Monetizing Your Invention Idea

You’ve had a lightbulb moment and devised a brilliant invention idea. It’s exciting, and you believe it has the potential to change lives or create new opportunities in the market. But what do you do next? If you’re not looking to manufacture and market the product yourself, submitting your invention for royalties can be an excellent way to monetize your idea. Royalties are ongoing payments made to you by a company that uses or sells your invention. With the right approach, you can license your invention to an established company and collect a percentage of every sale they make.

However, figuring out where to submit invention ideas for royalties can be daunting. You want to protect your intellectual property and choose companies with a strong track record of success. In this article, we’ll explore the best ways and places to submit your invention ideas, from reputable companies and online platforms to patenting and licensing strategies that can help you get started on the path to earning royalties.

Why Submit Invention Ideas for Royalties?

Before diving into where to submit your invention ideas, it’s important to understand why royalties are such an attractive option for inventors. For many creators, licensing their idea is more practical than taking on the challenges of producing, marketing, and selling the product themselves. Here’s why submitting your invention for royalties can be a great choice:

Less Financial Risk: Manufacturing a product yourself requires significant capital investment, including costs for production, marketing, and distribution. Licensing your idea shifts this financial burden to a company with the resources to handle it.

Ongoing Passive Income: Royalties provide a steady stream of income over time. As long as the product continues to sell, you can earn money without ongoing involvement in the day-to-day business operations.

Focus on Innovation: Submitting your invention for royalties allows you to focus on what you do best—innovating and creating—while the company handles the business and logistics of production and sales.

Now that we understand the benefits of royalties, let’s dive into the best places to submit your invention ideas and get them into the hands of companies that can bring them to market.

Direct Submissions to Companies Open to Licensing

Many companies actively seek new invention ideas from independent inventors. These companies usually seek innovative products that complement their existing product lines or open new market opportunities. Submitting your idea directly to these companies allows you to bypass middlemen and negotiate licensing terms. Here are some of the top companies that welcome submissions from inventors:

Allstar Innovation  

Allstar Innovation is a well-known consumer products company that has helped bring several "As Seen on TV" products to market. They specialize in identifying and commercializing innovative, problem-solving products that appeal to a broad consumer base. Allstar Innovation has a history of working with inventors to license their ideas and help them navigate the product development and marketing process. Their open submission process allows inventors to pitch their products directly for consideration, offering a pathway to commercialization and royalties.

Shurtape Technologies 

Shurtape Technologies is a leading manufacturer of adhesive tape products for a variety of industries, including packaging, construction, and HVAC. They are constantly looking for innovative adhesive solutions to add to their extensive product lineup. Shurtape Technologies encourages product submissions that align with their goal of providing durable, high-quality tape products for professional and consumer use. Innovators with ideas for new tape applications or related products can submit their concepts for consideration, potentially leading to licensing agreements and royalty payments.

Hyde Tools

Hyde Tools is a recognized leader in the hand tool industry, particularly for painting, drywall, and surface preparation tools. They have been innovating for over a century, consistently bringing new tools to market that make professional and DIY tasks easier. Hyde Tools accepts product submissions from inventors looking to develop new hand tools or improve upon existing designs. Their open innovation approach allows inventors to present their ideas directly to the company, and successful submissions can result in a licensing partnership, where inventors earn royalties based on sales.

MindWare

MindWare is a respected provider of educational toys, games, and puzzles that promote critical thinking and creativity in children. They actively seek new products that align with their mission of fostering learning through play. MindWare’s open submission portal invites inventors to submit their educational toy and game ideas for evaluation. Inventors whose products meet MindWare's standards for educational value and market potential may be offered a licensing agreement, allowing them to collect royalties as their product is sold through the company’s retail and online channels.

Online Invention Submission Platforms

Online platforms allow inventors to submit their ideas for evaluation and potential licensing. These platforms act as a bridge between inventors and companies looking for new products, making reaching a wide audience of potential licensees easier.

MarketBlast

Using an innovation submission platform like MarketBlast.com can streamline the process and connect you with potential buyers, manufacturers, and licensees. MarketBlast is an innovation marketplace designed to simplify the submission process for inventors by allowing them to present their ideas directly to companies looking for new products.

How MarketBlast Works

MarketBlast enables inventors to submit their ideas to various companies actively seeking innovation in different categories, from consumer goods and electronics to medical devices and automotive products. The platform provides a central hub for both inventors and companies, allowing them to find and connect with one another efficiently.

Here’s how the process works:

Submission Opportunities: MarketBlast provides inventors with a list of companies seeking new inventions. These companies post “open innovation” opportunities, detailing the types of products or ideas they are looking to review.

Streamlined Submission Process: You can submit your invention directly through the platform by following the specific submission guidelines laid out by each company. The platform makes it easy to manage multiple submissions in one place.

Direct Access to Decision-Makers: One of the key benefits of MarketBlast is that it allows inventors to bypass traditional gatekeepers and present their ideas directly to company decision-makers who are actively looking for innovative solutions.

Review and Feedback: Once your invention is submitted, companies will review your idea and provide feedback. If they’re interested, they may request more details, leading to potential licensing or partnership opportunities.

Why Choose MarketBlast?

Targeted Connections: Instead of submitting your idea blindly to companies, MarketBlast connects you with organizations specifically seeking innovation in your industry.

Visibility to Multiple Companies: Your invention is not limited to one company; you can submit to various companies and increase your chances of landing a deal.

Transparency: MarketBlast provides clear submission guidelines and feedback, helping inventors understand how their ideas are being received and what companies are looking for.

By using a platform like MarketBlast.com, inventors can save time, reach more potential buyers, and navigate the submission process with greater confidence, all while ensuring their ideas are showcased to the right audience. Be sure to follow each company’s guidelines carefully and present a professional, polished submission to make the best impression.