My friend has invented something and been in touch with a company on the internet asking how to take the idea forward. The company expressed an interest in his idea and say they need 拢3000 to form a business plan to move forward. Is this general practice or should he beware?How do i get advice about an invention?
Try www.protomine.com (protomine.com) if you need invention development for a new invention idea. They offer reasonable prices and are pretty fast. Anyway, they did a great job on my design.How do i get advice about an invention?
Please advise your friend not to hand over large sums like that up-front.
Also tell him that its almost impossible to 'sell' an invention (my chartered patent agent told me that). Getting a patent and selling to a big company for royalties ALMOST NEVER HAPPENS. It does but ist very very rare.
Next tell him that he should do some research into this company...don't get taken in just because the website looks impressive and because they claim to have had success...insist that they prove it with verifiable evidence. What % of their income comes from successfully commercialising inventions?. I am certain that 95% comes from big cheques from trusting inventors. Why do they need 拢3000 for a 'business plan' if they are successfully creating products why do they need your client's money? The point is: the biggest part of their income stream probably comes out of the inventors pocket.
Next ask what their success rate is: I would bet its probably not better than 1 in 20 (5%). That is only one out of 20 inventors they take money from is actually successful through them. Thats 20 to 1 against. Not good odds.
But the reality is probably far worse, that this company is just operating a scam. Do a search using ther name and 'scam' as search terms....
The only real way to make money from an invention is to make it yourself (that is, you pay a factory to do it). That means: search for existing products and patents (ensure it really is new).....make one and test it (prove it works).....apply for a patent (protect the intellectual property).......product design.....rapid prototyping......tooling....batch manufacture. Also you need to think about marketing: name and logo...packaging....website...literature鈥?etc.
You should get a patent first, or this company can take the idea and produce the ( whatever it is) without paying the inventor anything.
Go to the Patent Office or look it up on the Internet or get a Patent Agent. This can be expensive, but if the idea is a good one you should protect it before you start selling it, or there is nothing to stop it being stolen.
At least get a book out from the Public Library on inventing and patenting bright ideas.
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