One of the primary goals of most inventors is to make money from their idea. The process of developing profitable invention ideas can begin with a simple and informal survey.
You can ask everyone you know about what problems they have that need solutions and what type of invention would be useful in solving these problems.
Using this list of problems and possible solutions, you can then decide which of the problems are reasonable for you to work on. To figure this out, you can try listing the pros and cons of each choice, and try to predict the best solutions to each problem.
You can then make a choice of one or two problems to work on which would give the best chance of developing an innovative solution. The next step in the process is to develop what’s known as an inventor’s journal or log, which is a place to record your work and ideas.
There are many options for inventors who want to monetize an invention idea they have developed. Those who can sell their product with the help of an invention marketing company are likely to make lots of money. Each year, these type of companies spotlight new products which often end up being big hits.
You can submit your idea to an invention marketer online, and if they think it’s good enough you can get invited to meet with them at one of their local offices.
At the meeting, inventors are able to give a pitch for their product, encouraging the invention marketing company to help them sell their product idea. Royalties earned differ based on the type of patents on the invention and other factors.
While under the agreement with an invention marketing company, inventors largely keep the rights to the idea, while the marketer may either receive a flat fee or a percentage of the royalties.
