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June 26, 2023
John Rizvi, Esq.

Taking Your Product to Market: Companies are Required to Share Stats with Inventors | Warren Tuttle

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Yeah, I guess I could say you're holding back, tell us what you really think. But I have to say, Warren, you may need some—I didn't mean for this interview to, to—you might be therapy after this because a lot of painful memories of, you know, of some of the failures in the past, but also, you've seen your fair share of inventors get taken advantage of. And you're really kind when you see a lot of these companies are upfront and telling their success percentages, but they're not doing it out of the goodness of their heart. They're actually required by law, the Inventor Protection Act now requires them to give their statistics so that inventors know—-

You're right about that. The Inventor Protection Act of 1999, and people mistakenly refer to that as like inventor submission. No, it doesn't say that. It says invention industry marketers, okay, is the terminology it uses. But what happens is, the more traditional submission companies do tend to abide by that because they have legal teams and so forth. And it is but the law, you're right. But then there's this whole genre of coaches and other marketers who claim that they're not covered by that, and nobody's really battled it out yet. You know, no one's no one's really filed a class action suit. And I'm not entirely sure why. But there's different gradations of this is what I guess I would say. And, and I guess there's, there's, there's the legal and the law. And then there's general ethics on it. And so I try not to, as much as it drives me crazy, I try, you know, I tried to put my efforts into constructive things like with the 501c3 Nonprofit UI, because, by the way, some of these companies like one of them, they set up their own organization with a similar name to the UIA, and it's an extension of their business model. It's a typical bs thing they do. And we're a 501c3, and you know, what that involves in keeping our good name and standards and all that we have to do to be transparent and they're doing their own thing, just get more clients. You know, it's really very frustrating when you don't have massive resources. You know, you're not Jeff Bezos and you could just, you know, sign off a $100 million check to fight these people. It's really a hard thing. So, try not to get overly distracted by it, but it is an annoyance and we just try to keep preaching and events like this you know, to just just just be aware, I have two sections in my book one is be aware and the other one is—-one is beware, beware, like the word beware. And the other one is two words. Be aware. Okay? And both these things matter.

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