Have you ever been frustrated with a product you use and said to yourself, “If only this product had that feature, my life would be a lot easier.” Well, from now on, every time you find yourself saying something like that, jot your idea down. Becoming a successful inventor or product developer is often about making simple enhancements to existing products on the market rather than coming up with a completely new product. What’s even better is you don’t have to invest in prototypes or expensive legal fees to make a fortune from your ideas.
How to Turn Innovative Ideas Into a Successful Business
A lot of smart people have great ideas for product enhancements, but they don’t ever pursue them because research and development with prototypes and patents can add up to a lot of time and money.
You can launch your idea in the marketplace without a big financial commitment through something called a licensing agreement. It’s like renting your idea to a company. Each time they sell your enhancement, you get a check.
One successful product developer, Harvey Reese, has done just that and has written a book about it, How to License Your Million Dollar Idea: Cash In On Your Inventions, New Product Ideas, Software, Web Business Ideas, And More. Reese has created and successfully licensed more than 100 of his own commercial ideas, including a hugely successful line of inflatable furniture. He is the former president of several manufacturing, importing, and distribution companies and teaches industrial design and marketing at Philadelphia’s Art Institute. He also acts as a licensing agent for the works of other inventors and idea people, so he is in the thick of things.
The Nuts and Bolts of Lucrative Licensing Deals
You can set up deals so that the company that licenses your idea will take care of R&D, production, marketing, sales, accounting, and distribution through licensing. In the book, Reese goes into step by step detail on how to take your idea from concept to market. He also talks about why you should NOT be worried about companies stealing your idea.
One thing you can do is invest roughly one hundred dollars in a provisional patent application to claim patent pending status for a year while you shop around your idea. Finding the hook around your product and being able to describe it succinctly (like an elevator pitch) is key. You will then find out if you have a good idea without a lot of expense.
Many of the world’s biggest brands in fields as diverse as sports, healthcare, entertainment, toymaking, beverage and foods, and more are looking for novel concepts and new ideas for products, apps, websites and software.
This is an instant classic guide on cashing in on your million-dollar idea. Whether you’ve invented a great new product, or you have an idea for an app, an online business, or a reality show, How to License Your Million Dollar Idea delivers the information you need to snag a great licensing deal.
You’ll get world-tested advice on how to protect your ideas and find a licensee for new products, apps, TV game shows, websites, software, and much more.
Protecting Your New Product Idea
Reese explains how to protect your new idea with or without patents and copyrights, and directs you in finding the perfect person at the right company. The book also walks you through how to prepare a presentation that gets you to a “Yes.” He even reviews sample licensing contracts to help you understand what your creativity and achievement entitles you to. What’s even more awesome is that you get to read real-life stories from successful, profitable inventors on their own mistakes and brilliant moves on their pathway to success.
Again, if you have an idea or invention for a great new product, an app, an online business, or a reality show, How to License Your Million Dollar Idea delivers the information you need to snag a great licensing deal.
If you have no clue about how the industry works and what can be licensed, or how to license it, you might dismiss a perfectly good idea worth millions in passive income. It starts with picking up a copy of Reese’s book, then jotting down those ideas as they come.