The Real Story - Selling An Idea Yourself VS Licensing It To Big Company
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- čas přidán 4. 09. 2023
- In this video, inventRight Co-Founder Andrew Krauss interviews inventRight member Tess LaChance and her coach Paul Sorenson. Tess talks about her licensing vs venturing her product. You can support Tess by purchasing her product here. www.bootbinder.com/
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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.
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Appreciate the candor, Tess. This was an exceptional video detailing cost and distribution issues. I see a follow-up success story in your future.
Thank you for the kind words. Tess did a great job and was very transparent. - 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/ )
Wow love this idea!
I agree. Great idea. Keep watching and 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/ )
Always learning thank you for sharing guys! 👍💫
Absolutely. -Andrew
She's braver than me 🤔go girl 👍
Are royalties on the wholesale or retail of the product
Good Luck
Thanks. - 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/ )
Can I get a license deal while raising money for the patent? I have been working with "For Sale by Invenor" to bring my concept to the market. They want almost 5k to start, and another 5k after provisional patent is up for utility patent. I am so stuck, I'm not wanting to start a business with this either. I want to license/lease it out. Its a worldwide product (patent searchs have been completed, assessments are all great, etc.). I'd like to move forward, advice please!
Please do your homework. Type in complaints and lawsuits on anyone you decide to work with.
It depends on the product category and the market, if you venture or license. Tess has a good product, it takes a lot of work and even more money to venture.
This is a great sales video for signing up to license, it will scare the heck out of people. Nothing said here is untrue, other than the $50k to venture, that is way to low; think 10x to 20x in reality. But if you are one of the successful ones it can work out.
Very true. Thanks for watching and 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/ )
I think you’re right. People don’t really understand how expensive it can actually be. If you’re not financially secure, it’s just a hobby.
I have an idea and that product would sell. I started looking into Utility Patents and it seems like anyone can still steal it, which is fine. I want perceived ownership to be able to sell that idea at some point to another company. Or create a company myself. I need information to be able to create and sell the product.
You are in the right place then. Watch our shows and book a call with us if you'd like to get some help. - 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/ )
Thank you for the video. Do you only deal with US or you could guide people in EU also?
We've had helped members in over 65 countries. It doesn't matter where you live. You can license product from anywhere. - 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/ )
Got 6 ideas. Don't know where to start. 😊
Read "One Simple Idea" by Stephen Key - find it in libraries and on Amazon. It describes a proven process for licensing ideas in great detail. You can also contact us for help. Thanks for watching! This process is great for people with lots of ideas.
@@inventRight I solved a problem of a fishing problem that always lost a big catch of fish like tuna. When there line broke. My idea can remove the 6-8 feet tuna out of the water in minutes
Venturing is for rich investors. Licencing is for upstarts. They invest you get a cut.
Exactly. You've got it! - 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/ )
Hey, I think your videos are great but I would like to see the products that's your guest have produced. So I can connect the process with the product and have examples to fall back on. Thank you and keep up the hard work!
Of course. Here are a few of the products our members currently have on the market. inventright.com/buyers-guide/ - 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/ )
What I was wondering about is the process of selecting materials and pricing materials for each component of the product. I got a lot of great insight from each guests and the host. Thank You!
If you can't licence it don't build it yourself. Don't venture with money you can't afford to loose.
While not true for everyone, Stephen and i have found over the last 24 years of doing inventRight that this advice is spot on for most inventors. 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/ )
Love the channel but, your classes are way to much in a society that is inflated. With the platforms out there today, a person can actually do better selling to online consumers than dealing with the whole retail chain mess. ETSY, Ebay, Amazon FBA, Walmart Marketplace and so on. By the time you might close a license deal with a company, you could be a top ranking seller on anyone of these platforms. Again, I appreciate the info here, but you guys too are out to make money by winning people over to sign up for your class. At the end of the day, that's what this channel is for.
Thank you for watching!
I get what you’re saying but it’s still cheaper to licensing your own idea than selling it yourself online. Because product development and manufacturing are expensive.
Sometimes it’s best for people to follow their dreams. Wishing you the best Scott.
I disagree with your comment. Inventright is giving out free information from their own experience as well as from their own students experiences. It’s your own individual choice if you want to enlist in their program that helps guide you and hold you personally accountable for your own success. Stephen and Andrew are the real deal. I appreciate all that you guys are doing. I’ve had many invention ideas over the years and was always skeptical about invention submission companies. I want to get my ideas out there and see what happens before I’m too old. Thanks for your channel and keep on putting out the content
Did you even listen to the interview?
27"": "once you put your product out there, you cant keep file provisional patents". Why not? So long people don't know the exact expiry date (to file one and steal it from you), you keep that strategy to keep costs low.