Gaebler Ventures Gaebler Ventures is a business incubator and holding company providing venture capital investment and shared services to early-stage companies. We've invested in some great portfolio companies. Some of the best resources for entrepreneurs -- all based on our real world experiences! Our guiding investment philosophy is to provide exceptional returns for our investors. Check out the latest news from Gaebler Ventures. Learn more about Gaeber Ventures! Get in touch. We'd love to talk with you!   
 
 
Gaebler Ventures is a business incubator, holding company, and private equity firm. We help entrepreneurs transform ideas and innovations into greatness.

Articles for Entrepreneurs

 

Evaluating Business Ideas

 

Invention Evaluation Services

Invention evaluation services will evaluate your ideas. But how should you evaluate invention evalation services? Here's how.

So you've got an incredible idea or invention…what do you do next?
(article continues below)

Always get an evaluation from a credible invention evaluation service before you apply for a patent or invest any additional money in your idea or invention.

Why do you need an invention evaluation service?

Simply put, you're enamored with your idea, but do you really have the time or the skills to objectively evaluate the commercial feasibility of your own idea?

Seeking an unbiased professional opinion will truly tell you if your invention or idea is worth pursuing further.

Unfortunately, some invention evaluation services are inexperienced and ineffective. Even worse, there are some out there that just plain dishonest.

Here are a few things to keep in mind when evaluating an invention evaluation service:

  • Avoid Inexperienced or Incompetent Invention Evaluation Services. Check the service's professional and evaluation experience. Some services, including some universities and nonprofit groups, use undergraduate students or other untrained or inexperienced people as invention evaluators. You want your invention to be evaluated by experienced experts. What matters most is the current staff's experience -- not that of past staff members.
  • Check Qualifications and Ask About Their Track Record. Do not do business with anyone who will not disclose their qualifications and track record. Remember, fancy literature or good organizational affiliations are not adequate proof that an invention evaluation service knows what it is doing.
  • Ask for Their Rejection Percentage. Above all, be sure they tell you in writing what percentage of ideas they reject. If it is not at least 75 percent, they are probably being too generous -- experience has shown that only 1 or 2 percent of all inventions ever make it into the marketplace. Many commercial or technical flaws can be spotted by trained, experienced evaluators.
  • Get a Referral. Selecting an invention evaluation service is very similar to selecting any business service. Your best bet is to get a referral from somebody you trust. Ask your mentors and advisors who they recommend.
  • Be Wary of the Upsell. If an invention evaluation service is immediately trying to sell you other services, run away. Many of these firms will tell you your idea is great, just to get more money out of you for business plan writing, corporate identity work, etc.
  • Contact Previous Clients. When you do find an invention evaluation service that you like, try to get in touch with their previous clients. Ask them what they thought of the invention evaluation service to get candid feedback on capabilities. Don't just call the references provided to you by the service; those are likely to all be positive. Instead, dig around a bit to find others who have used the idea evaluation service.
  • Don't Skip this Stage. Getting an invention evaluation is very important. It is natural for you to like your own idea or invention -- all of us do; just remember that the harsh realities of life say the odds are against you. Investigate before you invest!

Don't be overly discouraged by negative feedback on an invention idea. Instead, learn from it.

Great invention is all about solving human needs in some way. If your current invention idea doesn't have potential, maybe a variation of it will.

Never give up in your efforts to create something new that can change the way people live and work.

Related Articles

Want to learn more about this topic? If so, you will enjoy these articles:

A Case Study in Industry-Changing Entrepreneurship
Lessons from Parking Lot Economics 101


Comment Board

We greatly appreciate any advice you can provide on this topic. Please contribute your insights on this topic so others can benefit.

Be the first to comment on this article.



Write a comment  Code Image - Please contact webmaster if you have problems seeing this image code
Problem Viewing Image
Load New Code

If you are an ambitious entrepreneur or an aspiring executive looking to get involved with a startup, please take the time to learn more about Gaebler Ventures.

 

 

Additional Resources for Entrepreneurs

Starting a Business - Business Ideas - Naming and Branding - City Guides

Buying a Business - Writing a Business Plan - Raising Money - Incorporate

Small Business Marketing - Advertising Advice - Public Relations -

Customer Service Tips - Entrepreneurial Selling - Workplace Safety

Startup Leadership - Strategy - Intellectual Property and Entrepreneurs

Articles on Exporting - Human Resources for Entrepreneurs - Workers Comp

Legal Information for Entrepreneurs - Sarbanes-Oxley - Accounting - SBDC

Business Credit Cards - Nonprofit Entrepreneurs - Mission Statements

Tax Tips and Resources for Entrepreneurs - Operating Your Startup Business

Real Estate Decisions for Entrepreneurs - Franchising - Selling a Business

Starting a Home Business - Small Business Technology - Business Travel

Business Finance - Advice for Retailers - Entrepreneurship for Scientists

Administrative Professionals / Office Managers - Family Business Advice

Good Businesses to Start - Start an Energy Business - Start a Hedge Fund

Payroll Service Information - Productivity Tips - Bad Economy Advice

Small Business Websites - Search Engine Optimization - Online Reputation

Search Engine Marketing - Social Marketing Optimization - Business Forms

Business in the Jungle - Business in Fiction - Negotiating - Radio Ad Costs

Newspaper Advertising Rates - City-Specific Resources for Entrepreneurs

Small Business Insurance - Global Entrepreneurship - China & Entrepreneurs

Entrepreneur Features - Employee to Entrepreneur - Small Business Ethics

Acquisition Speculation - Good Business Books - SBA Franchise Loans

Small Business Loans - Studying Entrepreneurship - How Kids Make Money

Social Entrepreneurship - Mergers and Acquisitions -

Veteran Entrepreneurs - Useful Web Sites for Entrepreneurs - Dell Deals

Buy.com Deals - Female Entrepreneurship - Small Business Experts

Entrepreneurial Resources by State - Resources for Young Entrepreneurs

African American Entrepreneurs - Resources for Hispanic Entrepreneurs

Resources for Asian Entrepreneurs - Resources for Women Entrepreneurs

Resources for Gay Entrepreneurs - Businesses for Sale - Office Supplies

Economics - Lists of Small Business Incubators - Lists of Angel Investors

Lists of Venture Capital and Private Equity Firms - Franchise Opportunities

Recommended Products and Services for Entrepreneurs - Contributors

Get FREE Price Quotes from Multiple Vendors - Business Glossary