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How To License Your Million Dollar Idea

» Introduction
Companies gladly pay big royalties for fresh new product ideas. Here's my C.R.A.S.H course on how you can cash in.
» Step 1
The C. in the C.R.A.S.H. course stands for CREATE. Nothing happens until you create the idea. However, the inventing is often the easy part - the real creativity is in uncovering what needs to be invented. Most successful inventors create products for industries in which they are already familiar. It's that insider knowledge that enables them to know what the market is looking for. If you walk into an industry you know nothing about with what you think is a fresh new product, chances are you'll find that you've simply reinvented the wheel. First determine the need, then create the product. Doing it the other way around never works.
» Step 2
The R. in the C.R.A.S.H. course stands for RESEARCH. Before wasting your time and money, research the marketplace to see if your product is truly original. Visit stores, search the Internet and examine patents at www.uspto.gov. Many inventors, so excited about their new idea, skip this step and plunge ahead, only to learn far down the road that what they have in mind has already been done. The time to hear that bad news is now, not later. If your product idea already has been done, then put it aside and move on. If you can dream up one idea, you can dream up another one. And if you find your idea hasn't been done, now's the time to explore the possibility of getting a patent. There are lots of good books to guide you, including my own, How To Licnese Your Million Dollar Idea which is available everywhere.
» Step 3
The A. in the C.R.A.S.H. course stands for ACTION. Once your idea has been fully developed and protected, It's now time to swing into action. However, before showing it to the world you want to be sure you have a good looking prototype and a professional looking presentation. Now's the time to locate your prospects and make appointments to show them what you've got. Doing it by mail seldom works, and it seldom pays to waste time with underlings. A personal meeting between you and the decision maker is how these deals are done. Go for it! It's easier to get these meetings than you might think. Remember, if you have a great product idea, any company will want to see it.
» Step 4
The S. in the C.R.A.S.H. course stands for Show and Tell. When you have your meeting, make your presentation crisp and informative - and have answers at your fingertips for any questions that you think might come up. Make sure your prototype looks great and that it's in perfect working order.
Many companies hesitate to work with inventors because of their reputation for making unreasonable demands. You can dispel that notion by the professionalism with which you make your presentation and conduct your conversations. Frankly, just being pleasant is half the battle.
» Step 5
The H. in the C.R.A.S.H. stands for HARVEST. Now that the company has expressed interst in your new product idea, it's time to reap the harvest of your hard work with a solid licensing agreement that gives you all that you'r entitled to. My own book, How To License your Million Dollar Idea, discusses this matter fully with a sample contract, and other books can also guide you.
» Step 6
I hope this brief article will give you a sense of the process in earning royaties for your new product idea. Companies pay out millions every day to regular folks who bring them fresh new ideas, and there's no reason why you should let this opportunity pass you by. Product licensing is the best way I know of to earn wealth without financial risk. Getting started is easy. Visit my website, Money4ideas.com where you can gather lots of great information, or add my book, How To License Your Million Dollar Idea to your library. Don't wait unti you see "your idea" on retailer shelves, making someone else rich.

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