Every year thousands of people try to develop and market their ideas commercially. Some are daunted by the procedures and paperwork involved and use the services of invention promotion firms, others simply plug into the considerable amount of free or low cost advice available and get on with it themselves. Here we look at the hard questions you need to ask an invention promoter and list useful websites which offer free advice and guidance.
Contracting for the services of an invention promoter is no different from making any other major purchase. If you wish to work with one, before entering a contract follow some practical rules to avoid costly mistakes.
Firstly, do not disclose details of your invention to anyone, including the promoter, without a prior confidentiality agreement – failure to do so could prevent you obtaining intellectual property rights in the future (see separate article on patents). During your initial discussion with a promotion firm, find out exactly what the different stages of the services are and the costs associated with each stage, from research right through to the marketing and licensing. Ask the company for evidence of skills and expertise in the field of your interests. This is crucial. Find out the success rate achieved in promoting inventions and ask for references from recent clients.
If an invention promoter assures you that you will definitely make money be very wary indeed. Commercialisation of inventions is a risky and costly business and no-one can guarantee your invention will be successful. Ask the company for the percentage of all ideas or inventions it found unacceptable at the first assessment stage. Professional firms should have a high rejection rates simply because not all ideas are commercially viable and they are doing their job correctly if they tell the client the truth.
Make sure you know whether the services advertised, such as the patent search and/or market assessment will be carried out in the countries where you want to exploit your invention. If the firm claims special knowledge of or access to manufactures who are likely to be interested in licensing your invention, or if they claim to represent manufacturers on the look out for new product ideas ask for proof. Do not accept verbal assurances, get the evidence in writing. Any reputable firm will provide this, and if it doesn’t, or is evasive in any way, find another company to deal with.
If the firm offers the services of a patent agent or patent attorney make sure they are registered with the professional body for patent agents in the UK, the Chartered Institute of Patent Agents (CIPA). CIPA members help inventors to obtain protection in patents, trademarks, designs and copyright, and increase awareness and understanding of the innovation process by providing basic information and free clinics, arranging talks and seminars etc.
If a search service to assess patent prospects is offered, make sure this is comprehensive and covers all published prior art. Compare the cost and thoroughness of the search with that provided b the UK Patent Office.
If you are happy with the evidence offered by the invention promoter, and decide to enter into a contract, make sure it contains all the terms you agreed to – verbal and written – and none you didn’t agree to. If possible seek legal advice before you sign.
Useful contacts
The Intellectual Property Office – www.gov.uk/government/organisations/intellectual-property-office
