Just as there are a lot of inventors, continuously coming up with their innovative and revolutionary ideas, similarly there are end numbers of companies who are ready to buy your invention ideas and make you earn millions of dollars.
However before you go ahead with your idea submission to these companies, there are certain critical things that you must keep in mind.
Through this article, I have tried to bring in light the same things you must take into account while submitting your ideas to these companies. Let’s walk through the article below and know about them.
Have a non-disclosure agreement signed
No matter how small or large the company is; getting an NDA, otherwise known as Non-disclosure Agreement, signed must be your first priority.
In case, you are unable to have an NDA signed, do know about the risks involved before submitting your invention idea to any company.
At the same time, it is also important to note that you do not disclose all details about your invention to the prospective company as the product poachers and infringers are all around here.
The easier the better
The easier and understandable way you do your idea submission to the prospective companies the more it increases the chances of your success.
Since a company receives a large number of idea submissions do more work with your submission to avoid rejection.
The company, where you want to submit your idea, is interested in knowing only four things from you:
- How will your invention benefit during competition?
- How much will your product cost to manufacture?
- Do you have sales track record for your product?
- Is your idea patented?
If your answer to aforesaid questions is YES, then there are sufficient chances of the huge success of your invention idea.
A company can get enough information to evaluate your concept if your invention submission consists of these four answers.
When you are done with the submission process, the company where you have planned to submit your invention takes between 4 to 6 weeks to get back to you. When the company contacts you back, it will require extra details such as additional marketing materials or the prototype evaluation ability.
While the process is fully workable, don’t forget determining the existence, background and trustworthiness of the company where you are going to submit your invention. And do make sure of their Return Policy before making presentation of your invention prototype.
When you are done with the submission of your invention idea, you will get two possible results; either your invention will be sold like hot cake, or you may have a licensing deal.
While there are pros and cons associated with both the options, either one would be better than a Lost and a No prototype.