Selling your invention

Methods Of Marketing

There are really only two ways of developing a new idea.

One option would be the 'do it yourself' method. First you would find a manufacturer and contract them to produce several thousand units. Then, you would package them and go out and promote them to buyers at retailers and probably try to sell some on the internet. This is the most costly and time consuming route since all of the marketing, warehousing, packaging, shipping and distribution logistics fall on the inventor. Some inventors have found that quitting their day job was the only way to properly accomplish this.

The other option is licensing. Licensing is the process where an inventor sells or licenses his idea to a larger company. Most commonly, the inventor receives a per unit royalty and/or upfront fees for his idea. This option tends to be a simpler and less costly approach to new product development. Probably 95% of inventors will simply license their idea.

The Licensing Process

The process of licensing can be broken down into 3 steps known as
The Three P's Of Licensing™ :

Patent: Secure Your Rights! Apply for patent protection (gain patent pending status) and possibly trademark protection.

Presentation: Maximize Potential! Develop a compelling visual presentation that will demonstrate the exciting features and benefits of the invention.

Promotion: Make the Calls!
a. Prepare a database of at least 20 potential licensees.
b. Companies should be large and medium sized and consist of a cross
    section of manufacturers and distributors.
c. Contact the companies by phone and promote the opportunity.
d. Negotiate a royalty/license contract.

Please note: a product must be patentable to be licensed. Contact us at 1.866.777.2104 to discuss what makes an idea patentable.