Are you so engrossed in your innovative idea that you can’t sleep dreaming about how you’ll make a fortune selling it? Excellent – this is the first step towards the realization of your concept. So what’s the next step? Is it possible to make money just on the idea itself, without its implementation, and how to do it? You will find the answer to these and other questions in the article.
How to make money on an idea: stages of development
Many inventors and outside-the-box thinkers have failed simply because they didn’t know how to proceed.
But this fate will indeed bypass you if you learn three main things: how to get your idea to the market that needs it quickly, protect it, and benefit from your idea.
It is not necessary to translate the whole idea, method, and development into reality; it is enough to test the concept and how it works.
An idea goes through several stages from its inception to sale.
It dawned on you and an idea popped into your head. So you start thinking about making it better, more attractive, more profitable, etc.
Next, you try to transfer your idea into practical implementation – to depict it on paper, save it on a computer, and other media.
And now the most challenging part begins – patenting the idea (if, of course, you find out that it is worth it).
Search for a potential buyer.
Selling an idea.
How valuable is your idea?
So, you have an innovative idea, and you think you can capitalize on it. What to do next?
First, you need to test it on four questions:
- Is it original, or is it no longer know-how?
- Will there be an actual buyer, a market, i.e., demand, and will it be profitable? (After all, many innovations were so unprofitable that they were not worth the investment).
- Can someone develop your idea, produce a product and sell it, use your innovative method to improve an existing business, or use a current product for new purposes?
- Can you protect your idea with a patent against piracy?
How to competently sell an idea and make money on it
In America, special companies are taken to promote innovative ideas in America. There are over 5 thousand of them. According to statistics, out of 100 ideas, 85 have various shortcomings and need to be improved; out of the remaining 15, only five are implemented, and only 1 out of 100 is profitable.
It is best, of course, to turn to idea sales managers who know a lot about how to promote an idea and how to offer it to a customer, but this costs a lot of money.
But what if the fee from the sale of the idea does not cover the costs spent, or you simply do not have such funds?
If you have limited opportunities, then pay attention: there are resources on the Internet where you can place a free ad about your invention, and if you are lucky, then sell it.