selling/renting an idea

[LeMonte]

If I came up with a potential product, but didn't want or wasn't able to produce it, could I sell/rent the idea to the other person so that some percentage of the profits of the product go to me? Like say I had a patent, but couldn't build the product myself. Could I sort of rent that patent or idea to someone who will produce the product, but I take a cut of the profit for having the patent. Sorry if that doesn't make sense, I'll try to clarify if need be.

[Freelancier]

Yes, if you have an asset, for example, a patent, and want to lease or set up a relationship based on someone else using that asset for their business, that's done all the time.

Now if all you have is an idea, those are worthless, because anyone can steal an idea. Register your ideas BEFORE offering them for rent/sale or telling anyone else (outside an attorney) about them.

[nealrm]

If it is a idea that can be patented, then you can either sell it or "rent" it and receive royalties. But as Freelancier said, ideas are worthless. It is implementing the idea that makes the money.

[Harold Mansfield]

Absolutely. But you have to do the work to develop it. If you want to sell the idea to someone you'll probably want to come up with at least a prototype. It's hard to sell just an idea with no working model, but anything is possible if the idea is actually good.

[JuanCarlos730]

Hi there. Like everyone else is saying, it's important to protect your idea or product first before sharing it with anyone you want to do business with. Depending on your idea or product, a patent may not be the best thing to pursue. You may be better off protecting it by trade secret. If your product has a short life cycle, you may just want to forego a patent altogether.

[HooktoWin]

If I came up with a potential product, but didn't want or wasn't able to produce it, could I sell/rent the idea to the other person so that some percentage of the profits of the product go to me? Like say I had a patent, but couldn't build the product myself. Could I sort of rent that patent or idea to someone who will produce the product, but I take a cut of the profit for having the patent. Sorry if that doesn't make sense, I'll try to clarify if need be.

Hi LeMonte,

1. You can always file a provisional patent. It's cheaper and it gives you enough of the protection you need to pitch, sell/rent your idea.
2. I've heard it stated repeatedly that ideas by themselves are worthless. But I don't agree with that position.
3. It's possible to make money from your ideas and to retain control over them. There are quite a few professionals who do so.
4. If you'd like some in-depth knowledge on the ins and outs of how to do this I'd strongly recommend you buy One Simple Idea by Stephen Key (http://www.amazon.com/One-Simple-Idea-Startups-Entrepreneurs/dp/0071800441/ref=sr_1_2?ie=UTF8&qid=1426028890&sr=8-2&keywords=one+simple+idea).

Selling your ideas, can work, it does work and others are doing it successfully.

You can do it!

Andrew

[Kyle Johnston]

There are a couple of ways to monetize an idea:

1. If it is patentable. You can file a patent (if you are impatient, like me, you can file a provisional patent which will automatically give you some time to sell/rent your idea).

2. Write a business plan and sell the business plan to someone who is interested in the idea but does not want to take the time to formulate a business plan.

3. Build the idea into a business and sell the business (include a royalty deal if you can).