Golf Inventors Watch Out for Invention Promotion Companies; They Are Advertising a lot on The Golf Channel

I sit here watching The Golf Channel and find myself shaking my head as another invention promotion company commercial plays. I know that the readers of the Golf-Patents blog wouldn’t spend $800 on a new set of irons without doing hours of research; but please do the research before ever picking up the phone and calling an invention promotion company. Here are some things you need to know about the TV commercial invention promotion industry.

Invention promotion fraud costs unsuspecting inventors approximately $90 million a year by the false promises of riches. Everyone has heard or seen the advertisements for invention promotion companies on the television, radio, internet, newspapers and magazines. Many of these companies prey on individual inventors who have little knowledge of the process involved in obtaining patent protection and taking an invention to market.
These promotion companies generally have a sales staff, often telemarketers, who entice inventors by offering to do a free preliminary review of their invention. Often after a cursory review the promotion company will tell the inventor that they need to complete a market evaluation of the invention for a fee. Questionable promotion companies then provide the inventor with a fancy folder containing mass-produced market data often having little relevance to the invention.
 
Regardless of the invention’s marketability, promotion companies are generally very enthusiastic and suggest the inventor could make a lot of money on their invention (I doubt they have ever seen an invention that they didn’t love). Of course they suggest that the inventor use the promotion company’s marketing and licensing services. These services often cost the inventor several thousand dollars.

Two simple questions will generally identify the less than reputable promotion companies. If the company cannot, or will not, answer these questions then you should not do business with them.

1. What is your rejection rate? (In other words, what percentage of inventions submitted to the promotion company do they decline to offer their marketing and licensing services? The higher the rejection rate, the better off you are.)

2. What is your success rate in having a client’s invention licensed? Can you provide the names and telephone numbers of recent clients that have had their inventions licensed?

Of course, inventors should always investigate the company before making any commitment. Call the Better Business Bureau, the consumer protection agency, and the Attorney General in your city or state, and in the city or state where the company is headquartered to find out if there are any unresolved consumer complaints about the firm.

Lastly, always keep in mind what it is that the invention promotion company is offering to do for you. Rarely does a promotion company actually offer to seek patent protection for your invention. Education is the best defense! There are many great resources on the internet dedicated to assisting inventors.

For more information on invention promotion scams, browse the National Inventor Fraud Center website at www.inventorfraud.com and the Federal Trade Commission website at www.ftc.gov.

Watch out!

David Dawsey – Educating Golf Inventors