# Steps to Commercializing Your Invention
There are several steps you need to take after you have come up with an [invention idea](https://www.europeanbusinessreview.com/different-ways-inventhelp-professionals-can-help-new-inventors/). Some of these steps include: Finding investors, developing a prototype, and conducting preliminary market research. Regardless of which step you choose, here are some tips for making your idea a reality. First, get as much feedback as possible. After all, if it is not working, it is not a good idea at all. You should be open to criticism and get feedback from people who have a different perspective.
Selling an [invention idea](https://www.thekickassentrepreneur.com/why-inventors-should-turn-to-inventhelp/)
Inventors come up with innovative ideas all the time, and some of them turn out to be worth pursuing, while others fall flat and are dropped entirely. Any idea has initial potential, but achieving full commercialization depends on the mastermind behind it and the specific circumstances for realization. Without sales, many ingenious ideas would remain just that - ideas. Here are some tips to selling your idea. Read on to discover more.
When approaching potential buyers, be prepared to negotiate the terms of sale or licensing. The terms of a sale or licensing deal should be reasonable for both parties. Being unreasonable can kill the deal. Ask for a low signing fee and a modest royalty for the use of your idea. Remember to keep it confidential, and be sure to follow all terms and conditions carefully. You can't expect someone to buy your idea for free, so you should be reasonable and honest.
The key to finding investors for an invention idea is knowing the purpose of your invention. It may be difficult to summarize your invention idea in a few words, but it's imperative that you have the right information for a pitch. Investors have limited time and receive hundreds of requests each day. Putting yourself in their shoes before you pitch your idea will help you find the right words. Before you present your idea to a potential investor, test it out on someone you trust. Those with a strong sense of business and a desire to invest in an invention know the importance of making their pitch stand out.
Angel investors typically sponsor inventors in exchange for a percentage of their profits. They usually aren't interested in personally investing in a product, but can provide an initial seed capital. These investors can be found through universities and chambers of commerce. Venture capitalists are larger investors who will provide millions of dollars and want a piece of the profits. However, these investors have strict requirements. If your invention idea meets these standards, they may be a good fit.
Creating a prototype
A prototype is the first step in creating your invention. After you have a basic idea, it is time to create a working prototype. This will give you the chance to test out the product features before it goes to the manufacturing process. This will increase the chance of the product being funded and marketed by investors. A prototype is also a great way to get feedback from the market. You can even create a CAD model of your product to communicate with suppliers and get accurate quotes for manufacturing. The cost of creating a prototype will vary depending on the complexity of the product.
Creating a prototype is the best way to test your idea before it makes it to the manufacturing process. It allows you to test functionality and identify flaws. It can also give you a jumping-off point for new invention ideas. Developing a prototype is an important step in the process of bringing your invention idea to market. It also allows you to test your idea before you start manufacturing it, which can help you increase your chances of finding an investor or a manufacturer.
Preliminary market research
Preliminary market research is an important step to take before developing an invention. It allows you to find out whether there is a market for your product, how much it would cost to make, and what other people would pay for it. While it's not an easy task to come up with an innovative product, preliminary market research can help you determine the potential value of your invention before investing in developing a prototype.
Inventions that are sold at a competitive price will typically have a long shelf life and be resold or passed down from generation to generation. A high price point will also eliminate a large number of prospective purchasers. 5% market penetration is considered a difficult goal to achieve initially. However, if you think your product has a wide market and a high price tag, it may be a viable option.
Creating a product
When you have an invention idea, the next step is to create a business plan. This plan will help you make money from your product, and it will also help you decide where to manufacture it and sell it. You can either manufacture your product yourself or license it to a manufacturer. Licensing is a great option because you will get between two and five percent royalties from the sale of your product. Licensing your product is also the fastest way to make money from your invention.
Before creating a product, you should make a prototype of your invention. This will help you identify any problems or missing features. You should also check the market for your product idea. Determine whether it's strong enough to compete in your niche, or if there are similar products already in the market. You can also do some market research to figure out the size of the potential market. You can do this by conducting a focus group. For example, you can hire college students to give feedback on your product idea. If you don't have time for a focus group, you can hire a marketing firm to do it for you.