FIVE STEPS TO SELL YOUR IDEA

Idea Design Studio highlights some basic steps to approach selling the rights to your invention.

GATHER INFORMATION 

 The more research you can do, the better off you’ll be. A great way to do this is to

gather as much feedback on your invention as possible. Focus group testing is one way

to do this. Compiling data on similar and competing products is also a great idea. Taking the time to check if your idea is patentable or can be produced without

risking infringement on other patents will pay off early on. Learning about the

production process will also be helpful, particularly if unique materials or

techniques are required.

PREPARE A PROFESSIONAL PRESENTATION

Presenting the product to interested parties is the next step. A 3-D model, or

prototype, is crucial for this presentation, along with a simple sell

sheet. This sheet should consist of: the problem the product meets, the

product’s features and benefits, the product’s market, and the legal status

of your invention. A bit of personal information that serves as an

introduction to you and your product would be a great addition.

PINPOINT YOUR TARGETS

Begin identifying places that may be interested in your product. Start with a

list of at least 50 prospects, either by looking for

manufacturers of similar products or companies from

your market research. Identifying the trade

association that is a good fit can open up lists of

potential targets as well.

QUALIFY YOUR TARGETS

After identifying targets, you’ll want to spend some time

prioritizing them based on size, geography, and other factors. A

company that has a similar product may be willing to take on another product that can

secure its place in the market. Idea Design Studio knows you’ll also want to

consider company policy and manufacturer reputation among

your prioritization.

MAKE THE SALE

Once all the legwork is done, the negotiations can begin. As the inventor, you’ll want to insure a fair and lucrative deal for yourself, including

royalties and annual payments. Exclusivity may

also help increase the amount you are paid.