Idea Design Studio tells us mind for inventing does not always include room for marketing. Fortunately, there are other business-savvy people who are experienced and ready to take your next big idea and run with it. Idea Design Studio highlights some basic steps to approach selling the rights to your invention.
- Gather Information – The more research you can do, the better off you’ll be.Idea Design Studio states a great way to do this is to gather as much feedback on your invention as possible. Focus group testing is one way to do this. Compiling data on similar and competing products is also a great idea. Taking the time to check if your idea is patentable or can be produced without risking infringement on other patents will pay off early on. Learning about the production process will also be helpful, particularly if unique materials or techniques are required.
- Prepare a Professional Presentation – Presenting the product to interested parties is the next step. A 3-D model, or prototype, is crucial for this presentation, along with a simple sell sheet. This sheet should consist of: the problem the product meets, the product’s features and benefits, the product’s market, and the legal status of your invention. A bit of personal information that serves as an introduction to you and your product would be a great addition.
- Pinpoint Your Targets – Begin identifying places that may be interested in your product. Start with a list of at least 50 prospects, either by looking for manufacturers of similar products or companies from your market research. Identifying the trade association that is a good fit can open up lists of potential targets as well.
- Qualify Your Targets – After identifying targets, you’ll want to spend some time prioritizing them based on size, geography, and other factors. A company that has a similar product may be willing to take on another product that can secure its place in the market. Idea Design Studio knows you’ll also want to consider company policy and manufacturer reputation among your prioritization.
- Make the Sale – Once all the legwork is done, the negotiations can begin. As the inventor, you’ll want to insure a fair and lucrative deal for yourself, including royalties and annual payments. Exclusivity may also help increase the amount you are paid.
Idea Design Studio is ready to help in all areas of idea development. From developing your idea to marketing it, the services available are top-notch and professional.