Tag Archives: patent

How Can I Make Money With An Idea For An Invention?

Products, Starting Out, ,

I have this idea for a great invention but I don’t know were to start, tips?

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Right now, you have only an idea, which unfortunately isn’t worth anything.

If your invention is something tangible (a product), then before you spend any time trying to build it, first see if the idea has already been patented (Google Patents or USPTO Office). If it hasn’t been patented, then your next step is to build a prototype. Either do it yourself, hire someone, or convince someone to help you create it. If it doesn’t do what you want, keep iterating.

If you have an idea for a new graphic/logo/book (intellectual property), then create it and copyright it. That will protect the words/images.

If you have an idea for a new process (way of doing something), then you’ll need to first confirm that your process works. You won’t be able to patent it (you can patent the algorithm if it’s part of something tangible).

Once you have tested your idea, then you’ll want to decide what to do about it. Patents are useful if you have the money to protect them (in court) and/or you want to sell the idea to someone else. Otherwise, simply build it and realize that the more people that see it, the greater the likelihood someone may want to copy it. However, people will only copy it if it’s something that’s already making money or they can figure a way to get it to market easily.

Eventually, you may want to create non-disclosures, etc. For more information, I recommend the book: Patent It Yourself.

How Can I Market A Sports-Related Souvenir?

Products

A friend has an excellent idea for a souvenir for our local professional sports team. She looked into patents and they are too expensive. Any ideas on how she can market her idea and get royalties from it?

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Unless you have the funds to defend a patent infringement or if you hope to sell your company (with the patents as part of the intellectual property), it’s not worth patenting.

Realize that even if your friend has a great idea, creates a prototype, and has potential clients sign a nondisclosure, there’s no guarantee that the client won’t simply copy the idea and produce it them self.

The problem arises when your friend wants to use another company’s copyrighted logo/image in their product. Unless the image is in the public domain, you’ll have to license it. To license it, you’ll have to explain how you want to use it, and show off your idea, and pay money.

Instead, your friend may want to approach a company that already produces souvenirs for the Brewers, and offer to license the idea to them.

Realize that her idea is just that – an idea. Someone eventually needs to implement it and mass produce it, which takes time and money.