6 Steps To Selling Your Invention Idea For A Profit

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:
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1. Educating yourself
2. Deep dive research
3. Making a prototype
4. Provisional Patent Application / Filing for a patent
5. Creating a business & marketing plan
6. Finding the funding you need to bring it to market

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.
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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:

1. Mastering the art of developing your idea and documenting & diagramming every thought that surrounds it
2. Reading about patent searches and how to do them
3. Learning everything you can about patents and the patent process
4. Understanding if you want to go on your own, or seek assistance from a professional organization with the invention process
5. Conducting initial research to figure out your target market and user personas
6. Conducting initial research on the competitive market of your product
7. Learning about royalty payments and how to collect
8. Understanding your options with licensing and manufacturing and how they each work and relate to you selling your invention
9. Understanding business plans like sales and marketing strategies and how to introduce new products into a market

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.
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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
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Next you'll want to research your idea at a much more granular level.

Find out if your conceived product is already on the market or if something very similar exists (see patent searches for prior art).

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. You may want to look into improvement patents if that is the case.

You’re also facilitating competitive research through this process – so two birds, one stone.
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In general, the more research you facilitate throughout the invention process, the more success you’ll find later (or the quicker you can cut your losses).

If you’re like many inventors, you may be somewhat of a “serial inventor” - in other words, a person that tends to come up with lots of great invention ideas that the world should be exposed to and benefit from; you're fluent in solving real-life problems.

Learning to do proper research should become an ingrained fundamental for each one of your new ideas.

Research around your category and your specific invention idea can be found in all kinds of places - both online and off.

So check out the local bookstore, museum (because many have dedicatories for inventors and inventions) and library; see what you can dig up.

However, chances are you won’t have time to do all this (because let's face it, no one has time these days).

The good news is you can always start with us; based on your invention category, we can point you to specific organizations that will help you out, many with no fee or a very nominal barrier to entry.
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Step 3 In Selling Your Invention Idea: Designing & Creating Your Prototype
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Now that you have some research and background on two things (your invention idea and the basic invention process), the next step is to write down everything that pertains to your idea.

If you don’t document your ideas and processes, they might as well not exist.

Keep a journal that records the beginning and development of your idea, and be sure to stay consistent with it.

Your prototype is basically a real-life, built-to-scale version of your product or invention that you will use pre-production, or before you get a patent, to sell the idea and get it manufactured.

Prototypes are an integral tool in the invention process - you'll need it in all stages of the invention and patent process.

Prototyping might be the most exciting part of the invention process (OK, payday may beat it...but for now).

Think about it: Your invention idea was just a cell in the womb of your mind. You nurtured it. Cared for it. Thought about it relentlessly. Researched it. And now, you get to see it.

However, you might be missing something.

You’re obviously incredibly intelligent - after all, you ideated the invention.

But you might not be creatively inclined enough to develop the prototype.

If that’s the case, you’ll want help from an engineer or mechanic or someone that can help you build the invention idea’s prototype.

Just a word of advice: Be sure you pick someone you can trust to help you out. You never really know people sometimes, and you want to be able to confide in someone without being distracted by thoughts like, “Do they want in?” or “Are they going to steal my invention idea?”
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Your prototype should also be budget conscious.

Remember that you’ll need to fork out cash here and there along the road to getting your invention idea to market; this is one of those times.

But the prototype has a return on investment: This is where you can test, iterate and perfect your idea.

Remember to document everything about your invention idea and your prototype along the way.

​This will allow you to go back to certain spots and make some changes if needed. It will also prove its worth when you are looking to patent and sell the invention idea.

Step 4 In Selling Your Invention Idea: File For A Patent To Protect Your Invention Idea

​By this point, you have probably spent countless hours dedicating yourself to bringing your idea to fruition.

One of the most important things you can do is get protection; inventors do this by getting a patent.
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We’ve written a lot about the patent process for inventors, so I won’t belabor it here. You’ll want to look into a company like ours to help find someone in your niche that can help you safely and efficiently do a patent search and file a patent application.

This step is crucial if you ever want to see the financial upside of your invention idea.

The USPTO (United States Patent and Trademark Office) is one good resource for you; they are the authority on patents.

Here are a number of articles that will help you understand if you are patent-ready and what you should do if you are:
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1. From Idea To Patent To Successful Invention: 3 Steps To A Path Less Strewn
2. Inventors: You Should Seriously Consider Filing A Provisional Patent Application
3. Hunting Down The Best Bargain In The Patent Process
4. The Beginner Inventor's Guide To Patents: (Almost) Everything You Need To Know!
5. Start Here: Everything Inventors Need To Know About Patent Searches And Searching For Prior Art 
6. What Are The Real Costs Involved In Securing An Invention Patent?

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Get confidential, 1-to-1 help with patents

Step 5 In Selling Your Invention Idea: Create Your Marketing Plan​

​Developing your brand position and go-to-market strategy is the next step.

Obtaining a brand image or great name can increase your chances for success.

For instance, you’ll want to give your product a catchy name. This name is different than the title on your invention patent, which is really just a descriptor.

A great name and brand image or logo has the potential to inspire and motivate you to make further improvements that may include a wider range of markets.

During this process, it is important to develop a strong, iron will.

You will need this so that when criticisms come along, you will be able to deflect the criticism and negativity when they happen.

Inventors aren't always salespeople by nature, but developing thick skin will help!

There will be some that will be jealous and may try to derail your plans. Remain determined when that happens and just keep moving.

​Then, before you begin to market your invention, be sure to take time to develop the tools of the trade in order to market effectively.

To target your potential investors or manufacturers, create a specialized and unique pitch.

Create printed brochures, make a webpage they can visit, print out business cards and have financial information and a business plan on hand.

When you do get through the first steps and move on to creating a marketing plan for your invention, it’s also important to do end-user (or target market) research.

You may need to shell out some cash to hire a firm to help you or you may need to buy data such as demographic information.

The better you understand your audience and target market, the greater chance you have of successfully marketing and selling your invention idea when it ‘hits the shelves’.

While this is a high-level view of how you should approach the marketing plan, here are some more in-depth thoughts, tips and ideas for inventors:
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1. ​From Idea To Patent To Successful Invention: 3 Steps To A Path Less Strewn - Part 3, The Business Plan
2. Brainmusic: Marketing's Best Kept Secret That Inventors Need To Take Advantage Of
3. Marketing A New Invention: Something Old & Something New

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Step 6 In Selling Your Invention Idea: Find Funding For Your Invention

​The next step often defeats many inventors, hindering the world from another solved problem.

That step is securing funding for your invention. Most inventors don’t have the assets to see their idea through to completion.

One way to find funds is with investors. Inventing something is risky and investors are aware of this. In order to get finances for your invention, you may have to give up control over your idea in order to obtain money for your invention.

Most importantly, do not be greedy. In other words, if you have a company that is interested in producing your product, consider taking the money.

Many have held out for a better contract and have lost a good amount of money. There is one way to protect your idea and that is with a confidentiality agreement.

With a confidentiality agreement, a company will promise not to use your idea without your permission and they will keep it secret.

With this agreement, if the person breaks that promise, you can sue them for breach of contract.

Taking your idea to a lawyer or patent attorney may be another way to protect your idea.

I can't stress enough that if you are in need of funding to either develop your idea, create your prototype, find marketing support or something else, please contact a company like ours for confidential, secure, and most-often free advice on where to go for help.

Here are a few articles with more in-depth ideas on how you can secure funding in the invention process:

1. The Fastball To Success: Pitching Investors Your Invention Idea​
2. Should Inventors Use Crowdfunding To Raise Capital For Their Invention? Is It Safe?

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To conclude, selling your invention idea is not impossible.

It does, however, require a solid, well-thought-out plan, determination and patience.

If you’ve gotten this far, I’m sure you have what’s needed. The best recommendation from here is to figure out how to license your invention - this is the shortest point between A and B, where 'A' is your invention and 'B' is your profit.

Think Smart: License Your Invention To Make Serious Cash
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If you're not sure what to search for, check out our articles.