After the long process of getting your invention patented, you will find that your journey has only just begun.   Finding a company to manufacture, package, and market the product will be the next big hurdle of your adventure.

In an effort to reach out to inventors, large companies such as Staples, Inc., Clorox, Co., and General Mills have started websites to solicit product ideas.  These companies feel the best way to find new inventions is not to go out and look themselves, but have the invention come to them.   Some sites will specifically ask for inventions related to a certain product or idea to help streamline the process.  Prior to this launch, “inventors would typically have to find someone to pitch their idea to and it would maybe make it to someone else and then someone else,” says Greg Piche, employed by Clorox’s innovation group.  “It wasn’t a very streamlined process.”  In May, Clorox also launched a two-month campaign to solicit proposals for new antibacterial cleaning products; the winner will receive a $2,500 incentive and other compensation based on sales.

Even if an idea gets attention, the chance of getting big bucks are slim.  Companies usually offer compensation in the form of royalty fees, small percentages of wholesale earnings.  Other companies may provide one-time  payments up-front, of course it depends on what stage development of the invention is in, what type it is and whether it has legal protection.  It is always best to put your best foot forward and remember that sometimes hard work and persistence does pay off.

Filed under: Patents by Yau Jo-Anne Monday, October 25th, 2010