Roger Brown wrote:I have to give Inventhelp credit for their latest TV ad. They showed one of their clients who got their invention picked up by Whamo. During the narration they stated the Inventor made more in royalties than paid them for their services. They also stated that this is not typical of the majority of people that use their services. I am impressed that they let you know the risks involved. It will be interesting to see how many Inventors actually take the warning versus the others that plung right in.
Roger,The FTC put the rules in place for InventHelp as part of a settlement
InventHelp has been in trouble with the FTC before. In the early 1990′s, the FTC charged InventHelp with misrepresenting the nature, quality and success rate of the invention promotion services that it offered to customers. The FTC alleged that, despite numerous representations by InventHelp to the contrary, virtually none of its customers earned more from their inventions than they paid for the invention promotion services. In settlement, InventHelp agreed to pay $1.2 million in penalties and provide full disclosure as to its actual success rates to potential customers in the future.
In accordance with the FTC’s requirement, and by further requirement of the American Inventors Protection Act of 1999, 35 U.S.C. § 297, InventHelp currently states on its website (if you can find it – good luck) the following disclosure:http://internetlegaladvisor.com/ip-watc ... nventhelp/
/ INVENTION HELP HOME / ABOUT INVENTHELP / WHAM-O TOYS /InventHelp® Client Signs Licensing Agreement with Wham-O Toys
Any person who has ever tossed a Frisbee®, rode their belly down a Slip N’ Slide® or shook their hips inside a Hula Hoop®, has experienced a Wham-O toy. And now the well-known manufacturer of toys and sporting goods has signed an agreement with InventHelp client Bill Schafer to add his invention, the “Splash Wash”, to their product line.
Schafer, an inventor from California, brought the idea for the backyard toy to InventHelp. His idea was for a plastic archway that would connect to a hose and spray out water and bubbles. Kids could ride their big wheels, bikes, trikes or other toy vehicles through the archway to give them a “wash”, or just run through it for some good old-fashioned water fun.
“I was watching my kids ride around in their toy car one summer day when the idea came to me,” Schafer recalls.
Through his InventHelp services, Schafer’s idea was submitted to companies from InventHelp's Data Bank™. One of those companies, toy manufacturer Happiness Express, liked the idea enough to license the invention, though it never wound up being commercialized. But Schafer’s story doesn’t end there.
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In 2005, toy-industry veteran Gene Kilroy came to INPEX®, America’s largest invention trade show as a product scout, looking for original toy and game ideas. Kilroy had worked in the toy business for over 30 years, including stints with several major manufacturers, such as Wham-O and Mattel. Kilroy agreed to help InventHelp submit inventions to the company. A number were selected and presented to Wham-O Head of Research and Development, Geoff McKee.
One invention that caught Mckee’s eye was Schafer’s toy car wash idea. He contacted InventHelp expressing interest in licensing it. From there, Intromark Incorporated, a sister company that attempts to license and market inventions from InventHelp clients where substantial interest has been expressed, went to work negotiating an agreement between Schafer and Wham-O. The news that another licensing deal might be in the works, especially one with a company as familiar as Wham-O, came as a bit of a shock to Schafer.
“When I heard that Wham-O was interested in my idea, I was pleasantly surprised.” Schafer explains. “Honestly I thought the idea had sort of run its course.”
In June of 2006, a deal was reached giving Wham-O rights to manufacture and market Schafer’s invention. Currently, Wham-O®, Inc. has finished packaging the invention (under the name the “Splash Wash”) and plans to begin shipping it to stores. Leading toy retailer Toys-R-Us has already ordered the product.
From 2007-2009, we signed Submission Agreements with 5336 clients. As a result of our services, 86 clients have received license agreements for their products, and 27 clients have received more money than they paid us for these services.
Most InventHelp clients do not have the opportunity to have their invention manufactured and sold in major retail outlets.
We are pleased to report that InventHelp’s services have resulted in a financial gain for Mr. Schafer