Sell Your Idea
Tips on How to Turn Your Invention into a Successful Business

Countless great inventions have been featured in the spotlight, either because of their breakthrough creative concepts, extreme usefulness, or in demand quality. If you want to have your name alongside of those inventors who have taken great pains in order to put out their inventions to consumers, you have to know a few simple tips to be able to survive the industry of innovation and invention.

Inventors have always continued to change the world as they strive to find a way to innovate the lifestyles of people. Though the creative abilities are what usually drive these inventors to pursue their craft, there is also the bonus of turning their invention ideas into money.

Here are some valuable tips that even the expert inventors have found to be useful information and still abide by when creating, marketing, and producing their next big invention.

Be critical of your invention
As with most outputs and inventions, it can become hard for the creator to distance himself from his work. Whether it is because you feel like you have hit your first great masterpiece or because you feel like you have been putting out invention ideas for a long time, emotional bonds to an invention can become dangerous for inventors.

When you are faced with business decisions, even slight changes proposed by partners or companies can make negotiation difficult if the inventor feels negatively about criticisms towards their product. Open your mind to improvements, especially if the company you are working with has had similar cases to yours. Most times, your partner only wants what’s best for the product so he can profit from it.

You should always keep a professional business relationship with your licensing company because they aim to ensure that your product offers only the best so they can gain their due profit for buying the idea from you.

Even if you feel like you have produced quality prototypes and models, an improvement can spell success. A good idea can become great if you take into consideration all possible improvements from which more customers will realize your product’s worth.

Study the market and your customers
Inventing is also just like testing the waters before diving into the ocean. Even if you are able to come up with great ideas for inventions, it does not mean you are already an expert in business dealings or creative presentations to your market.

If you have already rethought your invention and feel that it is ready for patenting and promoting to large companies, it is still best to learn more about the market before going into the business. You cannot blindly get into it because people can take advantage of your invention. There is much more to inventing and selling an idea than an ordinary business setup.

You should also consider the needs of your corporate partners and customers. Companies deal with several patents each year, and not all of those are profitable. This is the reason why most become averse to products and inventions that are too advanced or may not be improvements of fast selling existing ideas.

In the same way, one has to consider the needs of potential customers in relation to your partner company because the more tailored your product is to a group of target customers, the easier for your company to profit from your invention. This will create a seamless working relationship and allow greater partnership deals in the future.

Be innovative and original, but be realistic

When it comes to improving your design, you have to strike the balance between having a distinctive “wow” product and a useful invention that is necessary in the customer’s everyday life. Because if you just put insignificant additions to existing ideas, not only will you not get a patent, your product will also not get negotiations with reputable companies.

As an inventor, this should also be your motto because innovation takes priority over profit. True innovation comes when the inventor has analyzed the market and done necessary research on trends to predict which additions will be significant and useful to separate them from being just another product add-on.

Some examples of this point can be seen in technology products. Each year, new models of existing inventions and products come out, mostly with better features or different takes of the old version. However, inventors of these are bent on finding new uses for the product that are beneficial to the current user, and not just inventing for the sake  of shocking people with hi-technology.

Even if you feel like your product is a breakthrough that can be very useful to everyone, if the product is too far off from what is already being used, the behavior pattern of your customers will not change to accommodate your invention. You have to find ways to integrate it into the existing lifestyle.

Learn the legalities behind the trade
Legalities are a big part of business and innovation, so you must read about patenting and licensing agreements before you delve into any deals with companies. It is through rigorous research that you can find tips on getting the upper hand with negotiations, appeasing skepticism towards your invention, and setting agreeable demands between parties.

A tip to first-time inventors: knock-offs and idea stealers are always on the prowl for profitable ideas, so you should always arm yourself with a patent and a reliable company for backup. Patents may be expensive and tedious, but it assures protection and sole rights for your invention.

This is the reason why you should always maintain a good business relationship with your company. Never be greedy about your invention or fees, because if you feel like you are with the right company, you need to have mutual respect and allow each other to prosper in your contractual business.

Getting into the business of inventing and selling your product is a challenge, but one with rewarding benefits, especially for inventors who are empowered in improving people’s lives.

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.