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Do you believe you have a great idea for a new
product or service? You're not alone. Each year,
many thousands of people try to develop their
ideas and commercially market them.
Some people try
to sell their idea or invention to a manufacturer
who would market it and pay royalties. But finding
a company to do that can be difficult. As an
alternative, others use the services of an invention
or patent promotion firm. Indeed, many inventors
pay thousands of pounds to firms that promise
to evaluate, develop, patent, and market inventions...
and then do little or nothing for their fees.
Advertisements for invention
promotion firms appear on television, radio
and the Internet, and in newspapers and magazines.
These adverts target independent inventors with
offers of free information on how to patent
and market their inventions. Often, however,
the information is about the promoter.
After giving your invention
a preliminary review, a firm might tell you
it needs to do a market evaluation of your idea-for
a fee that can be several hundred pounds. Many
questionable firms don't do any genuine research
or market evaluations. The "research"
is bogus, and the "positive" reports
are mass produced in an effort to sell clients
additional invention promotion and marketing
services.
Fraudulent invention promotion
firms don't offer an honest appraisal of the
merit, technical feasibility, or market potential
of an invention.
Some invention promotion
firms also may offer a contract in which they
agree to help you market and license your invention
to manufacturers. Unscrupulous promoters may
require you to pay a fee of several thousand
pounds in advance.
Reputable licensing agents
don't rely on large advance fees. Rather, they
depend on royalties from the successful licensing
of client inventions. How can they make money
when so few inventions achieve commercial success?
Because so few inventions make it to the marketplace
they're choosy about which ideas or inventions
they pursue. If a firm is enthusiastic about
the market potential of your idea - but charges
you a fee in advance- consider taking your business
elsewhere.
Contracting for the services
of an invention promotion firm is no different
to any other major financial transaction. Apply
the same common sense.
• Question claims
and assurances that your invention will make
money. No-one can guarantee your invention's
success.
• Investigate the
company before you make any commitment. Contact
your local Trading Standards and Citizens Advice
Bureau - also request information from the place
in which the company is based to find out if
there are any unresolved consumer complaints
about the firm.
• Make sure your
contract contains all the terms you agreed to-verbal
and written- and that you understand all the
terms and conditions before you sign.
• Remember that
once a dishonest company has your money, it's
likely you will never get it back.
Be sure to take independent
legal and financial advice.
The Patent Office have
produced a step by step guide to using invention
promotion firms
Complaints about invention
promotion firms should be addressed to the Office
of Fair Trading.
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