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TOP 10 QUESTIONS FROM NEW INVENTORS

1. HOW DO I PROTECT MY IDEA?
In order to properly protect an idea or invention the inventor should thoroughly document the creative process (how they came up with the idea), by utilizing a journal in which you describe and date every aspect of the invention including results for any tests conducted, dimensions, materials etc., an inventor will be in the best position to seek a PATENT from the U.S. Patent and Trademark Office (PTO), which is the only true protection for a new idea and or invention.

2. HOW MUCH WILL IT COST TO PROTECT MY IDEA?
It depends on the idea, and the type of patent obtained. Patent attorneys and Patent agents can charge whatever they want for their fees. A simple design patent may run $3,000 - $4,000, whereas a complicated Utility patent may run $6,000 to $20,000. It all depends on who you are working with and the type of product you are patenting.

3. HOW MANY TYPES OF PATENTS ARE THERE
Three types of patents exist:

A.) Design - which only protects the appearance of the invention it does not protect the structural or utilitarian features of the invention.

B.) Utility - 2 types protects the structural and utilitarian feature of the invention.

C.) Plant - 2 types which apply to plants.

For a more comprehensive discussion on patents and patent types visit the Patent and Trademark office web site at www.uspto.gov

4. WHAT DO I DO AFTER I HAVE A PATENT?
You can enjoy your accomplishment knowing that you were one in 350,000 patent applications received annually by the PTO that actually obtained a patent or you can begin marketing your invention in the hopes of earning money.

5. HOW DO I MARKET MY IDEA?
As in most of this process here you have options as well. Some inventors will build a company around there new idea conducting their own marketing, public relations, packaging, sales and distribution. This option is very expensive requiring deep pockets. A second option for inventors is to Sell their idea outright, this option also requires extensive marketing and promotion in order to place the product in front of those manufacturers who would be interested in the invention. It's a hit or miss for both the inventor and the manufacturer. The product can be a great success or a big disappointment. And finally, a third option is working with a product agent who will help the inventor obtain a licensing agreement from a manufacturer. This option allows the inventor to retain ownership of the invention while at the same time having a manufacturer spend money in the marketing of the invention. By far the best option for new inventors who don't have deep pockets. Inventors have been successful utilizing all three methods; it basically boils down to the inventor's ability and pocket book.

6. WHAT IS A LICENSING AGREEMENT?
A licensing agreement is a contract between the inventor and a manufacturer, in which the inventor grants the exclusive rights to create and market the product or invention that the inventor created and where the manufacturer pays the inventor some form of compensation. These contracts are highly negotiable and can be a flat fee or performance based.

7. HOW DO I NEGOTIATE A LICENSING AGREEMENT?
Once again the inventor has options. They can negotiate by themselves, with attorneys or through an agent. It is not advisable to try to negotiate by yourself unless you thoroughly understand the legal language contained in the agreement. Working with an attorney and working with an agent are for the most part the same thing. The agent however will assist in more than just the licensing negotiations. Most agents utilize either in house legal representation or they use independent law offices to provide the expert opinion and drafting of licensing agreement.

8. WHERE CAN I GET HELP TO DEVELOP MY IDEA?
The U.S. Government has several sources for information regarding the subject but very little personalized guidance and no assistance in the sales and marketing of your idea. Patenting law firms specialize in only one aspect of the invention process and of course that is the patenting of the idea. Invention submission companies, have a team of specialist that can help the inventor throughout the entire process. Beware of invention submission companies do your homework before selecting one of them, many do little more than just provide very basic services.

9. WHY SHOULD I ENTRUST YOU WITH MY IDEA?
Inventor's Choice was created by a group of individuals who have more than thirty years combined experience in the invention process. Our staff is made up of lawyers, marketing/sales professionals and inventors such as yourself. Our team will take your concept and working with you will develop a marketable product. We, will get your patent, create the proper image for your product, market the product to manufacturers, and represent you during your negotiations with a manufacturer. The best part of working with us is that you will probable spend a fraction of what it would cost you just to get a patent.

10. WHAT GUARNTEES DO I HAVE?
None. Don't be fooled by people telling you that your idea is the next big thing or that they will guarantee that you will make lots of money. It is impossible for anyone to be able to determine the success of a product. Many factors come into play, such as consumers, retailers and manufacturers. Becoming a successful inventor takes a lot of time, money, patience and perseverance. It's not a get rich quick endeavor. One last note always keep in mind that manufacturers are constantly looking for that great new invention, that product that will revive their product line. Being an inventor can be very rewarding as well as risky. Its not for everyone, it will cost money to develop your idea sufficiently enough to prove to a prospective buyer that your idea is worth a shot. GOOD LUCK ON YOUR ENDEAVOR.