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- 12th Mar, 2019
- Report #5YD57
This report was posted on NAS on 12th Mar, 2019 and is a permanent record located here: https://www.nameandshame.com/business/idea-buyer/turning-dreams-into-nightmares-id5yd57 .
- Reporter person Carolyn MarshallMember since 22nd Apr, 2016
Turning Dreams into Nightmares
Idea Buyer is a 100% fraud business which manipulates you into thinking that they are interested in investing in your product or its patent. Their first offer will seem totally legit, but soon after that, you will realise your big mistake.
They don’t invest a single penny in your business and will steal the patents of your company. Their imposter “investor” told me that he was an employee of the company and was paid to pose as an investor. These people are nothing but total frauds and scammers which are going to steal money from you.
They have scammed dozens of business owners and have stolen thousands of dollars from them. They charge a 10,000-50,000 fee and run away with the money. I am one of their many victims and today I want to share my story here.
I am an old guy and easily trust people as I didn’t have any very bad experiences in the past. I took my luck for granted until my experience with Idea Buyer and his CEO Eric Colr.
I have had a really painful experience with Idea Buyer. They are MERCILESS and don’t give a damn about their customers. They have stolen $15,000 from me and today I want to share my story with you. But before I tell you the story, here are some details about the company itself.
So Idea Buyer claims to be in business since 2007. They make a lot of big claims on their website and in this section, I’ll tell you the things they CLAIM to be.
In the beginning they were a seller of intellectual properties, however, soon they turned to provide investors to entrepreneurs. I think that Eric did this because the company might not have been getting many customers and this new path is easier and he could easily deceive people this way.
They have a staff of 20 people who supposedly “convert ideas into businesses”. Their main offices are situated in Columbus, Ohio and trust me, that am one hell of an expensive place. But money is not an issue for this company as they earn thousands of dollars by stealing money from small business owners.
This company has a plethora of fake reviews on sitejabber dot com. All the 5-star reviews of Idea Buyer on Sitejabber dot com are of fake accounts. As ALL these accounts have only written 1 review (you can see that in the image below). This is a black hat marketing technique and it is obviously illegal to do it. Idea buyer is not only breaking the law but they are also deceiving people into thinking that they are the best in the businesses.
In their website, they say that they provide Branding, intellectual property protection, targeted market entry, app dev. Etc. By the looks of it, we already know that they are written RANDOM services there in hopes of trapping a business.
Idea Buyer Stole $15,000 from me
After a week of discussion, dozens of emails and texts these uneducated dumbasses pressurized my associates into a verbal agreement on the phone. PLEASE DON’T MAKE THIS MISTAKE, they record all their calls and they will pressurize you into agreeing to their fishy terms and conditions. If you end up agreeing, then they will use your verbal agreement as proof and you will lose control of your whole company (you might even lose the whole ownership).
They are an expert in manipulation and scamming and they will do everything they can to steal your company from you. Their main motive is either to run away with the deposit or take the complete ownership of the company by their shady tactics. In the beginning, they will try to evaluate whether you will sue them or not if they stole your product and then they will take action accordingly.
They made me sign 2 NDAs (non-disclosure agreements) and when I showed those agreements to my lawyer, she told me that the offers mentioned in these agreements are not valid and none of them even mention Idea Buyer investing in my company. Idea Buyer has a website full of flowers and fake dreams; they say they are going to provide you hundreds-thousands of dollars’ worth of services while their real motive will be to steal money from you. They don’t know shit about real marketing and branding and they don’t have any real testimonials to showcase their experiences. If you are already in association with Idea Buyer then contact your attorney as soon as possible and get the documents checked and get ready to see them in court.
Idea Buyer clams to compete with Shark Tank and it is only one of their many big claims. As soon as you get trapped in their jaw-dropping the idea and end up working with them, you will realize your mistake. They charge $1000 for a talk with their CEO Eric Corl. This guy is just waiting for you to call and tell you how unique and groundbreaking your company idea is. He will tell you how much he wants to invest in your company.
We paid Eric $7,000 as he told us that if we don’t deposit an advance, another company will get this opportunity. As we were in a hurry we agreed to pay him. However, soon after that, they started ignoring our emails. Sometimes they didn’t even respond to our emails or texts.
Soon after the payment of $7,000 the company contacted us and told us that we will need to make a payment of $8,000 to finalize the agreement. I did not think too much about this payment as Eric had already blinded me with his fake testimonials and big talks. I transferred the money the next day, and after that day, the whole attitude of the company changed. The staff acted differently, the service was worse than ever and the results were not visible.
Don’t expect to get a good customer service here; they will disappoint you in every manner possible. The manager that they provided us lacked any enthusiasm for his work; he was SLOW as hell and did not give us ANY results in 10 months. Eric claimed that he would give me life-changing results in 6 freaking months!
We still don’t understand how a company can be so incompetent that they can’t give any visible results to a company, it is f***king unbelievable. In the end, they told us that as long as we have the funds to invest we will be okay and being an entrepreneur for 10 years, I know that it is all bulls**t.
Their Better Business Bureau profile has an awesome rating and little did we know that those ratings are totally invalid. After sometime their ratings dropped down to a D- and after a few months, it jumped back up to an A. The most suspicious thing is that they don’t have any reviews on BBB and it seems that Idea Buyer is PAYING BBB for their ratings in order to attract as many business owners as possible.
If you have money to throw away in a trash can then you can hire Idea Buyer for pure entertainment purposes, however, if you have a normal income and life, then relying on this company is self-harm. Being a father of 2 daughters, I was shocked to the core when I found out that Idea Buyer is a scam organisation.
It is my foolishness and bad luck that I did business with this company; they have done nothing but harm me and my business. I have lost $15,000 by doing business with Idea Buyer and that jack*ss Eric. I have tried contacting them many times but they have stopped responding to my emails and they put me on hold whenever I call them. They clearly don’t want to refund my money however; such criminals should be stopped at all costs. Last time I called the office of Eric, his assistant tells me that he is on a vacation and will return after a few weeks. And it has been 2 months since that call, now they don’t even pick up my damn phone. Eric Corl and his company is a BIG SCAM and they have ruined dozens if not hundreds of lives.
After my experience, I researched a little about the previous customers of Idea Buyer. At first, all I found was a bunch of 5-star reviews but all of them were fake. However, after digging deep, I came across the REAL reviews of this company. And there are COUNTLESS business owners and entrepreneurs who have fallen victim to the fraud scheme of Idea Buyer. I have mentioned some of them in the section down below:
Other Victims of Idea Buyer’s Racket
I used to work with Idea Buyer.com and I have faced all the problems mentioned in the BBB for this company. I worked with them for a very long time just like most of the other people. They have robbed me of my money. They stole my invention and sold it without even asking me. These guys are demons and all they care about is your money and product. They ignore all of my calls and emails and refuse to refund me my money. I think I will have to give them a visit in person.
I am a Canadian resident and believed in Idea Buyer, however, it was the BIGGEST MISTAKE OF MY LIFE. I have wasted 15,000.00 on them and gotten NOTHING back. They told me that my vision can become a reality and said that my invention is one in a million, however, soon after I sent them the money, their behaviour changed instantly. They change their colours like crickets. People need to realise that these guys are nothing but SCUMS that will rip-off your idea and steal your money. All I want with this review is to stop one guy from wasting his money and time with them.
I had the same experience as almost every other customer of Idea Buyer. I didn’t send much information about my product to them and they were already “anticipated” to work with me. Their sales team is great and they told me that they will send out my idea to their management. I asked them a couple of simple questions which were easy to answer if the person research even a little bit about the product, however, their “team of experts” were completely blank when I asked those questions. Apparently, they don’t do any research and are only going to tell you good stuff until you pay them their money. They didn’t pitch my idea anywhere at all and I can guarantee if you submit your idea to them they will love it, even if it is the worst idea ever. Once they have your money you will see their true colours. After that, they will just try to get over with your idea and move on to the next guy who thinks Idea Buyer will help him. Eric (the owner) will tell you that your idea is the next Google or Apple, which honestly it is not. They will get their profits as soon as you pay them their “fee” and then they will just block you from their company. They are not here to make a good name for themselves or help businesses and entrepreneurs; the only thing they are here to do is FRAUD. I will have to say that Eric is one hell of a salesman, he made everything seem so perfect when it was all delusional. My best advice you is to do your research and contact some REAL investors instead of these scammers. If your idea is really awesome they will not ask you for a fee instead they will ask for equity. And then they try to take over the majority of the company. I don’t like writing bad stuff about people or companies as I’m a business owner myself, but seeing the number of people these guys have fooled made me do it. I hope this one helped you in knowing their reality.
This guy had a good experience with Idea Buyer and was confused why so many people were filing complaints against them. However, after a couple of months, his opinion changed drastically. He lost a lot of money with no results whatsoever. The company stopped replying to him and took his $10,000 for patenting his product. He hasn’t gotten ANY reply from them until now.
I patented my invention in hopes of getting on the TV show, Shark Tank. But soon after I applied to get on Shark Tank, I got a call from an associate of Idea Buyer. There must be some relation between both of these companies. He told me that the idea I have is “one of a kind” and I should work with him to commercialize this product. He told me how he will get the marketing done and produces the product and wanted to start the work as soon as possible. He asked me to deposit $10,000 and wanted equity of 15%, I agreed but that was the worst mistake I could have done for my business.
After I developed a prototype of my invention, I went to the main office of Idea Buyer in Ohio, where I showed the crew a quick demo. The owner, Eric Corl was sitting there too, and he told me that he is fascinated by my product and he wants to bring it to the market immediately.
He asked me to write a check and told me that the invention will be in the market in the coming 6 months. They have sent me the product name, logo and a generic market report. And yes, it has been more than 6 months (actually 9). I don’t understand what is taking them so long to launch the product and fulfil their commitment. Their communication is not really great.
Every company nowadays has a social media handle and Idea Buyer is not an exception in this case. The only difference between them and other companies is that they want to steal money from their customers. Millions of people use social media and Eric couldn’t have missed this opportunity. He attracts a lot of customers from these social media websites and apps.
I have listed all the social media handles of Idea Buyer down below so that you can alert your friends and family to stay away from these accounts and save yourself from them as well.
So I checked out the FB page of Idea Buyer LLC I saw they got around 14k followers and the whole page is full of click-bait posts. The worst thing about their page is that all these followers are either fake or attained by using ad campaigns.
Everyone is aware of the people using Facebook and compared to the other social media platforms, the account of Idea Buyer at FB has the most engagement rate, which means they get most of their customers from here.
They run a ton of ad campaigns on Facebook and FB’s ad campaigns are infamous for fake engagement. However, it does provide Idea Buyer with a solid following which can fool real people into thinking that they are legit. They are also verified on Facebook, which is also a thing that can make people think that they are not fraud. These verification badges can be bought from websites and my guess is that Idea Buyer has bought it that way.
Facebook owns Instagram and therefore, you can merge the advertisements between the two and Idea Buyer has capitalized on this opportunity. They have only 1,500 followers on Instagram and I think it is because there are wiser people on Instagram than on Facebook, and if they don’t find the page helpful or interesting, they unfollow it.
Most of their followers are the follow-back-followers which means they have followed an account and asked for a follow back. It is a technique used by many spammers to get followers initially. There is a high probability of fake followers here as well, as their posts have shitty engagement.
When I visited their Twitter account I burst out laughing because they literally have the worst engagement rate here. Their average likes go from 0-10 and they merely get any retweets. This is because Twitter is one of the strict social media platforms which does not allow fake followers or likes.
They tweet useless stuff which does not provide any value to the customer and their twitter account is almost dead. It is not verified as well, which explains that their FB verification is most likely fake.
Now comes their YouTube channel which is just full of crappy videos. They have promotional content all over their YT and yet again they are not providing any valuable information. YouTube is kinda strict when it comes to fake subscribers and/or likes and thus, Idea Buyer only has 300 subscribers here.
Most of their videos are useless and they don’t upload often here. They must have tried YT as many people use it but failed in buying subscribers as YT penalizes the channel if you buy subs or likes.
Why to stay away
I am not a negative person, but I also don’t like the fact that a company is stealing thousands of dollars from people on a monthly basis and getting away with it. Idea Buyer is a company that everyone should stay away from and some serious action should be taken immediately. They trap dozens of people every year and thus steal hundreds of thousands.
If you have had any experiences with Idea Buyer or Eric Corl, then write it down, you will be heard! Cause remember,
“The Power Of The People Is Much Stronger Than The People In Power”
Have you had a bad experience with Idea Buyer ?