There are ways to cash in on your
ideas. If your ideas are unique, any one of a number of companies
may be willing to pay you large amounts of money for some of them.
Her I will expalin how to protect your ideas and make sure you
get paid for them.
Your salable idea can be something
tangible, or an intengible. Ideas include mechanical inventions,
puzzles, toys, chemical compounds, designs, flavourings, etc.
Or, it may be an improvement or variation on an existing product
or service. Remember, an inprovement on an idea is as much a new
idea as the original creation. Many thousands of pounds are paid
out to brain-stormers each year by industries. If your idea will
increase production, improve a product, or increase sales, you
will find you can receive a substantial sum of money for it.
You must know how to protect the
ideas you generate. Ideas that are made public by word of mouth,
or even in writing, become public property unless they are protected
by an agreement that you will retain all rights to them. Let's
say that you have an idea for increasing the sales of an existing
product for company X. Write them a letter similar to this one,
being sure to retain a copy for your own records.
Dear Sirs, I have developed a new
idea for increasing sales of your product. It will not increase
your costs in any way. I am convinced that this method has great
potential for enhancing profits for your company, and would like
to have the opportunity to demonstrate this idea to you. Upon
receiving back the signed enclosed agreement, I will forward full
details to you. Yours sincerely, etc.
Agreement to review idea:
We, the undersigned, agree to receive in confidence full details
regarding an idea for increasing the sales of our product as submitted
by... It is further understood that we assume no responsiblity
whatever with respect to any feature that can be demonstrated
to be already known to us. We also agree not to divulge any details
of the idea submitted without the permission of.... or to make
use of any features, or information, of which... is the originator,
without payment of compensation to be fixed by negotiation with...
or his lawful representitive. It is specifically understood that
in receiving the idea, it will be reviewed in confidence, and
within a period of 30 days a report made to ... as to the results
of uor findings. We will therein advise whether we are interested
in negotiating for purchase rights to said idea.
Provide notary and witness signature
lines, and ask that both copies be completed and one copy returned
to you. You must then submit complete details of your idea to
the company. After they review your idea they must by law follow
the provisions of the agreement. Many idea persons are earning
substantial money following this procedure. The sky is the limit.
Make sure that you first get the agreement signed before disclosing
your ideas. To increase your chances of having ideas accepted,
spend plenty of time preparing complete, minute detailsbefore
submitting them. This is very important. Include illustrations,
drawings - anything necessary to get the idea across.
