How to sell my invention? A question commonly asked by new inventors. The truth is many times very simple: Luck. This is not to say you just need to sit back and wait for lighting to strike, just like the lottery you have to play the game. Fortunately you have much better odds to making money with an invention than with the lottery.
The point here is that this is extremely competitive market, companies are looking for new ideas, but are also looking to cut costs at the same time. Often inventors with a great idea assume it will make them millions. Truthfully, their are very few millionaire inventors out there and even fewer who obtained their fortunes from their invention ideas alone.
To get the attention of companies whom are buying ideas you must have a complete and impressive marketing strategy and business plan. These are not just industry “buzz” words, you need to be prepared for company executives to take you seriously and invest in your product. Without the appropriate market data and a clear outline of the business, your invention idea will fizzle and die.
You will also NEED patent protection. A company is not going to give you the time of day without proper patent protection. You simply cannot sell something that does not belong to you.
Sell My Invention Idea
In order to sell your invention idea, you need to create a robust marketing campaign. Exposure is the the name of the game here – you need as many eyes as possible to see your invention idea. Start by creating brochures, a website, and prototypes that will visually sell your invention.
Companies also look for individuals they can visualize as a business partner. If you are difficult to work with or make your presentation in sweats and a grateful dead t-shirt, chances are you will not see results. Sounds like common sense, but we have heard horror stories from manufacturers whom had to endure such presentations.
If all goes well and the new prospect does show interest in your invention idea, be open to all offers and negotiation. You do not have to take the first number they throw at you, but remember most inventors do not profit from their ideas. In most cases it is best to take a reasonable offer and move on to the next idea.
If you are attempting to sell your new invention idea to a company, act as a professional. Treat it like a job interview wherein both you and your invention are going through the interview process. Come prepared, dressed properly, and ready to make a fair deal!