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Tuesday, April 21st, 2015


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Ask YOUNG MONEY: How can I sell my invention idea?

Dear YOUNG MONEY,

I have about 100 ideas for inventions but I don’t know if any of them have market potential, and I have no idea where I can get them looked at. Where could I find out if someone would like more information on all my inventions, and if they would like to invest in any of them and become my partner in getting it out on the market?

Patrick


Dear Patrick,

I think the most important thing for a young would-be inventor or entrepreneur is to start doing, get out there and meet people, build prototypes, and get your feet wet. By doing so, you will learn what works and what doesn’t.

Today, many universities offer entrepreneurship classes, work with organizations like The National Collegiate Inventors and Innovators Alliance (www.nciia.org), and sponsor business plan competitions that present cash prizes to the winners. For example, the University of Illinois Technology Entrepreneurship Center hosts the annual V. Dale Cozad business plan competition and offers a $35,000 prize to the winner.

In addition to competitions, The Ewing Kauffman Foundation website is a great resource to get a budding entrepreneur started. The site offers all kinds of resources like articles, online courses, and links to publications and organizations that support entrepreneurship.

There are many local organizations that support entrepreneurship. For example, in Chicago, the Midwest Entrepreneurship Forum offers the opportunity to present your business plan, meet other like-minded individuals and investors, and potentially hook up with mentors or advisors that can help you avoid some of the bumps in the road.

Most large cities also have private groups of investors called Angel Investors. These investors typically work with early stage companies. Business plan submissions are usually accepted only for seed and very early stage angel-rounds of financing looking for less than $3 million of capital.

Groups like the Prairie Angels, run by Barry Moltz, usually only invest in well-thought-out business plans. However, starting a dialog with a member of one of these organizations can be extremely valuable to offer you guidance. Individuals that participate in these organizations are often retired entrepreneurs and might go to lunch with you because they enjoy meeting other like-minded entrepreneurs.

There are also invention tradeshows like Inpex. This annual show offers an opportunity for inventors and entrepreneurs young and old to exhibit their inventions share their ideas and try to make contacts with companies interested in new products. Shows like this can be useful because the attendees have set aside this time to seek out new technologies. Often, during a regular business day, they might be too busy to talk with you.

When you are an entrepreneur, you are the boss. You are required to use your own independent judgment because there is nobody to tell you how to do the work. There are a lot of tough decisions you have to figure out for yourself. One of the best books I’ve read that lays out some fundamental principles on business is "Atlas Shrugged" by Ayn Rand.

Best wishes,

Zach Kaplan
President & COO
Inventables, Inc.

Inventables.com

© 2008, Young Money Media, LLC. All rights reserved.

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27 Responses to Ask YOUNG MONEY: How can I sell my invention idea?

  1. madiline says:

    dear young money im a kid with an invention i i want to know how to sell the idea but i dont now how or who to sell it to please help me find that out madiline

  2. jzizle says:

    There are several ways you can move forward. With most business ideas the options are to either go at it alone, or to partner with someone with the resources you need to fast track it. Bringing on a financier is a good gage of whether someone else finds your invention to be worth while. If someone with money (making the assumption this person is intelligent) is willing to risk it on your invention, means they agree your invention has merit. You should also try to obtain a patent for you invention. There are licensing and patent attorney/companies that can help you obtain the proper legal protection. Be careful who you choose, make sure you trust the individual helping you. There are a ton of companies/people in that profession who are masters at ripping good inventions away from those who invented them.

  3. Sam Giles says:

    GAY!

  4. edys_balikpapan indonesia says:

    so far so good made me have no question cause anything answered by read the articles. thank you

  5. beaied says:

    hey in a girl my name starts with a c. How can i sell my inventions?

  6. that_keno_fellow@yahoo.com says:

    i have an idea for something major but not the correct amount fo funds to get it together and afraid to market for the fact ideas do get stolen!!!

  7. channie9572@hotmail.com says:

    Hi i have an invention and i want to know how to go about it and where to start. I need some contact names for me to feel comfortable and will to move on in my invention.

  8. jrgallion says:

    Hello, if you’re looking for contacts a great book to have is the Inventor’s Phone Book http://www.inventorsphonebook.com It’s full of companies and investors seeking ideas.

  9. ponceno56@aol.com says:

    Hola, I am alberto, have a medical invention, have patent, have prototypes but do not have fund to get me to the next level. Need help.

  10. jrgallion says:

    Hola Alberto, Have you tried Cleveland Clinic? Also try http://www.inventorsphonebook.com, good luck

  11. sticks2002@yahoo.com says:

    Very cool site. Heres the deal. I have an invention that is allready in the patent stage. I have the provisional patent as well as the non provisional patent application allready in process. I have done all the research and there is a demand for the product i have developed. Is there any one you can suggest i get intouch with about my product? I will look at any option.

  12. solin says:

    hi my name is junior from south african. i want to sell my idea. is about solin.solin is for air pollution. we can stop air pollution by using this solin
    email me for more infor juniolove@yahoo.com/masterdojj@gmail.com

  13. RUDRA NARAYAN says:

    hi i am rudra narayan, from india.i have a invention, we can light up LED’s only a cap/mug of water. we can generate 1.5 to 4.5 V DC, only a mug of simple water. i want to sell my invention/idea. i have lots of invention/idea. more information email me rudra_discover@yahoo.com

  14. luvohmoney@sbcglobal.net says:

    I am the author of a short story. Self published how do I sell it on internet

  15. cheap and best electrical fan regulator says:

    I invented one new circuit for electrical fan regulator.BY using my circuit we can get following advantages.
    1.low cost
    2.simple structure
    3.low care
    4.low power loss
    5.low heat loss
    6.good performance.
    totally cheap and besr

  16. kez says:

    hay young money iv got a great advitising marketing idea for sport nike addidas etc.how do i go about selling it no ones thort of this b4?

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  19. Brian says:

    I have a medical product prototyped .We are looking to get a licensing deal with a major player.We presented a power point presentation to a major player in the medical field with an initial favorable response. The company asked for us to not talk to anyone else. They asked to see our patent that we filed for and we asked them to sign a CDA. As soon as we asked for that they will no longer return our calls. Any thoughts. Please help!

  20. joe copeland says:

    I have something that will make every home and business life very happy. It is something that already exist in every day life its just makeing it easer to use and improves it a great deal. How can I contact the company who makes this product .

  21. kelvin says:

    i have a couple on inventions but no money what do i do who do i talk to.

  22. Kelvin Brown says:

    Hello,
    Are you in a bad situation of getting a loan? Have you gone to the bank to get a loan and because you have a bad credit you could not get your loan? Or have you ever contacted a lender and they ask you for a fee before they give you a loan? Or are you tired of of dealing with online lenders? Or have you decided not to apply for a loan simply because you have been scammed, here is an opportunity for you to get your loan, Mr Kelvin of fairinvestment.co.uk company is here to offer you this loan without stress all you need to do is to contact me if you really need a loan via this email: fairinvestment.co.uk@live.com
    We are waiting t receive your email so that we can proceed.

  23. T says:

    I have a great invention that I know would be great for everyone. I am trying to get it started but I am weary of telling anyone about it in the fear of it being stolen. Two problems have came up time after time. Money and Trust. What should I do?

  24. Akbar vojdani Aghajani says:

    “Great Historical Innovation In Carpet Industry”

    Hi,

    This is Akbar Vojdani. I was awarded the ISESCO diploma and

    INTERNATINAL KHARAZMI FESTIVAL diploma for my

    new invention which is a computerized device to increase the speed of

    hand made carpet weaving by three times By preparing all the carpet

    knots in advance. It enables the weaver to use up to 4 different colors

    in one knot. I am willing to sell the patent to potential buyers on the

    base of negotiable terms.
    In this significant innovation, all carpet knots are completely
    prepared in advance .this will:
    1) Reduce the carpet weaving time to one third, because the weaving speed would increase by three times.
    2) Create the possibility of using hundreds of various colors in one carpet.
    3) Involve vast groups of people in carpet industry, since it does not need any specialized training.
    4) Eliminate the possibility of making errors in carpet weaving because the worker is actually weaving an already totally prepared plot of the carpet.
    5) Reduce the labour cost in carpet production to at least one third of the existing values.
    Therefore the income of the weaver and the carpet owner will substantially increase.
    6) Since the new innovation does not need much skill, it enables the person to weave the most sophisticated carpet patterns in the easiest manner.
    7) Enable to weave the carpet exactly according to the given picture or painting, and the output is surprisingly quite real.
    This was a brief explanation of the advantages of my new extraordinary innovation in carpet weaving. For more detailed information you can refer to my website at:
    http: //www.naghshrizan-co.com/
    image: http: //naghshrizan-co.com/taghdirnameha.aspx
    image ISESCO : http: //www.irupload.ir/images/mhwmh8xqhzvjdwz7kjyh.jpg
    image : http: //naghshrizan-co.com/en_taghdirname.aspx

    In case you are willing to start negotiations on the above mentioned proposal, please contact me or my agent Mr Morteza Moeeny Afshary through.
    Mail: mmafshary@yahoo.com
    Notice: it is evident all legal rights regarding this invention has
    been reserved by the owner so far.
    Thanks
    Akbar vojdani Aghajani

  25. jesse c says:

    i have many ideas as well and am more intrested in selling my ideas and getting a small percent of the profits over a certain amount of time.

  26. Mr. Stanley Johnson says:

    I need $8,950.00 to pay for the second fase of my Invention. I will pay you the Interest agreed upon after the 5000 store tester of my Invention. I assure you that your money will be paid in full from the sales. I will also give the persons or firm who assist me, first option in buying my Invention!!

    Thank You

    Mr. Stanley Johnson

  27. Budiono says:

    i have an idea about modified something to very cool things that help our future..but i dont know how to sell my idea,,,

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