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The ability to invent new devices and new ideas for businesses is a wonderful talent to have. The trick, however, is to get paid for your brilliance. If you have the good fortune to have someone interested in one of your ideas, be sure to take advantage of the opportunity to get paid for it in advance.
Write a business proposal outlining your invention or idea for a new venture. Be as specific as possible and include details about conception, manufacturing and implementation of your invention or idea. You will also want to include the costs associated with this venture. All of this information will prove to be useful when attempting to convince potential investors on the validity of your idea. This is also a way to make sure you have a sound plan of action on how to get your invention or idea onto the marketplace.
Present your business plan to potential investors. You can send them a copy of your business plan first so they can get an initial feel for your concept. If they show further interest, meet with them in person to discuss any potential opportunities. Answer all questions as honestly as possible. Be sure to let the potential investor know you need funding up front to carry out your business plan.
Apply for any type of patent or other license to make your invention or idea legal. By submitting information to the Patent Office, you are ensuring no one else will be able to steal your idea and profit from it. Make sure you receive a patent number and a copy of the approval from the patent office to show proof you owns this concept or invention outright. This will save you a great deal of legal trouble and heartache in the future.
Spend your money appropriately. Some investors may require you to keep an accurate accounting of how you spend their money. You should start to see profits from this investment if you market your concept properly.
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