How to Sell Your New Invention Ideas

It's a long road from coming up with an invention idea to receiving a steady stream of royalties. You must first reduce your idea to specifics, and then obtain worldwide patent protection. After that, you must find potential licensees and sell them on the merits of your invention. Only when an equitable license agreement has been signed, and your licensees begin selling your invention, will you start receiving money. Nevertheless, royalties could turn out to be quite lucrative if your original idea is good.

Things You'll Need

• Invention diagrams, specifications and claims
• Invention prototype
• Marketing materials
• International patent application
• Individual nation patent applications

Instructions

1. Create a very detailed description of your invention, including diagrams and specifications. Your description should be complete enough to allow an independent party to manufacture a prototype.

2. Create patent claims to establish the novelty, usefulness and inventiveness of your idea. This must be done by an experienced patent attorney.

3. Submit an international patent application to the International Bureau in Geneva, Switzerland, or one of its designated receiving offices. The date of your filing will become your official filing date for all countries that are members of the Patent Cooperation Treaty, including the United States. The International Bureau will conduct a preliminary examination of the patentability of your invention.

4. Apply for patent protection in every country that you can. This is an expensive process; however, you should at least, include the U.S., Japan, Western Europe, China, and India. These countries will proceed with your patent application where the International Bureau left off, and either approve or deny your application within about two years.

5. Produce a prototype of your invention in order to confirm that it can actually be manufactured. This will require a diligent search of global manufacturer's directories.

6. Research the uses of your invention from an economic point of view. You will need to show how your invention solves a common problem more effectively and cost-efficiently than anything else currently on the market. Use the results of your research to pitch a marketing presentation for potential licensees.

7. Locate potential licensees through trade associations, invention promotion companies and contacts provided by patent law firms.

8. Create a marketing presentation and pitch it to potential licensees.

9. Negotiate and draft patent license agreements with potential licensees with the help of an attorney. The attorney should be experienced in negotiating patent license agreements, not just in preparing patent applications.

Tips & Warnings

• Once your international patent application is filed, your invention will be considered "patent pending" in every PCT member country (most of the world). Since your patent will be granted retroactive to the filing date, once your patent is granted, you will be able to sue anyone who infringes on your patent after the filing date.

• While reputable invention promotion companies can help you finance your patent protection and marketing expenses, many disreputable operators exist.

References

• US Patent and Trademark Office: Patent FAQ
• AllBusiness.com: Patent Licensng and Negotiation Tips
• IntellectualPropertyLawyers.com: Licensing Agreements

Resources

• US Patent and Trademark Office
• Buchalter.com: PCT Process