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.

LEGAL DISCLAIMER: This web site provides general information only, not legal advice. You should not act upon this information without independent legal counsel. You must read and agree to the Terms of Service before viewing this web site. The NIFC is not associated with any Federal or State government agency. If you have been harmed by an invention marketing company or patent attorney, you should immediately seek the legal assistance of a reputable attorney licensed in your state. Michael S. Neustel is licensed to practice law only in North Dakota and in the United States Patent & Trademark Office. Michael S. Neustel is the owner of Neustel Law Offices, LTD and Neustel Software, Inc. Statements made in this web site are merely opinions of the National Inventor Fraud Center, Inc. and should not be interpreted as factual. Neither Michael S. Neustel nor the NIFC market inventions, provide market analyses or provide marketability analyses for inventors. You are strongly encouraged to investigate any company or law firm you plan to work with and do not rely solely upon this web site when selecting a company to work with. Only you can determine if the companies listed on this web site are reputable or not.