Just got my first preliminary patent approval!

[rogercbryan]

I’m a little stoked… I just got a phone call from the people over at Invent Help and my idea has made it past the preliminary stages for a Utilization Patent. I now have to make a decision as to how I proceed towards getting my full patent and submitting my design to industry.

My product is a special type of pillow used for supporting a certain area of the body. I’m not going to elaborate on that part anymore until I have my patent. Although I’m fairly well certain people can steal my idea just as easily after I have my patent (that makes me nervous).

I have 100 questions that I need answered. I have a follow appointment next Thursday with the people from Invent Help. So I was wondering if anyone on YE has worked with Invent Help before or if anyone has gotten a Utilization Patent before.

The biggest decision I need to make is whether to simply get the patent ($4000-$5000) or should I buy a package from Invent Help ($10K-$13K) which also includes them marketing my product and an entry into INPEX® - The Invention & New Product Exposition. I’ve already lined up people who can manufacture the product (at my expense) and I’ve created a marketing list of potential volume customers. Of course there is no guarantee anyone will even buy one of my ‘product’.

Back to my question… what the heck do I do… someone… anyone… advice please?

[CIsaac]

The second option sounds good. Invent Help has been around for a while and offer some good services, but did they give you a contract that spells out how they would market your product? (since there is no guarantee they would have to show some due diligennce)

I would also suggest you see what the patent attorney they recommend will say (I believe they have an attorney?) but I would also call your local city bar association, ask for a referral to a patent attorney, have that attorney get involved in looking at the contracts and compare both attorneys suggestions (you could prob get away paying less by just asking for an initial consultation to brainstorm--about an hour or so).

I know all this involves more $ but just a suggestion...Good luck sounds exciting, keep us updated!!

-Cheryl Isaac-
IBS - Isaac Business Services

[CIsaac]

Not reading right. Just saw it's a utility patent approval...

[hugh009]

Roger for $10,000 you can hire a patent attorney! These companies from my experience as a consumer investigative reporter have been the type that promise you the moom and don't deliver in 90% of the time. And you can bet that they have attorneys that have written a contract that you will be signing that almost guarantees NO recourse!

Have you visited the US Patent Office's extensive data base where you can do a great deal of your own research to help a patent attorney? Do that first!

Hugh

[clp11479]

is getting a patent really cost $4,000-$5,000??? that seems pretty high.

if your product is first to market, and there is a need/demand for it then you don't need anyone to do your marketing for you. create a few samples, bring it to your local Walmart, and talk to the store manager about getting it placed in the store or maybe regionally at stores in your state.
your margin will be thin but the exposure you get will be priceless. pay $400 for a press release and direct people to your website for the product. good luck!

[rogercbryan]

Good info thanks!

I’ve done about as much research as I can do and still have questions. I’m meeting with Invent Help next Thursday to discuss my options with them. I will get a copy of their contract when I go.

One of my partners is a lawyer and has given me some legal advice. He told me that going to the private attorney route will run me $5K to $10K for just the patent. I’ve called Legal Zoom who I’ve used for my last two incorporations and they will charge about $5K.

With Invent Help they have a package for $10K that gets me my patent and an entry into their annual INPEX® - The Invention & New Product Exposition. Then I’m on my own. They also have a package for $13K + 15% of my idea where they will go and market the item for me. I’m not too excited about the second package. They give absolutely no guarantees of success. I’m really leaning towards the $10K package. If my product is worth anything then I should find buyers at an exposition like that.

This is all new to me. I just hate going into meetings unprepared.

[lilbilly]

create a few samples, bring it to your local Walmart, and talk to the store manager about getting it placed in the store or maybe regionally at stores in your state.
your margin will be thin but the exposure you get will be priceless. pay $400 for a press release and direct people to your website for the product. good luck!

It's not that simple. Walmart store managers have no say on what they sell and don't sell. Furthermore, you would have to get a bar code set up in order for it to ring up at registers. Walmart is also typically tough to deal with. They want your product at DIRT CHEAP pricing, and also many times will require a "buy back" period if your products don't sell in x amount of months - I know this is pretty standard when it comes to retail.

What type of margins are you looking at on pricing roger? What do you estimate it to cost you, and what "wholesale" price can you sell it to retailers for, and what price would it sell to consumers for? Or are you looking to retail it yourself via the web?

[malahverdian]

Hugh, is there anything you haven't done or anyone you don't know? Just curious, seems like you have a story or some experience about everything you post to.

[BusinessAdviser]

is getting a patent really cost $4,000-$5,000??? that seems pretty high.

if your product is first to market, and there is a need/demand for it then you don't need anyone to do your marketing for you. create a few samples, bring it to your local Walmart, and talk to the store manager about getting it placed in the store or maybe regionally at stores in your state.
your margin will be thin but the exposure you get will be priceless. pay $400 for a press release and direct people to your website for the product. good luck!

Sure Walmart doesn't use buyers for its stores?

[rogercbryan]

What type of margins are you looking at on pricing roger? What do you estimate it to cost you, and what "wholesale" price can you sell it to retailers for, and what price would it sell to consumers for? Or are you looking to retail it yourself via the web?

Currenlty I have an estimated production cost of $8.10 per unit for an order of 1000 units. I think I can get that down to about $4.50 with higher volumes. There is also a $1.25 packaging fee.

I'm planning on pricing the item at $19.99 putting it at a low to mid price range. I tend to do everything based on volume.

If I was to reach an ideal production & wholesale situation I would be producing at $5.75 (with packaging) per unit and selling to a wholesaler at about $8 to $10 per unit. This would depend on who is doing the marketing. I would get no where on a $2.25 margin if I had to do all my own marketing.

Invent Help is supposed to give me a product review booklet on Thursday that will outline production costs and potential selling prices. I'm hoping their numbers are close (or better) then mine.

Still all in the planning phase...

[capforge]

First, be sure to read the federally required disclosure from Invent Help that states how many people have paid for their service, and how many have actually received sales of their product greater than or equal to what they paid. My brother looked at one of these services, and they had 43,000 customers and exactly 0 that had gotten more than they paid in sales. Want more proof these companies tell everyone that their idea is great, and that they can help you, for a large fee? Invention service company track records stink.

Last thought- ask them for actual references of people they have directly helped who have been successful in making money- don't be surprised when they can't offer much if anything in the way of solid proof. There's a reason.

You are much better off putting that money into developing some product samples, test marketing, and generating sales than giving it to one of these companies. There are tons of successful inventor stories on my blog, and not one of them went through one of these services. Again, there is a reason.

[ron komorowski]

BE CAREFUL. All of those types of patent companies have a very bad reputation. The best of them and it might be Invent Help paid out something like 28,000 while they collected $30 million from inventors.

The show you are talking about, some of my people from the inventor's group go there by just paying an entrance fee to walk around. They network just like every one else there. The entrance fee is under a $100 I am certain.

You need to find your state's inventor's group. Go to meetings. You will get correct information there so you stay away from these inventor mousetrap companies.

A patent attorney will cost you about $7500 to $10000 and even more when your office action comes in two years after filing. You really have not too many worries until this office action. That is when you need to get serious.

Patent agents charge about half. Agents generally understand engineering better and attorneys are better at the legal parts...generally. You will find you may need both types.

With attorneys or agents they bring a network of manufacturers etc. with their experience. It is to their benefit for you to succeed so they can use you as a reference.

The USPTO will also help you write your patent. They help independent inventors. If you do this you will only have to pay the filing fees averaging $600 depending on the amount of claims you wish. You can get books on patenting and most are capable of writing the patent themselves. If you screw up you can get your attorney or agent at the time of the office action. This is not a recommended way to you, but a way.

Call the USPTO help line. I have talked to them many times. They are VERY nice to you and will give you lots of time. Ask them about Invent Help. They will tell you unless they are listed on the USPTO website as an invention scam company. I have heard they were going to list the scammers, but there is warnings on these types of companies.

One of the guys at the group got charged something like $6000 and all they gave him was a "disclosure document" service. This costs $10 to $30 filing fees with the USPTO. You state on a piece of paper in no order, your idea. They keep it as reference but never look at it unless it is requested as evidence in a patent dispute. You could just mail in the 10 bucks and scribble on paper yourself yet the scam companies will pull this stuff and tell you that you have protection, which is not true, just a tiny step towards some day having protection.

You can look on the net for attorneys and agents. ASK FOR REFERENCES!!!! If you want you can go to my website, on my resources page you will see inventor's group, fish around to find an inventor's group in your area by clicking on what we call the "sister site" on our inventor's group website homepage. Also there is a link for my patent agent. Stan Kremen. You could call him. He charges $3500 with no extra charge for office actions. Use my name if you do. I make sure he takes good care of all I send him, I send alot.

You could also subscribe to Inventors Digest Magazine. They REFUSE to even allow ads to all these invention promotion scam companies. There is GREAT advice for you there every month.

Your 25% manufacturing cost to retail price is ok. 25% is the limit, or else there is generally not enough room if you want to go to big retailers. My product is much higher than that but I sell direct and to smaller distributors.

There is no such thing as approval for a utility patent application. They might have done a patent search for you for $500 to a $1000 and saw a somewhat clear shot at a patent, but these invention companies scam on that too. There are "patent search firms" or you can do a search yourself. It's not hard. All done at uspto.gov The patent examiner will do their own search anyway (USPTO)

Go get a book. Two nights reading can save you maybe $20,000 and a year of your time. You could get stuck by an scam company and your dream and time they can flush right down the toilet on you. PM me if you have anymore questions, I have a good general knowledge of this but no way professional; it is VERY complex.

Sounds like you are doing GREAT on the product part. Good luck!!

Ron
Inventor of Handi-Straps
Handi Straps Lifting System Home

[hugh009]

Read and pay attention to what Ron has said because as a consumer investigative reporter he is DEAD ON! I would make sure and follow his advice so you don't find yourself out $10,000! Call my friend Clark Howard and explain your situation before you put down your hard earned bucks!

Hugh

[BusinessAdviser]

Currenlty I have an estimated production cost of $8.10 per unit for an order of 1000 units. I think I can get that down to about $4.50 with higher volumes. There is also a $1.25 packaging fee.

I'm planning on pricing the item at $19.99 putting it at a low to mid price range. I tend to do everything based on volume.

If I was to reach an ideal production & wholesale situation I would be producing at $5.75 (with packaging) per unit and selling to a wholesaler at about $8 to $10 per unit.

Might a $5.75 cost estimate be leaving out a few other costs, considering you're only including the cost of the product itself and the packaging fee?

[Nigami Enterprise]

Never go near these companies. You have to ask yourself whats in it for them. How many products do they currently have on the market?

Also ask yourself why you need a patent and how you would protect your patent if you had to.

PATENTS NEVER GIVE YOU PROTECTION THEY JUST GIVE YOU THE RIGHT TO PROTECTION