Inventors Do's and Don'ts

An idea is not an invention.

Companies do not pay for ideas.

If you have an invention, ascertain whether there is a market for your product.

Check documentation or consult appropriate sources to see if your idea already exists in the public domain or as Intellectual Property. Do not discuss your idea with anyone.

The market determines the value of the product not the inventor

A survey of companies indicate that the inventors most common blunders are greed, distrust and hesitation

Do not pay any money in advance to any company re an invention until you ascertain just what you are getting for your money. Are the companies indicating they will assist with aspects of the invention or are they just involved in marketing.If you approach an Invention Promoter then request the following information: How many inventions have they evaluated? How many of the inventions presenters got positive or negative evaluations. The total number of customers. How many of those customers received a net profit from the promoters services. How many of their customers have licensed their inventions due to the promoters services

Check to see if your idea is economically feasible. Are your manufacturing costs and overheads sufficiently low for you to make an adequate profit.

If you must approach an agent, manufacturer, or company with a proposal, take a confidentiality agreement with you and get it signed.

Be aware that all information on inventions is not contained in Intellectual Property office files. Their files probably contain something less than half of published data. The rest of the information is already in the public domain and often this is what large companies use their researchers to investigate to invalidate patents to avoid paying commissions or royalties.