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POWERED BY MOVABLE TYPE 3.2

January 01, 2004

Capitalizing on Inventions

I have about 100 inventions, and I dont know:
  1. If any of them have potential,
  2. Where I can get them looked at,
  3. How I can get them to market
What should I do?

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:

  1. 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:
  2. 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.
  3. 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.
  4. 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.
  5. 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.
Sincerely,
Michael

Posted at January 1, 2004 06:45 PM | TrackBack
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