You canât sell something you donât own. UpCounsel accepts only the top 5 percent of lawyers to its site. Developing and marketing your idea requires capital. In general, we introduce at least 20 new products a year. Thank you for giving us a chance to consider your invention idea. But, like many new inventors, you may have limited funds or be unfamiliar with the manufacturing process. Most of the internet sites that promise they can develop, or buy, or advertise selling your invention idea are fakes. A sell-sheet needs to be a one to two-page document that tells the potential licensee: You need to also write an introductory letter to go along with your sell sheet. You canât legally own an idea. Now, letâs be clear. Step 4: Qualify Your Targets You can also visit a business library, which typically has database systems where you can search for companies in particular industries. Selling an idea for an invention is most easily accomplished through licensing agreements established with large companies. Your sell sheet should be a one- or two-page document that clearly states the following: You should also develop an introductory letter to accompany your sell sheet, which introduces yourself, explains why you're contacting the licensee, and sets a time when you plan to follow up. 3. Your next step is to determine the most appropriate contacts for this awesome new business opportunity. Go to a store where you'd expect to see your product sold and jot down the names of manufacturers who produce similar products. Sell Your Invention Idea Immediately In todayâs age, itâs possible to sell your invention idea whether it is an app, website or product. New product ideas are critical to SwimWays. Just as there are steps to starting your own business, there's a smart way to approach licensing your invention. Find out if your conceived product is already on the market or if something very similar exists (see patent searches for prior art). Online databases can also be a great resource. There are a number of factors to consider when qualifying prospective licensees: Step 5: Make the Sale Step One: Look At The Legalities When doing your legal homework, you should consider whether your invention is patentable (or made up of patentable materials). And, from your own computer, you can visit www.hoovers.com , a great online database that provides information about many large-sized companies. Decide which of these components will best meet your short- and long-term needs, and negotiate from there. You're now armed with information, presentation materials and a hot prospect list. How to sell my invention? Fortunately, there's an option that suits your needs perfectly: licensing your invention idea. Next you'll want to research your idea at a much more granular level. Some businesses will have a section on their websites to help you submit your idea. You would collect royalties each time your product is sold. As with any negotiation, both sides will likely make concessions. It's important to note that these four components are inter-related: meaning the more you get in one area, the more you might have to concede in another. You also need a foot in the right door to pitch your idea. You cannot patent an ideaâthat is a well-established and unassailable legal truth. You can sell, or license for a royalty, the idea of an invention without a patent. The perfect agreement is one that gives both you and the manufacturer exactly what you want. You should submit a patent application only if the idea is an invention. If you are looking to sell invention ideas that fall under the category of houseware, Jokari Home Solutions is always looking for innovative ideas to bring to the market. However, do keep the following points in mind as you're negotiating your deal. You also want the money and recognition that comes with having your hard work and unique perspective recognized. There are numerous books that provide techniques in negotiation. So, you have an idea for a great new invention and you know you can make money with it.. Youâve done your preliminary research, you know your idea is original, and youâve filed at least for a provisional patent to protect your idea.. Yes, a patent will protect the rights to the inventor's intellectual property in court. The second option is to enter a licensing agreement. In general, if ⦠For those who have developed a new kitchen gadget or home organization product, youâll want to consider submitting your idea ⦠You can unsubscribe at any time. Before you approach a company, there are some things you need to be fully aware of: 1. You would collect royalties each time your product is sold. Once you have completed these steps, you will then need to show it to those who may want to license your invention. After you've gathered all the relevant information, you'll need to present it to potential licensors. Whether you want to learn something new, be more productive, or make more money, the Entrepreneur Store has something for everyone: I understand that the data I am submitting will be used to provide me with the above-described products and/or services and communications in connection therewith. Lawyers on UpCounsel come from law schools such as Harvard Law and Yale Law, and average 14 years of legal experience, including work with or on behalf of companies like Google, Menlo Ventures, and Airbnb. Want High Quality, Transparent, and Affordable Legal Services? After you have a list of about 50 companies, make a decision on which you will prioritize based on how well they would fit with your invention or your product. If you happen to find a manufacturer that is interested in your invention, there are usually two options. Receive an email whenever a new invention for sale is added. Fortunately, there's an option that suits your needs perfectly: licensing your invention idea. Yes, it's the information age--which means the more info you're armed with, the better off you'll be. a year ago. Even if you find out that your proposed invention is already out there, you may have an approach that has not yet been covered by patents held by the existing manufacturer. When you give a company the right to make and sell your invention in return for payment, you are granting a license - you are the licensor the company is the licensee. While many companies want new invention ideas, some will be resistant to inventors, as they donât have the resources or time to put into new products. You will need to obtain as much feedback as you can on your idea. Some of those ideas are developed internally, but many are submitted by outside inventors or just regular people who have a new idea. Make every effort to if your invention can be patented or manufactured without infringing on the right of other patents already on file. The challenge or problem that the invention meets. In other words, don't expect a million-dollar deal--it's doubtful you'll retire after licensing your first product. Do some research online to see what else is out there (you may have done this already), go to shops in a similar space and speak to sales consultants, or just consult with family, friends or co-workers about your idea. The most salient tip I can offer is to use a "non adversarial" approach in which your goal is to create terms that are a win-win for both parties. First, set realistic expectations. So how can you identify companies that might make a good fit? Another way to identify prospective manufacturers is to identify the trade association that serves the industry in which your product will fall.
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