How to Submit Invention Ideas for Royalties

Submitting invention ideas for royalties is most easily accomplished through setting up of licensing agreements with large companies. This is a wonderful way to bring your invention to market with little upfront cost. Licensing agreements allow a company to reproduce, market and sell your invention for a predetermined and negotiable number of years in exchange for royalties for you. In other words, you sign over all your rights to the company. Before showing anyone your invention, file a Provisional Patent Application (PPA) with the U.S. Patent and Trademark Office. This protects your idea for one year while you explore your options.

Instructions

1. Look for companies that make products in the same category as your invention.

2. Call the companies your research yields and ask if they accept invention ideas from individual inventors. If they do, get the name of the person in charge of that department.

3. Mail a letter of inquiry presenting your invention, followed by a phone call.

4. Set up a meeting with your attorney and any company that is interested in your idea.

5. License your invention to the company with the help of your lawyer. Keep in mind that licensing agreements are negotiable.

Tips & Warnings

• Check out resources like Edison Nation to see if any of the companies they represent would be interested in your idea for possible licensing.

References

• More Business: How to Raise Fund for Invention & New Product
• Edison Nation: Reinventing American Ingenuity

Resources

• Read this Article in Spanish
• Invention Convention