How the scam works:
You are a creative person and have had a long-life hobby – building gadgets and toys of all kinds. Chances are you probably have some good creations that are worth patenting.
If you are considering this, beware of scammers who try to cash in on your work. It is expensive and time-consuming to patent a project and scammers pose as companies who will do the whole process for you. They create a fancy business plan and will tell you that your idea might generate $600,000 in the first year alone.
They will also guarantee they will sell your idea easily to manufacturers, without mentioning that they will charge you unbelievable fees, as high as $15,000!
How to avoid:
You might be very enthusiastic and love your project, but make sure you get good feedback from people who are not involved in any way. Hire an attorney, as whatever you sign with the scammers might just give them full power over your project.
Check their credentials and make it mandatory to ask for references of people who are represented by them already. Are their former clients happy with where their ideas ended up? One last thing, avoid paying upfront fees – just negotiate commission or royalties if the project takes off.
Make your friends and family aware of this scam by sharing it, using the buttons above.