If you can't sell your idea, then there's no reason in getting it protected with a patent, right?
Therefore, before you spend a lot of time, money and effort going through the patent process...you should consider how marketable your product is. How willing people are to buy your idea from you.
The good news is there is a simple two-step formula for maximizing the marketability (and therefore profitability) of your idea.
This formula saves time...and...lessens your initial investment.
Here's a quick story that goes a long way to illustrate this simple formula for uncovering patentable and profitable niches in the market.
Patent Lessons from a Golfer
I just finished reading a short article on South Carolina golfer and inventor Michael Owens. Owens has a patent pending on a device that securely holds personal golf GPS devices and laser range-finders in place on golf carts.
The device that holds the GPS on golf carts only took him several months to create, test and refine. With an outstanding order of 1,200 units at $29.95 each, Owens will just about cover his initial $45,000 investment.
Less than a year and already his idea is paying off. In terms of bringing an idea to market, that's almost lightening speed!
The Easier Path to Patents
The inventor trick Owens used to quickly create a profitable invention is simply finding a better way to use an already wildly successful product.
Here's how he did it...
First, Owens found a product that people are already using.
If you are a golfer, you already know GPS units and laser range-finders are all the rage on the links. By linking his product to something that people use and are familiar with, Owens greatly increased his chances of patenting a marketable product.
Second, find a way to make that product easier to use.
In this case, Owen saw his friends fumbling with the GPS units in their pockets, in cart cup-holders, seats or open spaces in the dashboard area. By creating a sturdy magnet-based GPS holder - that also didn't need to be removed constantly - Owens took a great product and made it better.
And if his patent application goes through, he will have the right to prevent anyone else from making, using, or selling his idea. A legal monopoly that he can charge a royalty percentage or outright sell to a bigger company.
Keep these two points in mind next time you are working on your next big idea.
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