What I'll Learn
- How to know if an idea is Worth Selling?
- Steps To Decide About Selling Your Idea
- What does it mean to sell an Idea?
- What to do before selling your Idea?
- Who to sell your Idea?
- 9 Companies That Pay For Ideas
- How To Sell An Idea To Google, Apple, or Microsoft?
Ideas are the beginning of everything. Therefore it has a huge basic significance in every sector around us. If you have an idea that you think is unique and acceptable then it definitely should be brought into action. And since you are the origin of that idea you should have most of its benefits.
But it’s not normal that your idea can be easily worked upon. Maybe because of limited financial resources or lack of time or even interest can be the cause of which your idea remains in wonderland.
That’s where you could actually make a hefty amount from your idea, by selling an idea or licensing it to a company or agency which can synthesize a product from that idea and bring it to the masses.
How to know if an idea is Worth Selling?
Usually some great ideas come from people who are not skilled or specialised since creativity is a natural talent. And since there is no degree for ideas, the idea for an ideal and successful product can come from anywhere.
You may be some time demotivated by people around you and affect your thinking capability but ideas are beyond any restrictions it’s the consequence of thinking of mind.
“No brilliant idea was ever born in a conference room, but a lot of them were killed there”F.scott Fitzgerald
But the idea you want money out of must be worth working upon. In Fact, I have 7 ideas every day but after little thinking, I figure out they can’t sustain.
Steps To Decide About Selling Your Idea
So how do you know the idea you came up with will be unique and impressive enough for a company to buy it?
Here are few steps to help you out deciding about your idea:
1. Market fundamental and values
First of all identify the particular market and then seek awareness about it. You must do legwork to acquire deep and precise information about how exactly the game is being played there.
Every single detail will help you, what companies are dealing with that market, which products are currently successful, which were successful previously, which product is bummer and why, which product was down before and now is doing good.
Then place your idea and compare it with them, there is a major chance that you will realise the sustainability of the product of the idea you have.
2. Analysis of productivity
After proper comparison and keen Observation, study the scenario and results of your idea thoroughly. Don’t rush with anything, scan the productivity of the product your idea will be yielding if applied.
3. Run surveys and take opinions
Since the idea will only be successful if It is accepted by the consumers.
Run local or online surveys and take opinions from friends, family and most importantly from people of the specific field your idea is associated with.
After that you’ll. Surely be clear about your idea’s durability and capability.
What does it mean to sell an Idea?
The actual meaning of selling the idea is mostly obscure among many people. Most practical and brief explanation of selling an idea will be, to make money out of your idea by licensing it’s rights to any other individual or organisation.
Further are discussed some methods artists and developers usually earn through their invention.
1. Instantly Sellout
Theoretically it means to sell the rights and ownership of your idea to the company, receive a large amount and disassociate yourself.
It may be in some cases that your name remains with the idea but will not be able to extract any cash from the revenue earned from your invention.
Many people do it since some companies don’t want to give credit to the owner and after analysing the worth of the invention they may offer a deal you may not be able to deny.
Royalties is the amount or figure given to owner of invention by the license holder or the company which commercially exploits the product from your idea and invention.
Royalties are also subcategorized into two types
Fixed royalties which is a fixed percentage that the company is bound to pay anyhow after the rights are bought and if the company makes huge profits that percentage will remain the same
Percentage royalties are those in which a percentage that the company will pay to the patent holder from net revenue derived from that invention or its product.
Royalties and terms are negotiable and vary on situation and field. This information is totally general and hypothetical.
3. Sponsored Startup
The third way you can make money out of idea is to manifest an idea to investors and if the idea impresses them you might gain financial leverage and sponsorship or even investment for your own business.
It will be your idea, your implementation and your business which is beneficial so you could imply that idea perfectly as you thought.
Usually companies deal with the invention differently and owners do not like the way they put it in action.
What to do before selling your Idea?
After you are ready with final idea and plans regarding it, here’s what to do next:
1. Patent your invention
Before doing anything and going to any company for manifestation of your invention.
Legally register your idea as your own. Seek legal aid and collect as much information as possible regarding laws and rules to patent your invention.
The shady truth is that many companies for their benefits use ideas with minor modifications and misuse small developers who are unaware of all legal paper work. They cash it out without paying anything to the actual owner and present it as an idea of their own.
Be absolutely attentive and don’t let anyone take your property. And your idea is your property.
2. Prototype and sample products
It’s been a while that companies are not interested in buying a hypothetical idea.
You must construct a proper prototype product and a plan regarding that idea and exhibit it to the officials.
3. Prepare presentation
The presentation has a huge effect on the Consequences, so the presentation should leave an intense and positive impact.
Describe your idea clearly and unambiguously. Show samples and try to convey the potential you saw in the idea you’re trying to make money out of.
Sometimes many terrific ideas are dropped and left out because of poor exhibition or improper explanation. So, keep it simple yet impressive.
Remember that the buyer will always point out any weakness in your presentation so make sure your idea is actually something you should present.
Who to sell your Idea?
Make a list of companies that deal with the production of items your idea is associated with and then try to reach them.
You can also apply for the company you desire online and then fix a meeting with them.
Local labels and companies are usually more beneficial because your idea is also related to your surrounding environment.
Try to gain previous record of the company, analyse their behaviour with developers. It’s very important.
Many companies will show you lame reason and want you to compromise on your rights, don’t rush try all your options and then make a decision
9 Companies That Pay For Ideas
Here are some companies from diverse fields which will welcome you and pay you for your innovative, creative and productive ideas:
How To Sell An Idea To Google, Apple, or Microsoft?
The unfortunate answer is that companies like Apple, Google, and Microsoft don’t really buy ideas or even samples from outside. They take ideas from their employees and most of them have a separate department full of thinkers who develop ideas for their products.
But these companies do collaborate and even with small businesses based on the ideas that they find impressive.
So if you want to sell your idea to Google, Apple, or any other company like these you have to apply it practically and create a fine buzz to draw their attention.
Make a website of your business, create social handles and work hard. Even if they don’t buy it some other company will.