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Invention Submission Companies

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Invention Submission Companies

Post  Roger Brown on Thu 3 Mar 2011 - 17:01

In my opinion Invention Submission Companies are making a lot of money yet providing very few products on the market. If you look at their track records it appears the majority of their money is made selling services.

http://www.davison.com/legal/ads1.html
The total number of consumers in the last five years who made more money in royalties than they paid, in total, under any and all agreements with Davison, is fourteen (14). The percentage of Davison's income that came from royalties paid on licenses of consumers' products is .001%.
Numbers current as of January 19, 2011

http://www.inventhelp.com/inventhelp-client-invention-stories.asp
From 2008-2010, we signed Submission Agreements with 4756 clients. As a result of our services, 106 clients have received license agreements for their products, and 30 clients have received more money than they paid us for these services.

I want every Inventor to learn to not just take someone's word for it and to do their due diligence. Before spending money with any company I suggest that you do your research to find out if you need their services or if what they provide you could do yourself with less money invested. Ask the company to provide you with a listing of their successes. Ask "How many Inventors have made more money in royalties than paid them for their services?" You need to be familiar with your rights under the Inventor's Protection Act of 1999 http://www.uspto.gov/web/offices/com/speeches/s1948gb1.pdf
Knowing your rights will give you a better feel if the company you contact is being upfront with you or avoiding answering your questions. Remember, it is your money you're investing, get the most for your investment. Whether a company is accredited or not it is always a good thing to look companies up online and do searches with the terms complaints, lawsuits, judgments against, inventor complaints, along with the companies name to see what shows up. Don't just look at the BBB and stop there. The BBB has had their own problems with companies buying a better grade or getting a failing grade because they are not members.

If Inventors would be just as passionate to find out the facts about companies they use as they are about their ideas you would see less of these companies used when they are not needed. I will say it again. If you plan on using any of these companies please ask questions and don’t just open your wallet saying take my money.

Look at what these companies are REQUIRED to share with you (IN WRITING) BEFORE you spend money with them. If they change the subject or try and not give you what is REQUIRED by LAW, WHY WOULD YOU USE THEM? It's YOUR money you are wasting by not doing a little research.

The AIPA requires invention promoters (i.e., those who provide “invention promotion services”) to disclose a number of things in writing, prior to entering into a contract for invention promotion services. These are:
(1) the total number of inventions evaluated by the invention promoter for commercial potential in the past 5 years, as well as the number of those inventions that received positive evaluations, and the number of those inventions that received negative evaluations;
(2) the total number of customers who have contracted with the invention promoter in the past 5 years, not including customers who have purchased trade show services, research, advertising, or other nonmarketing services from the invention promoter, or who have defaulted in their payment to the invention promoter;
(3) the total number of customers known by the invention promoter to have received a net financial profit as a direct result of the invention promotion services provided by such invention promoter;
(4) the total number of customers known by the invention promoter to have received license agreements for their inventions as a direct result of the invention promotion services provided by such invention promoter; and
(5) the names and addresses of all previous invention promotion companies with which the invention promoter or its officers have collectively or individually been affiliated in the previous 10 years.


http://www.rogerbrown.net

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Roger Brown

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Join date : 2011-02-20
Location : South Carolina

http://www.rogerbrown.net    http://www.looking2license.com

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