You’re not alone.

Each year, many thousands of people try to develop their ideas and commercially market them.

Some people try to sell their idea or invention to a manufacturer who would market it and pay royalties. But finding a company to do that can be difficult.

As an alternative, others use the services of an invention or patent promotion firm.

Indeed, many inventors pay thousands of pounds to firms that promise to evaluate, develop, patent, and market inventions… and then do little or nothing for their fees.

The pitch

Advertisements for invention promotion firms appear on television, radio and the Internet, and in newspapers and magazines.

These adverts target independent inventors with offers of free information on how to patent and market their inventions. However, often the information is about the promoter.

After giving your invention a preliminary review, a firm might tell you it needs to do a market evaluation of your idea for a fee that can be several hundred pounds.

Many questionable firms don’t do any genuine research or market evaluations.

The “research” is bogus, and the “positive” reports are mass produced in an effort to sell clients additional invention promotion and marketing services.

Fraudulent invention promotion firms don’t offer an honest appraisal of the merit, technical feasibility or market potential of an invention.

Some invention promotion firms also may offer a contract in which they agree to help you market and license your invention to manufacturers.

Unscrupulous promoters may require you to pay a fee of several thousand pounds in advance.

Reputable licensing agents don’t rely on large advance fees.

Rather, they depend on royalties from the successful licensing of client inventions.

So few inventions make it to the marketplace that they are choosy about which ideas or inventions they pursue.

If a firm is enthusiastic about the market potential of your idea – but charges you a fee in advance – consider taking your business elsewhere.

Common sense tips

Contracting for the services of an invention promotion firm is no different to any other major financial transaction. Apply the same common sense.

• Question any claims or assurances that your invention will make money. Nobody can guarantee your invention’s success.
• Investigate the company before you make any commitment. Request information from the place in which the company is based to find out if there are any unresolved consumer complaints about the firm.
• Make sure your contract contains all the terms you agreed to – both verbal and written – and that you understand all the terms and conditions before you sign.
• Remember that once a dishonest company has your money, it’s unlikely you will ever get it back.
• Be sure to take independent legal and financial advice.

The Patent Office have produced a step by step guide to using invention promotion firms which can be found on their website.

Source: http://www.consumerdirect.gov.uk