HOW TO MAKE MONEY FROM YOUR INVENTIONS
Have you ever dreamed that you could make money from your inventions? Do you have lots of ideas but don’t know where to start?
Ideas are great, but unless you do something with them, then that’s all they ever are.
Today I will share with you the exact steps I have taken to try and turn an idea into a reality.
We all have ‘light bulb’ moments where we think of something that possibly nobody else has, but if you have an idea that you genuinely think is worth something, then why not look into it further. You never know where it may take you!
Who Can Help You to Make Money From Your Inventions?
It all starts with an idea but then what? Where do you go?
Innovate Product Design support and encourage individuals who are looking to profit from their ideas. The company was set up by Alistair Stanwick, who started his career studying engineering product design. The business comprises of award winning design engineers, business development professionals, researchers and intellectual property experts.
They provide a complete service from protecting your product through to prototyping and marketing.
What Costs are Involved to Make Money From Your Inventions?
There are obviously costs involved in getting an idea to market and even then there is no guarantee of success. The first cost involved is the cost of a patent. The patent protects new product ideas that are original. A patent application can cost between £230-£300. There will then be further development costs on top of this.
One of my concerns with my own idea were that I didn’t want to invest lots of money into something to find it doesn’t get anywhere, but that’s where Innovate Product Design come in.
The thing I love about Innovate, is that their initial advice is completely free. Their website is so full of useful information about inventing for profit and in addition they offer a free information pack.
The information pack explains everything such as:
- Available forms of protection
- Routes to market
- Developing your idea
- The prototype process
- Business planning and marketing
You can request a free information pack here.
With the information pack you will receive an Idea Submission Form. You can sketch your idea with a description of the product and send it to Innovate Product Design for a review. This is done in confidence and is completely free of charge. Their experts will be able to advise whether or not they believe your product is worth developing further. It will help to determine any future costs involved and if any, potential funding opportunities to start production.
You will also receive a none disclosure agreement, a legally binding document which prohibits Innovate Product Design from revealing your idea or commercialising it in any way without your permission.
In addition to this, they have experience of helping clients pitch on Dragon’s Den, so if you you fancy being on TV and facing the Dragons then they can also help you through this process.
You wait…. Wait to hear back from Innovate Product Design. They will review your product to see if it’s worth progressing any further and investing any money into it. Where you then go with it is up to you. I am currently waiting with my fingers crossed!
Have you ever had an idea but not known what to do with it?
Do you know anyone who is always coming up with new ideas, maybe you could share this post with them to help them on their way!
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