as the overall value of the idea.
ThinkVillage provides support and expertise that facilitate idea protection and profit realization through collaboration with industry experts. In many cases, inventors are paid for their ideas before a product hits the market.
How much is my idea worth?
There are many variables that determine the value of an idea. A simple toy can make millions while a revolutionary technology can be given away for free. Only a small amount of investment goes into idea generation, yet taking an idea to market is where risk and return increases by orders of magnitude. This risk generally entails patenting an idea, building a business plan, securing funding, launching a company/product, marketing & distribution; and, even if sales are strong, there is still that issue of profitability. It is therefore clear that the value of the idea itself is a small part of the equation. Still, we have seen good inventions receive tens and possibly hundreds of thousands of dollars, and in rare cases millions. Many studies have concluded that fewer than 5% of all patents ever generate licensing revenue.
How long does it take to sell an idea?
That depends on many things. Is the idea ready for the market? Is the market ready for the idea? In other words, will a company find enough interest in the idea so that it predictably supplements current innovation efforts and budgets?
Generally speaking, it may take 2-4 months to have an idea assessed, file a patent application and conduct base market research. Once the patent is filed and the idea is sufficiently protected, our account teams look to place the technology with an organization that can profit from it. Some patents are licensed fairly quickly; others take years and some never sell.
How much does it cost to protect an idea?
Filing a patent can cost between $5,000 and $50,000, or more, depending on technical complexity and the desired level of international protection. If the patent issues, there are additional fees that continue throughout the life of the patent family, often costing tens or hundreds of thousands of additional dollars for patents with extensive international coverage. ThinkVillage does not file for patents in every country, and often files only within the United States. ThinkVillage covers those fees and costs, as applicable, in exchange for share in future licensing revenues.
Do all ideas warrant protection?
No. Filing a patent can be expensive and may not necessarily lead towards income or profitability. A patent simply prevents others from legally making, using and/or selling a specific invention. Companies often patent ideas so that competitors cannot easily copy their products. Nonetheless, competitors routinely find ways to deliver similar products to the market.
Generally, if your idea covers only one solution (and other solutions exist), then speed to market and branding may be more important than patent protection. In some cases, the marketplace may be too small to support the costs associated with the patent process, particularly with respect to patent filings outside the United States.
ThinkVillage looks for technical feasibility as well as commercial viability before determining if an idea should be patented. We examine prior art and assess the patent footprint surrounding an idea before we decide to invest in its protection and placement.
Do you accept every idea you receive?
We assess every idea for technical feasibility and commercial viability. If we feel that we can generate a return on our investment in your idea, we will begin the patent filing process and have a patent attorney work with you to get it protected. Since we cover all costs associated with getting an idea licensed or sold, we must be selective about the ideas we invest in.
What should I do prior to submitting my idea?
Before you invest time in writing up and submitting your idea, you should first conduct an internet search to see if your idea is already on the market. Next, you should go to a free patent search database on the Internet and see how many ideas already have patents in your invention space.
This is called a "prior art" search. If someone has created product or filed a patent application before you, your 'uniqueness' is significantly hindered. If prior art exists, we generally do not pursue the invention.
How many inventions submitted to ThinkVillage have prior art?
Approximately 50% of the inventions submitted to ThinkVillage have similar products already on the market. Of the remaining 50% quite a few have patent applications already filed even though there are no products on the market yet.
What type of information does ThinkVillage need in order to assess my idea?
We need to know how you would build or implement your innovation.
The patent office requires that each submission contain a description that would enable the patent inspector to build/implement the invention from the information included in the patent application.
ThinkVillage requires enough detail to determine if an idea is patentable and could feasibly lead to profitable implementation.