Invention City is currently seeking inventions with mass market appeal for licensing to partners such as Endeavor Tool Company, Accentra Office Products, DS Max, Mystic Industries and others. If your invention could be sold at Sears, Home Depot, Wal-Mart, Stapes, Office Depot, Office Max, QVC, the Sharper Image etc., then we would like to know about it. Invention City also operates an online store and is always on the lookout for new products that are already in production. In conjunction with these partners and others Invention City is active in every step of the commercialization process - from patent searches and filings, through prototyping and engineering to manufacturing and finally, marketing.
Invention City's founders have a record of commercial success with products such as the PowerShot forward action staple gun (winner of the IDSA Design of the Decade Gold Award along with the Apple iMac and VW Beetle) and the Gator-Grip Universal socket. We have walked the walk.
Invention City does not charge fees for reviewing inventions. We share in the profits from successful commercialization. In short, we only make money if you do. This is a risky business. Even the best ideas sometimes fail. For this reason we actively pursue less than 1% of the submissions we receive.
This is the first stage of the submission process. We want to know if the attributes of your invention fit our goals and current market focus. We do not want to know the details of how your invention works. You should not disclose any proprietary information at this stage. We want the sizzle, not the steak. The submission process is designed for this. If your idea is a good fit for us, we'll contact you directly. At that time we'll enter into a second stage disclosure agreement that will enable us to learn more details about your invention.
More information about Invention City
"Show me the money." Here's the hard truth - very few people get rich from inventing. Novice inventors often have unrealistic ideas about the value of their creations. The Invention City article Money & Inventing discusses where value comes from. It's worth reading if you think that an inventor should get a $5 royalty on the sale of a $20 item. The truth is that $0.50 would be pretty good.
Each deal is unique and depends both on the value of the invention and its stage of development. That said, our initial guidelines for royalty rates are tied to an invention's stage of development as follows:
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Idea only: 0.5% to 1% of net sales (the money actually received by the manufacturer, i.e. wholesale)
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Prototype: 1% to 3% of net sales
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Prototype + pending/issued patent: 2% to 4% of net sales
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Prototype + pending/issued patent + industrial design/engineering: 3% to 5% of net sales
Invention City doesn't pay royalties - its partners do. Generally a deal does not include money up front. However, the deal will likely include performance guarantees - minimum annual royalties, product launch date etc. Meeting the guarantee insures that the partner will maintain exclusive rights to the invention. Patent costs are advanced by the partner and deducted from the inventor's royalty.
Invention City typically takes a share of the inventor's royalty as follows: 40% of the royalty until $200,000 has been paid to I-City and 10% thereafter. If $1,000,000 is paid in royalties, I-City would receive $250,000 and the inventor would receive $750,000 (less patent expenses).
There are three steps in the first stage submission process:
1. Perform a survey of end users using Invention City's Survey.
2. Read, understand and agree to the terms and conditions of the Invention Submission Agreement. At the end of the agreement you will be asked to click to certify that you have read, understood and agreed to it. When you click you will be taken to the Invention Submission Form
3. Fill out the Invention Submission Form using data from the Survey - the Form is accessed by agreeing to the terms of the Invention Submission Agreement. At the bottom of the form you can hit "submit" to send the submission to us by email.
You may also submit by regular mail. Simply print off the Submission Agreement and the Invention Submission Form. Sign the Agreement. Send the Agreement and the Form to:
Invention City, Inc.
Box 757
South Orleans, MA 02662
Directions: To submit an invention to Invention City, you must agree to the provisions in the following submission agreement. Read it carefully. If you do not understand it find a qualified advisor.
Invention City
Invention Submission Agreement
(Disclosure Agreement)
Invention City deeply appreciates the efforts of inventors who wish to submit projects for review to Invention City and its Partners. The nature of these submissions and the legal considerations associated with them require that the procedures and conditions set forth in this Agreement be accepted and agreed to in writing. Invention City asks that you review the terms of this Agreement before proceeding with your submission. A signed copy of this Agreement must accompany all submissions or the submission will be immediately returned without review.
Invention City and its Partners are continually engaged in research, development and marketing of many ideas, unpublished materials, inventions and products of their own and of others. There is always the possibility of a conflict between your submission and items being developed by Invention City and its Partners. For this reason, Invention City cannot consider any submission which creates a confidential or contractual obligation for itself or any of its Partners: this Agreement shall not curtail the ability of Invention City and its Partners to pursue business interests in any way.
Before making any submission, you should protect your proprietary rights to your own satisfaction. You should discuss any questions regarding this Agreement with a professional advisor of your own choice. Invention City and its Partners are not responsible for any expense related to advice on your submission or for the protection of your idea.
Submissions must be made using the Invention City Submission Form together with any other relevant documents. If the submission is covered by an issued patent, a copy of that patent should be included. You should keep the original or an exact copy of your submission for future reference. Materials submitted to Invention City and its Partners will not be returned.
In the act of processing and evaluating your submission numerous people both inside and outside of organizations related to Invention City and its Partners may learn the details of your submission. Therefore, Invention City and its Partners can not treat your submission as confidential or secret.
Your submission will be reviewed under guidelines set independently by Invention City and its Partners. You will be told if there is or is not interest in your submission. If there is no interest in your submission, Invention City and its Partners are not obligated to offer an explanation.
It is agreed and understood that, with regard to your submission, no confidential relationship or obligation of any kind exists between you and Invention City or you and any of Invention City’s Partners unless and until a formal written agreement has been entered into, and then, only as expressed in that agreement.
The rights and liabilities arising out of your submission are defined solely by the protection available under applicable United States laws relating to patents, copyrights and/or trademarks. Except to the extent that any feature of your submission is protected by a claim of an in-force US Patent, or copyright or trademark protection, Invention City and its Partners shall be free to use your submission and information gained from researching your submission in any way. Nothing contained in this Agreement, or the receipt and evaluation of your submission, shall limit the right of Invention City or its Partners to contest the validity or infringement of any asserted protection.
Material similar to your submission may already be known to Invention City and its Partners either in the public domain or in prior art patents or in the known works of others, including the past and present works of employees and associates of Invention City and its Partners. Materials of similar nature may be submitted to Invention City and its Partners. Invention City and its Partners are under no obligation to reveal patents or projects the same or similar to your submission or to reveal any information learned through investigating your submission.
Any negotiations that may arise between you and Invention City or its Partners with regard to acquiring the rights to a submission shall not be prejudicial to Invention City or its Partners in any way and shall not be considered an admission of any novelty or usefulness or priority or originality of the submission.
This submission is being made solely at the request of the submitter. The submitter represents a good faith belief that it has the sole and complete right(s) to offer the submission to Invention City and its Partners and that no other person or company has any rights to the submission.
This Agreement applies to Invention City and its Partners, their employees, agents and affiliated companies. This Agreement also applies to any additional written or oral disclosures which might be made incidental to the submission, whether made before now, at the same time as this submission, or at a later date. These conditions may be superseded only by a subsequent written agreement between the submitter and Invention City and/or its Partners.
This Agreement will be
governed by Massachusetts law and all disputes under this Agreement
will be settled in accordance with the rules of the American
Arbitration Association to be held in Boston, Massachusetts.
"Invention City" refers to Invention City, Inc., Massachusetts corporation. "Partners" refers to companies receiving submissions from Invention City, Inc.
I/We have read the preceding Agreement and fully understand and agree to its terms and conditions and certify my/our agreement. By clicking here I certify my agreement and understanding. After clicking you will be taken to the Invention Submission Form.
If submitting by mail please print this form and sign here:
Name: _________________________________________ Date:_________
Complete the Submission Form. Mail both the Submission Form and this signed Agreement to:
Invention City, Inc.
Box 757
South Orleans, MA 02662
