I am a Product designer with 25 years in the field. I also have an extensive array of skill sets as well as facility. Computerized Milling, Engineering and Development software as well as Rapid Prototyping equipment. I and my company have the ability to go from concept through prototyping and manufacturing. We have many large companies as clients. I am creating a new business model for my already established business.
Several months ago I partnered with a medical professional with a concept for a therapy device. He is clearly very knowledgeable in the field. He had a clearly defined problem with an inadequate solution. This professional had already been to a patent attorney and had filed for a provisional patent before meeting me. The solution that was in the provisional patent was in no way a novel idea and was only a slight variation from what is currently available for this therapy. Bottom line, the patent attorney had taken a lot of money for something that was both a weak patent application as well as the design as presented was not manufacturable.
From the initial meeting, I have stated that I would be willing to partner with him to both develop this idea as well as bring this through manufacturing. First I set up a mutual non disclosure to protect both parties interests and I could talk freely about this product to help steer it in the right direction. I was able to make this product both patentable as well as manufacturable. I was able to reduce the components from 10 to about 3.
I need some input into this partnership.
We both come to the table with equal qualifications yet it has been difficult to determine how to fairly divide this potential product. My potential partner is still trying to see this as an emotional decision. I see this as percentages based on contribution as well as deliverables. I would like to formulate a business model that I can use in other partnerships. My ultimate goal is to have a thriving think tank that births other businesses having many partnerships.