Last year I wrote an article titled Invention Company Scams and How To Avoid Them. In that article I stated that the FTC estimated that invention companies scammed the public for over $100 million dollars a year.
Guess what? I was wrong. The real figure is over $300 million dollars.
I am now convinced more than ever that the ongoing theft of new inventor money will continue unless the public is educated and made aware of these invention company rip-offs. The financial rip-offs will only get larger especially in this economic climate we live in today.
As people continue to struggle with their bills, they look for other resources or avenues to be able to make money. It is a known fact that more money is spent on State lotteries during bad times. Although I do not have statistics, I will make an educated guess that the same is true for inventors spending (wasting) their money with invention company hype and sizzle.
As I mentioned a year ago, the number one reason new inventors get ripped off is ‘GREED’. All new inventors believe they are going to make millions of dollars with their new gizmo or gadget. They get sucked into the web of the invention companies hype and sizzle. They listen to slick talking commissioned salespeople (they don’t know that at the time) and they believe what they hear because it sounds so good. The problem is the new inventor won’t realize they were scammed until after it is too late.
Well, if you are reading this article now and if you have not yet paid any money to any one of these scam companies, congratulations!
Now is the time for you to do your homework and research the invention industry. There are many excellent resources on the Internet that will provide you invention information from patents to marketing to product evaluations. These resources are free, just do the research.
Be careful though when browsing on the Internet. Don’t fall prey to the invention companies that advertise on the sponsored ad sections. If you are not familiar with sponsored ads, they are usually the ones placed on the right side of the search page you typed in your key word.
What may seem like an innocent internet search for you after you just had your eureka moment is an opportunity for the invention scam company to go to work. Collectively they pay millions of dollars to respected search engines so that they can be on the first page of every keyword search. This makes them seem that much more legitimate. Don’t be fooled by the repetition of the ads.
Some of the key points to look for in an ad by a scam company are:
These are just some of the key points to look out for.
Please understand that there are many legitimate companies out there that can help inventors and we simply want you to be able to recognize the difference. If you fall prey to a scam invention marketing company you may even risk your ability to acquire strong patent protection in the future.
Some of the positive Internet sites to look for are:
As you research all of the sites above, you will better prepare yourself for moving forward with your invention idea and more importantly keep your money in your pockets.