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.

I’ve 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 exposes 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.

Common Inventor’s Mistakes

1.     Not Taking Action

Ideas are worthless unless you execute them.

2.     Not Protecting Your Ideas

File for a patent or copyright for your idea before sharing it, so no one else claims it.

3.     Not Marketing Your Idea

Create a website, write a blog, and use social media to increase the chances of monetizing your idea.

4.     Not Being Persistent

Successful monetization of your idea requires persistence.

4 Steps to Idea Monetization

1.     Validate that there is a market for your idea.

Research companies that produce similar products or services to identify if there is demand for your idea.

2.     Talk to people in your chosen market.

Ask for feedback on your idea.

At this point, you have two choices:

Work with a company specializing in licensing and monetizing ideas or create a company around your idea.

If you choose to create a company around your ideas, then:

3.     Create a prototype.

Prototyping will help you further validate your idea and give you something to show potential investors.

4.     Find investors.

Negotiate a deal and start working on making your idea a reality.

Using an Invention Firm

Invention 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:

1.     Make sure you understand the terms of the agreement.

2.     Be cautious of companies that require upfront fees.

3.     Do your research.

4.     Get everything in writing.

5.     Be prepared to give up some control.

InventRight is a reputable firm that has helped many inventors get started with making money from their ideas. They also have a robust YouTube channel for inventors. We had Stephen Key, the founder, and CEO of InventRight, on the show back in April.

Note: 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.

To know more about monetizing your ideas, listen to this week's show: How To Monetize Your Ideas.