How To Sell Your Idea
What to Do to Sell Your Idea

You have created a brilliant unique invention that you are sure will be a huge hit. You are so sure that you are thinking of building a prototype and getting a patent for it. But then, how will you sell your idea? Independent inventors form a huge industry and patenting new invention ideas as well as marketing and promoting them is a very profitable business. Thus, if you are going to seek help in patenting your invention, you will find a host of services that are all ready to turn your invention idea into money. There are courses that will train you on how to sell your idea as well as online resources that connect inventors with individuals and companies that purchase new product concepts.

However, keep in mind that selling business ideas is not as easy as it sounds. Experts in the field advise promising inventors to know the market first and identify the value of their idea. Big profit does not come in an instant so you should not expect money to start rolling in overnight. You should also be wary of someone offering to sell your idea for you in exchange for a certain fee. There are plenty of companies that can help you turn a new invention idea into money but only five percent of them are for real. They will not actually rob you of your concept but they will take your money in return for a design patent that is useless. In addition, they are not going to give you any sales leads.

Protecting your Patent

Getting a patent has its responsibilities and it may be difficult to enforce patents for new invention ideas. There is nobody to watch your space for you so you will have to do it on your own. If you find that someone infringed on your patent rights, you may have to file a case in court to prove that you are the first to come up with the invention idea. However, lawsuits are usually not practical, unless you have deep financial resources. It can also be possible that there is already somebody who patented an idea that is similar to your version and you have to prove in court that your invention is not just an extension of another technology. A case in point is the lawsuit filed by NTP, Inc against RIM or Range In Motion, which is the company behind the Blackberry Mobile Email System. NTP filed a case in court over Blackberry features, which it claimed are included in its patents. Although RIM was able to create a work around technology, their business was still so affected that it went for a settlement.

What this case proves is that you really need to assess whether you need a patent or not and if you do, check for possible conflicts early in the product development. Many inventors who are struggling in the early stages of launching a product and building their business have intellectual property issues as the least of their properties. However, protecting your product ideas and making sure you have not infringed on any patent could decide whether you will succeed in the future or not.

Sell your Idea: Deciding on the Issue

Great new business ideas can be patented and sold allowing you to get quick profit for your creativity. However, there are literally thousands of new creative concepts that are patented every year and only a small number of them generate real substantial profits, if any. Some stay shelved too long that their patents expire. If you are going to sell your idea immediately, at least you will have some reward for your creativity. In addition, by selling your patent, you will be able to pay off bills and finance other projects, as well as avoid the big financial outlay that is needed for marketing a new product.

However, although a quick and convenient payoff sounds very attractive, you are going to lose any future income that can be generated by your new invention. Besides, the money that you will get from the sale may not be substantial enough, unless your invention has already been in the market for some time. Buyers of patents typically will not spend huge amount of money on a product that has not yet been proven, and which might fail to generate enough profits for them. Moreover, what if your new product turns out to be a huge hit? You sold it for a few hundred dollars and now its new owner is earning thousands of dollars in profits.

Assess your new invention carefully then before you decide on making an outright sale. Is it innovative enough to revolutionize the entire industry or are there products that are similar to it that is out on the market? If you are going to create and market your business ideas yourself, all of the earnings will go into your pockets. However, these could quickly be used up by accounting, legal and other start up expenses not to mention the fact that majority of inventors are awful when it comes to business. Thus, unless your latest new ideas require only a small amount of capital or you are familiar with running a business, it may be better if you just sell your idea.

In doing so, make it a point to be professional in marketing your invention. Showcase your work by writing formal letters and creating attractive brochures. It will also help if you could present a comprehensive drawing or a good prototype of your product.

Disclaimer: It is the inventor's responsibility to research and vet companies before entering into a business relationship with any company. InventMyIdea does not provide warranties or guarantees for services offered by any company.