How do I get paid for my invention idea?

Summary of the Article

How can I make money from my idea invention?

The ways you might make money from your invention fall under three basic paths. You can sell the patent or rights to your invention outright. You can license your invention. You can produce, market, and sell your invention yourself.

How much is an invention idea worth?

Unfortunately, there is no magic formula for determining this. The value is determined by whether the invention is patentable, by the amount of money you can make through selling products or services under the patent, and by any licensing fees you can obtain from others interested in your invention.

How do you sell an idea to a company without them stealing it?

There are two ways you can protect your idea when pitching it to a company, and those are filing a provisional patent application or using a nondisclosure agreement. Both of these will help you to present and try to sell your idea to a company without them being able to legally steal it.

Can you get paid for patenting an idea?

A patent grants ownership of an invention, but it won’t pay you. There are a few ways you can generate a profit from your idea. A patent is an important document that grants ownership to an invention. However, simply owning a patent won’t generate a dime for the inventor.

Can I sell my invention idea without a patent?

No. You are not required to obtain a patent in order to sell a product or service embodying your invention. Many products and services are sold that are not patented. A U.S. patent provides the right to stop others from making, marketing, selling, or importing your invention in the United States.

Where can I submit an invention idea?

– New Soda
– Invention City
– Henkel
– FastCap
– Idea Buyer
– Nokia
– Bosch
– Dorman Products

How much royalties do inventors get?

The average royalty for licensing an invention is 3 to 6 percent of the product’s wholesale price, which is the price the company charges the consumer. If you have a profitable product and choose the right manufacturer, a licensing agreement can be a great way to make money from your invention.

Should I patent my idea before selling?

You are not required to obtain a patent in order to sell a product or service embodying your invention. Many products and services are sold that are not patented. A U.S. patent provides the right to stop others from making, marketing, selling, or importing your invention in the United States.

How do I pitch an idea to a company?

– Know who you’re pitching
– Consider how you’re presenting yourself, not simply your idea
– Tell a story
– Cover the details
– Show the roadmap
– The elevator pitch
– The short-form pitch
– The long-form pitch

How much do patent ideas sell for?

It depends on the technology and the industry, but an infringer might pay 0.5-5% of the wholesale price of the product. Each industry has its own standards, but in general, patent royalties are 25% of the profit an infringer makes on each sale.

How do I sell my idea for a patent?

– Research and identify potential buyers
– Create a compelling marketing strategy
– Prepare a professional presentation
– Patent your idea
– Network and attend industry conferences and events
– Protect your idea with a nondisclosure agreement
– Negotiate a licensing agreement or sale
– Hire an attorney to assist with the selling process

Questions:

1. How can I make money from my idea invention?
2. How much is an invention idea worth?
3. How do you sell an idea to a company without them stealing it?
4. Can you get paid for patenting an idea?
5. Can I sell my invention idea without a patent?
6. Where can I submit an invention idea?
7. How much royalties do inventors get?
8. Should I patent my idea before selling?
9. How do I pitch an idea to a company?
10. How much do patent ideas sell for?
11. How do I sell my idea for a patent?

Detailed Answers:

1. The ways you might make money from your invention fall under three basic paths. You can sell the patent or rights to your invention outright. You can license your invention. You can produce, market, and sell your invention yourself.
2. Unfortunately, there is no magic formula for determining this. The value is determined by whether the invention is patentable, by the amount of money you can make through selling products or services under the patent, and by any licensing fees you can obtain from others interested in your invention.
3. There are two ways you can protect your idea when pitching it to a company, and those are filing a provisional patent application or using a nondisclosure agreement. Both of these will help you to present and try to sell your idea to a company without them being able to legally steal it.
4. A patent grants ownership of an invention, but it won’t pay you. There are a few ways you can generate a profit from your idea. A patent is an important document that grants ownership to an invention. However, simply owning a patent won’t generate a dime for the inventor.
5. No. You are not required to obtain a patent in order to sell a product or service embodying your invention. Many products and services are sold that are not patented. A U.S. patent provides the right to stop others from making, marketing, selling, or importing your invention in the United States.
6. Please refer to the following companies where you can submit your invention idea:
   – New Soda
   – Invention City
   – Henkel
   – FastCap
   – Idea Buyer
   – Nokia
   – Bosch
   – Dorman Products
7. The average royalty for licensing an invention is 3 to 6 percent of the product’s wholesale price, which is the price the company charges the consumer. If you have a profitable product and choose the right manufacturer, a licensing agreement can be a great way to make money from your invention.
8. You are not required to obtain a patent in order to sell a product or service embodying your invention. Many products and services are sold that are not patented. A U.S. patent provides the right to stop others from making, marketing, selling, or importing your invention in the United States.
9. To pitch an idea to a company, follow these steps:
   – Know who you’re pitching
   – Consider how you’re presenting yourself, not simply your idea
   – Tell a story
   – Cover the details
   – Show the roadmap
   – The elevator pitch
   – The short-form pitch
   – The long-form pitch
10. The amount patent ideas sell for depends on the technology and the industry. An infringer might pay 0.5-5% of the wholesale price of the product. Each industry has its own standards, but in general, patent royalties are 25% of the profit an infringer makes on each sale.
11. To sell your idea for a patent, follow these steps:
    – Research and identify potential buyers
    – Create a compelling marketing strategy
    – Prepare a professional presentation
    – Patent your idea
    – Network and attend industry conferences and events
    – Protect your idea with a nondisclosure agreement
    – Negotiate a licensing agreement or sale
    – Hire an attorney to assist with the selling process