by
Carl Hampton
10/09/2006
We will all at some time sit around
thinking of something that we need and then
wonder if we can invent something like it
that will make us rich beyond our dreams.
The number of people who do try to make this
dream come true runs into the tens of
thousands, all trying to develop a thought
into a real invention. Something we will all
need and want to buy.
You might want to sell your idea to a
manufacturer and then have them pay you
royalties on each and every product sold.
Finding a company to do that isn't easy,
many of them will approach invention
promotion firms assuming that would be their
best choice. Inventors give thousands of
dollars to these companies in the hope that
this will lead to the product development
and marketing. However many have found that
these firms end up doing nothing more than
putting them deep into debt.
The Federal Trade Commission (FTC) has
discovered that many of these types of
promotion companies are fraudulent. The FTC
has published some tips on being cautious
when approaching a invention promotion firm.
If the company tells you “your idea has
great market potential” be very weary. Not
to discourage you or your invention, but
very few ideas will become commercially
successful. If and when the firm says they
have a good track record, ask for a list of
successful clients and contact them. Should
the company refuse to give you such a list
then you might see that as an indicator to
not trust them. Do not give into high
pressure sales tactics. If they tell you
that you need to hurry up, that usually
means they just want your money as soon as
possible. Some companies might tell you that
they ran a patent search and that your
invention is completely unique. Most of the
time the searches are incomplete or conducted
in the wrong category.
During a standard sales pitch they will tell
you the following: “Our research,
engineering, and patent attorney has
evaluated your invention”. It's unlikely
that they have shown your invention to
anyone, this is normally followed by a
request for a large lump sum of money up
front. Don't do it, keep your hard earned
money in the bank or where ever you keep it.
Thankfully, the American Inventors
Protection Act of 1999 gives your rights
when working with an invention promotion
firm. They should provide you with the
number of inventions it has evaluated,
whether the evaluations were positive or
negative. The total number of customers, how
many of those customers received a net
profit and how many of those customers have
licensed their inventions through their
company. This information should reach as
far back as 5 years, they should also be
able to give names and addresses of all the
invention promotion companies they have been
affiliated with in the last 10 years.
You can all the U.S. Patent and Trademark
Office (USPTO) at 1-866-767-3848, or check
with the Better Business Bureau.
Have an opinion or a question you would like
me to answer, then write me!
http://www.CarlHampton.com
“Your” Money Matters By Carl Hampton
From the Author of “From
Credit Despair To Credit Millionaire”
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