Kit Elliott – The Inventor?
Hi there. It’s Kit Elliott with another great week of online profits. You may wonder what I’m up to in 2012. After 645 websites, adsense sites, memberships sites, my own product sites, corporate sites – I want to bring some of my inventions to life! I want to see my products on the shelves of Bed, Bath and Beyond! (and QVC!) There I said it. I’m putting it out in the universe.. and will make it a reality.
In just the past 10 years, I’ve come up with some great inventions that have been released to the tune of $100 million plus in sales! (just without my name attached to them) These products and inventions, I feel, were my idea.. they are even listed in my MILLION DOLLAR IDEA binder. Does that ever happen to you? Let’s see if you recognize these: 1995 – DVD Rentals in a Coke Machine Like Box. 1998 – View Websites on Mobile Phone Devices and Edit/Program them directly from mobile phone. 1999 – Sliders for big heavy objects.. The list goes on and on and alot of these in my book haven’t been developed or released yet. AND now, in the past year – I have a binder full of iPhone applications.
So this year – I’m going to create from start to finish my first product! It’s on.
The “bringing your invention to life” process goes something like this:
- Patent and Trademark Research
- Design Mockups
- Create Virtual Prototype
- Submit Provisional Patent and Trademarks – Provisional Patents are good for one full year.
- Create Physical Prototype
- Design Packaging
- License / Sell
There are many companies who claim to do all 7 steps, and many inventors have fallen for this pitch for many many years. The napkin pitch is simple. If you have an idea, then we can take your idea, convert it to a physical product and get it in stores. We have successful inventors who are selling their product in huge retail stores like Best Buy, Sears, Kohls, Walmart, and Target. (showing examples) This guy’s first check was $14,000 and he just has to sit at home while the retail stores market and sell his idea. He gets a check each and every month.
So – let’s go over your idea..
AND the pipe dream has been lit – and the inventor who thinks that the company will design/license his product to big retail stores pays out big bucks for the promise of fortune and fame.
What is Inventionland?
Inventionland is a company that will take your idea, turn it into a product and get it to the big stores. I talked to their main sales rep last week who took me on their pitch. Since it’s a high priced sales pitch, the pitch is broken up into two or three days with many people in on it. They have assistants who email you links to videos and websites and success stories. The inventor starts to get excited about the possibility of a deal..
Inventionland has turned their warehouse into a “Great Wolf Lodge” type atmosphere (almost Disney-like). Inventors like working in dream-like surroundings so the creative juices flowing. My initial reaction is, “WOW! They have made a lot of money just off the royalties of each product..” Good for them. Everyone is happy. They get a cut of the sale (10%) while the inventor keeps 90%! What a deal.
Why Inventionland is a Scam!
First, let’s define what a scam is. I think we can all agree on this definition:
A scam is obtaining money through deception.
Here the scam goes something like this:
We will setup a sales funnel that involves telling the consumer that we will do 100% of the work. Taking your idea – searching for patents – designing prototypes and packaging – file for trademarks/patents – and bringing it to the manufacturers for licensing and distributing. Each step cost money, and our team will do everything in our power to make your idea a winner. We believe in your product so much so that we are willing to take a gamble. We are willing to spend our time and effort getting it out there. When we do, you get 90% and we get 10% royalties. We think that’s fair (and it is!)
Let’s dig a little further into Inventionland. When you search their terms, the first thing you want to see is how many people are successful. Here’s what they say:
The total number of consumers who submitted new product ideas to Davison during the past five years is six hundred sixty five thousand seventy five (665,075). Davison does not provide evaluation of commercial potential; thus, it has provided no positive or negative evaluation of this or any other product idea in the last five years. The total number of consumers who were offered a Pre-Development agreement (or similar contract for research services) is three hundred twenty nine thousand eighteen (329,018). The total number of consumers who were offered a Contingency Agreement (or other contract for licensing representation) is three hundred twenty nine thousand eighteen (329,018). The total number of consumers who purchased a Pre-Development Agreement or similar contract for research services is fifty four thousand one hundred ninety one (54,191). The total number of consumers who signed a Contingency Agreement or other licensing representation agreement is fifty four thousand one hundred ninety one (54,191). The total number of consumers who were offered a New Product Sample Agreement (or any other contract for design services for a virtual or a product sample) is thirty nine thousand five hundred twenty four (39,524). The number of consumers who signed a New Product Sample Agreement or similar agreement is fourteen thousand eight hundred twenty four (14,824). The number of consumers who obtained a written license with a company that is not affiliated with Davison is four hundred one (401). The total number of consumers in the last five years who made more money in royalties than they paid, in total, under any and all agreements with Davison, is fourteen (14). The percentage of Davison’s income that came from royalties paid on licenses of consumers’ products is .001%.
What? The total amount of income from the royalties are 0.001%. That means that the rest of the money comes from the inventor’s fees! So they are able to build Disney-like resort offices and pay a huge staff off the fees they charge the inventors. So the inventors invest their money in hopes of striking it rich.. having their invention turned into a reality.. Almost 700,000 inventors have contacted Inventionland.. Half were offered deals where Inventionland felt confident that they could bring it to market.. Out of all these people.. only 14 people ever made more than they originally paid to Inventionland.
Afterall, when real people come to this marketing machine and fall for the pitch that this company believes in them.. they believe in their product.. and they will do their best to get it to market.. and maybe, just maybe, this inventor will start earning royalties.
14 people.. out of 54,191 people.
That’s a 0.00025835 success rate! Let’s round that up.. it’s ZERO!
Inventionland has a ZERO success rate.
I’m not sure about you, but I’m in the business of making money. I’m in the business of getting things done.. getting things out the door.. setting up residual streams.. and making a ROI. (A Return of Investment).. With these numbers – they can shove their sales funnel up their arse. My advice is to RUN away from Inventionland, and find some great manufacturers on Elance.
Will My Idea Become a Reality in 2012
This incident really got my blood boiling. This is a pet peeve of mine because so many victims lose a lot of their hard earned cash that they will never see again. After an email fight that ended with Inventionland rep belittling me with negative comments – I took to Elance. AND come to find out, there are hundreds of providers who do this exact thing – except they actually work with the manufacturers in the USA and China (and they get the job done within a month for a fraction of what Inventionland steals from you).
So – yes – the stars are aligning and it’s time to bring my product to market!
Realistic Costs for Bringing Your Invention to Market
- Patent and Trademark Research – $500
- Design Mockups – $500 to $1000
- Create Virtual Prototype – $500 to $1000
- Submit Provisional Patent and Trademarks – Provisional Patents are good for one full year. – $500
- Create Physical Prototype – $500 to $2000 depending on size and number of materials.
- Design Packaging – $500
- Total Cost: $3,000 to $5,500
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