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Robert Croak, the inventor of Silly Bandz, has purportedly sold millions of packages of the rubber bracelets around $5 for any pack of 24. If you have an idea to have an invention, you might be the next inside a long line of success stories. Make sure your idea is completely original, even though you don't believe someone has invented it, do some research. Perform a lot of research, since you could end up wasting a lot of time on an idea that's already been patented. When you insure that your idea is unique you have a number of choices to select from.
Invention contests - This is not the best way to earn money with an invention because there isn't any guarantee that you'll earn anything. Should you genuinely have advisable, and also you want to make money with it, then you should make it happen on your own. Don't just throw your ideas available and hope that someone pulls your name from a drawing. Sometimes during these contests, they'll just send the ideas straight to companies and ignore the actual contest. That said, there are inventing contests that yield a very high monetary reward, as well as getting your invention available.
Patenting - If you think that you have a really good idea, one thing you need to take into consideration is whether you need to patent it or not. When you patent your invention, you are preventing others from copying and utilizing your product. If you're planning on selling your products to a company, it's very important that you simply patent your idea. There are many firms that won't even consider dealing with you if you haven't patented your idea. Using a patent in your invention provides you with full rights to complete what you would like related to it. Marketing your patent in general to another company or person, or sell it partially.
You could wind up spending altogether for the cost of searching fee, filing fee, examination fee, publication fee, and an issue fee which turns out to include as much as $1,500-$2,500 to have your invention patented. However, if you pay all of these fees then you not have the chance of consulting a qualified professional patent attorney. But when you apply the services of the patent attorney, then you may end up paying between $6,000-$11,000. So many people decide to get a patent on their own to prevent spending that much money.
Licensing your patent - Be sure that you understand you have to license your patent rights and never your invention. So you've to possess a patent or have to possess applied for a patent to get any licensing. Licensing your patent is actually four steps. You first need to locate manufacturers, you should find 30-100 manufacturers that want products similar to yours. Prepare your ads, this would involve creating a professional brochure or marketing letter. It'd really help you to create a website of the product for the ads. Now you need to turn in your marketing materials towards the manufacturers, after which discuss your licensing. With regards to discussing the licensing, you need to hire a skilled attorney.
When it comes time to market your idea, you should create a prototype. This is a great way to explain the real tips of the product. You should use outside help to make your prototype or you can do it yourself.
A great way to get tips about being a successful inventor is to meet other inventors who will help you know very well what it takes and how to really get your name and merchandise available.
