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| Friday, March 9, 2007 |
| FRAUD ALERT: Beware of deceptive invention promoters |
So you have this great ideas that you think will make you rich. You decide to go to an invention promotion firm to have it patented. They offer to do it, promote your product and make you rich in the process. Well, you better do your homework before you select a firm to represent you! There are many people in that business trying to capitalize on the blind excitement of the inventor. I heard so many stories of everyday people with great ideas that were stolen from them due to their ignorance of the patenting process. Here are some tips to help you find an honest firm:
A reputable firm will not ask you to pay a lot of money upfront. Good firm usually depend on a percentage of royalties from a successful product. Of course the want to make money too so they will be selective with who they work with; they won't waste time licensing a product that won't sell on the market.
Inspector Gadget
The American Inventors Protection Act of 1999 gives inventors the right to ask promoters about there work history. You should take advantage of this! They must disclose certain information below before they are allowed to enter into a contract with you. Make sure that you ask the following:
- How many inventions have you evaluated?
- How many of those invention were accepted? Rejected?
- How many clients do you have?
- How many clients ended up with a net profit from your services?
- How many clients have licensed their inventions through you?
Also, make sure to check references. Ask for client names but be aware that they may have been paid to give favorable testimonials. To find possible complaints, check with the Better Business Bureau and the Attorney General in the state where the company is based.
Important Links
Federal Trade Commission
www.ftc.gov
877-382-4357
U.S. Patent and Trademark Office
www.uspto.gov
800-786-9199
United Inventors Association
www.uiausa.org
585-359-9310
The Pitch Coach
www.thepitchcoach.com
313-320-2989
National Congress of Inventor Organizations
www.inventionconvention.com/ncio
877-807-4074
Good luck!!
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posted by thinketh @ 9:31 PM   |
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