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I've searched but still need advice!

Postby Jsnc87 » Wed Mar 12, 2008 3:57 pm

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Hey there!

So here it is... I have thought of a product and actually have been talking to Patents4ideas.com and the representative has been very helpful. I've submitted my idea to them and they really want to work with me. The representative seemed very excited and said that my product has the potential to sell extremly well. His team did a review and a provisional market search and has not found anything close to my idea out in the market. He said "this is very good, usually we throw ideas out in one day, but yours they have reviewed for a whole week." I would love to do everything on my own but I know for sure that I definately do not have the time or knowlege to prepare a portfolio to present to manufacturers. Would it be safe for me to secure their services for an investment amount that I am willing to pay? This is the first of 2 investments they ask from me.... The first investment includes "Product innovation, patent search, professional illustrations, research and documentation, and license negotiations." And the second investment would be submitting a patent form to get me a handy dandy patent! What do you think is the proper course of action now?

UPDATE: They have sent me a proposal in the mail and the representative asked me to call him once I receive so that he could walk me through it....just f.y.i ...im still deathy confused!

Thanks for your time!
Jay

Re: I've searched but still need advice!

Postby makeworldbetter » Wed Mar 12, 2008 5:01 pm

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[quote He said "this is very good, usually we throw ideas out in one day, but yours they have reviewed for a whole week." [/quote]
Maybe he told everyone the same thing.


Has he ask for any payment?

Postby Jsnc87 » Wed Mar 12, 2008 5:15 pm

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Yes, he said that I would have to invest for "Product innovation, patent search, professional illustrations, research and documentation, and license negotiations." He told me these cost usually are around 4000-5000... is that true ?

My cost would be much less. He said "Your needed investment was actaully much lower than I had expected." I think its not as much as expected because the company really wants me to work with them and feels my product has huge potential...but what do I know?

Postby Michelle » Wed Mar 12, 2008 5:41 pm

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Before you spend money "investing" in the product, I would invest some time researching what to do.

Michelle

Postby makeworldbetter » Wed Mar 12, 2008 5:45 pm

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They always say that.
Tell him they can get 10% more out of your royalty only exchange you putting nothing down. (total not exceed 25%)
If he truely believes your idea and willing to put down 4000-5000 then doesn't make much different if putting one more thousand from his side. But he can make a lot more from royalty in long term. See what he says

Postby bottleslingguy » Wed Mar 12, 2008 6:59 pm

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Make is absolutely right. If they think it is such a great product and so unique why wouldn't they want to spend less than $7K, have a couple brainstorming meetings with staff and get the ball rolling? This is exactly what people fall for when they go this route. Doesn't it make sense that they would build your confidence first? Most of these people are salesmen not licensing brokers. They most likely have no interest in developing or pitching your product as long as you keep sending them money. Try Make's suggestion and offer them a % after the fact, I have a feeling they'll tell you that is not how they do business.

Postby Jsnc87 » Fri Mar 14, 2008 10:37 am

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So I received my proposal packet, and the total cost for me is about $1279. They are currently asking a 90%(me) and 10%(them) for royalty fees from the license agreements they make with manufacturers. If in fact I was to strike my own agreement with someone else I would collect 100% all on my own. Is it really worth it for me to kick up their royalties to 20% in order for me to avoid investing money out of my own pocket? I mean wouldn't I lose more money in the long run?

Postby tony.fulford » Fri Mar 14, 2008 2:04 pm

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Jsnc87


One more once......

Go to:

or about a million other places on the Internet that tell you to stay away from these folks. Listen to what people here are telling you and put some sweat into your idea.

Re: I've searched but still need advice!

Postby N1NE109 » Sun Mar 15, 2009 7:07 am

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i've recently beenm talking to the same comapny and all the things your writing is exactly what they have been telling me,at first they said a price of $1800 would be my cost and now after i recieved my packet it has a price of $1279, this is beginning to look like a scam to me, the guy i have been talking to is mark. doesn anyone know anything about this place patents4ideas?? or one that will not try and take peoples money :?: im definetly not sending money to people i've never met or seen before from another state

cron