How to Make Money from Your Invention
Know the odds for and against you. It is now easier than ever for inventors to design, test, and market their products. However, it also means that more people are trying. Know that you will have competition from similar inventions, no matter what you are attempting to patent.[1] X Research source
Don’t reinvent the wheel – unless you can sell it. The archetypal and stereotypical invention is the lightbulb – something original that revolutionizes human life. While you shouldn’t essentially reinvent the same product that already exists, don’t think you have to usher in a new era in history. Looking at existing products and finding a way to make them significantly better is a lucrative venture for inventors.[2] X Research source
Get the opinion of others. The opinions of friends and family may be helpful, but there is a chance they are sugar-coating the truth. Find an online inventor community to pass your ideas around. Look for one that is staffed by technology professionals who abide by a legal and ethical code - to make sure your idea won’t be stolen from you.[3] X Research source
Do research on your idea. Once you have a passable idea, it is time to see if it already
exists. You may have a good idea about the existing technologies already, but research every aspect of your idea to see if it is novel. You don’t want to come off as inexperienced when pitching the idea to the patent board or potential manufacturers. More importantly, you don’t want to accidentally violate someone else’s patent.
Protect your idea. Be careful how much you share about your idea with others. It is probably ok to give family and close friends the basic details. Their enthusiasm for your great idea may lead them to telling others, however. Treat any fundamental aspect of your unique design as a trade secret.
Design a prototype. To be a successful inventor, you need to be able to build your idea. For example, while a flying saucer is a great idea, you need to have the technological expertise to design one that works. This is where your unique background comes into play. Create a good first draft that you can play with when you are building the prototype.
Build a prototype. It is unlikely that your prototype will work right off the bat. Be willing to change the design and adapt to the challenges of real world mechanics. For example, you may find that plastic works
better than metal for a certain piece, or vice versa.[4] X Research source There are some websites that make it easy for inventors to upload a video and ask for small time investors. Look on the internet or with local businesses for ways to raise enough money to build your prototype.
Learn the types of patents. There are three types of patents the US Patent and Trademark Office (USPTO) approves. Knowing the difference will make it easier for you to classify and describe your product when you file. Nonetheless, filing for a patent is a difficult and time-consuming process, so you will likely want legal or professional help with your case. Utility patent: a product that has an everyday use. For example, a wheeled rocking chair, a bottle opener keychain, or a steering wheel cover. Design patent: this is for the surface design of a product rather than a functional item. For example, a design patent would be a new fabric for upholstering a chair, or a new formula of rubber for a steering wheel cover. Plant patent. This is for a plant design that you have discovered or developed and asexually reproduced. Some examples are new strains of corn or a new species of tomato plant.
Find an
invention and patent services company. The patent filing process is unfamiliar and complex to most people. It is best to look at their fees as part of your investment rather than something you can do on your own. Look around for patent filing companies you can afford to hire. Let them make you an estimate before signing with them. Always make sure the company is legitimate and has an A Rating by the Better Business Bureau. They should have clients that have testified company’s record of actually helping inventors.
File for patent in the US. Your patent service will help prepare your applications to the USPTO. Though you may want to market the product overseas, you need to protect your invention at home first. You need to have a patent in hand or pending before approaching manufacturers.
File for a patent abroad. Your product may be readily marketable in foreign markets. Or, you may want to protect your idea from being copied by foreign inventors. Either way, ask your patent services company if there are any foreign countries in which you should apply for patent. You will have to apply in each country individually.
Consider producing your own product. Now that you have your
patent, the idea can’t be touched by other manufacturers for 20 years. If you envisioned producing your product by yourself, you are free to do so now. For certain products such, as craftsman furniture, this may be a better marketing tool. Get the advice from your hired patent services company before making a decision either way.
Put together a presentation package. If you decide to sell your idea to a manufacturer, you need to put together an enticing presentation. Your patent services company should be able to help you do this. Another option is to contract a marketing consultant.
Consider marketing your invention to international manufacturers. Depending on the volume of production, this may be a favorable way to go. Before doing this, consider the drawbacks, however. You will have higher shipping costs and face import and export tariffs. There are also drawbacks to marketing foreign-produced products in the US.
Having a great idea is not the only part of making money from an invention. You have to develop your idea so that it has a chance of working outside the drawing board. Building a prototype is essential to enlisting the services of a high-powered patent services company. Once you get your patent approved, you have to market the idea to manufacturers before you can turn a profit. It is an arduous process, but in today’s fast-paced world, investors are eager to get on board with the next big gadget.