Inventors! - Expensive Rabbit Holes To Avoid
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- čas přidán 25. 06. 2024
- In this episode we talk about avoiding expense rabbit holes inventors can go down. Particularly patents and prototypes.
Learn how to make money from your ideas.
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Hi, this is Stephen Key and Andrew Krauss. We are here to help you make money from your ideas. We started our company inventRight over two decades ago to teach people how to license (aka rent) their ideas to companies in exchange for royalties.
This process is called “product licensing.”
On our channel, we show you exactly how you to take an idea and license it to companies in exchange for passive income.
Today, you do not have to start a business to make money from an idea.
With product licensing, you don’t have to write a business plan, raise money, manufacture, market, sell, or distribute any longer.
Visit our website inventRight.com for more information.
If you have a product idea and need some help, please contact us at:
Phone: +1 (650) 793-1477
Toll Free: +1 (800) 701-7993
Email: support@inventright.com
Email us:
stephen@inventright.com
andrew@inventright.com
Learn how to start a business, how to become an entrepreneur, how to protect intellectual property, how to patent an invention, how to stop people from stealing your ideas, how to prototype an idea, how to contact companies looking for ideas, how to design a product, how to make a sell sheet, how to make a promo video, how to negotiate a licensing agreement, how to get a higher royalty rate, how to do market research, and how to work with inventRight.
Stephen Key and Andrew Krauss are the cofounders of inventRight, a coaching program for entrepreneurs that has helped people from more than 65 countries license their ideas for new products. They are also the cofounders of Inventors Groups of America, an organization that hosts a free, popular monthly educational meeting for inventors online. They have more than 20 years of experience guiding people to become successful entrepreneurs.
New videos every week, including interviews with successful entrepreneurs. Learn from the best! Pitch us your story to be featured on inventRightTV: youtube@inventright.com.
Get your own inventing coach by contacting inventRight at #1-800-701-7993 or by visiting www.inventright.com/contact.
inventRight, LLC. is not a law firm and does not provide legal, patent, trademark, or copyright advice. Please exercise caution when evaluating any information, including but not limited to business opportunities; links to news stories; links to services, products, or other websites. No endorsements are issued by inventRight, LLC., expressed or implied. Depiction of any trademarks/logos does not represent endorsement of inventRight, LLC, its services, or products by the trademark owner. All trademarks are registered trademarks of their respective companies.
Reference on this video to any specific commercial products, process, service, manufacturer, company, or trademark does not constitute its endorsement or recommendation by inventRight, LLC or its hosts. This video may contain links to external websites that are not provided or maintained by or in any way affiliated with inventRight, LLC. Please note that the inventRight LLC. does not guarantee the accuracy, relevance, timeliness, or completeness of any information on these external websites. The inclusion of any links does not necessarily imply a recommendation or endorse the views expressed within them.
Need Help?
Speak with Stephen or Andrew:
Call 800-701-7993 or email stephen@inventright.com or andrew@inventright.com
Thank you for sharing this moment with another great IR coach!!!!
You are so welcome! Keep Inventing! - Andrew Krauss, inventRight Co-Founder ( Call, email, book an appointment or request more info about how we can help by visiting us here. inventright.com/contact/ )
Great video. A lot of the other ones push the virtual prototype. If you plan on inventing more than just one thing, learn basic prototyping. I'm an inventright student. We discussed going with a virtual proto. I'm so glad I did the work. It came out way better than I expected once I started getting into it. It went in directions I didn't expect. Talking with companies, they had requests or suggestions, and I was able to quickly get them what they wanted. 3D printers are so cheap and easy now. When I was young, 3D software cost thousands. Now is free. You can learn everything you need to know off youtube.
However, I didn't heed Steven's warning. Too much competition in toys. My next choice of all the ideas I have is definitely not a toy.
I think it all depend of what product you are promoting. Sometime, a proof of concept is a great selling tool and virtual proto is not as strong.
I do have two FDM 3D printers. I've built them from kit, learned Fusion 360, and CURA slicer from CZcams tutorial. It's not for everybody!
Once you have a 3D model, printing it is quite easy. You can then use both (virtual and 3D print) for the Sell sheet or video.
Maybe one day I'll learn Blender to get 'organic/fluid' chape.
Really depends on the product. There is no one right way for all situations and projects. You are right. - Andrew Krauss, inventRight Co-Founder ( Call, email, book an appointment or request more info about how we can help by visiting us here. inventright.com/contact/ )
Of course it depends on the product, but the main takeaway... If it is remotely feasible, no matter what your skill level, try. The act of attempting to build it just might activate parts of your brain you wouldn't have.
The results, especially early in the learning process, aren't even the most important thing, so don't be discouraged if it comes out like a 3rd grade science project. If you make even a half hearted effort, you will gain something from the process.
This information is like gold. I had a friend of mine that received a settlement and he tried to start his own skin care company. After $80,000 patent attorneys he went through the 300 Grand and never got the company launched. He never approached a company about a licensing agreement because he wanted to run the show and that means that you take all the risk . When his patents ran out another company aquired his patents and now they have the company called bio-derm.
Thank you for watching and commenting. Please subscribe if you haven’t already!
I’m so happy I found you. I have so many ideas. 😊 What about toy ideas that I made with Ai? It’s exactly what I want it to look like. I thought I would have to have a trademark and patent it. I’ve been searching everywhere to learn about where I could have it made. I want to take the toy to the toy fair in New York.
Please make sure to do your homework on the toy industry.
😂 thanks for the informative video Andrew and Scott, iam glad Scott didn't yell at me 😅 🙌
Your welcome Donna. Ha Ha very funny. Keep Inventing! - Andrew Krauss, inventRight Co-Founder ( Call, email, book an appointment or request more info about how we can help by visiting us here. inventright.com/contact/ )
Too funny Donna! No worries about yelling 😂
Great video, great info once again. I am a shy person but I think I could work with Scott lol.
Thanks so much! I would be happy to work with you!
Doesn't licencing or selling patents mainly work for the toy industry specifically? Or perhaps basic items like a kitchen gadget? Most ideas I have tend to be complex.
Licensing has been around inventor. It works for everything from a gag novelty gift to an advanced medical device. If the product has benefits and can be made at a price people will pay it can be licensed. If your products are complex they will also of course be more complex for the licensee to make and sell, but that doesn't mean it can't be licensed. - Andrew Krauss, inventRight Co-Founder ( Call, email, book an appointment or request more info about how we can help by visiting us here. inventright.com/contact/ )
Hi Guys - I have an idea for a firearm mechanism that is revolutionary. How would you sell this to the major manufacturers without giving away the secret to how it works ? Rendering is great instead of the cost of making a prototype but it exposes the details of your idea and a NDA isn’t worth the court battle with a company that has deeper pockets than you when they steal your idea. Thanks for your help 😊
Forget it
Unless you have lots of money
I live in Canada. Do you know of any companies that can create a surgical tool prototype?
Keep watching to learn more about how to license your ideas. As far as a prototype goes, it really depends on what type of prototype you need. You might be able to create a crude one yourself or simply modify another product. Then in other cases you will need to pay someone to create one, but don't assume that's always the case. - Andrew Krauss, inventRight Co-Founder ( Call, email, book an appointment or request more info about how we can help by visiting us here. inventright.com/contact/ )
Don't forget that you are selling the benefit of your idea. You are not selling a nice looking prototype. Maybe a virtual prototype on a nice sell sheet will be enough to get people in the industry interested in your technology. From there, you can invest the money of the prospect to build a prototype.
Wisdom of my father: "invest in yourself and convince other to risk their money, not yours. If you fail to convince them, improve your idea or change to a better one"
It's not protection technically, its a stake in the sand
🪙 always gold🥇