Many inventors have seen advertisements for a quick-and-easy way to patent and bring their invention to the market.
These invention firms advertise as a cheap way to get your ideas from the drawing board to store shelves in an instant. Unfortunately, their offer is typically too good to be true. Here are a few warning signs to watch for when considering an invention promotion company:
The number of accepted patent proposals
Good ideas are rare. Patentable ideas that may make money are even rarer. A company that brags about their high patent acceptance rate warrants skepticism.
A company will sometimes accept any idea and charge for marketing and production. A higher acceptance rate is usually a cause for concern.
A “money-back” guarantee
One way these companies get inventors to part with their money is to offer “money-back” guarantees. They may tell you they will have a certain number of your product sent to store shelves by the end of the year. Or they'll claim your product will make so much money or else you get a refund.
The fact is nobody can predict how a product will do in the wild. These promises are often laden with fine print that makes a refund difficult to collect.
Manufacturer connections
Sometimes a company will offer you an “introductory” rate of production or a volume-based production cost, but only if you act quickly. A company can claim to have a special relationship with a manufacturer or access to new technology.
Sadly, these deals are often too good to be true. Many times, these companies are willing to eat a higher cost of production to keep you paying for marketing and handling of your product. Be wary of time-based or incentive-based manufacturing promotions from these companies.
Keeping control
Inventors need to understand the dangers of trusting these do-it-all companies with a valuable product. Mismanagement can result in lost sales or even lost patents.
When considering whether an offer is legitimate, a skilled copyright attorney can be a valuable resource.
On behalf of Crockett & Crockett posted on Monday, May 20, 2019.