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Top Ten Ways to Make Money with Your Patent

You have the best invention in the world. You have thebest patent lawyer in the world. And know you have the best patent in the world. So where is the big payday? A great invention and a great patent are simply two of the factors that make up the equation for entrepreneurial success. Probably the most important factor is the marketing.

Given the choice, I would rather have a great marketing plan and a terrible invention than a great invention and a terrible marketing plan. The problem is that most of the patent lawyers out there offering to get you a patent can probably get you a patent. Unfortunately, most of the marketing companies out there offering to make your invention a success are probably unlikely to make you more money than you spend with them.

So how do you embark on the great marketing adventure? While there is no one key to success, there are several things you can do to increase your odds. The following, non-exhaustive list of things easier said than done, however, should get you started:

10) Invent something people know they need right now.
Most new inventors invent something cool they think people will want. If you have to convince them they want it, you might want to think about inventing something else.

9) Develop an invention in response to a request from a manufacturer.
Manufacturers often run contests to develop new products. Even if the manufacturer is running a contest, it will still be very difficult. Even if they do not select your invention, you may get your foot in the door and develop a relationship that may be valuable down the road.

8) Develop contacts in the relevant industry.
Despite what you might think, inventing the next great product is probably not enough to get you in front of a manufacturer. Use your contacts to get in front of the decision-makers.

7) Find a trusted and experienced business advisor.
You are an inventor. Unless you have run a business in the past or have an MBA, you are probably not the best person to develop a marketing strategy for your invention.

6) Talk to other successful inventors.
Successful inventors are probably the best resource for the DoÃ?‚’s and DonÃ?‚’ts of marketing your invention. Since your invention is different than theirs, try to talk to several different inventors.

5) Join an inventors and/or entrepreneurs
While this will likely not directly translate into sales, it should develop your network and give you some of the basics about the invention and marketing process.

4) Stay away from disreputable invention marketing companies.
If you ever find one with more than 50% satisfied customers, please let me know.

3) Do not give up.
For most inventors, inventing is the fun part, marketing is the hard part. Although it may be long, costly and boring at times, a good marketing strategy is probably much more important than a great invention.

2) Be at the right place, at the right time, to talk to the right person.
Since you never know when this might be, get out there. Meet people and tirelessly promote your invention to as many potential manufacturers as possible. Rely on your business advisor to make sure your first impression is not your last.

1) Be very lucky.
I simply cannot overemphasize this last point enough. Good Luck!

Brett Trout

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