Turning new invention ideas into profitable products can be a complicated process. Many inventors naively hope that they can simply sell their brilliant idea for a lot of money, but it is not usually that simple.
In fact, many people who try to proceed this way end up spending much more than they make in the process. No matter what your invention is, it pays to educate yourself on how the process works before you begin trying to profit from your invention idea.
The statistics show that only a small percentage of invention ideas end up turning a profit, but this should not discourage you from pursuing a great idea. Many successful inventors like Thomas Edison had to overcome a number of failures during their careers, so that is to be expected.
Edison is one of the most recognized and prolific inventors in history, having over 1,000 US patents in his name, as well as several patents in Europe. Edison was not only an inventor, however, as he was also a businessman.
It is thus significant for inventors to learn about their invention ideas but also about business concepts too.
When it comes to marketing new inventions, inventors that lack business and marketing experience may benefit from seeking professional help. Whether you have already obtained a patent or simply have a brilliant new invention idea, there are agencies which exist to help inventors market and profit from their creativity.
Licensing agencies are always looking for great new invention ideas, and they can help the inventor bring the invention to market via a licensing agreement. These agencies specialize in finding manufacturers and distributors for new inventions, paying generous royalties to the original inventor.
They usually charge a nominal fee for evaluation of the invention idea, but other than that they only receive compensation upon the signing of a successful licensing deal. Agencies can provide a variety of marketing and licensing services, including assistance with obtaining patents and prototype development.