When you have an idea, you need to protect it. The first line of defense is to set the date of conception. Start by documenting your idea in an inventor’s logbook, but don’t file a patent until you evaluate its marketability.

Start the Market-Step process by evaluating the marketability of your invention. With a quick evaluation of the market, you screen out bad ideas before wasting time and money.

Your invention is marketable when it solves a problem, meets a need or want, overcomes competition (products and patents), and generates a profit.

The second step of the Market-Step process is to determine if people like your invention concept. A concept evaluation is an easy-to-use survey method you can create yourself.

The results provide you with valuable feedback so you have a better feel whether to proceed with your invention. In addition, a concept evaluation allows people an opportunity to provide helpful suggestions and advice.

The third step is to create a prototype and have an evaluation. A prototype can be a physical model, detailed drawing, or animation. With a prototype, you obtain opinions to make sure you’re on the right track.

In addition, a prototype evaluation helps you uncover any necessary feature changes before moving onto the next stage.

If you intend to sell or license your invention to a company, you need to review existing patents. If your invention is patentable, then file for a patent. Start with a Provisional Patent Application (PPA) for a year of protection while you test the market.

To self-market, a patent is not required. However, a patent can serve as a competitive advantage and valuable business asset. You need to review existing patents to make sure your product does not cause an infringement.

If you were granted a Utility Patent, make sure you pay the maintenance fees to keep the patent enforced. There are three sets of maintenance fees. The first is due at three years and six months from the grant date, then at seven years and six months, and finally at eleven years and six months.

Failure to pay any maintenance fee will result in your patent being abandoned (you lose all patent rights).

Once it’s determined your invention is marketable, the next step is to create a simple plan. You need to plan your product’s design and marketing before starting development.

Having a thought-out plan increases the chance of a successful product.

To self-market, you need money for research, development, marketing, and startup expenses. To entice investors, write a business plan to inform investors the opportunity your invention presents.

By developing a product with the needs of the customer in mind, you can’t go wrong. The first step to develop your invention is to hire an engineer or designer.

At the same time, your marketing plans begin to take shape, and manufacturing can be outsourced or you can set up your own production process.

The launch phase is the most exciting part of your journey. You are finalizing the product, packaging, marketing, and distribution.

On the day of the launch you announce product availability. Thereafter, your focus is primarily on marketing, sales, and customer support.

Companies need to understand your invention from a business perspective. If you leave it up to the company to figure out your invention, you’re much more likely to be rejected.

Before approaching a company, write a summary of your invention's market need, benefits, competitive advantages, and profit potential into a Product Proposal document.

STEP 6: Company Search and Contact

Search for companies who make, market, and sell products that are comparable with your invention. Then find a prime contact in the marketing department to pitch your invention.

If there’s a fit, send a cover letter and Product Proposal for consideration. By not performing a proper search strategy, you waste time and money, and increase the chance of rejection.

STEP 7: Negotiate Deal

If the company likes your invention, discuss the terms, create and sign an agreement, and earn royalties or a lump sum payout. There is a particular process to follow when a company wants to negotiate.

Using certain tactics can earn you a better deal with a bigger payoff.