How to sell your invention idea

So you have an invention idea that you'd like to sell? The newest accessory for an iPhone, a car accessory, or a time machine? Well, first of all, sorry to break it to you, but nobody buys invention ideas. However, if you can get it researched, developed, and patented, then you're in business. If everyone sold their "ideas," then everybody would be rich!

The first step to take is to do a patent search. Have a company such as AbsolutelyNew, Davison, Patent Assistance Worldwide, Inventhelp etc. do a patent search for you. Usually this will run you around $800-1200. Usually these companies will include research about the industry and similar products as well.

The next step is to get a prototype made. Whether it's a physical model, or digital which is more commonly used these days, this will allow you to have something to present to a potential interested party.

One everything is ready to present, you should apply for a provisional patent, which is something that the USPTO will charge $110 to file for. A non-provisional patent can cost from around $2,000 to $20,000 depending on the complexity of it, therefore, you should go with a provisional one to test out the market before spending that money.

Finally, make sure you've got the right contacts and network, network, network! If you don't have the contacts to the right places, you're chances of success are slim to none. If that's the case, you should be looking into hiring a product development firm that has licensing experience. Beware of companies such as Davison for this, they have a licensing rate of .0001%, which means that .0001% of the products they've worked with, and charged thousands of dollars to do so, have gotten a licensing agreement. AbsolutelyNew has the highest licensing rate of the industry according to data published on the USPTO website, so that should be your best bet. Keep in mind that even with a company, your chances of success are low. Just because you have a great idea doesn't mean you'll ever get a licensing agreement. Make sure you pick a company that has worked with products similar to yours and make sure they can prove that they have the contacts in the industry that you need before you start working with them.

Good luck with your invention!