There are a number of different ways to bring your product to the marketplace. Each has strengths and weaknesses. It’s important to ask yourself, “How much control do I want to have over the fate of my idea?” Some approaches are much more hands-on than others.
1. Manufacture the product yourself. This strategy requires a large amount of capital and is high-risk. You will need to be proficient in a variety of skills – you’ll be in charge of everything from designing the packaging, paying employees, attending tradeshows, and fighting to get your idea on the shelf. You will have, however, total control over your idea and how it manifests itself.
2. Put your idea online. There are quite a few websites that post ideas companies can peruse – if they see your idea and like it, you may receive a call. You will probably need at least some protection and you may have to pay to post your idea.
3. Enter a product search or contest. Everyday Edison’s and the Big Idea Group each have one. Sometimes they may charge you a fee to do so; in all likelihood, they’ll shop your idea around to companies they know are looking for products in specific categories. It’s affordable, but you may be lost in the shuffle, left crossing your fingers.
4. Try to get on T.V.! On shows such as Shark Tank or The Pitchmen. You may end up pitching your product to someone that wants to license your idea or give you the capital to bring the product to market yourself.
5. License your idea. You have less control but you also have less financial risk. Don’t forget it’s a numbers game. The more you pitch your idea to better chances you will have of licensing.
Stephen Key is a successful award-winning inventor who has licensed
over 20 products in the past 30 years. Along with business partner
Andrew Krauss, Stephen runs inventRight,
a company dedicated to educating inventors about selling their ideas
and the skills needed to succeed. You can listen to the weekly radio show on inventing. Get In The News, list your invention to have media outlets find you for news stories.