Avoiding Bad Invention Services Companies

Be suspicious of any company or individual who will guarantee success. A credible invention services company will not guarantee profits. They will outline their services, fees, and track record for success.

Parenting Your Invention

So many companies out there are aggressively advertising to submit invention ideas to obtain new patents and promote new products for inventors. And its easy to see how time and time again, they find new inventors willing to hand over their money for a chance at having their new product make it.

Inventors put tremendous time and effort into their products. And, they become so close to it they lose objectivity. Only about two to three percent of all inventions are successfully marketed, but that doesn't mean inventors should lose their optimism.

Parent your invention as you would your child. Nurture the strengths. Be willing to compromise. Steer clear of unhealthy relationships and protect it from harm. There is no reason why your invention can't be in that two to three percent that makes it. And you increase your chances substantially when you have a plan that includes making investigated decisions at all times.

Submission Help

The most experienced and reputable invention services firms maintain databases of companies who are willing to review new invention ideas in confidence. A good invention services provider will attempt to match your invention with several companies that have expressed a general interest in a similar field of products, via the use of government SIC codes.

Invention Patent Services

It could save you time and money to accept a referral to an independent attorney from your invention services provider. A reputable invention company can often refer you to an independent patent attorney or agent to perform patent services such as a U.S. patent search and opinion, as well as the preparation and prosecution of a U.S. patent application. In many cases, patent services obtained through a referral from an invention services company are less expensive that what you could have found on your own.

Fees for Invention Services Companies

Find out about fees for invention services before you sign with an invention services company. Although there are some invention services companies that offer contracts based on profit percentages, these companies are highly specialized and do not accept many clients. A reputable invention services company will tell you exactly what they will charge for their work before the you enter into any agreement to work with them.

Hiring An Invention Licensing Company

One of the biggest obstacles to the success of independent inventors and entrepreneurs with new inventions is that you really have to be a jack of all trades – not just inventor but marketer, administrator and more. Unless you have the resources to start a company and hire a small staff, how do you prioritize and implement on all fronts?

Hire a licensing company to help put legs under your invention. Invention licensing companies can represent your product to their clientele of marketers and business owners. From patent submissions to creating prototypes to trade shows, invention licensing companies have been responsible for the success of many products.

Submit Invention Ideas For Awards

Because our economy is powered by innovation, prestigious competitions have been established to recognize and reward scientists, engineers and inventors for their hard work and perseverance. If you think your idea can make the grade, these awards will provide the monetary assistance to help bring your ideas to fruition.

- The Lemelson – MIT Prize awards $500,000 to individuals who turn their ideas into inventions that change the world we live in and improve life for all of us.
- The Collegiate Inventors Competition is open to graduate students and awards over $75,000 in prizes to both the student/inventor and their academic advisors.
- The Invention Convention, an annual trade show and new products showcase each year awards several prizes including the Bulbie – a lifetime achievement of innovation award. They also give out 25 awards to inventors of new products based on the products' usefulness, inventiveness and redeeming social or environmental qualities.
- The Frieda J. Riley Teacher Award recognizes American teachers who positively impact their students. The award is named after the teacher depicted in the movie, October Sky.

Guidelines for Working with an Inventor Services Company

Before signing with an inventor services firm you should question a company representative. Make sure you understand clearly the invention services the company will perform for you, as well as the amount of risk involved. Reputable inventor service providers offer the answers to these questions in a straightforward manner. Beware of investor services companies that make unrealistic promises about your success. Optimism is great, but you want to work with a company that knows the difficult realities of marketing new inventions.

Save Time and Money with Invention Services

Working with an invention services company can save you both time and money that you can use to develop your invention. Invention services companies are experts in providing a wide variety of services including basic researching, illustrating, production of business materials, development of a data base of companies for submissions, creation and disbursement of press releases and patent attorney services.

These services purchased individually by an inventor could cost much more than the fees of an invention service firm. In fact, many inventors could pay more for the services of a patent attorney alone than for those offered by an invention company.

Virtual Prototype Services

If you haven't yet constructed a working model of your invention, look into virtual prototypes. These “digital prototypes" often consist of a computer-generated image on CD-ROM that shows your proposed invention in 3-D. Some virtual prototypes even allow you to rotate and manipulate the image for convenient viewing on all sides. A virtual prototype CD also might display things like the invention's features, advantages and market information.

The Licensing International Trade Show

If you really want to get your invention juices going, attend the Licensing International trade show. As the world's largest licensing trade show representing the $175 billion licensing industry, it covers every conceivable product across all consumer product sectors. They also have seminars and workshops for new inventors and first time attendees.

If you're represented by an invention company, ask if they have a booth at this show. Chances are that they do and if so, lobby to get your product represented there. The show literature boasts that 86% of attendees initiate or finalize deals here.

Learn From Your Invention Services Company

Take advantage of any classes for inventors offered by your invention services company. These classes can give you pointers on everything from concept development to marketing. Because it benefits them when you are a more successful inventor, some invention services companies will offer inventors help classes for free when you purchase another of their services. This can be a great deal for a new inventor.

Advertise With the USPTO

For a small fee, the USPTO will list your patent as ready for licensing in their weekly gazette. This inexpensive inventor's help can be a part of your larger marketing strategy. Check with the USPTO for information about including your invention patent in the Official Gazette.