New Inventions Basics

Learn three important steps to securing and selling your new inventions

You have a great idea for a new invention...But what do you do with it? Is there some way to protect your idea from getting stolen? How do you sell your idea to manufacturers? Is it possible to manufacture and sell your business inventions on your own? If you're new to inventing, be sure you understand new inventions basics before proceeding beyond the idea stage.

If you need invention help, there are three main areas you should explore. These are:

1. The patenting of new ideas,

2. Licensing new business inventions,

3. And selling your ideas outright or manufacturing and selling them yourself.

 

Patent your idea on your own or through invention services

The first step every inventor should take after thoroughly thinking through their invention is to apply for a patent. Patents, which are issued by the federal government, protect your work from being stolen. Ideas that are too similar to already patented ones cannot be patented. Your idea must also be "non-obvious" and must be so fully described in your patent application that a person skilled in such matters could create the item.
Try: The United States Patent and Trademark Office offers a host of educational material on patents, including articles fully explaining what a patent is, what can and cannot be patented and how to apply for a patent. For those who would rather hire someone to take care of the patenting process for them, consider invention submission corporations like Inventhelp, which offers free patent information through the mail.

License your invention ideas to manufacturers

Once you've applied for a patent, you can license your invention. Send a one-page letter to each manufacturer who might be interested in your idea. This letter should announce that you're interested in licensing your patent rights, exactly what your invention is and how it benefits the potential buyer. If you can include a professional brochure or link to a well-designed website, all the better.
Try: The National Inventor Fraud Center provides free information about licensing your patent, including tips for finding manufacturers, creating marketing materials and negotiating a contract. For detailed information on how to sell your patented invention, read "How to License Your Million Dollar Idea" by Harvey Reese, available through Books-A-Million.

Explore other ideas for your inventions and patents

Other options for inventors include selling your idea outright (making a one-time profit, instead of earning royalties)or trying to make and distribute your invention by yourself. The first option is sometimes preferable if you can't find a manufacturer willing to license your idea. The second idea may be ideal for those with an entrepreneurial spirit and a solid business background.
Try: For articles on creating and marketing your invention, check out Will It Sell?, a website by James E. White. Entrepreneur.com offers several articles on selling your invention, including "Selling Your Invention" by Tamara Monosoff, which includes information on selling directly to the public.

 

• Some experts say it's smart to produce your new invention and start selling it to users before approaching manufacturers. Then, solicit feedback from your buyers and get written permission to use complimentary quotes from them on your website and in your brochure or letters for marketing.

Copyright © 2011 Business.com, Inc. All Rights Reserved.

---