The first step is to do a patent search to ensure you are not infringing on someone else’s patent. If you are free and clear, then you must decide if you want to license your product idea or take it to market yourself. Knowing this will determine what your next steps would be.

Licensing a product idea is similar to leasing a home. If you own the home, you can lease it to somebody for a period of years, but you still retain ownership of the home. When you license an idea, you still own the idea, but if somebody uses it, they will pay you royalties. Going to market yourself means you develop and manufacturing and sell the product to whoever you like, including on websites or to retailers. The decision of which one to do is often personal and can sometimes be based on financial constraints or other endeavors that may allow or prevent you from doing one or the other.

Today crowdfunding is one of the most popular ways to raise money at the early stages of the invention process. Investors and grants are options, but are hard to come by. Self funding is still the most common way.