As is true with most inventors, making money is the primary reason for the work done to create something new and exciting in the marketplace. It is seldom the only motivation, especially with the most successful inventors, but without a doubt, it is one of the main reasons. This leaves the question of how best to monetize your invention. The following are four ways to take your invention and turn it into cash.

Simply sell the invention

making money

This becomes easier to do if you have already got a patent on the invention. Once a patent has been issued, the invention has already been deemed both useful and unique. It is only a question of whether there is a market for the product. By having a patent, the inventor has taken much of the risk out of the purchase of the patent. Potential buyers can determine how well the product fits into their present product offering, and whether they have the property distribution network to maximize the potential revenue. Successful inventors will spend time researching the companies most likely to benefit from buying the invention, and focus their sales pitch on those firms.

Making Money License the invention

making money

Making money Many inventors find that the most lucrative way to monetize their invention is to sell the license to manufacture and distribute the product. A license can be granted in many ways. One way to sell a license is by region. A license can be sold to a company by region such as Europe, Asia or North America. A license can be sold to a company for use in a specific country as well. This latter type of licensing provides control to the inventor on how and where the product is sold. Of course, by selling a license, the inventor retains ownership of the product. Once the period of time for the license has expired, all rights associated with the product revert to the inventor.

Selling or licensing to your current employer

You have to be careful with offering a product to your current employer, because if the idea was developed during working hours and done on company property then they will say that the product belongs to them. In most cases, they will be right. However, if the product was done on your own time, independent of your employer, you may be able to sell them the product or license it to them.

Develop the product yourself

Although this can be the most time consuming and take the most initial investment, many inventors have become very wealthy by starting their own company and selling their own invention. Often the manufacturing of the product can be done by a third party. Sometimes the packaging can also be done by a third party. Getting the initial capital to start a company can be done by selling shares in the company. Inventors who have people who know and believe in the talent of the inventor are often eager to invest in this type of company.

If you have developed an idea that you believe has monetary value, then you can pursue the ideas outlined above. You can also look at successful inventors and read about their inventions; taking notes on the exact way they were able to monetize their inventions. One example of a successful patent holder is Carl Freer.