Is it possible to make money from a modification to an existing product if it is your idea?

Entrepreneur, Business Planner and Angel Investor
min read
Opinions expressed by Entrepreneur contributors are their own.
It might be possible but it's extremely unlikely. There is no easy way to legally protect and own an idea. Laws protect inventions with patents and creative works with copyright but not ideas. Can you patent it? Probably not if it's based on an existing product that somebody else owns.

While in theory you can get a manufacturer to grant you rights before you tell them the idea, they almost never agree to signing anything like that, because that would rule out possibilities for them if for some reason they had the same idea.

It's much better to build a business of your own than try to sell an idea to enhance somebody else's business.

Tim

ps: for background, I have a multimedia presentation about the problem of ideas on my website at timberry.com
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