Tools are invented to help you perform important tasks. Archaeologists have dug up sharpened and polished stones that were the earliest tools invented by man, which were used for cutting. According to Jared Diamond in the book "The Third Chimpanzee," these early tools were hand axes, cleavers and choppers. Man and the tools he uses have since evolved, but he continues on his search to create more efficient implements.
Things You'll Need
- Marketing material
Get the patent on the device from the United States Patent and Trademark Office (see the Resources section). The Entrepreneur website advises that it will be expensive, but necessary, to hire a lawyer in order to apply for a patent. Attorneys will sift through the existing patents and write your documents in a manner that ensures you don't infringe on anyone else's protections.
Identify your target market. Make a list of the types of people or companies that will see your new tool as valuable and how much they will be willing to pay for it. Identify what makes your invention important to these people and not others. For example, you may target mechanics or a niche in the construction industry.
Develop a prototype that can be tested for your target audience. Apply for a personal loan from your bank or seek initial investors to buy the parts necessary to make it work.
Hire an intermediary to help connect you with companies interested in new tools. The Bloomberg Businessweek website advises that inventions are a $300 million dollar a year industry. Be prepared for scams. Read all fine print before paying any money.
Develop a presentation about the tool, how it works, how it can benefit the company and the consumer. Include marketing ideas or strategies that you think could help sell your tool to the target market. Estimate profit potential against costs to produce the invention on a larger scale.
Create print materials about your new tool to accompany your presentation. Include a description of the tool, manufacturing requirements, the demographics of your expected customers, photos and sketches of your invention.
Schedule a meeting with investors individually or as a group. In “The Inventor's Bible: How to Market and License Your Brilliant Ideas,” Ronald Louis Docie advises that you should carefully choose who to contact about reproducing your invention and give as few details as possible. Research the companies facilities, financial standing and market position.
Require any person attending a meeting with you to sign a non-disclosure agreement to keep the specifics of your new tool under wraps.
Give your presentation. Explain the need for your tool and how it will benefit those who buy it. Let the invention speak for itself.
Demonstrate your tool. Show how it is different from anything on the market or how much better it works than others like it. Encourage participation from the people present at the meeting to get them as engaged and as enthusiastic as you are. Answer any questions.
Make a deal. Have your attorney review all documents to determine that your interests in the tool invention are protected.