So, you have a fantastic invention idea that can make you an instant millionaire? Well, that will only happen once you bring your invention to reality and sell it to someone willing to produce and market it as a product. In order for that to become reality, you will have to accomplish a big task. That being the case, here are 5 things that you will have to do in order to sell your invention.
Protect it. Prior to selling your invention, you will need to protect it so that no one else can capitalize on it. Assuming that your invention is unique in every way, you can simply visit your country’s patent office and apply for a patent. In most cases, you will need to submit the design of your invention, an accomplished application for patent form, and the payment for the application. If you are based in the US, then simply visit www.uspto.gov for more information about this. Alternative protection mechanisms include trademarks and copyright. There are patent companies, such as InventHelp patent agency, that can help you in the process.
Create a working prototype. Corporate buyers and manufacturers will generally believe your sales pitch more if you have a working prototype to present to them. Hence, create the prototype first by either doing it yourself or by having a model maker or engineering firm create it for you. Make sure a confidentiality contract is in place if you opt for the latter.
Compile a list of prospective buyers. Buyers would be companies or manufacturers that would be quite keen on having your invention as a part of their product lines. For instance, if you invented some sort of construction tool, then you should compile a list of companies that manufacture and market construction tools and equipment’s. Once you have the list, you need to find the right person to sell to schedule a product presentation with them.
Make the perfect pitch. Before presenting your invention to the various companies you contacted, you will want to be prepared. This means that you should have prepared a thorough and customized presentation that will persuade these companies to take your invention on. The presentation should include a projected selling price of the invention once developed into a commercial product, the uniqueness of the invention compared with what is out in the market, and a defined niche market for the product. Basically, they need to see what makes your invention different from other relevant commercial products and why the company’s customers will want to buy it.
Negotiate. If your invention is good and you present it well, these companies may start negotiating to buy your invention. Remember that if you don’t ask, you don’t get, although remain realistic so you don’t deter the potential partner. Make sure that you will have a licensing agreement in place through an intermediary or patent attorney. InventHelp patent attorney can help you with that as well.
There you have it, the 5 steps that you will need to do to sell your invention and become the successful inventor you have dreamed of being. Keep at it – persistence, belief and passion will win through in the end.