How Can I Turn My Invention Into Money?
Not all inventions are worth money, including those that prove unsuccessful in the market because they are based on incomplete market research. To make money from an invention, it's not enough for the invention to be unique -- it must also be desirable to consumers and companies. Thus, your ability to develop a marketing strategy is as important as your creative capacity in the process of turning an invention into money.
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Instructions
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Diagram and describe your invention in full detail in preparation for filling out a patent application. The diagram should include a view from all angles, regardless of the type of product, and should provide a detailed explanation of exactly how it comes to be. For example, a diagram of a light bulb would include a finished image of a light bulb in addition to images helping to explain how the light bulb came to be (e.g., glass, wire coiling, etc.).
The description should include a list and definition of all the parts of the invention (e.g., if it uses glass, what type of glass?) as well an explanation of how you made it. Also include information about why it is unique. "Uniqueness" is extremely important for being awarded a patent.
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Fill out a patent application in full through the U.S. Patent and Trademark Office. Many people hire patent attorneys for this step, which is probably a good decision unless you feel comfortable navigating on your own through legal jargon and the laws surrounding intellectual property rights.
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Research the potential market for your invention. For example, if your invention will ultimately become a commonly purchased household item, check the market for other competing and similar household items and contact potential vendors to sell your invention. Vendors will not market your invention until it is price competitive.
Along a similar line, if you think you will be unable to mass produce the invention on your own -- if you are unable or just uninterested in creating a small factory -- consider selling partial or even full rights to the product to a company that might be interested in it.
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Take maximum advantage of the patent that you receive. Patents are a temporary bulwark against others copying your invention and using it for financial gain, allowing you exclusive use and rights to the sale and distribution of your invention. If you get a patent, sell your product immediately. The monopoly rights are only temporary.
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Tips & Warnings
To aid in your research regarding the "uniqueness" of your invention, take note of all other products that might be similar and consult with patent libraries and free online services (e.g., Google Patents) for additional assistance.
In many cases, the best vendors for your product will be those that sell similar items. Obviously, if another vendor sells your item, you will need to pay commission or award partial rights to the invention.
References
Resources
- Photo Credit ligh bulb image by Peter Baxter from Fotolia.com
