1. Unfortunately, the most important things to fear are the many fraudulent invention companies that claim to offer help. The problem is so pervasive that there is a royal law that prohibits companies from misleading customers the way they so often do. Although this law has helped prosecute some of these scam companies, fraud in the invention business remains an epidemic.
2. Be on the lookout when a company wants to sell you a virtual prototype. A virtual prototype is not the same as a physical prototype. A virtual prototype is simply a graphical representation of your idea. There is no real way to determine if the idea really works.
3. The reality is that it is extremely rare to make money from just an idea or a virtual prototype. It is almost impossible to get a license agreement (someone interested in buying your product) unless you first see a physical and functional prototype that you can feel, touch and play.
4. You should do a patent search before you start working on a prototype. Not only will you find out if your invention idea is already available, but you will gain valuable information so that you can modify the product enough and still have a valid and patentable new invention.
5. A very common mistake is to write a patent immediately after conducting a patent search. You must first wait to have a working prototype before writing your patent.
6. Remember, your new product idea must be better than anything else in its category. The market is full of products, and for yours to stand out, it must have that special “X Factor.”
7. It is best to get an independent opinion on the chances of success of your new product idea. But who to talk to? A patent attorney will only tell you if your idea is novel enough to obtain a patent. A design engineer will only tell you the best way to make your product. You should get a professional appraisal from a reputable company that knows the marketing, manufacturing costs, and ease of entering the market. The evaluators would look at all the variables to see if there are any aspects of their idea that are making it difficult to sell. This would give you an honest assessment of whether it makes sense to continue with your project.
8. Most companies that advertise inventors get their money directly from charging inventors and not from royalties or product sales. Beware of companies that want money up front to license their idea or to “present their idea to the industry.” Those fancy websites and marketing campaigns have been paid for by inventors like you, who gave money in the hope that something good would happen to their product. It’s okay to pay for professional evaluation, product development (if you need help producing a working prototype), and patent work, but other non-tangible services need to be carefully scrutinized.
9. Try to check the success rate of the company you plan to work with. Check your Better Business Bureau score. It must be an A or A +.
10. Although it is important to be cautious when discussing your idea, be careful not to be overly cautious and not get the necessary information and help. If, for example, you are talking to a merchant in a store and asking if they have seen anything similar to your idea, be as vague as possible. If you’re talking to a patent attorney or invention firm instead, sign a simple nondisclosure agreement before sharing your idea, and then move on with it. Keep in mind that it takes a lot of effort to develop and manufacture a product. Most people are too busy to steal their idea and spend hundreds of hours and thousands of dollars to develop it.
11. It is important to have some type of exclusive ownership of your product before you start negotiating a license agreement. The surest way to protect your idea from being stolen is to file a design or utility patent. Your other best protection is keeping a dated, detailed, and bound journal that shows the progress of your idea. Sign each page and ask someone else to date and sign each page as well.
