How to Sell Your Idea Directly to the Public.
I have launched a free course on how to write, prepare and use NDAs (Non-disclosure Agreements). It's a quick and easy course that gives you precedents which you can easily adapt for your needs: inventive-learning-a37b.think...
About this video: This is a follow up to my last video on selling your invention to a company. The link to that video is: • How To Sell Your Inven... There is more information on how to market your invention at www.borgesrolle.com/invention-....
Step 1: Patent searching. Do a patent search to make sure you don't accidentally infringe on someone else's patent. You can also file for patent protection for your invention to protect your investment.
Step 2: Market Search & Business Plan: Do as much searching as you can about the market for your invention. You want to make sure there is a good market for your product and you want to make sure you'll be trying to sell a product/service that people are willing to pay for. Find potential manufacturers and distributors and research any applicable laws that apply. Then, formulate a business plan and make it flexible.
Step 3: Choose a Business Model: Your business can choose between two different types of business models. You can either product a high quality high priced product which sells in relatively low volume but has lots of markup, or you can produce a lower quality lower priced product which has to sell in large quantities to be profitable. The first approach is more likely to be initially profitable.
Step 4: Gather a Team and Set Legal Structure: Assemble a team of people with expertise in key areas like promotion, sales and production. You can find potential team members using sites like meetup.com
Step 5: Financing. You can get financing for the project from a variety of different sources, including:
- Personal savings (personal loans, savings account, etc.)
- Group savings of the team members.
- Family and Friends. This can be achieved by transferring your invention to an incorporated company and offering shares in the company to people who invest money in the company. There is usually a limit of 25 to 50 shareholders that can hold the shares of a private company. More than that then you will need to file a prospectus and get your company listed on a stock exchange, which is complicated and expensive to do.
- Angel Investors. This essentially one or two individuals that contribute a large sum in exchange for a large portion of the ownership of the shares of the company.
- Bank financing. It's occasionally available, but it's generally difficult to get banks to finance a startup project.
-Government assistance. Occasionally available, but they usually take the form of loan guarantees.
- Crowdfunding (Kickstarter, Indigogo): These platforms make it possible to raise funds for the venture by offering things such as early production models. It's potentially useful.
Step 6: Production/Manufacture: It's generally better, at least initially, to find a manufacturer close to home. This ensures easier resolution of issues relating to quality control, design, and supply. You can use a business directory to find potential manufacturers or other service providers you might need.
Step 7: Distribution: You can try to set up a network of retailers to sell your product/service from their "bricks and mortar" locations; however, it's probably easier to have your product sold through web portals like Amazon, eBay and Facebook. You can also put an online store on your website and sell your products/services through there.
Step 8: Promotion: This is the most important step (so you should think about this step first). Here are some tips on promoting your product/service:
- Website - Start one as soon as it's "safe" to do so. Use search engine optimization (SEO) to help grow the website.
- Advertising. Use cost per click (goodle adwords) to drive traffic to your website's product pages and build awareness.
- Crowd Funding - use sites like Kickstarter and Indigogo to help build excitement and introduce your product.
- Media - send out press releases and send copies of your product/promotional material to media outlets, news stations, and youtubers. KZreadrs are a potentially great way to build interest in your new product/service. Contact as many youtubers with established channels and ask them to review your product.
- Trade Shows: get a booth in a relevant tradeshow. It might bring you media attention and it's likely to help you build industry contacts which can lead to potential licensing deals.
About Me: I'm a lawyer who's been practicing patent and trademark law since 1989. I'm also a patent and trademark agent registered with the Canadian and United States patent offices. If you want additional information about patents, trademarks and intellectual property, check out my website at www.borgesrolle.com.
Пікірлер: 42
Thumbs up and subscribed as a person without any back ground knowledge about this topic and a short attention span this video was perfectly paced and explained with in plain language. Thx!
Hi Elias. Thank you so much for your wisdom and helpful knowledge on this topic, you give really informative steps. I wish you, and your viewers great success.
Excellent video counselor thank you. I'm going to listen to this over and over again. until I remember all of the steps. like the back of my hand.👍😐
@PatentToronto
2 жыл бұрын
Thank you.
Excellent video! Thank you
@PatentToronto
2 жыл бұрын
Thank you
Thanks for your videos. They are very informative.
@PatentToronto
5 ай бұрын
Glad you like them!
I thank you so much for your informations sir
VERY INFORMATIVE VIDEO. My problem, I can't find any licensing company for my product to contact, I decided to manufacture my product but I can't travel at this time to China or Vietnam with the high cost of airline tickets and the quarantine requirements! Can you trust the manufacturer to do the manufacturing without being there personally to make sure it's done right?
@PatentToronto
2 жыл бұрын
Trust but verify- this is what I’ve been told. Even established business relationships require verification and quality assurance. You Might want to check to see if there are competitive manufacturers in your country first.
@fastcashforex
2 жыл бұрын
@@PatentToronto thank you for your reply, I am in USA and manufacturing is very expensive compared to other countries!
Sir , I have issued patent for sale , what I have to do please let me know. Thanks
Awesome! If someone doesn't have money to build a prototype for the product, could a good sketch with details be a solution?
@PatentToronto
3 жыл бұрын
If you’re selling the idea to a company, then this may work. The more impressive/ finished / professional it looks the better.
@airtexssubcontracting4369
2 жыл бұрын
A sell sheet is your option. Good luck!
Extremely well constructed and informative video. Thank you. How can I contact you for patent services?
@PatentToronto
10 ай бұрын
Thank you. I am developing an online course on preparing and filing a provisional patent application which I expect to launch shortly. I’ll send out an announcement to my subscribers when it’s up and ready.
Invention Home took advantage of me. I paid $3000 just to find out I had to pay another $30000 to submit an patent! I have great ideas but little knowledge on the business end. Im a singe parent of 4, $3000 is a lot for me at this time.
@PatentToronto
2 жыл бұрын
That is terrible. I’m upfront with clients as to costs and chances of success (in terms of getting a patent). I like to think most people in the profession are as well. It’s disturbing to read that it’s not always the case.
Yes, the most expensive way to get to the market. Any ideas where to get all tons of money for hundreds of things required? And team? And time? And the knowledge?
Can an inventor licence their idea or product, to more than one company or not? So could I sell my idea to a few retailers? Thanks. ☺️
@PatentToronto
3 жыл бұрын
You can grant non-exclusive licenses to more than one company, but you can only grant an exclusive license to only one company. Generally, you license manufacturers not retailers since retailers generally don’t manufacture the products they sell (there are a few exceptions).
@samp4050
3 жыл бұрын
@@PatentToronto ohhhh ... okay, got it, thanks very much Elias. Great videos. 😃🤗
Listen dude I have an very unique idea about tourism so I am sending an email 📧 to a company so it's be risky?
@PatentToronto
3 жыл бұрын
If there is no confidentiality agreement, then there is a risk that if they might disclose your idea and commercialize it without your consent. Don’t disclose details of your idea unless you have secured your rights.
I have an idea of Tower gas geser which is different which consume gas very very short want to sall it 😂if you help me to sell it i thankful to you and give your services thanks 👍
@PatentToronto
8 ай бұрын
Thank you, but I can’t take on new clients at this time.
I want to find a big company to sell my patented my idea to Car Manufacturers.
Hi my friend, I i had an invention ideal in refrigerator doors, comercial and residential, they will reduce cost of energy any owner pays now, they will be an increase of production in commercial, been easy access to working areas, not only for the cook, but for everyone that works there, will not change the way they had it, or had access to it, but this new "DOORS" of mine, will have and easier faster way, could be installed in any existing refrigerator, or freezer, with out changing eléctrico or mechanical process, could even be accesible to by remote control, voice control Alexa, or a switch that the cook been working old had to do is press a bottom for open or close even with his feet so won't even had to touch it. This new futures could be extra add, one or all to my invention, and handicapped person can have access in a wheel chair, so much easier now than the way are built now. I had a prototype been finish right now, how would you advice me to start and do this for my own benefit and interest? Thank you.
@PatentToronto
Жыл бұрын
You should consider filing a patent application to protect your invention. After you filed the application you could then attempt to contact companies that might be interested in the invention. Good luck.
Can u help me
@PatentToronto
2 жыл бұрын
What would you like to know? I might be able to do a video on that.
A GOOD VIDEO BUT ALL I NEED IS A FAX NUMBER TO DRAW MY IDEA AND DESCRIBE HOW IT WORKS IN DETAIL...AS LONG AS A FAX CAN'T BE PIRATED. I HAVE ABOUT 80 IDEAS GOOD TO GREAT!!
@alexandrevaliquette1941
Жыл бұрын
80 ideas, sure, no problem. But first, just a small paperwork before we start. Can you please send 80 X 10 000$ = 800 000$ to open your account? Seriously Kew Lor, don't you think you must only try your best idea first?
CAN I TALK TO YOU DIRECT
I have an idea so I am trying to sell it
Do you have time to listen , or you ment for talking only please