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[Python Elite]

Has anyone here worked with an invention marketing company? Their reputations as a whole are highly questionable but there are a couple who have written books that I've seen on Amazon. In fact I just ordered one. It seems as though working with a professional would greatly improve the chances of a getting a product licensed profitably. I suspect the book is biased but hopefully it will provide some useful information. Meanwhile can anyone here shed some light on the matter?

[jameswest008]

Professional marketing agents can be very useful in any business. In our <strong><a href="http://timesharerelief360.com/blog">timeshare relief</a></strong> business we also have plans to have this kind of agents to help us do the marketing.

[Yak]

Python,
Some of these invention marketing companies or invention submission companies are sketchy.  Do your research and find out what they offer and what they do in house.  There are some reputable ones out there.  I regularly work with an invention marketing company and they work very hard for their clients.  Be aware, even reputable companies will probably have a low success rate. 

[CriterionD]

I've been on the other side working for an invention development company years back.  The company I worked for was legit in it's intents.  Most clients, to my knowledge, were not successful.  Some were, but not necessarily as a direct result of work we did for them.  It's not that we did not do legit work for our clients but there's a long story behind everything...

I do not necessarily agree that working with a professional would greatly improve the chances of a getting a product licensed profitably - or at the very least I do not necessarily advise the route.  The legit firms out there - they will not necessarily be doing all that much for you that you could not do yourself if you put your mind to it.  And as usual, you pay more for what you are not willing to do yourself.  Successfully licensing your invention can also be a relatively long, drawn out process too - so if you expect a firm to license your invention for you, you should expect to be paying them for, potentially, a while.  

If you are well financed enough that will all not be a problem.  For many inventors it is inefficient and the expenditure is a little risky.  After all, the success rate amongst all inventors - development firm or not - is fairly low.   Of course there are other factors, you might just want to feel like you are giving things your best shot, but you might not have the time to do what needs to be done, or you might not be able to muster up the courage to figure out how to do (and then do) what needs to be done.  But it's worth noting that you can always get advice from others without paying them to do work for you.

Some firms may bring exceptional expertise and/or valuable networking connections at various manufacturers.  But either you should have to pay a high premium for those services, and/or those firms will be required to be very selective in the clients they take on and/or present to their contacts.  

[Yak]

I agree with Criterion on almost all accounts.

[MattB]

@CriterionD

From an inventor's perspective, how can one distinguish between an invention marketing scam and a proper consulting company?

Most scams assess your wealth/willingness to pay, ask for a sizable sum upfront $1-20K with a 3-day money back agreement.  They promise to do a list of items, and will even give you a copy of a bunch of marketing material and contracts.

What would one expect when approaching your previous company?

[CriterionD]

@MattB,

A Google search never hurts - an inventor should check for complaints against a company (and/or whether a company is really just a new name for an old company that has received many complaints - i.e. AbsolutelyNew is pretty much a new name for Inventors' Publishing & Research).  Otherwise - go with your gut.  If you are being asked for a large upfront payment, ask why and definitely view this as a red flag if you have not yet gotten basic steps like a patent search.  Likewise if you are being promised a lot for a low price - ask why, better yet ask yourself why.

Many non-legit firms like to play by telling inventors what they want to hear.  But it's not that easy, there can be many obstacles to marketability, and chances are your invention - even if it's a good one - isn't something that you can just up and quickly license for a solid upfront payment.  Therefore you should gauge how professional a firm is, and you should think about what you are being told - is it too good or simply too convenient (Madoff style) to be true?    

And a "make money on the back-end" business model just doesn't work (i.e. isn't profitable) except where a firm is real selective about the clients they take on.  Therefore as much as you should be skeptical if someone is asking for large money upfront perhaps - you should also be aware that a legit firm will seek to be compensated fairly according to their level of professionalism/expertise - and just because a firm will not ask for that much money does not necessarily mean that you will get value for whatever "relatively small" amount you pay.  

Approaching the company I worked for - the first steps involved taking a quick look at the market, sometimes conducting a full fledged patent search other times digging into some quick research.  The guys on top would rate the invention by various criteria, inform of our opinion.  If a client came on board we would generally map out a plan and charge a monthly retainer.  But there was no constant procedure, sometimes individual services would be purchased, and all things considered this company would not be a textbook example of what to look for.  While legit services were often completed and intent was true - I guess I could at least help sum things up by saying that the initial "President" of this company was let go after it was discovered that he was a fraud that had been embezzling money...

[william.edison]

One must weigh the pros and cons of hiring a specialized agent, with a proven track record.
Agents may be able to give you some tips and pointers, but they are not cheap.
A lot of work can be surprisingly done by you, if you dig around the net and are a bit creative.
There is a website, www.inpama.com, which is a marketplace for selling of inventions.  It is completely free to use. They have had sucess in Switzerland and Germany and are now operating in the US.
Some of the invention books are also good. I can recommend "How to License You Million Dollar Idea" by Harvey Reese.
Hope this could help.

[Yak]

 MattB,
I currently work with a company that tries to offer "full service" services to and designed to assist the individual inventor.  Again, do your research and due diligence and be skeptical but not adversarial.  Even legit companies probably have some procedures in common with the scam companies, that is how the scam companies convince those unsuspecting victims they are legit. 
For example, at the company I work for there are 3 divisions.  The first contacts the inventor after the inventor expresses interest in our services and requests properly enabled invention disclosure.  At that point, the inventor can choose to have a patent search and opinion performed by licensed practitioners or a combination patent search and opinion along with a basic market research report related to the general class of commercial goods.  We always do a patent search and opinion before offering follow-on services for 2 main reasons: 1) it allows the inventor to make an educated decision based on cited prior art, and 2) we try to be conservative in our opinions so that if we give a positive opinion we can feel comfortable that a patent on the invention will issue.  Of course even if we give a negative patent opinion many times the inventor will disagree with our professional opinion and want to move forward anyway.  If it is a close call and the inventor is fully informed about the chances of success we may move forward with patent prosecution.  If we do not feel that an application stands a decent chance of success we continue to reject the invention and follow-on services and allow the inventor to find another provider. 
Once an invention disclosure receives a positive opinion, the inventor can choose to have legal only, marketing only, or legal and marketing services performed.  We offer a flat fee paid upfront for the services to an inventor can properly know what the total amount needed to prepare and prosecute an application and/or receive marketing services.  The patent prosecution is performed again by the licensed practitioners and the marketing is performed by industry professionals having contact with others in that or similar industries.  We always let a potential client know that the chances of success are small, but we have had numerous success stories and various products have been licensed.  Although marketing is not my area, one point where many inventors are unsuccessful or where the marketing efforts stall is related to the inventor feeling that our company will be successful and basically quit all work on their end.  Successful inventors continue to self market, try to get prototypes, and do anything else that will help them be successful. 
Just some thoughts from someone kind of in the business, take them for what they are worth and good luck. 

[jingjing]

"In reviewing the hundreds of pleadings this case has generated, the Court is reminded of the story of the bride Scheherezade and the sultan Schahriar. It was said that Schahriar, a powerful sultan, developed a bitterness and distrust of women when he discovered his first wife was unfaithful to him. Though Schahriar vowed never to marry again, circumstances forced him to wed Scheherezade, a girl who  [**59] he had known since childhood. Schahriar decided that because he was forced to marry Scheherezade, he would murder her after their wedding night. In an effort to forestall her death, however, Scheherezade regaled Schahriar with a long series of fascinating stories for one thousand and one nights. Just as the bride was able to ensure her life would continue by generating story after story, this case has taken on a life of its own, sustained by the never ending possibility that there must be just one more issue or  [*898]  claim that needs rehashing. With this last opinion, it is the Court's prayer that we may now all rest in peace."

Insituform Techs., Inc. v. Cat C