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Robert Croak, the inventor of Silly Bandz, has purportedly sold countless packages of the rubber bracelets around $5 for a pack of 24. If you have a concept to have an invention, you might be the following in a long type of success stories. Make certain your idea is totally original, even though you don't believe someone has invented it, do your homework. Do a lot of research, since you might end up wasting considerable time with an idea that's recently been patented. Once you insure that the idea is exclusive you have a number of choices to select from.
Invention contests - This isn't the easiest method to earn money with an invention because there is not any guarantee that you'll earn anything. If you genuinely have a good idea, and also you need to make money with it, then you should make it happen by yourself. Don't just throw your ideas available and hope that someone pulls your name out of a drawing. Sometimes during these contests, they'll just send the minds straight to companies and disregard the actual contest. That said, you will find inventing contests that yield a very high monetary reward, in addition to getting your invention out there.
Patenting - If you think that you have a great idea, something you have to think about is whether you need to patent it or otherwise. When you patent your invention, you are preventing others from copying and making use of your product. If you're planning on selling your products to some company, it is important that you simply patent your idea. There are lots of firms that won't even consider working with you if you haven't patented your idea. Using a patent on your invention provides you with full rights to do what you want related to it. Marketing your patent as a whole to another company or person, or market it partially.
You could wind up spending altogether for that price of a search fee, filing fee, examination fee, publication fee, and an issue fee which works out to add as much as $1,500-$2,500 to possess your invention patented. However, should you pay many of these fees then you definitely don't have the possibility of consulting a professional professional patent attorney. But when you use the services of a patent attorney, then you could wind up paying between $6,000-$11,000. So many people decide to get a patent on their own to avoid spending much money.
Licensing your patent - Ensure that you understand you need to license your patent rights and never your invention. So you have to have a patent and have to possess applied for a patent to get any licensing. Licensing your patent is actually four steps. You need to find manufacturers, you should find 30-100 manufacturers that are looking products much like yours. Ready your marketing materials, this would involve making a professional brochure or marketing letter. It'd help much you to definitely create a website of the product for your marketing materials. You now need to submit your marketing materials towards the manufacturers, after which discuss your licensing. When it comes to discussing the licensing, you need to hire a skilled attorney.
When the time comes to sell your idea, you need to create a prototype. This is a fantastic way to explain the real key points of your product. You can use outside help make your prototype or do it yourself.
A terrific way to get tips on becoming a successful inventor is to meet other inventors who'll assist you to know very well what it requires and the way to really get your name and products available.
