First, the idea of an individual pitching a “half-baked” new product or service idea to a large company is DOA (dead on arrival).
If you are serious about your idea (i.e., you really believe it has merit), then some time and money should first be invested in the idea. That is, some money should be spent to “fully bake” the idea by at least filing a provisional patent application (which, using text and figures, fully describes how to make and use the invention) and getting a prototype (if practical and applicable) built.
Only when these steps have been accomplished should you even start to think about approaching a company to sell/license the idea. Obtaining quality and competent legal counsel throughout the process is also essential.
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Great article. Correct me if I’m wrong, but as I understood it, having a prototype is not quite necessary before filing a provisional patent. I’m actually going through this process now with an idea I came up with. I’m doing as much research as I can!
Correct, having a prototype is not required for filing a provisional. Be careful, however, that the text/figures of the provisional fully describe how to make and use the invention!