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Tuesday, September 27, 2022

How to Turn Your Invention into a Marketable Product

How to turn your invention into a marketable product? Sometimes some of the greatest inventions come from ordinary people like yourselves.

We may be sitting there and doing something and Bam just like that a great idea comes to mind, now what to do you do, you don’t want to get ripped off, and you certainly feel this is a money maker so here are some great tips from Totes Newsworthy to help you profit from your idea or invention.

Have a great idea? Want help taking your idea to the next level? Is selling your idea the right move? There are companies out there for that exact purpose! But then off course you want to know how to turn your invention into a marketable product.

How to Turn Your Invention into a Marketable Product

How to Turn Your Invention into a Marketable Product

If making money from an invention is the goal, there are two ways this can be done. One is through licensing and the other through marketing and manufacturing. Choosing to keep the rights to the invention is the other option, where the inventor manufactures or markets the product themselves.

Personality plays a role in which way the inventor should proceed. With a strong drive and entrepreneurial spirit, the inventor could be successful on their own. Otherwise, it may be best to allow others to market the idea.

Before Selling – How to Turn Your Invention into a Marketable Product

If the option to sell the invention is the best, there are some tricks to doing so. First, be sure to protect the ideas as your own. If, while conducting a patent search, there is nothing found, consider applying for a provisional patent, which will put a “patent pending” status on the idea for 12 months.

Second, design a prototype and patent drawings. There are well-established companies out there that can help with design illustrations. The quality of the prototype will directly affect its selling potential.

The last step is to crunch some numbers to decide if the market has the potential for this idea. Compare production costs and sale costs and make sure that there is a demand for the product. This is how your invention into a marketable products.

what you need to know about patents

How to Turn Your Invention into a Marketable Product? Sell! Sell!

Inventing and selling an invention are two completely different ball games. There are some considerable benefits in licensing an idea to a company that specializes in invention development. Licensing is also great for inventors who may be financially challenged.

A few critical things in this licensing process are research, presentation, and target audiences. As in all business deals, research is the most important. Analysis of the market, production, and legal consequences is a great start.

Invention

How to Turn Your Invention into a Marketable Product

The key to any productive business pitch is presentation. Having a company you can trust is vital in this step by helping to design a key 2-D or 3-D prototype or animation to get your point across.

Market research should also lead to a target audience of companies willing and able to license your idea. Selling your idea successfully is a great feeling and gives you the time to have and develop another idea!

So keep some of these tips in mind, and you may find yourself on QVC one day pitching your product to millions of people out. But than again the most important thing is to make sure to know how to turn your invention into a marketable product.

Read more – These are the Most Profitable Inventions

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Marko Jankovic
Marco is a travel blogger and technical writer for many subjects