You’ve done it. You’ve come up with an invention idea that could change the game. But what’s next? How do you take this brilliant concept from your mind’s workshop to the marketplace? How do you sell your invention?
This is where many inventors hit a roadblock. The process of selling an invention idea can seem like a maze of legal jargon and complex procedures.
But don’t worry. There are plenty of resources and teams out there to help you bring your invention to market. Whether you’re an inventor looking to monetize your creation or an entrepreneur aiming to protect and sell your business ideas, this guide is for you.
How to Sell an Invention Idea
The first step in selling your invention idea is understanding its value. This isn’t just about the potential financial gain; it’s about the problem your invention solves. How does it make life easier, safer, or more enjoyable?
Consider its market potential. Is there a demand for such a solution? How big is the potential market?
Market research is crucial in selling an invention idea. It helps you understand the landscape you’re entering. Who are your potential customers? What are their needs and preferences?
You should also identify your competitors, or other companies who offer something similar. What exactly are they offering, and what does you invention do differently or better?
Here are some ways to conduct market research:
- Surveys and interviews
- Focus groups
- Online research
- Industry reports
- Competitor analysis
This information will help you refine your invention and brand strategy. This is how you will bring the product to market in the most impactful and compelling way for your target customers!
Protecting Your Invention with Patents
Before selling your invention idea, it’s vital to secure it legally. This is where patents come in.
A patent gives you exclusive rights to your invention. It prevents others from making, using, or selling it without your permission.
There are different types of patents: utility, design, and plant patents. Utility patents are for new and useful processes, machines, or compositions of matter. Design patents protect new, original, and ornamental designs for an article of manufacture. Plant patents are for inventing or discovering and asexually reproducing distinct and new varieties of plants.
The patent application process can be complex. It involves preparing detailed descriptions and drawings of your invention. We recommend hiring an experienced patent attorney — like Jeff Schell of Schell IP in Boulder, Colorado — to craft a patent application with the highest likelihood for success.
Patents are an important part of a startup business strategy for a few reasons. First, they can prevent competitors from entering the market. Note that it is your responsibility to enforce your patent if someone infringes on it, but an existing patent can be sufficient at dissuading potential competitors.
Next, a patent can be used as a marketing tool with customers. A “patented” or “patent pending” claim communicates to customers that your product is different from other products on the market.
Finally, a patent is a valuable asset when selling your invention idea. It provides assurance to potential buyers or licensees about the uniqueness of your invention. In fact, Schell IP can help you set up your patent strategy, and position your patent in a way that can set you up for a successful exit or acquisition.
Perfecting Your Pitch
A compelling pitch is crucial when selling an invention idea. It’s your chance to convince potential buyers or licensees of your invention’s value. You may want to consider hiring a pitch coach like Laurie Gilbertson of Nova Launch Partners to help you craft and present the most compelling pitch possible.
Your pitch should highlight the unique selling points of your invention. Explain how it stands out from existing products or solutions.
Remember to tailor your pitch to your audience. Understand their needs and interests, and show how your invention meets these. This means your pitch may change depending on who you’re speaking to. For example, your pitch may be different if you’re giving it to a prospective customer, versus a prospective investor.
Finally, practice your pitch. Confidence and clarity can make a significant difference. After all, you’re not just selling an invention, you’re selling a vision.
Approaching Potential Buyers or Licensees
Identifying potential buyers or licensees is a crucial step. Research companies that align with your invention’s niche and are open to innovation.
If you are considering licensing your invention or patent, we always recommend consulting your patent attorney. They can help you craft a licensing agreement that benefits your business and still protects and your IP.
When it comes to approaching potential acquirers, present a well-structured proposal. Highlight the benefits and applications of your invention. This is where it can be beneficial to work with a patent attorney with experience in using patents to position a company for a successful raise or acquisition.
Exploring Alternative Selling Platforms
In today’s digital age, there are numerous platforms to sell your invention idea. These platforms can help you reach a wider audience.
Consider these options:
- Crowdfunding platforms like Kickstarter or Indiegogo.
- Online marketplaces such as eBay or Amazon.
- Starting your own e-commerce site on Shopify or WordPress.
Each platform has its pros and cons. Research each one thoroughly to find the best fit for your invention. Remember, the goal is to get your invention in front of as many potential buyers as possible.
Setting Your Invention Up for Success
Selling an invention idea is exciting, but it’s not without its challenges. It’s important to work with a team of experts who can help build a strategy and bring your invention to market in the smartest way possible.
Nova Launch Partners brings together the best experts in IP protection and strategy, design and marketing, and pitch coaching to help you bring your invention to market. Get patent protection and support for your invention by booking a free consultation today.
