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Have you ever thought about how to sell your invention idea to a company? Well, guess what, many inventors come up with great ideas daily as you are not alone. They find it difficult to manufacture those ideas by themselves, hence they prefer selling them to make big profits. There are multiple ways to sell your idea without any hassle.
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How to Sell an Invention: Everything You Need to Know Have you ever thought about how to sell your invention idea to a company? Well, guess what, many inventors come up with great ideas daily as you are not alone. They find it difficult to manufacture those ideas by themselves, hence they prefer selling them to make big profits. There are multiple ways to sell your idea without any hassle. The Significance of a Valuable Patent A patent as a document holds utmost importance as it provides ownership to an invention. However, simply owning a patent is not enough to make money. In order to get benefitted in monetary terms from your idea, you must sell the patent, license usage rights, or market the invention by yourself. You have invested your blood and sweat to turn your idea into a viable product, hence you must eat the fruit of your hard work after you have gotten a patent for your invention. Here you can avail of patent- related assistance, from Patent Services USA to get your job done easily. Idea vs. Invention: What’s the difference? We use these two terms interchangeably but there is a thin line between an Idea and an invention that you need to understand. An idea, in general, is theoretical in nature that needs to be proven either with a solution or with a prototype. It is more likely an unproven concept emerged out as a result of your imagination that needs to be proven in the later stage. Whereas an invention on the other hand is the extension of the idea that is developed. It is the end result of that idea penetrating and traveling the long roads towards completion.
For an idea to become an invention, it must follow the right path. The process takes into account several elements such as market research, product development, cost analysis, etc. if everything goes well then you are good to go. However, sometimes you need to redo the whole thing again as this process is not linear. If you are unsure about the process, you can contact Patent Services USA that is ready to provide you hassle-free assistance. Remember: Inventions are Patentable, Ideas aren’t Ideas should evolve over time to reach a certain goal. During the evolution process, there are chances that an idea might die. It is best to let the idea go if the idea doesn’t solve a need, or is not unique. Out of the entire idea process, an invention is a more evolved part. It is easily defined and more tangible. It can also be patented or licensed. Therefore, as an inventor, you need to explore your idea before focusing on the invention. Only then you will be able to shift things in favor of you and ultimately sell your invention idea. The job of an inventor begins with recognizing the potential of the idea, putting effort into the work, and turning that particular idea into something massive. Do you have a great invention idea? You can do some homework to get an idea of the number of companies belonging to your industry who might be interested in purchasing your idea. After making a list, research every company thoroughly. There are some business websites where they provide a separate section so that you can submit your idea. There are generally two options if you find any potential manufacturer that is interested in your invention. The first option is that either you can sell your invention idea or you can sell the invention itself for a lump sum amount as compensation in exchange for your idea. The second option is where you enter into a licensing agreement. Each time your product is sold it fetches you royalties at a certain pre-decided percentage. Go through the contract carefully to make sure that there 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 in case the other party makes little or no effort in manufacturing and selling the product. Steps Required to Sell Your Idea Here are the steps required for selling your idea. There are some pre-requisites that you need to follow before approaching any company: 1. Research and Analysis of the Market Try to gather as much feedback as you can on your idea. You can make use of various strategies and methods to perform this task. Getting relevant information about your competitor and his products is very crucial to understand the market and current trend.
2. Preliminary Patent Search You must conduct a preliminary patent search to avoid any trouble in the future. Put efforts to manufacture or patent your invention without infringing the right of other patents. Make sure that you follow all the legalities. 3. Study Your Production Process Invest some time in learning about the process of production, especially if you have some specialized techniques or materials that have to be integrated into your invention. This involves researching your production options in detail. As soon as you have done with the steps, you will then need to show it to those who might be interested in licensing your invention. Construct a 3-D prototype of your invention as well as a sell sheet containing all the relevant information. A sell must contain the following information: Product’s features and benefits The issues or challenges that the invention meets The market you want to pitch Your legal status, such as trademark, patent-pending, etc. You also need to write an introductory letter that you will tag on with the sell sheet. The letter will contain the information including who you are, the reason for contact, etc. You will need to communicate with the best and most fruitful contacts to grab the maximum opportunity. You can research the trade association closest to the industry in which your product falls for identifying your potential manufacturers. Go through the list of members mentioned on the official website. You can search for companies in particular industries by going through the database systems present in business libraries. After preparing a list of companies, now it’s time that you decide to shortlist those companies where your invention can be demanded in exchange for a decent price. If you need any assistance concerning your invention idea, you can contact Patent Services USA to arrange a meeting with a patent attorney who will guide you in the best manner possible. Get in touch with our patent attorney and kick-start your journey. Contact us: Patent Services USA Address: 28 W Flagler Street, Suite 500 Miami, FL, 33130 Phone Number- 888-344-6836
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