Being talented enough to invent something in one specific area doesn’t mean that a person can also be proficient enough in business to market his or her invention properly. However, such an accomplishment deserves recognition, and invention promotion firms were established in order to ensure that inventors get the credit and profit that they are due.
The services usually offered by this type of company are:
- Evaluating the invention’s patentability.
- Filing the required patent applications, licensing the inventions, and generally dealing with all the paperwork that pertains to these procedures.
- Negotiating with manufacturers and writing contracts on the inventors’ behalf.
- Assisting the inventors in gathering funds and building prototypes.
- Marketing the inventions through various media.
It seems like these firms are exactly what the inventors need. Unfortunately, statistics indicate that their services aren’t as helpful as they should be. The success rate of these companies is less than one percent when it comes to providing the inventor with license fees that can offset the costs of the firm’s services. When you look at the issue from this angle, the most reasonable question to ask is “how do they manage to succeed at all?”
Apparently, being good at marketing and promotion pays the firms’ salaries well, as they use their skills in these areas to attract inventors who feel lost and seek professional assistance. This move is indeed ingenious. However, the majority of the people who have lost their chances to succeed because they entrusted their creations with incapable hands will hardly admire these companies’ tenacities.
These firms make their profits from the money they charge their clients (inventors) for their services. The set amount must be paid up front, so the creator of the product doesn’t get a chance to demand guarantees of his or her patent application getting approved.
Should Inventors Trust Invention Promotion Firms?
Even though the statistics about these companies are abysmal, not all of them are bad. There is usually a list compiled by some of the law enforcement agencies of different countries with the names of firms that have been accused of cheating their clients. As an inventor, you need to find your country’s list and study it carefully. You also need to research the company’s reputation and background in detail.
If you don’t want to take the risks, you can seek the services of various law and patent consulting firms. They should be able to provide you with the information you need to handle the legal parts of the patenting process.