Before Deciding to Enter an Invention Search Contest
Chip Celley at Inventors’ Network of the Carolinas:
At invention contests, like Everyday Edisons and American Inventor, hopeful inventors are asked to bring their product ideas and inventions in to compete for a shot at winning the grand prize – having their idea successfully commercialized with royalties.
Here’s what you need to consider before deciding to enter:
1. Do a simple online search using any one of the search engines to see if the idea is already in the public domain as an announcement, product, or patent.
2. Do a patent search for prior art using the USPTO.gov site.
3. Investigate the company running the contest.
4. Make sure that you understand the legal aspects of entering the contest by having a lawyer review and comment on the contest’s contract.
5. Be prepared to use the presentation time to briefly identify exactly what the idea, invention or product is and what it does – no selling or scenario is necessary.
6. Prepare presentation materials or prototypes.
7. Practice and time your presentation.
8. Practice answering questions about your idea.
9. Be prepared to deal with winning or losing.
10. Contact an inventors’ support group in your area and learn the secrets of successful product development.
Photo by brokenarts .
Adam Beazley on August 27th, 2006 7:48 am
You might also want to begin the patent process before entering the show. This way you can protect yourself from getting your idea stolen. This DOES happen, It happened to a friend of mine at a “new product” show, an onlooker stole the idea and got a patent on it, then tried to sell the patent back to my friend for alot of $. Be careful and very protective!
Randy Gillin on May 5th, 2007 5:44 am
What most people do not realize in these so called contests for inventors is that they are giving up their rights to the hosts of the event. They as winners will get a meager 5-8% royalty and that is after profits. Sure it would be nice to be the million dollar winner but there is only one of them, the rest get $50,000 ( up to 5th place). The true winner is the show hosts who makes the money not just off the show but collects the rest of the 95% profits. If you have a great invention and you know that you are going to make money in the marketplace, why would you sacrifice your idea to someone else? Royalties are based on profit from the invention, that means you make money after the net. Well guess who is taking most of the profit, the high priced executives towards their paychecks, so in essence they are getting payed twice! I readthe contracts for American Inventor and the Everyday Edisons, If they we truly there for the inventor they would not take his Royalties at all and just concentrate on making their money for the show! Inventors are always being taken advantage of. I know I have. If you have enough support from investors and a good marketing plan then you will make much more money and be satisfied that you are in control of your invention, Royalties profits can be hidden from the inventor in so many ways, accounting of the money is held by the major companies or shows. I asked for details on the rules of but shows and got no response back, so that sent up a red flag for me. Inventors should be patient and learn that it does not come in one day. If they do it right they are the ones that come out ahead!
Thank you for your time,
Randy Gillin
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• Inventors with new products To market.
• Consultants looking for the best way To package and present information.
• Legal Professionals binding contracts or other legal paperwork.
• College students working on term papers.
• Children with school projects.
• Accountants presenting financial reports.
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• Everyone.
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