How To Sell Your Invention Idea
The steps to selling your invention idea for a profit are easy to methodically follow, but that doesn't mean you should fly through them.
Each step in the process needs a tailored set of activities built around it to ensure success.
The steps include:
As an inventor, let’s face reality together: The ultimate destiny is to sell your idea for a profit.
You're inventing a product or widget or software to make the world a little bit better in your own unique way.
But somewhere inside of you, you’re also looking for the financial upside.
So let’s talk about how to sell that invention idea you’ve got.
Selling Invention Ideas
Selling an invention idea may seem impossible at first.
From square one, it seems an intimidating journey so long you can't even fathom where the end is.
Don’t be discouraged early on - you're actually not that far away. You already came far enough to have a palpable idea that’s worthy of an audience.
You’re just a couple steps away from getting protected and ensuring your idea is market-ready.
If you’ve never sold an idea or invention before, you may feel like you're about to trek down dark corridors lined with unknowns and pitfalls. You might be asking, “Who can I trust?” or “Where should I start?”
Don’t worry or get ahead of yourself - think about things one step at a time.
By following a known process, you can sell your invention idea safely, efficiently, and for a profit. So let’s get to it.
Step 1 In Selling Your Invention Idea: Educate Yourself
The first step toward success is to educate yourself about the invention process and how to work it. Learn all the steps necessary to bring your product to market at a deep level.
Some activities you'll undertake in this step are:
There is plenty more to read up on. I suggest finding a couple websites you can trust and reading articles about the invention process from multiple sources.
But even with all this, you’re not doing an incredible deep-dive…not yet, at least.
This background information you absorb will help you to avoid scams and waste time and money working on a product that has no potential to ever get off the ground.
The goal in educating yourself is to better understand the road to becoming an inventor who has a patent and has a product or invention in market.
To begin the process, you'll want to start by making sure you have a proper category for your invention.
So did you create a new latch for jewelry? Then you’re in the jewelry or accessories category.
Have you created a new way to child proof the stove? Then you're in a couple categories - baby safety as a primary and perhaps kitchen products as a secondary.
Did you build a new algorithm? Then you're in software.
There are lists of categories available to help you understand your options.
Step 2 In Selling Your Invention Idea: Deep Dive Research