Entrepreneur.com
This article was written by Tamara Monosoff of Entrepreneur.com. Tamara is Entrepreneur.com's "Inventions" columnist and the founder and CEO of Mom Inventors Inc., a product development and manufacturing company.
It's a common story, yet it breaks my heart every time someone tells me their version: An aspiring inventor sends his or her product to an invention promotion company, pays a large fee (often their entire savings) and gets nothing in return. Not only have they been embarrassed, but they've also been depleted of the money they could've used to further develop their product.
Often these "firms" will charge thousands of dollars, promising to bring an inventor's product to market within a specified time period. They prey on the inventor's excitement and passion. These firms advertise on TV, radio, the Internet, newspapers and in magazine classified sections. Their guarantee and promise of success is tempting.
While not every invention-promotion-and-marketing company is fraudulent, unfortunately many good ones go underground to avoid being associated with the unethical and dishonest firms. How do they work? Be aware of a company that promises too much using these tactics:
- They promise free information on how to patent and market your invention.
They claim to have special agreements with manufacturers looking to license new products or even claim to represent these manufacturers.
They require "a small initial investment" to conduct a "feasibility" or "marketability" study and patent search.
They present a flashy marketing plan that is professionally bound, with a completed patent search and conclusion that claims the enormous potential for the success of your invention.
They guarantee a successful patent -- or your money back. (Remember, most patented inventions never get to market anyway.)
They use "shills" -- people paid to give good references and testimonials about your product.
At last they need another investment to get your product to market. Many have fallen for the adage "it takes money to make money."
Once you pay, they avoid your calls and rarely return them.
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