How Do I Choose a Partner for My Invention?

By Tim Berry • Feb 22, 2011

Opinions expressed by Entrepreneur contributors are their own.

I have all the research needed to start but no funds, so I'm having a hard time choosing a company to partner with that already has the technology needed for my invention. Or should I seek out an investor and hire the help needed?

I'm sorry to be discouraging, but I am very skeptical about the possibility of selling an invention to a manufacturer. That rarely happens. The value in an invention materializes when somebody uses it to build a product and figures out how to market and sell that product and make a profit.

In very rare cases, an invention is so compelling, and its patent protection so strong, that inventors can make deals with manufacturers. That's one in a million or so. Use it to build a business, then you have value. Otherwise you're probably wasting your time and effort.

Tim Berry

Entrepreneur, Business Planner and Angel Investor

Tim Berry is the chairman of Eugene, Ore.-Palo Alto Software, which produces business-planning software. He founded Bplans.com and wrote The Plan-As-You-Go Business Plan, published by Entrepreneur Press. Berry is also a co-founder of HavePresence.com, a leader in a local angel-investment group and a judge of international business-plan competitions.

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