There are so many brilliant, creative minds in the world who just don’t know how to take advantage of it. If you’re someone who comes up with great ideas it would be a shame not to try to help other people with it and, of course, make some money in return. It happens that people come up with ideas for inventions, but they realize that they can’t put them into practice, so they give up. If you are one of them, we advise you to change this perspective, because there is another way. There are many companies that would certainly be interested in your invention idea and help you make it happen, with mutual benefit. In the rest of the article, we discuss whether you can sell your idea for an invention (hint: yes, you can!).
Where to start?
If you got the idea for the invention and realized that you do not have the opportunities and resources to implement it, it is necessary to inquire about companies that would potentially want to buy the idea from you. People are often unfamiliar with this area, so they miss out on incredible opportunities to cash in on their ideas that they can’t produce on their own. There are many companies that are open to buying ideas and it is necessary to do research in order to make a shortlist of those you will contact.
It is crucial to make sure that these are serious companies, but also that they are willing to accept new ideas for inventions. Sometimes that is not the case, because they are already very busy, so they do not want to accumulate new work. If a company accepts new ideas for inventions, they will often be highlighted on their website. Make sure you gather all the necessary information before you take action.
What are your options?
Once you find a company that likes your idea and sees the future in it, there are several ways you can reach an agreement. The first way is to sell your idea for the invention (or the invention itself) directly to the company, and get a large sum of money in return. After that, the idea is no longer in your possession and you cannot use it. The second approach involves patenting your idea and then signing a contract with each interested company. This way you approve the production of that invention. After that, every time the company sells your idea, you get an agreed percentage.
If you opt for the second option, InventHelp can help you protect your idea and prevent someone from stealing and using it.
What are the steps in the process of selling an idea for an invention?
When it comes to the process of preparing an idea for sale, finding an interested company and selling the idea, it is necessary to go through several steps:
- Take the time to collect all the necessary information
The first step in this process is definitely to collect all the information you need. Make sure you are fully familiar with the market and production process before contacting different companies. First of all, check if there is a similar product on the market. If someone already offers something similar, inquire about what the similarities and differences are compared to your invention. Also, try to gather as much feedback as possible about your idea. It would be great if you could consult with someone who is an expert in the field, but if that is not an option, family and friends can certainly be helpful.
The last step in this phase is to get acquainted with the production process. While you may not be an expert, that doesn’t mean you shouldn’t create an image of what the manufacturing process entails, what it looks like, how long it takes. This will prevent someone from deceiving you and convincing you that the process is more expensive or time-consuming than it is. Knowledge is power!
- Make your sales sheet
The next step is to make a prototype of your invention in 3D form, as well as to prepare a sales sheet that will contain all the important information about your invention. This includes: stating why your product is innovative and what problems it solves, what is the market situation with this type of product, legal status, general and specific characteristics of the invention, and more.
Once you have prepared this document, you can proceed with making a list of companies that would be potentially interested in your product and that you like.
If you are wondering how to gather relevant companies, one way is to check who are the manufacturers of products that are similar to yours. Be creative and take the time to find the right people who will know how to appreciate your invention.
- Contact companies
The last step is to contact the companies from the list you have made. Prepare an adequate introductory letter and arm yourself with patience. To get started, you only need to find one company that is interested in your product. Once you find the right collaborator, everything will go much more smoothly. Be prepared to find a compromise with the manufacturer. In other words, it is important that you do not have unrealistic expectations. Prepare some conditions that are a must for you, but be flexible. You may not get millions, but keep in mind that the most important thing is to find a good company that will respect the agreement and with which you will have successful ongoing cooperation.
If you are a creative mind and have come up with an idea for an invention, there are several ways you can proceed. Even if you do not have the opportunity to produce, there are other approaches from which you can also benefit. One of them is to sell your idea for the invention to an interested company. You can sell it in full or sign a contract that allows others to use your idea, and you get a percentage of the sale in return. Don’t let the idea for an invention fail, find a way to make it work.