Selling your invention

Here’s an offering from Bruce Freeman of the Scripps Howard News Service on commercializing a new invention.

Thoroughly investigate the companies that you are submitting your invention to and speak to the key decision makers.

Deciding which and how many companies to submit to is critical. Submitting to one company at a time is the best and most cautious strategy. The information you provide the company should be brief and concise.

Ronald Louis Docie, author of “The Inventor’s Bible: How to Market and License Your Brilliant Ideas” (Ten Speed Press), suggests you include the following information during discussions with company decision makers.

A brief description of your invention.

The status of, or a copy of any patents.

A sketch, photo, or sample of your invention, if appropriate.

How is your invention better than existing technology?

A list of the application(s) or uses for your invention.

Specify any markets for your invention that you have identified.

What you expect from the company i.e., are you seeking a manufacturer, a licensee, or to sell your rights.

Any documentation that verifies the workability or desirability of your invention, when appropriate.

Any other backup documentation.

Don’t get caught up trying to convince the company by explaining how your invention works. Show the company why your invention is better than existing products. Describe what your invention does and what advantages it possesses.

Even if your invention is not patented, or not patent pending, you can normally describe its advantages and benefits without revealing any trade secrets or patentable subject matter.

There’s a great deal of information to offer prospective purchasers or licensees of your invention, but do not disclose how it works, what it looks like, or how it might be patentable.

Find out if the market has in interest in the attributes of your invention. Market research is critical.

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