i want to sell my invention idea

Step 2: Prepare a Professional Presentation, The problem, challenge or need the product meets, The legal status of your invention (ie: patent pending, copyright or trademark info), Book a one-on-one session with a Franchise Advisor. As with any negotiation, both sides will likely make concessions. You can do a preliminary patent search to get you started. Selling an idea for an invention is most easily accomplished through licensing agreements established with large companies. Discover the franchise that’s right for you by answering some questions about. Was this document helpful? a year ago. Thousands of inventions are patented each year, but only a minuscule amount actually generate substantial, if any, profits. Go to a store where you'd expect to see your product sold and jot down the names of manufacturers who produce similar products. Have you thought, “I wonder how to sell my invention idea to a company to produce it?” You are not alone, as thousands of inventors come up with great ideas every day, only to find themselves unable to manufacture it themselves. Here are the steps: Inventicate your invention with the Inventicator™. Even if you find out that your proposed invention is already out there, you may have an approach that has not yet been covered by patents held by the existing manufacturer. Hire the top business lawyers and save up to 60% on legal fees. Selling ideas is not like … 3. Also note that a more focused list will bring you more effective results. If you ask a business or licensing professional if you can sell an idea, the answer is likely to be some ve… Licensing can also be a great option for those whose financial resources are very limited. You cannot patent an idea—that is a well-established and unassailable legal truth. You do want to keep in mind that when you assign your patent, you lose any right to future profits. Patents protect inventions, not ideas (see points 1 and 2 above); copyright protects creative works; and trademark protects commercial communications. You would collect royalties each time your product is sold. Receive an email whenever a new invention for sale is added. The second option is to enter a licensing agreement. Once you have completed these steps, you will then need to show it to those who may want to license your invention. Make every effort to if your invention can be patented or manufactured without infringing on the right of other patents already on file. InventHelp will package your idea, provide a patent referral, and submit your idea to companies who want to receive new ideas. How to Sell an Idea to a Company As an inventor, how to sell an idea to a company is an important thing to know. Luvenia Skaggs. Patent your invention with the United States Patent and Trademark Office. Now what? In general, we introduce at least 20 new products a year. You're now armed with information, presentation materials and a hot prospect list. Of course, every invention starts with an idea. Thank you for giving us a chance to consider your invention idea. Saves money? You can’t sell something you don’t own. There are numerous books that provide techniques in negotiation. I break it down here into three main steps. Once you've generated your list of 50 or so companies, you'll want to prioritize them--or "qualify" them based on which will make a best fit with you and your product. Your sell sheet should be a one- or two-page document that clearly states the following: You should also develop an introductory letter to accompany your sell sheet, which introduces yourself, explains why you're contacting the licensee, and sets a time when you plan to follow up. We sell free-thinking toys and gifts, but we don't play games with inventors. The payment can be an ongoing percentage of sales, a royalty, or it can be a one-time payment, a buyout. Now, let’s be clear. If you need help with selling your invention idea, you can post your legal need on UpCounsel’s marketplace. You can sell your invention idea, or you can outright sell the invention itself for one large lump sum as compensation for your idea. See what the feedback is for your idea. First, set realistic expectations. Do some research online to see what else is out there (you may have done this already), go to shops in a similar space and speak to sales consultants, or just consult with family, friends or co-workers about your idea. Tell it to Facebook and they can run with it for free. You do not need to be a businessperson to have an awesome concept for an enterprise, and you also do not need to start an enterprise to profit from an awesome concept. In other words, don't expect a million-dollar deal--it's doubtful you'll retire after licensing your first product. You can do some online research to look at other companies in your invention’s industry. License & Sell Your Invention Every inventor is different so the first step towards inventing a new product can vary. Our Franchise Advisors will guide you through the entire franchising process, for FREE! This will introduce who you are, tell the licensee why you are making contact, and set up a time to meet for a follow-up. Once you have made a list of the companies you would like to sell your idea to, take the time to research every company completely. As with any type of sales, the more prospects, the better. Want High Quality, Transparent, and Affordable Legal Services? Take the time to learn about the process of production, especially if you have some specialized materials or techniques that have to be incorporated into your invention. Fortunately, there's an option that suits your needs perfectly: licensing your invention idea. The legal status you currently have, such as patent-pending, trademark, and the like. Make sure the legalities are on the up and up. You will need to find out the best and most appropriate contacts for your new opportunity. You can unsubscribe at any time. Notify me of New Entries. My wife and I love Idea Buyer and we really appreciated the chance they gave us. Sell Your Invention Idea Immediately In today’s age, it’s possible to sell your invention idea whether it is an app, website or product. The most salient tip I can offer is to use a "non adversarial" approach in which your goal is to create terms that are a win-win for both parties. But as creative thinkers like you have discovered, it takes more than just a great invention to attain that lofty goal. Fortunately, there's an option that suits your needs perfectly: licensing your invention idea. Option 1: Take the Money and Run When you sell a patent, you are guaranteed a quick payoff for your idea. Along with your most effective tool--a three-dimensional prototype model--you should develop a simple sell sheet to convey all the information you've gathered. Step One: Look At The Legalities When doing your legal homework, you should consider whether your invention is patentable (or made up of patentable materials). Sell My Inventions - Looking to sell or license my ideas ... inventionstart.com I want to sell my ideas and get paid a royalty. This website is designed only to buy patents and sell … Step 3: Pinpoint Your Targets But an idea alone is just not enough. How to Sell Your Idea in Less Than 3 Minutes ... it takes me less than three minutes to either tune out or want to know much more. After you've gathered all the relevant information, you'll need to present it to potential licensors. So, too does every product, device, gadget or service. Or maybe you're good at both, but you'd rather focus your time on developing ideas rather than launching a full-scale business. No need to spend hours finding a lawyer, post a job and get custom quotes from experienced lawyers instantly. Online databases can also be a great resource. Take a look at the member lists on the website. Talk to people. If you happen to find a manufacturer that is interested in your invention, there are usually two options. In general, if … Once you have made a list of the companies you would like to sell your idea to, take the time to research every company completely.3 min read. You can sell, or license for a royalty, the idea of an invention without a patent. Visit their websites and look for member lists. Your next step is to determine the most appropriate contacts for this awesome new business opportunity. For those who have developed a new kitchen gadget or home organization product, you’ll want to consider submitting your idea … You can monetize your invention by using a marketplace like Flippa. Before you can sell an idea to a company, you have to make sure that it is indeed yours to sell. A sell-sheet needs to be a one to two-page document that tells the potential licensee: You need to also write an introductory letter to go along with your sell sheet. You can do this through focus groups or use other methods. Find out how to sell an invention idea. It's important to note that these four components are inter-related: meaning the more you get in one area, the more you might have to concede in another. Whether you want to learn something new, be more productive, or make more money, the Entrepreneur Store has something for everyone: I understand that the data I am submitting will be used to provide me with the above-described products and/or services and communications in connection therewith. Understand there are no set rules or terms when it comes to negotiating a licensing agreement. You also need a foot in the right door to pitch your idea. Share it with your network! Sometimes it’s best to be open about things and not too cagey, but you can judge for yourself. Why choose InventHelp? The next step would be to get a better understanding of the market for your idea or innovation. Licensing agreement: A licensing agreement for a new product idea is a contract between yourself, as the inventor, and the manufacturer, to manufacture, distribute and advertise your product as their own, while you receive a … You also want the money and recognition that comes with having your hard work and unique perspective recognized. A question asked by new inventors. 35 Years of Experience With over three decades of experience, InventHelp is one of the leading service providers in the invention industry. Developing and marketing your idea requires capital. You’ll likely need to create a website to illustrate your invention idea in a … Before you approach a company, there are some things you need to be fully aware of: 1. Most of the internet sites that promise they can develop, or buy, or advertise selling your invention idea are fakes. Some of those ideas are developed internally, but many are submitted by outside inventors or just regular people who have a new idea. Inside selling your invention idea you will find out about: How to avoid losing thousands of dollars to scams; What an investor wants; What a retailer wants; Be careful of scammers who want to develop your invention for you. Some trade associations list the manufacturers scheduled to exhibit at their upcoming trade shows. But what exactly do these terms mean, and how can you get the best deal for your invention idea? The challenge or problem that the invention meets. Lawyers on UpCounsel come from law schools such as Harvard Law and Yale Law, and average 14 years of legal experience, including work with or on behalf of companies like Google, Menlo Ventures, and Airbnb. Good luck! It's a numbers game, and most companies will turn you down for one reason or another. You've gathered and prepared your information. Yes, it's the information age--which means the more info you're armed with, the better off you'll be. Next you'll want to research your idea at a much more granular level. Some languish so long that their patent expires. 2. If it's a consumer item, it's as simple as a shopping trip around town. However, do keep the following points in mind as you're negotiating your deal. Local public business libraries are often linked to database systems that allow you to search for companies in specific industries. Saves time? You would collect royalties each time your product is sold. As inventors and idea people, we want to protect and secure ideas which is why it's important to keep your new product idea private and only share it with someone if … Inventors can list their patented inventions (or patent pending) for sale. Start making money now with this step-by-step guide to licensing your invention. However, most companies will want to see a convincing prototype. Sell an invention by creating a marketing campaign. Licensing is simply the process of selling your idea to a company that'll develop it fully, taking on all the business-related tasks that launching a new product involves. This is especially the case if the companies reviewing your idea do … Research your market. Decide which of these components will best meet your short- and long-term needs, and negotiate from there. And, from your own computer, you can visit www.hoovers.com , a great online database that provides information about many large-sized companies. Record the ICQ number. What really sells an invention? Licensing a product idea > Sell an Idea What is a licensing agreement? You may also be familiar with many of these companies from your prior market research. The patent office will perform extensive research to make sure that you own the idea. So, you have an idea for a great new invention and you know you can make money with it.. You’ve done your preliminary research, you know your idea is original, and you’ve filed at least for a provisional patent to protect your idea.. You can sell your ideas to companies and investors if you lack the entrepreneurial skills and competence to build a business. The perfect agreement is one that gives both you and the manufacturer exactly what you want. Selling your patent entirely to another company allows you to make a quick profit off of your idea, which you can use to recoup some of your research costs or even finance a new invention. After you have a list of about 50 companies, make a decision on which you will prioritize based on how well they would fit with your invention or your product. Of course, the manufacturer will be gunning for less risk--which means a lower up-front payout, lower minimum payment requirements, and as low a royalty percentage as possible. The benefit it offers, be it to the consumer or the company you're approaching. 3. You can sell your invention idea, or you can outright sell the invention itself for one large lump sum as compensation for your idea. This is because when a patent attorney hears the question they immediately think about inventions. If you want feedback, suggestions and a chance to speak with someone about your invention, please consider our $95 Brutally Honest Review. You should submit a patent application only if the idea is an invention. UpCounsel accepts only the top 5 percent of lawyers to its site. Apply for a patent through the patent office. Another way to identify prospective manufacturers is to identify the trade association that serves the industry in which your product will fall. Most ideal for you, the inventor, is to get as much up-front cash, as high a royalty, and as high an annual minimum payment as possible. If you want to increase the number of potential buyers of the idea, then you could submit a patent application on the idea. How do you know you're getting a good deal? You should also have a 3-D prototype of your invention to show them, as well as a sell sheet including all of this information. You will need to obtain as much feedback as you can on your idea. How to Sell an Invention Idea - How to sell an invention idea is explained in this section. You can opt to sell your ideas to companies to avoid the hassles of raising capital. The second option is to enter a licensing agreement. Typically there is enough detail that the company that is evaluating the idea can determine who the target market is for the product, the selling features, selling price, and how the invention … Some businesses will have a section on their websites to help you submit your idea. However, you can opt to sell your idea in several different ways and still make a great profit without having to do the legwork of producing it yourself. Confirm That You and Your Idea Are a Credible Match GOAL: Make sure an appropriate messenger will deliver your message. So how can you identify companies that might make a good fit? Find out if your conceived product is already on the market or if something very similar exists (see patent searches for prior art). Copyright © 2021 Entrepreneur Media, Inc. All rights reserved. The site even enables you to find companies that have specific key words in their description. You can also identify potential manufacturers by researching the trade association that is closest to the industry in which your product will fall into. If you are looking to sell invention ideas that fall under the category of houseware, Jokari Home Solutions is always looking for innovative ideas to bring to the market. Just as there are steps to starting your own business, there's a smart way to approach licensing your invention. Patent Auction lists patented inventions available for sale or licensing. An invention sales sheet explains the important benefits and features of your invention. If you chose to maintain ownership of your invention, you will also need to study the legalities of selling your goods online. Step 4: Qualify Your Targets If you ask a patent attorney if you can sell an idea, the answer is likely to be some version of no. Research your production options. When you give a company the right to make and sell your invention in return for payment, you are granting a license - you are the licensor the company is the licensee. But, if your goal is to sell your product, licensing it quickly may take precedence over committing the time to establish a patent. As a first step, I recommend you create a list of at least 50 prospective targets. You can also visit a business library, which typically has database systems where you can search for companies in particular industries. Yes, a patent will protect the rights to the inventor's intellectual property in court. If you choose this option, you need to carefully inspect the offer to ensure that are no clauses that keep the company from holding onto the invention for the length of the contract, which allows you to leave the contract if they make little to no effort to manufacture and sell the product. This market research will be really valuable and can h… Inspiration can strike anyone — it occurs on a regular basis. You also need to research and obtain information about other products that are similar to yours. This is a great way to make money from your invention with very little upfront cost. Second, go for the gusto. Step 1: Gather Information There are a number of factors to consider when qualifying prospective licensees: Step 5: Make the Sale Therefore the terms are completely negotiable and can vary dramatically. While many companies want new invention ideas, some will be resistant to inventors, as they don’t have the resources or time to put into new products. You can’t legally own an idea. Licensing your idea is no exception. Some time ago Idea Buyer helped me negotiate a contract for a $800,000 upfront deposit and a guaranteed payout of $80,000 per year in royalties. There are several steps involved if you want to sell your idea. New product ideas are critical to SwimWays. Before you even consider approaching prospective companies to sell your idea, be sure you're clear in the following areas: Step 2: Prepare a Professional Presentation How to sell my invention? As a serial entrepreneur, I’ve learned a lot of valuable lessons I wish I’d known when I conceived my first idea and began searching the internet for “how to sell a patent.” But, like many new inventors, you may have limited funds or be unfamiliar with the manufacturing process. Perhaps you've got a keen mind for inventing--but not much of a head for business.

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