Feel like I'm getting screwed?

[Chriis240]

I had an idea for a product and wanted to act on it, so I went to google and came across WorldPatentMarketing to turn my idea into a reality. They charged me 995$ for an analytics report which meant nothing to me, I don't understand why it was relevant to either me or them when they are going to be leaving all the work and manufacturing to someone licensing my idea. Which brings me to where I am current at with them. They want to charge me $10k to find people to license my idea and make it a reality and which I may only receive 49%-3%. Which I feel will be close to the 3% because I don't have that kind of money to invest into it. Is this the way it works and I'll only receive possibly 3% for my idea because I don't have the funds to invest anything?


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[G-Man]

wanted to act on it

When you want to act on something and don't, you have to pay others to act on it for you... or not act on it and just take your money.

 

[jon.a]

What brought you here?

 

[MJ DeMarco]

If I charge you $995 and you get nothing, why would you then give me $10,000 for the same result?

I don't understand your question. Isn't it obvious?

 

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[G-Man]

If I charge you $995 and you get nothing, why would you then give me $10,000 for the same result?

@MJ DeMarco would be terrible at running a confidence scheme.

 

[CycleGuy]

With 7 billion people in the world, ideas are worthless. Actions are all that matters.

 

[Chriis240]

Well the 995 was for the analytic report. I understand paying for that, seems overpriced but I understand the work needed to complete that. What I don't understand is the 10k if they are licensing it out to someone who will do all the work for majority of the percentage.
The reason I consider paying it is simply because compared to majority of you here, I'm pretty much new in the world of business and don't have the resources or connections to do anything with my idea. Basically I don't want to be the guy who does nothing with an idea like everyone else. I don't have the experience, or the money to execute so I left it upto WPM. I don't want to give up on the idea but 10k seems overcharged for what they will be actually contributing.


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[rollerskates]

What I don't understand is the 10k if they are licensing it out to someone who will do all the work for majority of the percentage.

They are acting as the broker, connecting someone who needs something done with someone who will do it. I don't know if whatever they're doing is worth 10k though.

 

[Vigilante]

Do yourself a favor. Spend $13.99 for this book
https://www.amazon.com/dp/B004H4XL8S/?tag=tff-amazonparser-20

Send me $1k via. paypal for the referral,

and save yourself $8,986.01

 

[PaulRobert]

I don't understand why it was relevant to either me or them

It's relevant to them because it is worth $995 to them.

Well the 995 was for the analytic report. I understand paying for that, seems overpriced but I understand the work needed to complete that.

That analytical report is bullshit. All the information can be found online and through real world testing.

For that $995 you could have already created a prototype, built a basic site, and tested your concept.
These companies prey and get rich on people wanting to get their product made with minimal effort put in.

 

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[MidwestLandlord]

Someone here once said, "have the guts to trust your gut"

If it feels like you're getting screwed, you likely are.

 

[G-Man]

That analytical report is bullshit. All the information can be found online and through real world testing.

Sadly, you probably paid $995 to have someone's VA in India do some googling.

I think @Vigilante showed you where the water is. It would be best to go drink, then decide what to do.

 

[Chriis240]

We've all heard, "when the guy with money, meets the guy with experience, the guy with experience leaves with money while the guy with the money leaves with experience". Sucks I'm a prime example of that but glad I came here and didn't become more of an example. I appreciate the input and guidance, I'll download the book @Vigilante linked me too and continue from there, thanks everyone


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[Almantas]

Invest 10k in yourself. End of story.

 

[rpeck90]

I'm guessing you've never dealt with lawyers, this is the kind of shit they do

If the idea is genuine (IE not "get rich quick"), you need a prototype and then by hook or crook go to market with it. I met a young woman some time ago who did exactly this, you can see her TED talk here:

To skip BS, you can see her Wikipedia page which explains what she did.

 

[MJ DeMarco]

I'm pretty much new in the world of business and don't have the resources or connections to do anything with my idea.

When I started this forum, I thought to myself "Hmmmm ... should I name it The Fastlane Forum? Or "All-The-People-Lucky-Enough-to be-Born-With-Resources and Connections Forum"?

I don't want to be the guy who does nothing with an idea like everyone else.

Unfortunately, you will be unless you change what's going on in your head. So far you've said nothing but excuses -- and now it's why you're spending $10G on a fairy-tale.

Hint: You already have the resources and connections available to you ... you're just knocking on the wrong door.

 

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[Waspy]

I'm guessing you've never dealt with lawyers, this is the kind of shit they do

If the idea is genuine (IE not "get rich quick"), you need a prototype and then by hook or crook go to market with it. I met a young woman some time ago who did exactly this, you can see her TED talk here:

To skip BS, you can see her Wikipedia page which explains what she did.

If people are receptive of even some part of the product, you will begin to see the workings of a USP. If you continue to develop the USP, people will start to become interested in buying which is the point where you may have to look at external funding / manufacturing partnership. No one will license it until you have demand.

Great video. If you don't want to watch it all, watch 13 mins onwards.

Process. Mother Trucking Process.

 

[Chriis240]

Great video. If you don't want to watch it all, watch 13 mins onwards.

Process. Mother Trucking Process.

Great video, just finished it.
It's definitely a process. The more I learn about the things, the more I realize how little I actually know.


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[SteveO]

I had an idea for a product and wanted to act on it, so I went to google and came across WorldPatentMarketing to turn my idea into a reality. They charged me 995$ for an analytics report which meant nothing to me, I don't understand why it was relevant to either me or them when they are going to be leaving all the work and manufacturing to someone licensing my idea. Which brings me to where I am current at with them. They want to charge me $10k to find people to license my idea and make it a reality and which I may only receive 49%-3%. Which I feel will be close to the 3% because I don't have that kind of money to invest into it. Is this the way it works and I'll only receive possibly 3% for my idea because I don't have the funds to invest anything?


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Either make it happen yourself or offer this company a new deal. Tell them that you will pay them a commission (or percentage) on the money you make from the licensing deal. If they believe in the concept, they may take this. As it stands now, you will give them money and get nothing. They will already have been paid.

 

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[AGS]

If it's your idea you should make it happen. Your willing to spend $10k so this money should get you somewhere.
Even if you're hiring an 'expert', you need to know how to make it all happen and take control, otherwise how would you know if you're getting screwed or not? If you continue with this plan by the time you have an answer to this question it will be too late. Sorry but there are no shortcuts.
Like someone said in a famous book, you can not outsource success. @MJ DeMarco Knows who I'm talking about

 

[Jon L]

Stuff that is core to your business can't be outsourced. Ever. Why? This core is what actually makes you money. Its where the value is. If you're not contributing that value, then you're not gonna make money. Its a bit like a car without an engine. It's just going to sit there. you can go hire a tow truck to pull you around (which is what you're doing with your $995 and your $10k), but after they're finished towing you, they're gonna go home with the money, and you'll still have a car that doesn't move by itself.

Your core business is this idea and either finding someone you can license it to that can make money off of it, or turning it into a money making business yourself, or some derivative of that.

You're hoping to find someone that will do it for you. That does exist. Not to be too condescending, but that's what a job is - someone else provides the core value in a business (the business owner put that together), and you come along for the ride and reap a small portion of the reward.


All this said, this group that you've found here is made up of people in various stages of figuring out how to put together a business that makes money. If you stick around long enough, you can figure it out for yourself, too.

 

[Erniel Pamintuan]

Save your money. If I were you here's what I would do.... do an internet or patent search and see what is out there that's comparable to what you have, find your unique selling point. Hire a 3D CAD designer (if needed) so you can create a prototype of it, and get a prototype done. The closer the prototype is to the final product, the better. Once you have the prototype, test the market, e.g., do demos of the product, etc. Once you have a feel for the market, think about production, then patenting. If the product is easily manufactured, I suggest going into production and selling them. Hopefully you'll be able to raise enough money from the sales to have the funds to patent the product while you blitz the market before others create knock offs. Instead of licensing, think about raising the capital and doing production yourself. This is what I would do different instead of paying a company to do "market research" (I'm speaking from experience). Also, most manufacturers are not interested in "new ideas" thus they will not be interested in licensing your idea (unless you get lucky). You're better off raising the capital, producing the product, making sales, then patenting the product. You'll want to find a good patent attorney for the patent. Good luck!

 

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