Steps to avoid invention company scams

Written By Steps To Faculty Published July 28th, 2010

You have an invention idea and are ready to proceed to get it to the public. You have thoroughly researched everything about inventions and even purchased Inventor’s Digest magazine and found some wonderful tips and a list of invention companies that can help you patent and bring your work to the market. Everything sound legitimate, or at least upfront. But before you hand over your life savings in hopes of getting a multimillion dollar return on your idea, think carefully and look closely. Most inventions do not succeed no matter how practical the invention idea is. You may also find that not all invention companies are the same. Every year hundred of promising inventors are scammed out of their life savings according to Invention magazine because inventors do not look at the following list of precautions before spending their hard earned dollars on a dream. Take a look.

Step 1 Avoid invention companies with low prices

The reality is that the process of getting an invention produced and in the eyes of the public is rather expensive. How so? At least $120,000 up to and including a few million dollars depending upon the market penetration. Avoid any company that offers to get your product to the market in under $100,000. You will eventually find that you are wasting your money and your time.

Step 2 Say no to borrowing money

Some invention companies have special financing for first time inventors. These firms sound legal and normal, however, many inventors eventually learn the hard way that not only will you lose your invention idea and your life savings by these type of invention firms, but you will end up in high levels of debt, which can destroy your credit rating.

Step 3 Walk away

The patent process is the part of the invention process that traps most first time innovators. Patent costs usually run from $10,000 to $45,000 depending upon whether or not an actual patent attorney is involved or if you file for one yourself. Many invention companies offer patent services after prototyping. Walk away from these organizations. Patenting your idea is always before your prototype.

Step 4 Track success records

Only 0.5% to 1% of all inventions ever even make it to the market production stage. It is imperative that you research the invention track record by getting actual real names of former clients and getting their perspective. Use the BBB.org also to search for complaints and the context of the complaints, if any, against the invention company. Do not rely on the firm’s success stories and testimonials as these are often fabricated.

Step 5 Find a legitimate invention company

The best invention firm out there is Davidson (www.davidson54.com) according to Inventor’s Digest. They have a unique fee pay per service if you cannot afford the upfront fees associated with the invention process.

Remember, successful inventors do not put all of their money in their one invention idea and hope it will sell. They instead invest some money cautiously and then wait to see their return before going further with the invention. Please visit stepsto.com for more great business advice.


Roger Due

Investing in Your Destiny® & Coaching Program - Wealth Building Summit Dallas, Texas

My name is Roger Due and I am from Albuquerque, New Mexico and I am the owner of the Monsano software company. This has been an absolutely fantastic conference. This is the best I have ever been to.