How to Sell a Patented Invention
Patented inventions often go undiscovered because inventors don't always know how to find the right buyer. Having a great invention doesn't put money in the bank unless you do the work required to sell it. Putting in the time to research and contact companies will help prevent your invention from ending up on the shelf, and it'll increase your chances of having your invention entering the marketplace.
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Instructions
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Apply for a provisional patent, rather than a full patent, if you have not done so already. A provisional patent ("patent pending") is much cheaper and easier to obtain than a full patent, and it allows you to modify your invention if you come up with alterations that will improve or make it better suited for a potential buyer.
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Research companies that fit your invention. Look for medium-size, developing companies, as bigger companies are less likely to still be making acquisitions of this kind. New companies may not be able to afford to invest in the development, production and marketing of an invention, and large companies are often difficult to access.
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Create a one-page sell sheet. Include a color image or illustration of the invention as well as information outlining the features and value of the invention. A sell sheet is like a catchy flier or brochure that allows you to pitch your inventions with a striking image and lists that describe the function of the product, any accessories, reasons to buy, how it is better than comparable products, as well as any alternative uses. You can find a wide variety of sample sell sheets online, and many printing companies have pre-designed templates.
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Sign up with an intermediary, intellectual property company such as QED Intellectual Property, Idea Trade Network (ITN) or the Red Chalk Group (see Resources). These companies help bring inventors and companies together and have listings of inventions as well as invention seekers. They will also provide assistance and resources during the transaction period.
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Contact either the sales manager or the product manager of a potential company to inquire about the company's methods of reviewing new product ideas. Don't try to contact an executive directly, as you will usually be turned away. Submit your sell sheet and make an appointment to present your invention. Present your information in a clear and professional manner.
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Tips & Warnings
Be careful of scammers that promise to sell your invention if you pay them money.
References
Resources
- Photo Credit idea image by caironbohemio from Fotolia.com
