| Yes; however, it is important to understand what | | | | company may end up spending hundreds of |
| you need to have in place to increase your odds | | | | thousands of dollars developing, manufacturing and |
| of success. As you move your idea through the | | | | marketing your idea…so a 50/50 split would not |
| invention and patent process, your odds of | | | | be reasonable. Typically, an average royalty can |
| success increase as your idea becomes more | | | | range from 3-5% of net revenues received by |
| tangible and real. | | | | the company for selling the product. The royalty |
| The notion of selling or licensing an idea without | | | | rate is negotiable and may fluctuate based on the |
| any effort or development on behalf of the | | | | margin and/or sales volume of the product. |
| inventor is a misconception of many inventors. | | | | Overall, the key to selling your invention is having |
| Although I believe anything is possible, it is | | | | a good idea to start with, then taking some steps |
| important to be realistic about your odds of | | | | to protect and effectively present the idea to |
| success with an idea. Many inventors believe | | | | companies. |
| that a company will license or buy their idea and | | | | There are no guarantees… |
| pay a royalty, even though they have not taken | | | | The reality is that there are no guarantees for |
| the time to move the idea forward with a patent | | | | success. Regardless of how great your idea is |
| search, patent pending or any type of | | | | there are absolutely no guarantees that your idea |
| professional presentation, development or | | | | will ever make money. Great ideas can fail for |
| proposal. This is unlikely; to increase your | | | | many reasons, such as poor marketing, lack of |
| likelihood of success, you should be prepared to | | | | market or scarce financial resources. Additionally, |
| move your idea forward beyond just a concept | | | | ideas that may seem less than stellar can often |
| or thought. | | | | make millions for example, the Pet Rock or Chia |
| Next, when it comes to royalties or payment | | | | Pet. The invention process can be exciting and |
| received for licensing your idea, it’s vital that | | | | rewarding; however, you’ll need to approach |
| you have realistic expectations. Don’t | | | | the process with realistic expectations and a |
| expect to receive a 50/50 split on the profits | | | | willingness to do what it takes to succeed. |
| from a company for licensing your idea. A | | | | |