We will all at some time sit around thinking of something that we need and then wonder if we can invent something like it that will make us rich beyond our dreams. The number of people who do try to make this dream come ture runs into the tens of thousands, all trying to develop a thought into a real invention. Something we will all need and want to buy.
You might want to sell your idea to a manufacturer and then have them pay you royalties on each and every product sold. Finding a company to do that isn't easy, many of them will approach invention promotion firms assuming that would be their best choice. Inventors give thousands of dollars to these companies in the hope that this will lead to the product development and marketing. However many have found that these firms end up doing nothing more than putting them deep into debt.
The Federal Trade Commission (FTC) has discovered that many of these types of promotion companies are fraudulent. The FTC has published some tips on being cautious when approaching a invention promotion firm.
If the company tells you “your idea has great market potential” be very weary. Not to discourage you or your invention, but very few ideas will become commercially successful. If and when the firm says they have a good track record, ask for a list of successful clients and contact them. Should the company refuse to give you such a list then you might see that as an indicator to not trust them. Do not give into high pressure sales tactics. If they tell you that you need to hurry up, that usually means they just want your money as soon as possible. Some companies might tell you that they ran a patent search and that your invention is completely unique. Most of the time the searchs are incomplete or conducted in the wrong category.
During a standard sales pitch they will tell you the following: “Our research, engineering, and patent attorney has evaluated your invention”. It's unlikely that they have shown your invention to anyone, this is normally follwed by a request for a large lump sum of money up front. Don't do it, keep your hard earned money in the bank or where ever you keep it.
Thankfully, the American Inventors Protection Act of 1999 gives your rights when working with an invention promotion firm. They should provide you with the number of inventions it has evaluated, whether the evaluations were positive or negative. The total number of customers, how many of those customers received a net profit and how many of those customers have licensed their inventions through their company. This information should reach as far back as 5 years, they should also be able to give names and addresses of all the invention promotion companies they have been affiliated with in the last 10 years.
You can all the U.S. Patent and Trademark Office (USPTO) at 1-866-767-3848, or check with the Better Business Bureau.
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