The idea behind an invention submission company is simple – you have a great idea for an invention, you approach them with your idea, and then, they take your idea and turn it into a multi-million dollar product for you without you having to ever again lift a finger. Sounds good, doesn’t it?
Well, the thing is, there is no such thing as making millions of dollars without doing any of the hard work, and that is precisely why many of these companies are under investigation for fraud by the FTC. According to USPO’s office, inventors turning to invention submission companies lose close to 300 million dollars each year.
That begs the question. Can you actually trust these companies, or are they in it just for the money? Well, let’s find out.
How Do These Companies Work?
The business model of invention submission companies relies heavily on their sweet hooks, and to be fair – there is nothing wrong with that. If they can hook you in, imagine what they can do to potential investors and people that are willing to buy your product, right?
Well, not quite. None of this is actually based on evidence. These sweet words they use to lure you in are nothing more than false claims and promises without a leg to stand on.
They are simply feeding you what you want to hear, and they are the ones capitalizing on that.
Other than that, experience has taught us that these companies don’t do anything else.
Historically speaking, the success rate of these fairy-tale, multi-million dollar promises is pretty much zero. Almost no one ever has made any money off of it. Well, aside from these companies.
How Do These Companies Make Money?
The thing that we still haven’t told you is that invention submission companies will ask you to pay them for their services. Before they promise you the moon and the stars, these companies will first ask you to evaluate your invention or idea. And, how surprising, they think your invention is going to change the world. And, if they haven’t already, they will now ask you to pay them for their efforts, and in return, they’ll make you rich.
The thing is after you receive your “evaluation” and you pay them – you’ll never again hear from them.
This exact scenario happens all the time. Hopeful dreamers fall victims to these preying companies whose sole reason for existence is to feed off of someone else’s dream.
Is There An Alternative?
Fortunately for you, it doesn’t have to be this way. There are companies like Invent Help, which are the exact opposite of invention submission companies, who, for starters, don’t promise you the moon and the stars, nor do they evaluate your invention. Companies such as these simply help you get in touch with potential investors that could take your product to the next level.
Final Verdict – Can You Trust Invention Submission Companies With Your Invention?
In a word – no. In more than a word – most definitely not.
There are companies out there that can help you put your invention on the map, but if those companies outright promise you to change your life – they won’t. At least not for the better.
So, beware of these predators looking to profit off of your dreams. But never stop dreaming.