August 2025
What inventor doesn’t want to make money on his invention? No one we know. Dave Zedonis (president, Indiana Inventors Association; principal, Z*Tech ) offered some suggestions on how to make money. • Know your innovation space. Find out what people want to buy, not just what you want to sell (ie, don’t fall helplessly in love with your invention). Find out if someone else has already invented your invention by searching for it in patents, patent applications, catalogs, advertisements, and on the internet. • Your primary objective should be to license your invention. This is easier than starting your own business and involves less risk. • Create a budget and a plan for licensing your invention. Learn as you go. Be willing to learn, adapt, and refine your plan at every step. Spend money on important steps as you can afford them and avoid scope creep by watching your expenses. Have an exit strategy. Not every invention can be successful in ...