How Do I Market a New Invention?

Tired of waiting to make your idea reality? Maybe the time is now.

If all it takes is a late-night surf through cable TV channels to get you obsessing about the superiority of your invention over stuff that's offered on the air, you're probably ready to move from thought to action. After all, every invention on the planet came from a creative mind, so why not yours? This article offers you several options: find a company to buy your idea; license the concept and collect royalties; or handle the manufacturing and marketing on your own. Choose one. Make a commitment. It won't be long before you find your brainstorm also advertised on late-night TV.

Things You'll Need

• Trademark, copyright or registration protection
• Non-disclosure form
• Prototype
• Business software
• Website

Instructions

1. Legally protect your new invention with a trademark, copyright or registration mark. Investigate affordable, do-it-yourself websites committed to helping inventors protect their ideas from infringement (see link below). Alternately, book an appointment with an intellectual property lawyer if you don't feel comfortable taking this step on your own. Be forewarned that legal counsel in this specialty can be expensive.

2. Decide whether you want to sell your idea entirely, license the idea to a company that would be a good fit for your invention---either because it's a truly original idea or it's an improvement over what's currently on store shelves---or commit to manufacturing and marketing your invention on your own. Expect either route to take time, money, energy and commitment.

3. Sell or license your invention by making a formal presentation to decision-makers at appropriate firms (see link below for help). Bring these materials: features and benefits of your invention; analysis of the target market; cost of production; raw material sources; time and motion data tied to the manufacturing process; and a bottom-line sale or licensing figure. Come prepared to answer questions and negotiate. Don't expect an immediate commitment. If you intend to pitch the idea to another company, be honest about that, too.

4. Skip Step 3 if you plan to market the invention yourself. Prepare a presentation for financial lenders to obtain seed money. Compare factories (domestic and abroad) to negotiate the best manufacturing contract. Find raw materials in the same market to save money. Set up systems to cover packaging, inventory, fulfillment and shipping tasks. Use your computer and business software to track everything under your wing.

5. Design, write and produce brochures, package inserts, header cards, point-of-sale displays and marketing materials to support your invention. Contact TV producers about demonstrating your product on local shows. Issue e-mail press releases and run print ads in appropriate publications. Launch a website for direct access to your audience. Salt the copy with plenty of keywords to avoid paying for search engine pickup and place a call-to-action on every screen.

   Consider putting yourself at the center of your marketing plan. Look what Dave Thomas, Colonel Sanders and Ron Popiel accomplished. Why not follow in their footsteps?

Tips & Warnings

• Never share your idea with anyone outside your family unless you have the party sign a nondisclosure statement. It's not always possible to stop your invention from leaking out, but a signed statement will legally protect you from losing everything you've dreamed of.

References

• Legal Zoom
• Proposal-writing tips
• Sample non-disclosure agreement