How To Monetize Your Ideas
b'You need to be known as an inventor to attract the industry and monetize your ideas. The more successful you are as an inventor, the more people want to do business with you.
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\\nI\\u2019ve discovered that submitting ideas to competitions and sharing work on social media are the best ways to build your reputation. Submitting your ideas to competitions\\xa0exposes you to a broad audience while showing them you are a serious inventor. Sharing your work on social media gives you credibility in the eyes of potential customers and clients. Making money from your ideas can be daunting, but it is possible. You can increase your chances of success by following the steps outlined below.
\\nCommon Inventor\\u2019s Mistakes
\\n1.\\xa0\\xa0\\xa0\\xa0 Not Taking Action
\\nIdeas are worthless unless you\\xa0execute them.
\\n2.\\xa0\\xa0\\xa0\\xa0 Not Protecting Your Ideas
\\nFile for a patent or copyright for your idea before sharing it, so no one else claims it.
\\n3.\\xa0\\xa0\\xa0\\xa0 Not Marketing Your Idea
\\nCreate a website, write a blog, and use social media to increase the chances of monetizing your idea.
\\n4.\\xa0\\xa0\\xa0\\xa0 Not Being Persistent
\\nSuccessful monetization of your idea requires persistence.
\\n4 Steps to Idea Monetization
\\n1.\\xa0\\xa0\\xa0\\xa0 Validate that there is a market for your idea.
\\nResearch companies that produce similar products or services to identify if there is demand for your idea.
\\n2.\\xa0\\xa0\\xa0\\xa0 Talk to people in your chosen market.
\\nAsk for feedback on your idea.
\\nAt this point, you have two choices:
\\nWork with a company specializing in licensing and monetizing ideas or create a company around your idea.
\\nIf you choose to create a company around your ideas, then:
\\n3.\\xa0\\xa0\\xa0\\xa0 Create a prototype.
\\nPrototyping will help you further validate your idea and give you something to show potential\\xa0investors.
\\n4.\\xa0\\xa0\\xa0\\xa0 Find investors.
\\nNegotiate a deal and start working on making your idea a reality.
\\nUsing an Invention Firm
\\nInvention firms can help you protect your idea, market it, find investors, and turn it into a reality. If you choose to work with an invention firm, ensure you do the following:
\\n1.\\xa0\\xa0\\xa0\\xa0 Make sure you understand the terms of the agreement.
\\n2.\\xa0\\xa0\\xa0\\xa0 Be cautious of companies that require upfront fees.
\\n3.\\xa0\\xa0\\xa0\\xa0 Do your research.
\\n4.\\xa0\\xa0\\xa0\\xa0 Get everything in writing.
\\n5.\\xa0\\xa0\\xa0\\xa0 Be prepared to give up some control.
\\nInventRight\\xa0is a reputable firm that has helped many inventors get started with making money from their ideas. They also have a robust\\xa0YouTube channel\\xa0for inventors. We had\\xa0Stephen Key, the founder, and CEO of InventRight, on the show back in April.
\\nNote: This is not a sponsorship or endorsement. I have not used their services for any of my ideas. They have impressed me with the breadth and depth of the ideas they have monetized.
\\nTo know more about monetizing your ideas, listen to this week\'s show: How To Monetize Your Ideas.
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