It’s very difficult to go from an idea to turning it into a finished product that is ready to put on the market.
It can feel overwhelming, which is why invention promotion companies can seem appealing to inventors. Unfortunately, many of these invention companies are not the good deal they claim to be. Here are some signs an invention company may not be legitimate:
They do both invention patents and promotions
While a one-stop shop may seem like a great resource, often times these are inefficient. Companies that claim to handle the complex patent process while also promoting an invention are probably not doing either very well.
It takes a lot of time and energy to navigate a product to a patent, and promoting a product is equally demanding. A company offering to do both is hoping you will overlook its shortcomings for convenience.
Low product rejection rates
Before hiring an invention company, ask about their rejection rate.
A low rejection rate likely means the company isn’t interested in finding the best products to market. Instead, it’s focused on getting as much money from inventors as possible. More products should mean more work. But if a company is focused less on someone’s invention and more on their wallet, they’ll want as many products as they can get.
A high rejection rate means the company takes their job seriously. It shows they only put their efforts into products they think will succeed.
Demanding up-front payments
It’s seldom inexpensive to get an idea from a concept to a finished product. There are companies who claim to be able to deliver finished inventions for an incredibly low price. These companies are likely not interested in seeing your idea through to a finished product.
Instead, forcing initial buy-ins allow unscrupulous companies to rope inventors in. Then they begin piling extra charges onto them. If a company is not willing to disclose how much the entire process costs or give you an estimate, it should be a red flag.
Companies that offer finance options, but only if you act fast, are intent on getting you to commit to their services. Take your time and don’t make a decision you will come to regret.
Be wary of invention companies
Many companies claiming to be allies for investors are the opposite. They leverage someone’s passion to charge thousands of dollars for minimal services.
Don’t get roped into these invention company scams. A knowledgeable patent attorney can offer guidance in the important first steps of getting your idea protected and will keep your best interests at the forefront of the entire process.
