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 big bucks for some of them. This report explains how to protect your ideas to make sure that you get paid for them. Your saleable 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 idea will increase production, increase sales or improve the product, they will be 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.
Lets say that you have an idea for increasing the sales of an existing product for company A. Write them a letter similar to this one in duplicate:
Gentlemen:
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 widget s 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 of 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 our 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. The sky is the limit by making darn sure that you first get the agreement signed prior to disclosing your idea. Otherwise no go! To increase chances of having ideas accepted spend lots of time preparing complete minute details before you submit them. This is the key! Include illustrations of drawings if it's necessary to get the story over.
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