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Step 1: Believe in yourself. Step 2: Find a problem worth solving. Step 3: Do basic market research (before investing money) Step 4: Build a prototype and test your idea (in real life) Step 5: Protect your idea. Step 6: Manufacture or license your idea. Resources for inventors.
Brainstorm ideas. The first phase in creating an exclusive and valuable product is to brainstorm ideas. Keep a journal. Resolve on an idea. Sit under the Tutelage of an Expert. Create a prototype. Ask Yourself Some Pertinent Question. Protecting your ideas and invention. Research your market.
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. Furthermore, you can produce and market and sell your invention yourself.
That way you can set realistic goals and the results won't disappoint you no matter what they are. A recent survey showed that 54 percent of inventors think their invention will make over $5 million with another 24 percent expecting at least $1 million.
Complete an initial patent search. Just because you haven't seen your invention doesn't mean it doesn't already exist. Before you hire a patent attorney or agent, complete a rudimentary search for free at www.uspto.gov to make sure no one else has patented your idea.
Estimated Cost: $1,600 This is a temporary measure that protects your idea until you've concluded the entire patent filing process. Though the filing fees for your provisional patent are nominal from $65 up to $260 the real costs kick in when you engage legal help.
Suggested clip How To Invent Something New in Five Easy Steps And Become An YouTubeStart of suggested client of suggested clip How To Invent Something New in Five Easy Steps And Become An
There are those who believe that inventing is a get-rich-quick scheme. That's because a successful invention involves building a business around a new product idea, or selling your idea to another company. That takes hard work--and very few inventors make a million dollars on their first invention.
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