You have a great idea in your head for a long time and you think that something similar doesn’t exist. You may not have had the support of family and friends at first, because your idea was considered too simple, but, despite everyone, you didn’t give up. Now you have developed the idea to the smallest detail and you really think you have something new and innovative. Something that can really fill your budget. You surf the internet, research, browse the patent database over and over again. You are convinced that there really is no such invention and the point is clear: you will make money.
However, things are not so simple. Obtaining a patent is a process that requires a lot of documentation and completed formulas, a lot of time but also a lot of finances. Patents really know to be expensive. Then you come to the dilemma: should I patent my product at all or is there another option ?!
Through this text, we will try to explain to you that your great idea can be sold regardless of the fact that it is not patented, but also the risks that such an action carries. However, at the very beginning to define:
What is a patent and why is it good for my invention?
A patent is the protection of your intellectual property, whether it is a design or a product. By patenting your intellectual property, you are protecting yourself from others so that you cannot use your work or sell it to someone as their own. By patenting, you gain the right to make and sell your products. You know exactly what can and cannot be patented, and once your intellectual property is legally protected, you can be calm and start your own business for 20 years.
If you want to work on your license, patenting is really important. However, not everything is so simple. Patenting your invention also requires large investments. This move is not cheap at all. In addition to being expensive, it often takes several years for an invention to be granted patent status.
Can I sell my product without patenting?
The answer is YES! To sell your idea or invention, you do not need to previously patent it. To avoid the costly and time-consuming patenting process, there are several ways to sell all your intellectual property while keeping it protected. Besides the ideas that we will list below, you can find great tips at InventHelp. Let’s go in order:
This is a much cheaper and much faster version than the classic patenting. But it lasts much shorter: only 12 months. However, if you have a good idea or are more cooperative, this period will be enough for you to make a good deal. You will enjoy full legal protection this period and you will earn money. You can temporarily patent your invention in a classic way — by going to the patent and trademark office or on a free online platform.
There are a large number of companies looking for smart and resourceful people like you. They have money and they need an idea, something that has not been represented so far. If you really think you have something special in your invention, you can very easily start making money from it by licensing your idea to these companies. You have to keep in mind that a huge number of people come to such companies with more or less interesting ideas. Therefore, in order to choose you, in addition to the intelligence for the invention, you must also have top negotiation, marketing and trading skills. Expect serious faces in front of you and some time to present your idea in the best possible way and show them that you will all benefit from it. Licensing means that you will cooperate for a long time and have income from your invention, and you should really make an effort to be selected.
If you don’t want to deal with licensing or patenting in any way at all, you can decide for a simpler sale of your intellectual property to the company. Sales can be live or online. However, if you thought this was a simpler variant, you are wrong. There is still a rumor that they will become famous because of your idea or that the company will “steal” it and you will be left without your invention and without money.
So how do you protect yourself ?!
A thing that you must not forget and that obliges the company to abide by the agreement is the signing of the Agreement. One such Agreement is the Non-Disclosure Agreement (NDA). By signing this contract, you prevent the company from stealing your idea. The NDA restricts a company from using your invention without first paying you to do so. If they happen to break the contract and your idea leaked out, you can sue the company for breach of contract and have your money back.
The biggest problem is that companies very often don’t want to be bound by this contract. Then think very carefully if you want to get involved in that deal. When you choose a company that could support you, immediately asks them to sign a Data Confidentiality Agreement, before presenting your idea. Otherwise, there is a high probability that they will appropriate your idea that is not protected or tell it to someone else.
Many companies, especially large ones like Coca-Cola, Nike, etc. will certainly not sign this contract. But there are still companies that will be very happy to agree to this and listen to you. Take care if you are contracting a business online, that it is a serious and proven company.
Whichever option you choose, take care to be absolutely accurate and precise in describing your inventions, and then in defining a relationship with a partner who will give you money for your it. Arm yourself with patience and fight for what you have. Before selling or securing any idea, many make huge mistakes that cost them a lot of money. Don’t let someone play tricks on you and steal your idea. Believe in yourself and keep your head up!