Work on your idea
Having obtained a patent on your idea or invention may not earn you a dime unless you decide to purse it or find potential suitors, who can give the idea a kick-start. However, waiting for things to happen just won’t do you any good as your task is to prepare and analyze market trends, gather relevant information and put together a workable design. Only the latter thought will convince buyers to judge the true value of your invention. At this stage, simply giving a tangible look to your idea won’t seal the deal, as you have to verify that the invention is indeed in the final stage and in reality, is ready for use.
Research for companies which you consider can fund the invention for you. Your research must be based on the history of a particular business, and how it has performed with regards to new inventions. You will find certain companies tailor made to pursue your idea. However, keep some of the secondary options on hold as they might be willing to pay more, and take the idea to whole new level.
Licensing and Assignment
At this stage, you further need to ask yourself whether you want to permanently transfer the ownership of a patent to the company, or go the licensing route. Licensing will be a legal contract on how you (the licensor) want the buyer (licensee) to exercise the right to your idea. It will consider two basic options, whether you want a lump sum payment, or earn in royalties or incorporate both. Any breach will give you the right to cancel the deal. As for the other option, you will be paid a lump sum fee upfront (usually), with the new owner having the right to pursue the idea any way he or she wants to.
Market your idea
Now is the time to cut loose. Market your idea to the companies of your choice. Schedule a meeting with the owners where you talk about your invention. Prepare a presentation and transform it according to the needs of a particular company. A great idea will only sell if it is presented in a great way.