If you have an idea for a new product, there are several options available to you. Invention ideas are a dime a dozen, but execution is the hardest part. There are many ways to bring your idea from concept to reality, and each has its own pros and cons.
What Are Your Options?
The first option is to develop your own product and market it yourself. This can be a long and difficult process, but it is possible if you have the time and resources.
Another option is to license your idea to a company that has the ability to manufacture and market your invention. This will usually require that you sign away some control over your creation in exchange for a percentage of sales or royalties.
The third option is to find an investor who will pay for all or part of the development costs in exchange for partial ownership of your invention, or even full ownership. This can be a good option if you have an invention that is particularly valuable and you don’t want to give up control. It’s also possible to pursue all three options at once.
A fourth option, which is often the most expensive, is to develop your invention yourself. This can be a daunting task, especially if you’re not an engineer.
If you decide to go this route, the most important thing is to keep the costs down. You’ll need an engineer or technical designer who can help you create a prototype and make sure it works as desired. You’ll also need patent attorneys or invention companies, such as InventHelp, who can file all of the necessary paperwork, which may cost several thousand dollars in fees and expenses.
What Is The Best Option?
If you’re trying to decide which option is best for you, consider your time, financial and technical resources. If you have the money, it may be worth hiring an invention firm or a patent attorney to file a provisional patent application on your behalf.
This will give you a year to further develop your invention idea and make sure it’s ready to go into production. If this sounds like too much work or expense for you right now, consider looking into other options that can help bring your product idea one step closer to reality.
If you’re still on the fence about whether or not to patent your idea, realize that it can be a powerful tool to protect your intellectual property and help push your product toward market. It’s important to weigh all of your options before making this decision so that you can make an informed choice.