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Invention Con Companies

Postby Little homemaker ideas » Tue Aug 14, 2007 11:40 am

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I am an inventor of a newly patented childrens product this February. I have done most of my solicitation of manufacturers for licensing this product myself. Through much time, research and hard work, I have successfully spoke with four different companies who were seriously thinking about licensing my product. I have hit a wall now! These so called Invention Marketing companies that send their bright colored brochures with great promises look so attractive. I did do some research on two of the companies which sounded very positive. With articles in Forbes Magazine and licensed product lists that go on and on. But then I found out that the one company IP&R was bought out by Amazing Innovations. IP&R had its major financial problems, but Amazing Innovations has a very clean record and venture capital financing. Has anyone delt with Amazing Innovations, or have any posative or negative feed back on them? I'm seriously debating wheather or not to spend 17K to get my product licensed.

Thank you!
JoAnn

Postby makeworldbetter » Tue Aug 14, 2007 12:41 pm

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What do you mean 17K to get youir product licensed? Did they ask you to pay for their service?

I thought the idea to get your patent licensed is that so you can get pay; not the other way around.

Postby mojo62 » Tue Aug 14, 2007 12:55 pm

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It sounds like your under that "feared" scam routine which is talked about on here quite often. Be careful!!!!

Don't pay them anything

Postby WadeSun » Tue Aug 14, 2007 1:17 pm

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Basically, if a company or manufacturer needs upfront money from you in order to "market" or "license" your product, it's a scam. Don't believe their hype; as one who has previously tried to license out my own invention, it turned out not as promising to license it out, I've had greater success venturing it myself. Big companies take advantage of little inventors...don't let them do that to you! Wade www.DiscEraser.com

Postby mojo62 » Tue Aug 14, 2007 4:12 pm

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Check out Entrepreneur.com. After reading some of this site, I have pretty well decided to go it my own too.

Postby 5rocks » Tue Aug 14, 2007 4:45 pm

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Little Homemaker Ideas,

Do not spend 17k or even 17 dollars to have someone find a licensing deal for you. People that license your product are supposed to pay you. Most of these companies that look for licensing deals say they hold "trade shows". Hah, what a joke. They spend a couple of dollars on some letterhead with your name on it and that is about it. They do not go and fight for you at a potential manufacturer's doorstep like they claim. There are some real legit invention promotion companies, but don't automatically think you need to start with them. You know your invention, you know your market and it sounds like you know the players. Many manufacturers play the waiting game when it comes to products that they may want to pay someone 3-7% to have the rights to produce and sell. They have the resources to wait which sometimes forces inventors to cut deals that are not a desirable as they had once hoped. Be patient and keep in touch with the ones that sound interested. Just as retailers have 'buying seasons' for clothes and other merchandise, manufacturers also have seasons and budgets to stick to. If they want it, they will come around. Don't waste your money when you can spend 17k on things like a good website, drawings, etc......


Take care,

Pat Rock

www.thetakeaseat.com

Postby Road Show » Tue Aug 14, 2007 5:01 pm

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Excellent advice, Pat. Reality is that these guys promote your product to the manufacturer they are in front of right up to the point they say, "So what's the story on this gizmo over here?" All of a sudden YOUR invention isn't very important to them. The only one who will fight for your invention is YOU. $17k is a lot of dough to toss to someone who will have you believe your invention is the only thing they are focused on.


RSG

Postby Little homemaker ideas » Wed Aug 15, 2007 8:16 am

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Thank you all! This has been such a big help!

I am going to see about submitting my product to the Big Idea group listed on this site. Of course with my eyes wide open!!

Thanks again!
JoAnn

Postby makeworldbetter » Wed Aug 15, 2007 11:16 am

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JoAnn

You said you are talking to 4 different companies? Are they manufactures? or just product marketing companies?
Can you give us the name of company who dare to ask for 17K? I certainly would like to know.

Postby jtc6913 » Wed Aug 15, 2007 3:13 pm

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JoAnn,

I just started working with the Big Idea Group, they seem to be on the up and up. I live in NH where the main offices are located and I've heard good things about them from other local inventors.

They run the Invent Quest for Staples, they do idea hunts where manufacturers will contact BIG and BIG will send out info to inventors to come up with innovations for thier products. I just sent them a few ideas and waiting to hear back from them. They do take a good chunk of the money if your idea is picked up by a company they work with but your not laying out any money so they say.

Submissions are free and they will evaluate your idea, if they believe it is good they will retain you for 180 days while they shop it around.

It doesn't cost any money to try, good luck!

Enjoy,
jtc6913
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