How to Make Money With Your Patent
While many inventors have an insatiable need to create new products and ideas that could potentially change the world, many would like to earn money or gain recognition from those great ideas. Once your idea is completed, apply for a patent to prevent others from stealing your idea. Unfortunately, a patent does not guarantee success and most inventions end up failing. In fact, only about one percent of patented products make any money, according to Mimi Whitefield, business writer for the "Miami Herald."
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Instructions
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Develop a working prototype and find an investor to bring the product to market. The better the prototype displays the genius of your invention, the more likely you will be to find an investor to bring your idea to the masses.
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License your patent for an upfront payment, or earn royalties from the sale of your product. Royalties from patent licensing can range from two to 10 percent of the net earnings.
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Manufacture, market and sell your product yourself. This will require a larger initial investment and some business savvy, but if you do turn a profit, it will all be yours.
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References
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