How Do I Sell My Idea?

[Kyle Chavis]

How Do I Sell My Idea?

[MacKenzie Brown]

Here are some tips you need to consider if you plan to sell your idea:

• You have to make sure that your idea something new and novel to sell.
• You need to secure your intellectual property rights and make your idea semi-protected. Unless you have embodied the implementation in hardware or code, you have a concept which may or not be fully protectable.
• A lot of companies will refuse to sign a non-disclosure agreement as it may limit the use of in-house ideas or ideas under consideration. If possible, a company will refuse to sign an NDA to limit the possibility of future litigation should they “infringe” your idea. Having a good intellectual property attorney is a must.
• Adjust your expectations. Not all ideas are worth a million dollars and many do not live up to their creators’ expectations all the time.
• If business is impossible around this single idea, you may need to settle for selling or leasing the intellectual property rights with yourself attached as a developer/demonstrator under the terms and conditions of sale.
• You may wish to create a business plan around the idea, but this is a speculative venture and may actually limit your personal involvement if the company feels that they do not need the additional cost burden of another employee to implement the idea.
• Approach companies with a need for your idea — and maybe a company in an unaffiliated industry where the entire concept of the platform and idea will seem appealing.

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