So you’ve created a brilliant new product you know will fly off store shelves. Maybe you’re considering patenting it or building prototypes. But how do you sell it?
The business of patenting, promoting, and marketing products by independent inventors is a $300 million industry, estimates Bonnie Griffin Kaake, executive director of the nonprofit United Inventors Assn. Indeed, there’s a host of services to help independent inventors turn their ideas into sales. They range from courses on how to sell inventions to online marketplaces that match innovators with corporate buyers or companies that buy inventions outright.
Those familiar with the invention business broadly agree on a few things. Would-be inventors should know the marketplace and be able to explain the value of their product. They shouldn’t expect big payoffs up front, and they should be wary of paying a fee to someone promising to sell their idea.
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Photo by USPTO.
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