2021-06-18
After dedicating years (or decades, even) of hard work to building and refining an idea that you believe will change people's lives, you now have an invention that’s ready for the market.
With your product or service finally making it past the last user testing stage in your set timeline, it seems like you’re on the last stretch of work until you begin to reap the benefits of your hard work. But before you start seeing dollar signs and putting your hard work to use by selling it, it’s important to take a step back and prepare and educate yourself on what has to be known when selling an invention in Canada.
A Step-By-Step Guide for Selling Your Invention in Canada
If you’ve been living in the Great White North for a while now, you probably know the fact that there is an abundance of opportunities for any invention you create. In fact, inventors in the country have been able to see their ideas take off because of its large local market, but the process of achieving the same results with your own refined idea requires preparation.
Compared to other countries, Canada has a few laws and procedural nuances that make for an otherwise complicated process when it comes to selling one’s inventions and protecting them with intellectual property rights. Here is a three-step guide that you can follow to yield the best results:
Step #1: Research Your Market
As any successful inventor who has turned their invention into a multi-million (or billion) dollar business in Canada will tell you, market research is the first step that matters because it makes or breaks an effort.
It may not seem like much at first, but researching the primary market for your invention will allow you to ensure successful returns because of the valuable information it uncovers. By taking the time to collect information about your ideal customer, you’ll be able to make helpful tweaks to your product, campaign, and overall selling approach once you know:
- Who can benefit most from your invention
- How much your primary market is willing to pay for your invention
- What your market would want to see and learn about your invention
- What kind of pricing strategy would be most suitable for your invention based on the demographic information obtained from your research
Step #2: Apply for Your Patent
Once you’re familiar with your target market and what you need to do to make the conditions right, the next step involves applying for a patent.
In recent years, inventors looking to sell their hard work in Canada have been urged to start filing patents for their products because of the protections and benefits these documents provide. Undertaking the filing process as soon as possible is also critical for any invention because it helps ensure that no one else can capitalize on the same idea or profit off it during a patent’s period of validity.
A registered patent agent or lawyer can assist you with the patent process. Reaching out for assistance or general information early on is the best way to prevent yourself from making errors that could prevent you from obtaining a patent or exclude you from eligibility.
Step #3: Networking
Now that you have a patent for your invention and are very much familiar with your target market, the last step you’ll need to undertake before selling your invention is to start networking.
With a proper networking approach and the right set of opportunities, you’ll be able to find the necessary stepping stones that will help you pitch, fund, sell, and profit from your invention and the hard work you put into it. Aside from helping you gather business opportunities, building your network can also allow you to connect with investors that can help you hit the ground running during your launch.
Conclusion
Admittedly, the process of selling an invention and making it profitable is a task that’s a lot more difficult than it sounds because of all the different factors you’ll need to consider along the way. Once you have a great idea that you wholeheartedly believe can make a difference in millions of lives, following the three-step guide mentioned above will allow you to reap what you sow in the most productive way possible!
Are you looking for a patent agent or lawyer in Calgary or Edmonton? Feel free to contact us today for assistance or additional information.
