So, you're an inventor, an entrepreneur. Your idea is your passion. You hear an ad for a company that will take your idea and make it the next big thing. Here's the truth...
5 Things Invention Promotion Firms Can Do For You:
1) Help you file a patent.
2) Write your business plan.
3) Create a prototype.
3) Submit your idea to companies for potential licensing.
5) Suck a lot of money out of you and leave you with nothing.
*Only what's underlined need be applied.
If you have an idea and are stuck or don't know where to turn; do your research on any company that you are considering working with. Companies that want a lot of money upfront and keep asking for more and more (for each stage of the "process") are almost always scams. These companies capitalize on the enthusiasm of the inventor and their belief that they're idea can and will make it. There are countless stories of inventors getting scammed...don't be one.
The USPTO estimated that inventors lost around $200 million each year as of 2002. This number may be closer to $300 million. For lists of invention promotion firms that have had complaints filed against them visit InventorEd.com's CAUTION Lists.
Stay clear of any company on any of these lists.
Relevant Articles:
About.com's How to Avoid an Invention Company Scam
Federal Trade Commision's take on Invention Promotion Firms
MSNBC's Got an invention, you to can be scammed
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