Video Text- Too Good To Be True
I get a lot of calls about scams that inventors encounter. There’s a reason we have the age old adage “if it sounds to good to be true, it probably is”. And that is absolutely the case in this business. Beware companies out there who “insist or “guarantee” they can get you to market for $10,000. Beware anyone who asks you for big payments up front. These companies are referred to as Invention Promotion companies and they make money off you, not your product. These “promoters” have a collective success rate of less than 1%. Not great odds, huh?
As a licensing agent, I’m aware of a lot of different scams because I have had so many brought to my attention by inventors I’ve met and worked with over the years. Let me pass on their advice learned the hard way….if anyone is offering to evaluate your product for a fee, RUN!
If you hear about tradeshows for inventors, don’t waste your time. Most attendees at these shows are actually service providers and it’s a total feeding frenzy. As the inventor, you’re the main course. You want to spend your money attending a tradeshow for your industry. Inventing isn’t your industry, your product determines the industry. So think tools, pet products, fashion, medical, etc. Every industry out there has its own tradeshow. Stay away from inventing shows.
Inventing is hard work, that’s just reality. I’ve heard many times that the cost and time it took to get to market were twice what the inventor expected.
Make your decisions one step at a time because more often than not, what you’ve learned from the last step will influence the next step. You may be on one path and then learn something that shifts you towards another, and that’s ok. Be open to learning new things and stay flexible. There are no guarantees in this business and you shouldn’t be taken in by anyone who tells you different. Getting to market is a fluid journey.
As your licensing agent, I promise not to charge you up front. I won’t get paid until you do. I’m here to help, advise and be a sounding board as you figure out those hard decisions and determine the next right step for you. Charging up front should be a red flag for you!
There is a logical order on the inventing process. If you haven’t already, I recommend going to the invetorlady.com website and downloading the Inventor’s Galaxy Guide. It’s free and we’ve written it to walk you through the entire process, provided an idea of costs associated with each step and tried to help you isolate areas where you may need help the most from service providers. Because no one can do everything themselves. There are no one stop shops and anyone who says they do it all should send up another red flag for you.
A basic order to keep in your mind is that following the initial idea, get a comprehensive patent search completed. Then get a patent ability opinion. The next step is to ask yourself if you should file and then absolutely determine if you are going to file.
If you have any questions about the process, scams, or just need some general assistance in where to go from wherever you may be at in the process, please don’t hesitate to reach out to me. My contact info is on my website, www.inventorlady.com and all of the links for upcoming virtual meetings are there too. Don’t go this alone. We are here to help.
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- In this video: WE DISCUSS TIPS AND RESOURCES TO HELP THE INVENTOR
- IF IT SOUNDS TOO GOOD TO BE TRUE IT ISNT
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