You see the ads for those invention submission services on television and in magazines. Getting the help
you need to market your invention from a company that knows all the ins and outs - it's a great idea, isn't it? Of
course, you may have also heard the stories of people who have spent $15,000 and more for these services,
and gotten nothing but general advice and form letters sent out to potential buyers.
Frightening? It should be. Not all these companies are entirely ethical, and even the honest ones can take a
lot of your money for no result. How do you protect yourself when hiring help for the invention submission
process? Start by asking the following questions before you agree to a thing.
1. What is the total number of inventions they have evaluated in the last three years, and how many did they
decline to represent? Most inventions out there are not really marketable. If the company accepts 90 percent
of potential client's inventions, they are more interested in quick money for themselves than in helping
inventors.
2. Have they ever been investigated by, or in trouble with the FTC (Federal Trade Commission), Better
Business Bureau, Attorney general's Office, or any other agencies? What was the result of the investigation?
3. How many customers have made money due to their services? If they refuse to give any answer, or any
examples, try the next company.
4. What is the total number of their customers who have received a licensing agreement as a result of their
services? If it is less than 5%, try the next company.
5. What up front fees are required, and what do you get for that fee? The more reputable companies will have
smaller fees. They plan (or hope) to make their money from royalty agreements they get for you. You want a
company that is betting on your invention.
6. Can you get the names and phone numbers of previous customers. Get several that are in your area. If
they can't give you any, be suspicious.
7. Do they provide a written opinion of the marketability of your product? (Note: I paid for this from a company
that does only this, and so has no bias. For less than $200, they took a good look at my product, and gave
good reasons why it wasn't very marketable. I suspect many invention submission companies would have
gladly told me it was great and taken thousands to "promote" an invention that in the end wouldn't sell.)
8. Can you get copies of any contracts and forms before you pay the fee? If not, move on.
9. Who chooses and pays the patent attorney? You should do this, so the attorney is directly representing you.
You may be a great inventor, but know nothing about patenting, selling or licensing an invention. This is why
invention submission companies exist. Just be sure you get satisfactory answers to these important
questions before you hire one.
The saddest thing that can happen in this life is unfulfilled potential. Tragically it happens all the time.
There are actually two main reasons for this.
a) Lack of information on Invention
It seems that most people have no idea what they need to do to develop an idea into a fully-fledged invention
and then to bring that invention into the marketplace. There is plenty of ignorance where this subject is
concerned and most folks believe that a fortune is required. The result is that many people give up long
before they have even started and assume that because they are unable to raise the funds, the whole thing
will not work out.
Yet they forget that many inventions today were launched without any major funds or investment. Many were
launched by very poor poverty stricken inventors and on many occasions the success of those inventions
ended up turning around their lives.
Frank Stapleton’s rather detailed ebook on invention can be very useful on this subject and will give you all
the information required to go forward with your invention. Those who may not be able to afford it can take a
look at this inventor’s blog.
b) Fear Of Invention Failure
One of the biggest obstacles that stands in the path of would-be inventors is the fear of failure. Many people
are terrified of making a fool of themselves. Some folks break into a sweat just imagining what a close
relative of friend will think.
One of the basic rules for success is that the ladder of success can never be climbed with cold feet of fear.
Anybody who wants to be a successful inventor must overcome this fear and instead focus on their ideas and
what they are trying to achieve. People will always have a good laugh at what you are trying to do, they have
always done this, and they will always do it, so you might as well put all fear out of your mind.
You have an idea for a new invention and you’ve already developed it. However, you know you don’t have the
resources to produce your invention and turn a profit. Well, companies ask for invention submissions on a
fairly regular basis, so this could present some wonderful opportunities for you.
Your first step before making an invention submission is to obtain a patent. Contact a patent lawyer and the
United States Patent and Trademark office. The patent lawyer will help you through the submission process
and help insure that you are legally protected against any potential problems. There is a fee, but since this
can change, it is best to contact the USPTO yourself. This step protects your invention and idea from getting
stolen.
Your next step is to find a list of companies who accept invention submissions. For example, if your invention
has to do with cars, then find an auto-related company that is open to reviewing invention submissions. Most
of these companies recommend that you patent your idea first. This protects you and prevents problems
such as idea theft from occurring. You can search on the Internet for potential companies, or call companies
that interest you and ask if they review patented inventions.
This is a great option for a large company. A great idea can help increase their profits. They may already have
the idea, but you got the patent before they did. This makes a partnership worth considering. They have the
resources and you have the idea. Just make sure they compensate you adequately.
So, if you have an invention, consider making invention submissions to relevant companies. This may help
increase your own profits and removes you from the production process. Just make sure to patent your idea
before you share your invention with a company.
