Thinking about getting help from an invention submission company? Let me give you some facts and figures before you decide to submit your idea.
LET'S CHAT ABOUT YOUR INVENTION!
WHAT TO ASK YOUR INVENTION SUBMISSION COMPANY ABOUT?
WHAT TO ASK YOUR INVENTION SUBMISSION COMPANY ABOUT?
WHAT TO ASK YOUR INVENTION SUBMISSION COMPANY ABOUT?
Do you know most invention submission companies charge anywhere from $ 5000 to $ 20,000 and give you a less than 1% chance of making only 3% of the profits from your own invention?
You read that correctly, less than 1% off all the people that use these types of companies make more money back than they spent with the invention submission company.
You can see this for yourself when you ask them for a copy of their “American Inventor’s Protection Act of 1999”.
All invention companies are required by law to provide you a copy of the “American Inventor’s Protection Act of 1999” BEFORE taking any money from Inventors. I also know for a fact that most companies do not follow this requirement or tuck it away on the back of a lengthy service contract hoping that most inventors will not go through the entire document before signing away.
What does the "American Inventor’s Protection Act of 1999" include? It should include all the following:
1) How many inventors has the firm represented in the past 10 years?
2) How many of these inventors made more money than they originally spent to pay the firm? This is, how many made a profit?
3) How many inventions were presented to the firm in the past 5 to 10 years?
4) How many of these inventions did the firm decide to market?
Most Invention submission companies will take on nearly every client that they consult with, but very few inventors will ever see a licensing deal with and outside company
It’s a huge red flag if the company refuses to furnish this information; they’re once again required to under the “American Inventor’s Protection Act of 1999”.
Invention submission companies make most of their money from the inventors that they collect and not from shared profits of successful inventions they have represented. Keeping that in mind, the focus of these companies is not “how can we successfully license more products so we all make money together”, it is in fact “how can we get more and more inventors to give us thousands of dollars”.
That may be a great business for the invention submission company but not so much for the inventors who are putting their hopes and dreams into these companies blindly.
How are these companies allowed to stay in business? Well that is a great question and some of these companies have indeed been put out of business over the years.
Others have simply changed their names to continue their deceptive ways. The ones that are still around are the ones that make sure they are very careful and clever with the wording of their contracts.
If you read their service contracts closely you will find that you are not actually paying for them to market your product, you are paying for their “Marketing Portfolios” or “Prototype Development”. This then gets them off the hook when it comes to their pathetic success rates.
If you would like to see for yourself, try googling the invention submission companies name followed by “scam” or “lawsuit”. You will see some very eye-opening results and I will expect to receive a thank you card in the mail.
You will see in the lawsuits that many of the companies these invention submission companies claim to submit your idea to don’t even exist. Some invention submission companies do not even allow you to see the company names they are claiming to submit your idea to.
The get away with this by telling the inventor, “if we give you the names, what would stop you from reaching out to the companies yourself and cutting us out altogether”.
Are you starting to see a pattern here? These companies constantly find new ways to deceive their clients in order to continue their growth on the back of inventors that trusted them to do the right thing or at least to do what they claim to do.
The sad truth is that these companies could do the work they claim to do, and everyone would make money together, but they simply refuse to do this for one reason or another. It seems like they have found a good yet deceptive business model and just don’t want to “rock the boat”.
There are many ways to make money with your invention IF you choose the correct route.
The most valuable commodity is information and an informed inventor is the kryptonite to these types of companies.
The minute you ask for the “American Inventor’s Protection Act of 1999”, you will most likely never hear back from them again. They will choose to move onto easier victims.
If you would like to know your options and best way to proceed with your invention, we would love to answer any questions you may have from legalities to manufacturing options with a free consultation.