invention submission corporation - Must Read Information
Invention submission corporation fraud became such a large problem in this country that Congress finally stepped in and passed the American Inventors Protection Act of 1999, subsequently amended by the Intellectual Property and High Technology Technical Amendments Act of 2002. In short, this law was designed to address "improper and deceptive invention promotion." An invention submission corporation is now required by law to disclose the following information related to its invention promotion services:
- The total number of inventions evaluated by the invention promoter for commercial potential in the past 5 years, as well as the number of those inventions that received positive evaluations, and the number of those inventions that received negative evaluations.
- The total number of customers who have contracted with the invention promoter in the past 5 years.
- The total number of customers known by the invention promoter to have received a net financial profit as a direct result of the invention promotion services.
- The total number of customers known by the invention promoter to have received license agreements for their inventions as a direct result of the invention promotion services.
- The names and addresses of all previous invention promotion companies with which the invention promoter or its officers have collectively or individually been affiliated in the previous 10 years.
If you are in touch with one of these companies, insist on this
information. If they are hesitant to provide it, then run away as fast
as you can!
Also, beware #5 above. These companies get into so
much legal trouble that they are constantly closing down and reopening
under new names.
invention submission corporation Warning List
If you still want to believe you are the rare exception that one of these companies will help, read on...
The United States Patent and Trademark office lists published complaints about many invention promotion companies including:
- Absolutely New, Inc.
- Advent Product Development
- Arizona Patent Services, Inc.
- Davison Design and Development, Inc.
- Davison (formerly Davison & Associates)
- Design My idea, LLC
- International Technology Exchange
- Invent Help
- Invention Resource International, LLC
- Invent Tech
- Invention Technologies Incorporated
- Kessler Corporation
- Patent & Trademark Institute of America
Additionally, the Federal Trade Commission has taken legal action against many of these companies. Here are some of their headlines:
- Invention Promoter Charged with Deceptive Marketing Settles with FTC, Goes Out of Business
- FTC Charges American Institute for Research and Development, Inc. and its predecessor, American Inventors Corporation, with Deceptive Invention-Promotion Fraud
- Federal Judge Orders Mass. Invention-Promotion Company to Disclose Success Rate
- Invention Promotion Swindlers Ordered to Pay $60 Million in Scheme that Defrauded 17,000 Consumers
- Court Halts Bogus Invention Promotion Claims
- FTC Targets Invention Promotion Firm
- FTC Charges Invention Promotion Swindlers with Contempt
- Virginia Invention-Promotion Firm to Pay $1 Million in Redress
- New Jersey Invention Promotion Firm Settles FTC Charges Defendants to Pay Three-quarters of a Million Dollars in Redress
- Invention Promoters Will Pay $10 Million to Settle FTC Charges
- Invention Promotion Firm Agrees To Settle FTC Charges
- FTC/State "Project Mousetrap" Snares Invention Promotion Industry
- New Jersey Invention Promotion Firm Subject to Preliminary Order Obtained by FTC Following Fraud Charges
- FTC Settlement with Pennsylvania Invention Promotion Firm Requires $80,000 Payment, Disclosures & Cooling Off Period
- And too many more to publish here!
Inventor's Success Tip
"Be sure they're legit before you submit."
Read the truth about invention submissions.
Here are 18 must ask questions for invention promotion companies that you should make every effort to get answered.
It's something you already know - "if it sounds too good to be true, it is too good to be true." You must be willing to do the work to get the reward. Talk to any successful inventor and they will all give you the same advice.
Don't fall victim to these companies that will stroke your ego and empty your wallet.
Don't waste your money on invention submission corporation pitches. Never submit your idea to anyone over the internet and remember, if you are asked to do so, this is a huge red flag!!!
Finally, never share anything without a signed non-disclosure agreement (and a patent-pending, if applicable.)