When you have a patent idea, but lack the funds or facilities to carry it through, you can sell the idea to a large company. Thus, you can make a profit without taking the financial risk of going through the patent process, handling the business functions and bringing the product to market. As you search for a buyer, consider ways you can demonstrate the feasibility of your patent and its profit potential.
Research the possibility of patenting your idea. A large company is more likely to buy it if you can prove it will be no trouble to secure. Prepare data about similar products on the market, information that can be used in the patent application and data on whether the idea will work as a utility patent or design patent.
Build a prototype of your idea, if it is a physical product, or create three-dimensional plans for a patent idea that involves a process. For a physical product, build your model in the same size, using materials and processes as close to the final manufacturing standards as possible. The prototype should work as it would in the final production line, so potential buyers can effectively judge its merits.
Locate companies likely to have the funds to purchase your idea and the resources and motivation to carry it to market. Look for large companies with a history of investing in product ideas and a record of success in recent years, which operate in an industry that is a natural fit for your patent idea. Call each company to schedule a meeting with the people in charge of new businesses or ventures.
Design a professional presentation that introduces your idea and informs potential buyers how it would benefit their businesses and customers. For each company, tailor the presentation to fit their specific manufacturing processes, business goals, resources and operations. The more you can demonstrate how your idea would benefit the individual buyer, the better. You should also include the information from your research into the patent process.
Present your patent idea in a short, persuasive session. For each company, demonstrate your prototype, present the benefits to that company and address the financial information. Leave a brochure or handout that explains the product features, and a summary sheet of the patent research and financial data.
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