Patent Services Palmer AK

Russell Williams founded Invention Home over 6 years ago to assist inventors with the marketing and licensing of their ideas. He's been asked nearly every invention-related question in the book, and shares his wisdom with you in this series, "The Inventor Q&A."

Question:

I have a new idea for an invention. What do I need to think about first in taking my idea to market?

Answer:

To start, let me address a common misconception with many first-time inventors who start with an idea but are unsure of how to actually make money from their invention (i.e., they don't understand the options for taking their idea to market). Many inventors believe that they need to personally spend tens of thousands of dollars developing and manufacturing their ideas in order to succeed, which is why you read so many stories about inventors who spend their life savings chasing an invention. While manufacturing is one option for certain inventors, it is not the only option, and certainly not the least risky.

When deciding how to proceed, you should first evaluate your ultimate goal. Consider the following two options for developing your invention:

Option 1 - Manufacturing and marketing your invention on your own

Do you want to build a business around your idea and become an entrepreneur? If so, then you might choose the manufacturing option. Make sure that you consider all that’s involved with this option, such as: design, prototyping, finding a manufacturer/factory, building inventory, warehousing, shipping, marketing, etc.

Over the years, I have worked with thousands of inventors, and a common misunderstanding that I see is the belief that one must develop, manufacture and market the invention on one’s own in order to succeed. As a result, these inventors spend a small fortune developing prototypes and setting up manufacturing capabilities before they ever receive a single “interest” or purchase order from a company.

Note: If you elect to develop and manufacture your idea on your own, I would recommend that you try and secure interest and/or purchase commitments before you pull the trigger on manufacturing. There is a big difference between developing a prototype and setting up the manufacturing infrastructure for your invention.

Option 2 - Licensing for royalties

Are you looking for a way to minimize your costs and time commitment by finding a company to pay you for your idea? If the answer is yes, then consider licensing your invention for royalties. In my experience, most inventors end up going this route, which means that rather than manufacturing and marketing the invention on their own, they try to find a company to license or purchase the invention’s patent rights in exchange for a royalty or cash payment. The idea is to have an established company develop, manufacture, and market the invention alongside their existing product line. The key to licensing success (aside from having a great invention) is to adequately and professionally p...