Can I sell my idea for money?

[icereddude]

I've got a great idea of a product. But I have no business background, capital, or technical knowledge to manufacture this product. I know this product will be a big hit, is there any way to sell this idea for money?

[Aletheides]

I have about 10 good business ideas, would you consider a trade? lol

[akula]

no, people don't buy ideas

people buy assets, which may include intellectual property, but that's about it

in other words - you can't sell ideas becase the contractual terms would be impossible to structure. not to mention the problems with putting a pre money valuation on empty balance sheets (i.e. ideas are worthless)

unless I'm wrong, you're just one of millions

"I know this product will be a big hit" is an example of confirmation bias which further demonstrates your lack of experience with valuing commercial opportunities

to move forward, tranform your idea into a type of ip, including pro forma statements so it's possible to put a price on what you're selling

[mjohns]

no, people don't buy ideas

people buy assets, which may include intellectual property, but that's about it

in other words - you can't sell ideas becase the contractual terms would be impossible to structure. not to mention the problems with putting a pre money valuation on empty balance sheets (i.e. ideas are worthless)

unless I'm wrong, you're just one of millions

"I know this product will be a big hit" is an example of confirmation bias which further demonstrates your lack of experience with valuing commercial opportunities

to move forward, tranform your idea into a type of ip, including pro forma statements so it's possible to put a price on what you're selling

Don't listen to him the one thing that he is right on is that your one of millions but very few follow through with the idea.

As long as you have the idea patent protected then you will be fine, although you have to pay money for this and to get ir valued you would need to get a proffesional business analyst/accountent which would cost even more money!

[Mad Muppet]

Don't listen to him the one thing that he is right on is that your one of millions but very few follow through with the idea.

As long as you have the idea patent protected then you will be fine, although you have to pay money for this and to get ir valued you would need to get a proffesional business analyst/accountent which would cost even more money!

you cant patent an idea, you can only patent a produce or concept. if you could patent ides than tomorrow i would patent cancer curing drugs. Ill be rich within months.

you could sell the idea in forms of royaltise or alont those lines, but it would be hard to place a value on an idea because once you told someone which do before them buying they can just steal it, there are no ways or protecting ideas.

[akula]

Good pickup, mike

Michael's saying that "if there is a will, there is a way".

As I've said earlier, you can make the deal go through provided that there is some sort of IP registered on the balance sheet.

Now, because your idea probably doesn't qualify for patent protection, you will need to work with copyright/ trade secrets.

The only way that I would buy a business idea is the context of market research.

So, for example, if you can approach me and say "Danny, we've got research on wireless - it'll cost you $x to read the report and secure our consultancy", that'll work - provided that you have original research.

The point: If patents do not apply - go and perform primary market research/ focus groups, to generate proof that your idea is a commercial opportunity.

This proof has market value and can be sold - in a way that any report/publication can be sold.

You dig?

[mjohns]

Good pickup, mike

Michael's saying that "if there is a will, there is a way".

As I've said earlier, you can make the deal go through provided that there is some sort of IP registered on the balance sheet.

Now, because your idea probably doesn't qualify for patent protection, you will need to work with copyright/ trade secrets.

The only way that I would buy a business idea is the context of market research.

So, for example, if you can approach me and say "Danny, we've got research on wireless - it'll cost you $x to read the report and secure our consultancy", that'll work - provided that you have original research.

The point: If patents do not apply - go and perform primary market research/ focus groups, to generate proof that your idea is a commercial opportunity.

This proof has market value and can be sold - in a way that any report/publication can be sold.

You dig?

Yes and i commend you for not releasing your idea on this forum, as a lot of novices probably would have told us what thier idea is and would of had it nicked, and remember as your idea has no protection yet i recommend not discussing this idea with ANYONE

[CrushedGrape]

On a similar vein I've thought about an idea for a television programme and I'm wondering about what to do with it. Its not some silly gameshow or mindless talent show or anything like that, its actually an idea for a series of documentaries. I guess one day soon I'll have a dig around and try to find out how you get it commisioned, but has anyone got experience of how television companies operate?

[Mad Muppet]

On a similar vein I've thought about an idea for a television programme and I'm wondering about what to do with it. Its not some silly gameshow or mindless talent show or anything like that, its actually an idea for a series of documentaries. I guess one day soon I'll have a dig around and try to find out how you get it commisioned, but has anyone got experience of how television companies operate?

In the UK BBC have a scheme BBC Talent which is designed to find new people and get them invloved in television in all aspects including writing, if your not in the uk than im sure you will be able to send a script or whatever to the companies and hope it gets read, which would be difficult.

A tip that i would use to give you the best chance make your evelope/package stand out maybe custom make it into a shape that symoblises your documentaries(rocket for nasa documentaries)

[rufaacom]

"I've got a great idea of a product. But I have no business background, capital, or technical knowledge to manufacture this product. I know this product will be a big hit, is there any way to sell this idea for money?"

If it's really a good idea, why don't you get some friends with business background and build up the project? -- I'm sure you will make more money than selling the "idea"! --

[AlexShelton]

yeah just have a go , i'm sure you'll find a way to sell your product and if it really is great you won't have to do much selling either!

just have a go the resources for setting up businesses are all on the net and you don't honestly need that much experience.

go 4 it !

[icereddude]

Thanks for all the comments.

I think my question "Can I sell my idea?" is a bit misleading, partially due to not really differentiating an idea from an asset or a physical product that can really be sold.

Yes, I have an idea of a product, it's a consumer electronic product, and I know what functions and features it will have, how it will be used and how people will benefit from it, and I can draw a picture of it. Is that good enough to put in a patent? I have searchted the patent database and there's no such thing yet.

No, I don't have a prototype or anything physical other than a drawing and description of it. And I am in IT, but not in engineering or design to build it myself. I don't have a lot of capital to hire someone to build it... So what are my options?

I thought of some options:
(1) find some friends or others to partner with
(2) sell this "idea" (or patent) to someone or some company for some quick money for my next project.
(3) apply for some business grants
(4) apply for some business loan

Either way, I need to protect this idea first, otherwise as others have pointed out, as soon as I tell someone the details, they will be able to steal it..

Any comments are welcome.

[swantaylor]

Hi

Firstly put your whole idea down on paper (incl. drawings) with your personal details and date and seal this in an envelope.

Address this envelope to yourself and keep it sealed and safe so know one can access it.

The next step would be to try and obtain a patent for your product for protection.

Ask yourself the following questions

- Would this product sell?
- What would the lifespan be of this product?
- Who is your market target?
- Is there any competition?
- How much would it cost to produce my product?
Etc..

Research everything you can before compiling a business plan


When you have completed your research and compiled a business plan, than you will be able to answer your own questions whether to sell the idea for royalties, apply for grants or look for investors.

Hope this helps

[akula]

it's amazing how nice some ppl are

icereddude, the truth is, all of this is bullshit

advice like "obtain a patent for your product" is beyond impractical, and saying things like "as soon as I tell someone the details, they will be able to steal it" is plain comical

anyway, just get a reality check and stop day dreaming

explanation:

"i have an oh so cool idea and i'm gonna make millions overnight with no effort" - that's you (day dreaming)

"i've been selling things to happy customers for many years and think i can commercialise a novel bit of real technology by leveraging my network of contacts, and results from field studies" - that's a businessman (not day dreaming)

the point:

go on and try selling at least one cell phone

c'mon! you're the CAN DO kinda guy aren't ya

everything else, for now, is just talk

[pdm1]

Well, there are people that will steal your ideas... solution: have them sign a confedintiality form (ignore the spelling) - basically says they cannot tell anyone or share your idea with anyone outside of the room.

Problem: If they alter the idea then what do you do?

Patent: Yes, if not practical it will run you well over $10k and if you have $10k then make your idea happen, if not then patent shouldn't even be considered.

If you have a good idea try to do it with as little costs as possible, take the right people and put them in the right areas. In other words if you don't have the know how, get people that do...