How To Sell Invention Ideas To Companies- 2023 Guide

 

Do you ever wonder,what to do with your inventing an idea, once it’s succeeded? There are thousands of inventors that succeed in inventing great ideas, but find themselves unable to manufacture them for commercial purposes.

You might have a keen mind for inventions but don’t have much of a head for business. And there are also chances that you are good at both, but you’d rather focus your time on inventing stuff rather than launching a business.

Thankfully, there is a way to do this, you can sell your idea in different ways and can still make a hefty sum of profit without having to do much legwork of doing things by yourself.

To sell your ideas you have to first license your inventions or invention ideas. Licensing is the process of selling your idea to a company that will develop and manufacture it fully.

Just like there are steps to do business, there are ways to license your invention. Read the article till the end to know how to sell invention ideas to companies.

Steps To Sell Your Ideas To Companies

Before you approach any company to sell your invention ideas, read this list to be fully aware of some important tips.

Gather Information

This means you have to gather as much information as possible on your invention ideas. One way of doing this is through a focus on specific groups or if you have your distinct method then you can use it as well. You also have to research the similar products available in the market, who’s producing them, who’s selling them, and more.

Before selling a patent make sure the legalities are done.

Ensure you do complete the legalities legwork. Every single effort you have put into your invention should be patented or manufactured without a single infringement of other patents that are already on life. You can also opt for a preliminary patent search. And the more information you can collect about necessary legalities, the better it will be. Patents help companies to run successful businesses.

Look into product options. You have to learn about production, and the process of production and it gets more important if you have some specialized techniques that have to be integrated into your invention.

Prepare a Professional Presentation

Now, when you have gathered all the needed information, you have to present it to the licensors. Along with a 3D prototype model, you should also have to develop small paperwork to convey all the information related to your invention.

Your idea selling sheet should include points like- the challenges your product solves, features and benefits of your product, the product’s market, and the legal status of your invention and invention prototype.

Highlight Your Targets

The next step is to understand the appropriate contacts for the business opportunity. You can create a list of your prospective targets. Business is all a number game, and most companies will turn you down for one or the other reason. So you should identify the prospects in your niche.

Qualify Your Targets

Once you have a list of perspectives, you have to prioritize them or qualify them depending on which will be the best fit for you and your product. There are some factors to consider while qualifying perspectives and selling a patent such as size, geography, similar product line, access to the decision maker, company policy, and manufacturer reputation.

Make The Sale

Until now you will have full knowledge of all the information and prospect list. However, getting a good deal is what is important in the end. Although, there are no set rules for negotiation or for getting a licensing agreement.

However, while negotiating do keep a few things in mind- first, set realistic expectations, second go for the gusto. The most ideal case will be to get up-front cash and high minimum payment.

Summing Up

Inventors sell their product ideas to bigger companies, however, they should always go for a patent process to get a more sustainable income revenue in the long term. Do you know how to patent and manufacture an idea?

We suggest consulting with ownmyinvention team as their services talk about privacy under the attorney-client relationship.