FREQUENTLY ASKED QUESTIONS (FAQs)
For your convenience, please find a list of frequently asked questions and answers about PA, inventions in general, and a relationship with us:
Q. How do I know if my invention idea is good enough to submit?
A: Initially, no one ever really knows if their invention idea is good, bad or even great. That’s why PA encourages you to submit your idea. Once we receive your idea, it will go through our thorough assessment process. With those results, you and PA will have objective results on which to make a decision about your invention idea’s true potential. Remember, it costs you nothing to submit your idea. So, you have nothing to lose……..and a lot to gain.
Q. Can someone steal my invention idea?
A: ABSOLUTELY! It happens all the time. History tells us that many famous inventors “borrowed” their ideas from others. If you have an invention idea, please be careful where and with whom you discuss it. The value of a truly great invention idea is millions of dollars. Your creativity is a valuable asset. Please protect your invention idea until it is legally protected!
Q: As the inventor, is my idea really protected by a Non-Disclosure Agreement (NDA)?
A: Yes, your invention idea is protected, including any variations. PA’s NDA is a legally binding contract upheld in any court of law.
Q: If I submit the NDA to PA, when will I hear back?
A: Normally, PA will contact you within one to three days after returning your signed NDA agreement to acknowledge receipt.
Q: How do I know if someone else before me has already thought of my invention idea?
A: When an inventor submits an invention idea that is accepted by PA, the first thing our company does is conduct multiple patent searches to see if someone has previously thought of and patented the same idea as yours. If your idea is already taken, everyone understands that the pursuit of that particular invention would be over.
Q: Do complex, complicated inventions make the most money?
A: Typically, an invention’s financial potential has little to do with its level of complexity. It is usually based on the contribution it makes to society, timing, demand, cost, and other factors. Simplicity is often preferable. If your invention is simple and solves a recurring, prevalent problem, the financial rewards can be excellent. The cardboard sleeve that slides over the outside of a hot coffee cup is a good example. This simple and cheap invention is easy to use, effective, and has a very low unit cost. This patented invention reportedly sold for $75,000,000! Sometimes, the simple inventions leave a person scratching their head and saying, “Why didn’t I think of that?!?!?” To keep things in perspective and give their inventors appropriate credit, we should always remember “simple” inventions are simple only AFTER we have seen and understand them.
Q: Do all patented inventions make lots of money?
A: No. According to current statistics, only 1 in 10 patents is profitable. Quality, cost, and demand are the primary drivers of profit potential.
Q: Does PA get a patent on every invention idea it accepts?
A: In many cases, yes. However, acquiring a full patent is usually a 3-4 year process. Typically, PA will secure “patent pending” protection initially. Then, within that period of legal protection, PA can further evaluate a product’s financial feasibility. Sometimes, the financial life cycle of an invention runs its course in 1-2 years. For other inventions, their financial profitability is still strong at the end of a 20-year patent.
Q: Will my invention and me be famous?
A: Typically, only the most innovative, ground-breaking inventions have the power to achieve public notoriety. Fame for the inventor is a rare byproduct of an invention. However, wealth is much more common.
Q: Why does PA only accept and develop the very best invention ideas?
A: PA has a corporate reputation at stake. We want to be known for our high percentage of successful inventions. And, unlike other invention companies, we require NO investment or fees from our inventors. Thus, PA takes 100% of the financial risk when we accept an invention idea. These two critical factors dictate that we accept only the best ideas.
Q. What if I have more than one invention idea?
A: Please feel free to submit all of your invention ideas to PA for consideration. There is no limit. Some people become prolific inventors and create many new and innovative things throughout their lifetime. Maybe, you will be one of those gifted people.
Q. Does it make any difference if my invention idea is for commercial (e.g., business, manufacturing, medicine, technology, etc.) or individual consumer use?
A: No. There is a rich history of important inventions in both areas. If your idea is good enough, it will be successful regardless of its application.
Q. Other companies charge individuals thousands of dollars to submit and develop patent ideas. How much does PA charge?
A: PA charges its inventors absolutely nothing to submit their invention ideas. Further, if PA accepts an idea and enters into a contractual relationship with its inventor, we never charge any fees to assess, refine, test, manufacture, or market the inventor’s product. PA bears 100% of the financial risk. Beware of “invention” companies that ask for upfront fees or payments to submit or develop your invention idea.
Q: Why does PA contractually grant a much bigger percentage of the profits to an inventor for their invention idea than other companies?
A: PA recognizes and appreciates the fact that someone outside our company has entrusted us with developing and marketing their invention idea. We believe those inventors should be compensated fairly.
Q. What factors determine how much money an invention makes?
A: Several factors influence the financial success of an invention. They include demand, scope, cost, timeframe of relevance, and other attributes. Let’s use the cardboard sleeve for hot coffee cups as an example again. People consume an estimated 1.6 billion cups of coffee each day. So, this simple, inexpensive, innovative, and effective invention with recurring international demand generated tremendous financial value.
Q: If I submit my invention idea to PA, when will I receive any money?
A: That is impossible to predict. However, rest assured, PA wants your product to generate profits as soon as possible. Each invention is unique. Some are simple, while others are complex. Some require extensive refinement before going to production. Some have niche appeal, while a few have mass international appeal. Regardless, one thing is for certain. We want your invention to succeed as much or more than you. PA takes 100% of the risk and invests 100% of the time, work, and money to develop and market your invention.
Q. If PA accepts my invention and it makes money, how often do I receive my share?
A: PA distributes profits from successful inventions on a quarterly basis.
Q: How do I know if PA is giving me the correct amount of money for my invention idea?
A: Both the inventor’s share and PA’s share of the profits generated from a successful invention are calculated on the same formula monitored and approved by a third party, licensed certified public accountant (CPA). You, as the inventor, can always review a copy of these records at any time.
Q: How long will my invention make money?
A: No one can accurately predict the financial life cycle of any invention. However, PA strives to maximize the timeframe of profitability on all invention products in its portfolio. There is NO scenario where PA makes money on an inventor’s invention idea after profit distributions to the inventor have stopped. We win together.