Virtual Entrepreneur

Inventors Beware Protect Your Money And Invention

April 9th, 2007 | Author: MrsMoney

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CantonRep:
Seen those ads promising riches for folks who have come up with a new product idea?

Beware of invention promotion companies, warn the Federal Trade Commission and an intellectual property network.

First, you should know that patent attorneys are lawyers who specialize in filing patent applications for inventors, and are bound by many laws governing their legal and ethical practices.

But, warns IPFrontline, invention promotion companies are commercial organizations that profess to be able to take your idea and submit it to industry. They hire patent attorneys and mark the price up.

IPFrontline is Patent Cafe’s magazine. Patent Cafe is one of the oldest intellectual property information networks, serving corporations, intellectual property professionals, patent law firms, university and government researchers, and engineers, scientists and at-home inventors.

The FTC says unscrupulous promoters take advantage of an inventors’ enthusiasm, and not only urge them to patent their ideas or invention, but they also make false and exaggerated claims about the market potential of the invention.

Invention promotion companies charge upwards of $12,000 and inventors often end up with a useless patent, IPFrontline says. A seasoned, respected patent attorney charges about half of that and will give you objective advice.

The U.S. Patent and Trademark Office says less than 3 percent of all patents ever make more money for the inventor than it cost, and the FTC also says few inventions ever make it to the marketplace.

Even though a patent can provide valuable protection for a successful invention, getting a patent doesn’t necessarily increase the chances of commercial success.

Reach Repository Business Editor Pat Kelley at (330) 580-8323 or e-mail: pat.kelley@cantonrep.com