There are many companies looking to buy new invention ideas – but how does an aspiring inventor find them? This is perhaps the most challenging obstacle for inventors. Even the greatest of invention ideas can go unnoticed without proper marketing.
Performing online research for companies that are in the same industry as your invention idea is a good start. You can begin with a simple Google search, look at business directories, or try ThomasNet.com – an online registry of manufacturers grouped by category.
After you have compiled a list of companies you would like to sell your invention idea to, research each company thoroughly. Some manufacturers will have a specific page on their website that will instruct you on how to properly submit new invention ideas. Call, email, fax, or even visit companies that do not specify a submission channel.
Just as their are many companies looking for new invention ideas, there are many who are resistant or downright rude to inventors. They simply do not have the time or the resources to entertain new product ideas. Be prepared for rejection – it doesn’t necessarily mean that you do not have a good product. Some companies just don’t want to be bothered.
If you do find an interested manufacturer, you will probably have two options to sell your invention idea. You can sell the rights to the invention outright, wherein you collect one lump sum for your invention idea. The second option is to enter a licensing agreement, where you collect royalties from each sale of the invention idea.
If you decide on a licensing agreement, be sure to look it over carefully. Make sure there are clauses that prevent the company from “sitting” on the invention for the duration of the contract. This will allow you to exit the contract if they do not make a reasonable effort to produce and sell the invention.