Tips for inventors

which costs about $6,500 plus attorney’s fees.

•Once a meeting has been scheduled with a company interested in manufacturing your product, be sure to sign a nondisclosure agreement. The agreement acknowledges that you came in with an idea on a specific date, and that the information cannot be revealed.

•Keep copious notes of what happened at each meeting.

•When pitching your product to a company, research which company best matches your product. Know the company’s line of products.

•Make sure your idea is financially viable. Some great ideas are too expensive to produce.

•Expect royalties between

2 and 8 percent once your

product is on the market.

•Research your idea to make sure it’s original. Patent searches are free.

•Sign and date idea logs in a legal composition book. Ideally, have someone serve as your witness.

•Prototypes do not have to be elaborate. A sketch or idea created on a program like Adobe PhotoShop is enough to get the attention of executives hungry for new and profitable ideas. Contact engineering firms if you need a more elaborate prototype.

•Obtain a provisional patent, which is less expensive than a full patent and allows the inventor to have first dibs on producing the product. Usually the permit allows the inventor one year to follow through on their invention. Provisional permits cost about $500 versus a full patent,