If you have a new concept or product, you could profit from it. However, you first need to be able to sell your idea. Learning how to sell an idea isn’t as difficult as you might imagine. When you work with the Patent Professor, you get assistance going through all of the legal steps you need to take to make money off of your idea.
Although it’s possible, selling your idea isn’t always easy. Here are some tips for getting started.
Get a Patent
Before you can sell your idea, you should get a patent. Although you can sell an idea without a patent, the process is risky. You have no protection from someone stealing and using your concept.
If you obtain a patent for your idea, you become the owner of the invention. Alone, that doesn’t make you a profit. The profit comes from selling your patent. Therefore, one of the first steps to selling your idea is filing for a patent.
Here at the Patent Professor, we can assist you with the patent process. When you file for a patent, you need to show that your invention is an improvement on a current one and is easy enough to use. Failing to do so means someone might deny your request. By working with us, you can improve your chances of a successful patent application.
Options for Selling Your Idea
Once you have a patent, you are one step closer to selling your idea. You have three basic options for selling an idea. First, you can sell your patent. This gives someone else ownership of your idea. It’s one of the quickest and easiest ways to make money, but it’s also one of the least profitable. If your idea takes off, you don’t receive any of the profits.
Instead of selling your patent, you might want to consider giving licensing rights. Rather than losing ownership of your idea, you can just grant other companies the right to sell, make, or use your invention.
If you grant licensing rights, you receive royalty money from any sales of the product. You don’t need to go through the effort of manufacturing it yourself. Rather, you can let others do the work for you. For instance, a major department store might sell your product. They already have a large customer base, which makes it more likely your invention will sell.
There’s another benefit to giving licensing rights. The licensee is the one who takes responsibility for any problems with the product. If there is a lawsuit, they are liable.
The final option is to sell the product yourself. You receive all of the profits. However, selling your product on your own can be difficult. Furthermore, it can require a significant amount of start-up capital.
Tips for Selling Your Idea
In Orlando, the population was 277,198 in 2016. There are many people who might be interested in your invention. If you want to sell your patent or your licensing rights, there are a few ways in which you can improve your chances at success.
1. Try Direct Contact
This tip requires a little research. Before you start selling, consider who might use your invention. Make a list of everyone who stands to benefit from using it. Then, contact them directly. You can introduce yourself as the product developer.
If possible, get a face-to-face meeting with someone in a sales manager or product manager position. With this option, you should be certain to have a patent before you attempt to make contact.
2. Go to Trade Shows
At trade shows, you can come across people who need your product. Walk around a show and explore the booths. You might find a business or individual who is interested in buying your idea.
3. Look Into Venture Capital
If you want investors, you can look for partners. Venture capital could give you enough money to launch your idea successfully.
4. Advertise Your Idea
The only way to sell an idea is to be active about it. If you advertise in inventors’ magazines and other related media, you could find someone to buy your idea. There are some websites dedicated to selling patent rights. However, you need to be cautious and only use a reputable website.
5. Work with a Broker
There are brokers dedicated to selling ideas. However, they sell your invention and take a cut of your sales profit. In some cases, they receive a percentage of royalties. Once again, you need to be cautious.
6. Work with a Patent Attorney in Orlando
Before you decide to sell your idea, you should contact a patent attorney in Orlando. Our firm can help you receive a patent for your product. Additionally, we can explain some of the risks that come with selling your idea.
Whether you decide to sell your patent or licensing rights, you could use a helping hand. Our firm can walk you through the process and make sure that you avoid some common mistakes. Contact the Patent Professor today for assistance.