Anybody use Invent Help?

[ironsides]

So there is a company I went to the other day to talk about an idea that I have. They have been around for twenty years or so helping inventors. Just called Invent Help. Anyway I was wondering if anyone had used them or know someone who has?

Here's how they operate. Walk in sit down and first thing is to fill out with one of their reps and full Non-disclosure agreement. They very much emphasis that they are not out to rip off your idea. Second they take you through the 2 phase process which phase one cost you about a $1000.

Phase One: This is an 8 week process in which they give your idea/product a industry classification and proceed to do market research based on the thing(s) they can find that comes closest your particular product or idea, market trends, manufacturing costs, wholesale and retail potential and all that. At the same time they are having a patent attorney searching for the idea or product that you have brought them and if at the end they can't find anything similar they will file a provisional patent for you. At the end of the 8 weeks they will meet with you again and show you all of the info that they have gathered. At that point you can do three things. 1. Do nothing. 2. Take the info and try to move on yourself from there. 3. Proceed to phase two.

Phase Two: This is where you really take the leap of faith here. The cost is $15,000. Over the next 6 months to 2 years or so. They are contacting around 150-300 potential manufactures and pitching your idea. If they bite well then you are golden and the rest is history. In the mean time they are attempting to publish your idea in magazines, they attend trade shows and court potential buyers. Lots of other stuff, I have to say it's seems as though they go all out. One of the other things that the $15,000 gets you is a full patent submission which they told me would run 15Gs just for that alone somewhere else.

Here is the risk: You lose 15Gs. Ouch. The payoff: Your idea is a winner and you are a superstar.

Here's what it all boils down to: If your idea sells they want an 80/20 split of the royalties of whatever you end up with for as long as the product sells. You get the 80% of course. This was the only thing that I frowned about when I was in there because it seems steep. The silver lining here is that They don't any of the money until you have made enough to be reimbursed the full $16,000 that you have invested with them. After that, they want their cut.

My problem here is that this idea I have I can't make myself. Other than this , how can I get the word out to people that would want to hear what I have come up with? Any thoughts?

Thanks in advance!

[Drewkerr]

OK. Well use Ebay, craigslist and PPC advertising to "TEST" the market for a demand on your product. (you can have a graphic designer make a sample of what the product would look like and how it would function or cheap)

www.thomasnet.com is a list of manufactors you can call yourself to get manufactoring costs. Of hire a VA to do the leg work. A VA would be pretty cheap.

If the cost to manufactor the product is cheap enough, and there is a high enough demand, do a small run of the product and sell direct online. If you are really worried about the product being knocked off, apply for a patent with a lawyer with the profit from your first run.

Drew

[final_id]

Originally Posted by ironsides

So there is a company

Sounds ridiculous.

[cartoonfan1983]

Absolutely ridiculous....

Reminds me of that reality show... America's Inventor?

One of the contestants on there had lost a TON of money similar to the $15k and they were eating beans...

One of the people on that show loved the product but blasted the man for being taken advantage of by companies like this...

It's really a shame... PLEASE do not get taken by their words.

I have a feeling if you did this, you could very well be left with nothing.

[luv2trvl1]

Ironsides, this can't be the only firm in the world that does this type of work...find a 2nd and a 3rd and a.... compare services, fees, deliverables, etc.

Even if these guys are great, find something else to compare them too.

What is their success rate? Ask for references, talk to real customers who have worked with them in the past.