Can you sell an idea? No, you can’t. But what you can do is, take proper steps to develop your idea into a patentable invention. Then you can sell a license for the product.
Here is what you can do:
Gather Information. Get to know your market and competitors. Go as far as you can to determine if your invention is patentable or if it can be produced without infringement on other filed patents. You should start by doing a preliminary patent search on www.ustpo.gov. Also, have a look at the legal steps you need to follow.
Create some prototypes, craft them as good as possible, prepare blueprints and detailed schematics. Learn how to patent your invention.
Prepare a Professional Presentation. The essential and most effective tools you can have for your presentation are a three-dimensional prototype model and a simple sell sheet(1-2 pages) to convey all essential information:
- The problem or need your product solves or fills
- The product’s features and benefits
- Your product’s market
- The legal status of your invention (for example patent-pending, copyright or trademark info)
- Who you are and what are your next steps to follow
Create a target list of your business prospects. Create a list of at least 30 prospective targets. Don’t get discouraged as most companies will turn you down for several reasons. But strive to create a relevant and focused list. Companies that already sell similar products, and your product could bring a competitive advantage would be more interested. Then you shall put your best effort into contacting these companies.
Contact the right people. Access to a decision-maker. The more easily you can identify and directly reach the decision-maker, the more efficient your contact with a prospective licensor will be. If you can’t find the right person to contact, move on to another company. Don’t waste time talking to irrelevant people. Also, try to get some information on the company’s history with other inventors.