PROFITING FROM YOUR IDEA
The fun part of the invention process is “creating” your innovative product. The most difficult process is to profit from your new idea. There are basically two methods of profiting from your invention:
- Licensing to a manufacturer; or
- Manufacturing your product.
We recommend to most inventors that they “license” their invention to limit the financial risk involved with all new products. By utilizing the Licensing Process, an inventor mainly invests their money in a reputable patent attorney to draft a solid patent application that can’t be easily designed around. The typical patenting costs an inventor will spend for a patent application to be drafted range between $3,000 to $6,000.
However, some inventors insist on being the “manufacturer” of their new product and invest upwards of $100,000 in starting a new company. For an inventor who has never owned their own business, the tremendous responsibilities of being a manufacturer can be overwhelming. We have information about the Manufacturing Process if you are interested in this method.
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