Guess what? The federal Trade Commission (FTC) estimates that over $100,000,000 is being scammed by fraudulent Invention Marketing and Invention Patent Companies on consumers annually. That's $100,000,000 of your money.
The main reason there is such a problem is due to the fact that the general public is not aware of the problem until it is too late. By too late I mean they have already been suckered into the web of an invention company and spent their money.
I'm sorry to say that as much as the invention companies are at fault, so are consumers. Here is what I mean. A new first time inventor generally does not know how or where to begin. They go online to Google, Yahoo or whichever search engine they like to use. They type in keywords like 'invention idea' or 'patent an invention' (it can be any phrase you think of). Up pops both the Organic web-sites (those are the ones in the center of the page) as well as the paid ads by most of the fraudulent invention companies as the Sponsored Ads on the right side.
The inventor quickly browses the page and eventually clicks on the ad that for whatever reason appeals to them the most. Some people will click two or three ads as well. When clicked, it takes you to fancy looking Landing Page for that particular company. Now, these companies know exactly what to say in print to get the inventor to take action.
One gimmick used by these companies is called a "Free Inventor's Kit' or a 'Free Invention Package' or whatever they call it. The hook is the word 'Free.' The inventor thinks, 'Oh wow, it's free, let me check it out.' Big mistake!
Sure, to fill out the company 'Confidential Disclosure' is free, but what comes next is not. If you were inexperienced and you completed that so-called free disclosure form, you could also be foolish enough to get sucked into their invention scam game as well and end up paying hundreds and then thousands of dollars for absolutely nothing of value in return.
You see, the new inventor has three things going against them at that moment.
1. They nothing about the invention process.
2. They are emotionally involved with their invention.
3. GREED. Yes, greed. All new inventors think they are going to make millions of dollars with their new gizmo and gadget.
At the same time, these invention scam companies know this and are ready to pounce. They know you don't know anything about the invention industry. They know how much you believe that you have the next Hoola Hoop and they especially know that you think you are going to make millions of dollars. That is their game and that is their hook and you are their fish. In many cases you are their 'whale'.
What inventor's don't realize is that the scam artist on the other end of the phone is a commissioned salesperson. They only make money when spend it with them. The more you spend, the more they make. Some company's pay these scammers commissions that range between 20% to as high as 40% and in some cases more. They even pay monthly bonuses to high producers.
These salespeople will say whatever it takes to get you hooked. They care little to nothing about your invention and will go as far as to say you have a great idea or this is a sure winner or I've never seen anything like this before. The only thing these salespeople care about is your wallet and their wallet. How much can they take from yours to put into theirs'?
By now you may be thinking, how does Victor know all this? Was he one of these salespeople? No I was not. Was he scammed by one of these companies? YES I WAS! That is how I know what goes on. After I got scammed, I became irate. I went on a mission to find out as much as I could about these scam companies and start to warn the public about them.
I went online and played the role of the new inventor with as many companies that I could find. I will admit however that there are a few that are not scammers but honest companies. Unfortunately they are out numbered 10 to 1 by the scammers. I am not going to name names in my articles, just my knowledge and experiences.
You can actually learn quite a bit about the invention industry by speaking with these scammers but not spending any money with them.
So, don't waste your time or money with these scam companies. Do your homework and research the industry before you get started.
About the Author:
Victor Martel is a professional inventor. He is very concerned for new inventors to make sure they do not get scammed. His web-site
http://www.inventionscamalerts.com is designed to help inventors. He offers an Invention Evaluation test. It tells inventors if they have an idea to pursue.
No. of Times this article has been viewed :
733
Date Published :
Jul 14 2008