New Invention

New Invention

Everyday, people get thousands of ideas in their minds about discovering something new or creating some unique and never before thing that will be a new invention and make them instantly famous; not to mention rich. But very often, these ideas only remain in our heads and either due to lack of time, effort or money; never see the light of day.

Then there are those who not only have a brilliant idea for a new invention but who actually get down to executing the idea and creating a new invention in the process. Now that you have a new invention, what should you do about it?

Making Your New Invention Work for You

Here is a look at some things that you should do to protect your new invention and make it pay off for you.

Patenting Your New Invention: The first thing that you have to do when you have a new invention is to get it patented.

• A US patent is a granting of proprietary rights on to the inventor by the US Government through the US Patent and Trademark Office. Having a patent for any new invention disallows any person, other than the inventor, from creating, utilizing or selling the patented invention in the United States for a specified period of time.
• For a new invention, a design patent is granted.
• A patent cannot be given to just an idea of a new invention but only if that idea has actually been developed into any product.

Using Your New Invention as a Business: Once you have got a patent for your new invention, you can use it to start a new business and earn profits. But there are certain things to remember when you plan to market your new invention yourself.

• It is important that you thoroughly research the feasibility of such a business before putting good money into your new invention.
• Find out if people would want to buy your product and if they would, then what price they will be willing to pay for it.
• List down reasons why not to buy the product and then come up with solutions to those problems.
• Create a systemized business plan and then only start to market your new invention.

Licensing Your New Invention: You can also make money by licensing your new invention.

• Licensing your new invention means to rent out the rights to make, use, and sell the invention to other people.
• You can give an exclusive license so that only one person can use your invention or give non-exclusive licenses to 2 or more people to use your new invention.
• You can either take a flat out fee for giving a license to use the invention or charge a royalty according to the numbers of the product sold, or even a combination of the two.
• It is a good idea to seek the help of a lawyer to draft your licensing agreements so that your interests can be protected.

Selling Your New Invention: If you do not have the resources to market your new invention and don’t want to license it, then you can make money by selling your new invention.

• Selling a new invention means transferring all your patents and ownership rights to the buyer.
• You can charge whatever amount that the buyer is willing to pay for the new invention.
• Once the invention is sold, you have no right to use it or to any royalties arising out of your new invention.

A new invention idea can also be used to earn money if the idea has merit and there are people willing to buy your idea.