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PROMOTING YOUR INVENTION
You may have a great idea for a new product or service, but a great idea
is not enough. You need to know how to develop and market it commercially. You
could try to sell your idea or invention to a manufacturer who would market it
and pay you royalties. But finding such a company could be an overwhelming
task. You also could consider using the services of an invention promotion
firm.
Some invention promotion firms may help you get your idea or invention
into the marketplace. But be aware, some inventors have paid thousands of
dollars to firms that promised to evaluate, develop, patent, and market
inventions and got nothing for their money.
So be cautious. Your enthusiasm for your idea may make you vulnerable to
promoters who make false or exaggerated claims about the market potential of
your invention.
This guide tells you how to spot some common signs of trouble, how to
protect yourself, and what to do if you become a victim. It also lists
government agencies and private organizations that offer additional
information and assistance.
How to Identify Legitimate Firms
Often, it is difficult to distinguish between a fraudulent invention
promotion firm and a legitimate one. This may be because unscrupulous and
honest firms often use many similar advertising and sales techniques, market
evaluations, and contract strategies. However, there are some comparisons made
in the next three sections that may help you identify legitimate companies.
Advertising and Sales Techniques
Some invention promotion firms advertise through television and radio,
and classified ads in newspapers and magazines. They target independent
inventors, frequently offering free information to help them patent and market
inventions. They also may advertise a toll-free "800" telephone number that
inventors can call for written information. However, the information may
consist only of brochures about the promoter.
If you respond to the ads, you may hear from a salesperson who will ask
for information about yourself, your idea, and a sketch of the invention. As
an inducement, the firm may offer to do a free preliminary review of your
invention.
Also, some invention promotion firms may claim to know or have special
access to manufacturers who are likely to be interested in licensing your
invention. Further, some promotion firms may claim to have been retained by
manufacturers who are looking for new product ideas. These kinds of claims
often can be false or exaggerated. Therefore, before signing a contract with
an invention promotion firm who claims special relationships with appropriate
manufacturers, ask for some proof.
A Market Evaluation
After giving your invention a preliminary review, a firm might tell you
it needs to do a market evaluation on your idea, which may cost several
hundred dollars. Such reports from questionable firms often make vague and
general statements and provide no hard evidence that there is a consumer
market for your invention. Reputable company reports, on the other hand, deal
with specifics. Before you pay for a report on your idea, ask what specific
information you will receive.
A Marketing and Licensing Contract
Some invention promotion firms also may offer you a contract where they
agree to act as your exclusive marketing and licensing agent. For this, a
questionable firm may require you t
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