Invention Ideas
How to Turn Your Invention Ideas into Money

For many years, inventors and innovators have been ridiculed for seemingly absurd and impossible invention ideas. From vacuum machines to portable computers, the more traditional people have always been averse to new invention ideas.

But this generation has seen the explosion of various technology and new gadgets  have proven that creative concepts are slowly powering the lives and lifestyles of people. The latest new ideas for innovative technology or more compact gadgetry are taking center stage

Do not be afraid to exercise your creative talents because there are now ways by which you can both protect your rights to your invention and make money off of it.

Great invention ideas go a long way
For each of the successful inventions that are now found in stores or the sought after electronic products that are now becoming a necessity for everyone, there have been several rejected business ideas that would have also fared well if given the right market.

One thing that you have to remember is that new innovations are not always exactly new and original creative concepts. Most times, people can assume that they have conceptualized something ground breaking and one-of-a-kind. But oftentimes, these new inventions are offshoots of previous ones but with exceptional improvements.

For example, the various models of cellular phones. Back when they were first released, they were merely an improvement of the traditional corded phone. People needed a means of better and easier communication when they are traveling, so a few inventors maintained an open mind and considered the possibility of a compact phone that can call and receive calls from anywhere.

The succeeding models of cellular phones were improvements, adding valuable features such as text messaging, camera installations, applications, and various other additions. These ideas are able to make each model unique to previous creative concepts, even if the difference are significant changes and added new uses.

When trying to invent your own breakthrough innovation, open your mind to the possibility of greatly improving upon an existing invention idea. More often than not, this is more successful as a business idea because you will not only have a market, but you will also aid in improving the lifestyle of people.

Analyzing the market and applying for a patent
To make the most out of your invention idea and to make money in the process, you have to analyze your invention against the market.

As an inventor, it does not hurt to ask the opinion of your trusted family members or friends. And more often than not, those same people may always support your endeavors instead of looking at the logical side or the quality of usefulness of your innovation. The best thing to do is to keep a critical mind, an open eye to details, and a welcoming ear to criticisms because that is the time when you will begin to examine your invention again.

There are websites by which you can check your inventions and see if there is a market which can be accommodating to your invention idea. And it is also good to make sure that you do not become overeager in inventing something so breakthrough that there would really not be a market who will welcome the idea.

Conduct market research, because you will see if the market or customers for your invention is significant enough for all the hard work. You also have to know if you should push through with patenting or selling your idea or if you are better off moving on to your new invention idea

If you are sure that what you have is a good invention, the next step would be to provide protection through a patent. There have been a lot of cases when an invention can sell for a huge amount of money, but because it was left unprotected, other companies looking to share the market can recreate their own version and not be at risk of legal action.

When it comes to patenting, make sure to hit the patent search before applying, because the tedious process of patenting will be put to waste if you cannot patent your idea in the first place.

Of course, suing infringers is also another way to deal with the problem, but the results are not nearly as assured than when there is a patent. Sometimes, it can take longer, and you will be forced to spend money and time.

Make money from your invention
Let’s say you have invented a breakthrough and cutting-edge idea. You have already applied for a patent, and you were granted 20 years for that patent to be in effect. Now you want to make money off of the design and concept of your technology. This can be as simple as you want or as complicated, depending on the method that you would want to go about it.

Gather information about your customers and the market, because that can help you decide on various factors of selling patents or partnering with sponsors. Before diving headfirst into the market, know your customers and competitors, because those are the two most crucial roles that can affect your invention and money matters.

After the issue of patenting has been dealt with, production is the next thing that you would have to consider. Most inventors are very good when it comes to inventing great new invention ideas, but with production, only a few can also dip their toes into that territory. The usual move would be to consult production companies, because they have more authority and may have the tricks of the trade for unique inventions. This is also a way to save money, because the inventor can still get profit if he only sells part of the patent.

New invention ideas are all the rage in this fast-changing world, so hopeful inventors will keep working on or improving existing ideas that can give birth to new inventions, to make this world a better and more comfortable place.

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.