Every day we get these questions from inventors who contact us. These are mostly individual innovators and SMEs who have recently registered a patent or utility model and who now face the challenge of looking for companies or investors interested in bringing their ideas to market.

The path of innovation is not easy, only 4 out of 100 inventions become products on the market. If you're an innovator with great ideas waiting to succeed, you've already come a long way down the road! Now is the time to turn those ideas into a business.

We offer you all our collaboration and experience to bring your projects and ideas to reality. To begin with, we have compiled for you some of the steps that successful inventors have followed to sell their patent to companies, find financing or formalize their own business. Do not miss these interesting tips that will give you ideas to get the most out of your invention.

1. Patent your ideas

It is a fundamental step, where the inventor reserves his exploitation rights. It is a technical document that is submitted to the patent office, in most cases expert advice is required to correctly write the application. Once your application has been delivered, it is advisable to start actions immediately and thus take advantage of the first year of international protection. Yes, time is running against you! so evaluate your business or communication options from the start.

2. Create functional models or prototypes

It is the best way to sell an idea, since the characteristics of your invention can be seen in a tangible way. The development of models or prototypes will allow you to make design corrections, plan production and control the correct functioning of your invention. 

As a general rule, it is recommended that small products have a prototype that allows understanding the use and benefits of the innovation. 

3. Create a company or sell my patent?

This is one of the great questions of inventors. If it is a unique product, perhaps the best decision is to transfer your exploitation rights to a company that can integrate it into its usual line of work. If you have a variety of products or applications of your idea, you should consider starting your own business.

4. Business plan / Market research

If you decide to start your own company, carrying out a market study will allow you to establish the real expectations of your invention in the market. Business plans are much more specific, they are recommended to start your own company and are essential if you are looking for investment from capital funds.

5. Complete the communication tools of your invention

Lack of effective communication is the most common reason many patents are left behind at home. Having basic communication elements is essential for your invention to be known and reach the market. Investment in communication must be prioritized and continued if we want to have a chance in the difficult patent market. All inventions must have at least: website, presentation video and commercial summary.

6. Present your invention at fairs

Presenting your invention at trade shows is one of the best ways to get a real response from entrepreneurs and the general public. It is important to carefully select the events in which the product will be presented because each event implies important expenses and preparation time. The most successful thing is to bet on industrial fairs in which you will surely meet experts in the sector. From our experience we can tell you that the inventions that manage to be licensed in different countries have been presented in 4 or 5 fairs around the world, before managing to find the ideal market.

Our group of experts makes a selection of the most important international fairs, contact us to find out more about our upcoming events! Do not stop participating.

7. Know the real value of your patent

Patents must be priced fairly for both the inventor and the investor. It is not a simple analysis since variables such as the market, production, innovation, impact and possible economic benefits must be taken into account. A good valuation is a key factor that will allow you to generate the best marketing strategies. You have more information about the valuation of a patent in our post How much is your patent worth?

Getting ready to start your product concept development? Our product development company of experts is here for invention idea help.