How to (try to) License or Sell Your Invention Idea For Less Than $1000
Here's what you can do to move your invention forward on a tight budget:
1. File a provisional patent application on your own. Here's an outline. Cost: $75 filing fee.
2. Create a presentation with 3D images/short video. Find sources on fiverr (short video means 1 minute or less). Cost: $300+
3. Do a Facebook survey. Cost: $0
Find a relevant Facebook group. Ask questions to validate that the respondent is a target customer. Then, the most important question to ask is:
"Would you buy this product for $______ ?
a) Yes. I'd buy it today.
b) Probably. I'd buy it in the next week or two.
c) Maybe in the future.
Hopefully 50% of your target customers answer a or b. If they do you might really have something (50% isn't a forecast of sales, just of how "hot" the idea is).
4. Now, with presentation and survey results, create a list of target licensees and start working down the list one by one. Cost $0.
Email, followed by phone call (or vice versa). Each e-mail should be personal and include your presentation (if video, provide a private or password protected link to the video at Vimeo or YouTube; DO NOT attach a video that needs to be downloaded) and a summary of your survey results with a graphic of the answers to the critical question mentioned above. I strongly believe in hitting only one target at a time, working it until dead and then moving on... for at least the first 3 or 4. Then if you want to mass blast everyone else at one time go ahead. Know the deal you'd say "yes" to before starting. You never know who you might reach on that first call and don't begin the process if you're not prepared to make a deal. The expression, "you only get one chance to make a first impression" holds true in this case.
5. OR you can submit to Invention City for FREE. if we see the potential we'll do all of the above and more on a rev-share basis (you pay $0, get typically around 50% of sub-licensing royalty... or we pay 3-5% if we make and sell ourselves). Homework is required: https://www.inventioncity.com/..
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