Capitalizing on Inventions
I have about 100 inventions, and I dont know:What should I do?
- If any of them have potential,
- Where I can get them looked at,
- How I can get them to market
Thanks,
Patrick
Great questions Patrick. I've never created an invention and took it to market so I'm not an expert in this area. However, I will give you advice based on my experiences as an entrepreneur. The following are some steps you might consider taking:
- Find an Expert or Somebody Who Could Put You In Touch With One. You took a great first step by emailing me. I personally don't know any inventors, but you may be able to find some successful ones by:
- Searching for books on the topic. For example, two book titles that I found, which may prove useful to you are How to License Your Million Dollar Idea and Complete Idiot's Guide(R) to Cashing in On Your Inventions.
- Joining a local inventors' association and/or group. United Inventors Association and The Inventors' Network are two examples of such organizations.
- Attending a seminar on the topic. For example, I once attended a Learning Annex seminar on how to turn an idea into $1 million led by an inventor who was making $20,000 a month on a number of inventions.
- Searching for books on the topic. For example, two book titles that I found, which may prove useful to you are How to License Your Million Dollar Idea and Complete Idiot's Guide(R) to Cashing in On Your Inventions.
- Apply for Invention Competitions. A few examples are The Collegiate Inventors' Competition, The National Collegiate Inventors and Innovators Alliance Grants, and The Best Idea Challenge.
- Team up with an Entrepreneur. If you can convince an entrepreneur of the viability and opportunity for your invention, then you may be able to get him/her to start a company and take your invention to market in return for a portion of the company.
- License Your Invention to a Corporation. If you can prove that there is a market for your invention, you may be able to license it to an existing company who can leverage their infrastructure and brand. In return, you could receive a license fee for each product sold.
- Partner with An Invention Company. There are companies that specialize in helping inventors take their products to market. These companies often take a percentage of sales, an upfront fee, or both. I've been told numerous times to beware of companies that charge a fee and therefore don't have a strong incentive for your invention to ultimately succeed.
Michael