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How to sell your ideas for huge royalties



Here is a way to cash-in on your ideas. If they are unique some company just may be willing to pay you big bucks for some of them. This report explains how to protect your ideas to make sure that you get paid for them. Your salable ideas can be something tangible or intangible. Ideas include such things as mechanical things, chemical compounds, designs; works of art, advertising and business plans . . . ideas for improving a design, flavor, etc, of an existing product or service. Many thousands of dollars are paid out to “idea men” each year by industries. If your ideas will increase production, increase sales, or improve the product – they are willing to pay substantial money when they accept it.

First, you must know how to “protect” the ideas that you generate. Ideas that are made public by word of mouth, or even in writing, become public property unless you first make an agreement to retain all rights to your ideas. Let’s say that you have an idea for increasing the sales of an existing product for company A. If you are serious about your idea or business, it’s highly advisable that you first consult an attorney because business contracts and IP laws are very broad. However, you may also try to write them a letter similar to this one in duplicate: This is just a sample.

Dear John:

I have developed a new idea for increasing the sales of your product. This new method will not increase your costs in any manner. If you are interested in the full details I shall forward them to you upon receipt of the below signed agreement.

AGREEMENT TO REVIEW IDEA

We the undersigned, agree to receive in confidence full details about an idea for increasing the sales of Widgets as submitted by (your name). It is further understood that we assume no responsibility whatever with respect to features which can be demonstrated to be already known to us. We also agree not to divulge any details of the idea submitted without permission of (your name) or to make use of any feature or information of which (your name) is the originator without payment of compensation, to be fixed by negotiation with (your name) or his lawful representative. It is specifically understood that, in receiving the idea of (your name) it will be reviewed in confidence, and within a 30 day period we will report to (your name) the results of your findings and will advise whether or not we are interested in negotiating for the purchase of the rights to use said idea.

Have them sign both copies and return one to you. Then you must submit complete details of your idea to the company. After they review your idea, they must, by law, follow the instructions of the agreement.

Many “idea men” are earning substantial money following this procedure while some do not make any money. For some, the sky is the limit, but make darn sure that you first get the agreement signed prior to disclosing your ideas otherwise, no go!

To increase your chances of having ideas accepted, spend lots of time preparing complete, minute details before you submit them. This is the key! Include visuals (illustrations / drawings) if it’s necessary to get the story over.

Report

HOW TO GET FREE SUBSCRIPTIONS TO MAGAZINES

There are a large number of “Trade” magazines, online journals, newsletters, and newspapers which are mailed absolutely FREE to interested firms and individuals who merely ask for them. These are not, of course, the common magazines you find on your local newsstand, but they do offer much valuable reading. To locate the names and addresses of resources including magazines which offer free subscriptions, simply go to your library and ask the librarian for a copy of:

“Standard Rate and Data”. This book lists all trade magazines circulations. Any magazine stating it has “controlled circulation” normally indicates it is available free. All you have to do is write the magazine and ask them to place your name on the mailing list. Try to indicate interest or some connection in your occupation, or avocation with the subject matter of the magazine.

 

 

 


About the Author: K Shalizi

 


October 2, 2017