Tips for making a solid plan for selling ideas

[Dana]

Hello,

I see many people, including myself, are struggling with selling/marketing their idea, so I was hoping maybe someone more experienced could give some advice on how to build a plan that is realistic and actually works for the average person.

Thanks!

[Angela]

1. You have to make sure that your idea something new.
2. You need to secure your intellectual property rights and make your idea semi-protected. Unless you have embodied the implementation in hardware or code, you have a concept which may or may not be fully protectable.
3. A lot of companies will refuse to sign an NDA to limit the possibility of future litigation should they “infringe” your idea. Having a good intellectual property attorney is a good idea.
4. Adjust your expectations. Not all ideas are worth a million dollars and many do not live up to their creators’ expectations all the time.
5. If business is impossible around this single idea, you may need to settle for selling or leasing the intellectual property rights with yourself attached as a developer/demonstrator under the terms and conditions of sale.
6. You may wish to create a business plan around the idea, but this is a speculative venture and may actually limit your personal involvement if the company feels that they do not need the additional cost burden of another employee to implement the idea.
7. Approach companies with a need for your idea — and maybe a company in an unaffiliated industry where the entire concept of the platform and idea will seem appealing.

[Joe Steem]

Well said Angela, every inventor must see the possibility of making money from their invention right from the start.
Many inventors fall in love with their creation and lose sight of the fact that some times you need to abandon a failed project and move on.

[Author]

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