How to Price an Invent Idea

If you’re thinking of invent idea something, you’ll need an idea. But what type of idea is right for you? You can choose an idea that solves a problem and has a marketable niche. The next step is to develop a prototype and price the idea. Here are some suggestions.
Product innovation solves a problem

Product innovation is the creation of a new product or service that addresses a problem in a different way. It can address a problem that already exists in the marketplace, or it can be completely unique. In both cases, it must be better than any existing solution. Its relevancy can be in the mainstream or a niche market.
Finding a licensee

Finding a licensee for an invented idea can be a challenge, but there are a few steps you can take to make it easier. The first step is to reach out to companies you think might be interested in licensing your invention. When calling companies, ask if they review ideas submitted by other inventors. If so, be sure to ask about their licensing policies. Another step is to research the company’s product line and mission statement. Do not submit an idea that doesn’t fit with their philosophy or mission. Not only will your time be wasted, but it will make it harder for the next independent inventor.

The next step is to find a manufacturer that can commercialize your invent idea. In most cases, a manufacturer will be more willing to pay a royalty for a patented idea than a non-patented one. However, it is essential to research the company and know what the potential market is like before accepting an agreement. It is also critical to remember that the manufacturer will be risking everything by creating the product. Not to mention, he or she will be responsible for promoting and marketing it.
Pricing an invention idea

Pricing an invention idea depends on the complexity of the product and the industry in which it will be sold. Most renowned inventors agree that it is necessary to spend some money in order to make money from their inventions. However, before you invest in an invention, make sure there is a market or need for it.

A business directory can give you an idea about how much a similar product sells for. These directories list basic information about the company such as its name, estimated annual sales, employees, and more. These directories can be found in local reference libraries or online.