Inventors – 5 Golden Rules How to Save Your Money

When was the last time you threw $500 or $1,000 away? You would never do that right?

Well it amazes me that new inventors are doing just that everyday, throwing their money away. Here is how and why combined with the 5 Golden Rules to Save Your Money.

1. Never hire an Invention Company.
2. Never get a patent before you evaluate the potential of your invention.
3. Don’t get emotionally involved with your invention
4. Don’t hire the first patent attorney or agent you speak with
5. Again – Don’t hire an Invention Company – (this rule is that important to repeat)

Let’s examine the rules one by one.

First, ‘Never Hire An Invention Company.’ The FTC says that over $300 million dollars is lost to invention fraud companies every year. These companies do absolutely nothing for the inventor. They all sound professional and inspiring but they are shams. The people who call the inventor from these companies are all commissioned salespeople who will say anything to get your money. Do not respond to any of their ads on TV, the radio or the Internet. Avoid the ads that might say ‘Free Inventors Kit’ or ‘We can Get You A Patent’ or ‘Wanted Inventors and Ideas’ and many others. They know how to reel a new inventor into their web.

Second, ‘Never Get A Patent Before You Evaluate The Potential Of Your Invention.’ All too often a new inventor thinks to themselves, “well I’ve got this great new invention and I don’t want anybody to steal it so I better get a patent.” Of course patent protection is important, however, not until the product concept has been proven to be worthwhile. It is estimated that over 90% of the patents issued to date are for products that have never made it in the marketplace. Time and money have been spent on legal protection prior to discovering if the invention really has any value. A professional evaluation on the invention before patent protection would help the inventor to save the costs of a patent if the evaluation proved the invention concept was not worth the time, effort and costs. At the least, an evaluation would allow time for the inventor to improve upon the areas within the invention cycle to boost the potential of the invention. Once the improvements are made then you can start the patent process but not before.

Third, ’Don’t Get Emotionally Involved With Your Invention.’ Let’s face it an inventor is usually a creative and passionate person. We all believe very strongly in our invention idea. We are told by others that it’s a great idea and we are sure it will make us rich. Inventors are generally driven by the potential to make a lot of money. Now don’t get me wrong, I am not saying that making a profit on our invention is a bad thing. It’s actually a great result. I wish more inventors would succeed. However, one big negative element to an inventor’s failure is not knowing when to stop or give it up. Professional poker players for example know when to hold them and know when to fold them. Their chances of success are greater when they understand the risks if they choose to continue. The new inventor unfortunately does not have the same business type of approach to their project. They treat their invention idea as their baby, their road to financial success without knowing risks or even understanding the process. That is why over 90% of the issued patents are not making money for the inventors. You must separate your emotions about your invention and treat it as a business.

Fourth, ‘Don’t Hire The First Patent Attorney Or Agent You Speak With.’ Patent attorneys are an integral part of the invention process. They will provide all of the legal expertise required to obtain a patent for the inventor. It is safe to say that most patent attorneys are credible and professional. The down side for a new inventor is not knowing exactly what it is that the patent attorney will be doing for them and at what price. There are no set price structures from patent attorneys. They can charge what ever they feel their value is for the inventor. The only set prices are from the United States Patent and Trademark Office. An inventor should interview at least 3 different patent attorneys to ultimately select the one that they are most comfortable with. Here is a short list of what an inventor should ask the patent attorney.

1. Do you specialize in my products field of development?
2. How much will a patent search with a legal opinion of patentability cost?
3. How much will the entire patent process cost including government fees?

These are just some of the important question need answers to at your initial meeting. If the patent attorney does not provide specific answers, move on to the next.

Fifth, ‘Never Hire An Invention Company.’ If you want to be a statistic with the FTC or the United States Patent and Trademark Office then by all means hire a scam invention company. If you want to save your money and put it towards a more realistic approach for your invention idea stay away from these companies. Do not call them. Do not write to them. Do not waste your time with them. This subject is that important to have repeated as I have done.

Getting rich from your invention is a direct result of saving your money while going through the invention process. By following the 5 golden rules above you will effectively limit your risks while increasing your potential rewards. You must understand that the risks are still very high in the invention game. You just want to be able to know when to hold them or when to fold them.

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