How to sell your invention to a company?

[Mike Pallant]

Hello everyone,

I came up with an idea of a small invention that is specific to the product of one company. Think of it like an improvement to that company’s product. For now there’s no physical project, only sketches of the idea.

I’d like to approach the company but I don’t want them to take the idea from me and give me nothing in return so I was thinking of patenting it first but that would take several years, and I don’t have any guarantee that the company would even be interested in it afterwards.

Does anyone have any experience in working with companies for an invention?

Thank you!

[Angela]

Hi Mike,

You don’t need to have your patent before you start pitching your idea to a company. What you need is to apply for a patent first to try and maintain some level of control or protection on your idea, and only then try to pitch or sell your idea to the company to see if they would be willing to buy or license your patent application from you.

Also, be very careful about working with any company that wants to charge you money to help you sell or license your invention. Many of these companies are scams and even the ones that are legit have a very low success rate and make most of their money from inventors like you paying them.

[Dana]

Hello,

I recently called an agent from a patent company and told them about an idea of mine. We signed a contract before revealing the idea and they told me that they would let me know in the following 24h if they accept to go forward with my idea.

The manager then called me and said they’re accepting, and that the first step would be to make a prototype drawing, for which I would have to pay $400. I paid, they had the drawing done but now they’re saying the next step is to license a provisional patent and show it to investors, and they’re asking me to pay $4500 for that. To me it seems a bit over the top. Please give me some advice on what I could do at this point.

[Angela]

You should definitely ask them the following questions:
– what exactly will the $4,500 get you?
– ask for a list of things they will do for that money.
– is there a refund if they aren’t able to license your idea?
– how many products have they tried to license and how many have they actually licensed?

My guess is that less than 1% of all their projects ever get licensed so they make most of their money by charging people like they’re trying to charge you. Maybe they don’t even try too hard to get anything licensed.

[Nick Bennet]

Hi, does any of you have any updates on this? I’m in a similar situation myself and would like to see your results.

[Author]

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