Market Assessment for Inventions
A common problem confronting small businesses and individual inventors is that of determining whether a market exists for an invention. A common approach for many is to succumb to the advertisements of so called invention promotion companies. While some of these companies provide a legitimate and valuable service, many do not. The inventor is often charged a substantial amount for "canned" reports that provide little information of value to the inventor.
If one is planning on using an invention promotion company, it is suggested that the company be thoroughly researched. To assist in the research, a list of complaints against these types of companies is maintained on the USPTO web site. Complaints dating back several years are maintained, as well as links to other helpful web sites. Another resource to use is the Consumer Alert area of the Federal Trade Commission web site.
One resource available to inventors as an alternative to the invention promotion companies is the Wisconsin Innovation Service Center (WISC). WISC is a non-profit organization sponsored by the University of Wisconsin-Whitewater, the University of Wisconsin-Extension Small Business Development Centers, and the U. S. Small Business Administration. A number of services are provided by WISC. These include:
- New product assessments
- Distributor assessments
- Current or potential customer assessments
- Licensing partner searches
- Competitive intelligence searches
WISC will also assist with a preliminary patent search to identify art related to the invention.
WISC does charge for the services provided, but the fees are not unreasonable for the services performed, and the products provided are specific to the invention. The services provided by WISC can either be used prior to or simultaneous with the filing of a patent application. WISC can help an inventor or small business decide whether a product is worth pursuing and in making other well informed business decisions.
Additional information can be obtained at the WISC web site.
The most comprehensive source of information about the invention promotion industry is posted at www.InventorEd.org/caution/.
Posted by: Ronald J Riley | February 07, 2005 at 02:58 PM