How to Pitch Your Ideas and Get Companies To Say YES
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- čas přidán 17. 07. 2024
- Hi! We're Stephen Key and Andrew Krauss, cofounders of inventRight. Let us show you how to pitch your invention ideas to companies and get them to say, "Yes! We want to license that concept from you."
You can learn more about how we help creative people bring their ideas to market here: www.inventright.com.
This book will teach you how to license your ideas for products in 10 simple steps: www.amazon.com/One-Simple-Idea-Revised-Expanded/dp/1259589676
Hello, I'm a new Product Developer and I have partnered with NFL Player. We have a product we call TeleFrame. You can see it at www.Teleframe.co and it could be successful but I'm absolutely HORRIBLE at getting our product to the right companies... any suggestions?
Thank You for giving the correct advise here, I knows very well first hand about what not to do. I worked for a Mfg. Co. that I one day read one of the Trade Magazine's about a new thermo-plastic elastomer, that sparked a Product Idea, hence forth the Silicone Kitchen Products you see on the Market came from my Patient, that unfortunately for myself, after spending my entire 401 K, My C.D Saving, for Business Attorney Fee's etc... only during the process , had to get a impacted wisdom tooth surgically removed due to extreme painful conditions. I had a problematic extraction that was a surgical disaster, only waking out of surgery with disorientation, finding out I had , had a stroke due to being under too long and the fact a main nerve was severed which left me struggling with rehab for years. This distraction put my Patient into a abandoned status. Loosing all of my savings , time , efforts. And my Idea had Won and was Awarded funding through the MN State Advanced Manufacturing Contest. So some even with full intentions to Succeed can suffer circumstances beyond their control as why it was not Completed. Knowing what I know now, I would Never Again apply for a Patient, I would recommend Sending Yourself Return Receipts Sealed with a Inked Stamped Seal to Yourself, (but do not open, leave sealed for any Judge to Open, Save it in Safe, than Make sure to Copy Right Your Work, and Disclose All Rights Reserved on All Correspondence Copies, Have all Signed Non-Disclosure Contracts before disclosure of my Idea, to And another hint is , if Patient way is what someone chooses, knowing that a Senior Patient Attorney of at least 12 years, has advantages if it is needed to go into Court Proceedings. Just sayin, I look at all the utensils made out of my original idea to implement my idea to introduce Silicone to the kitchen utensil market, knowing the technical end of the temperature sensitivity properties. I'm reminded of how I Lost Sooo Much. Thanks for listening, Diana
p.s., I get a plethora of New Idea's everyday, my goal is to just Sell or Lease Them to those who have the means for manifesting the products at there facility in a very expedient manner, and just give me 2% net of wholesale price for 12 years, so what can you do to help me get this accomplished, do You have any suggestions ? Is that too low of compensation?
My notes for video:
czcams.com/video/ZMl-gxwwOsI/video.html
"how to pitch your ideas and get companies to say yes"
wrong way to invent
idea>prototype>patent>pitch to companies
open innovation: companies that accept outside ideas for new products
the novelty gift industry was one of the first open innovation markets
make a list of companies and if they don't want to see outside ideas, kick them to curb
Manufacturing vs Licensing link (not inventright):
www.inventorinsights.com/Licensing_Vs_Manufacturing.html
LICENSING
advantages:
fast speed to market
low risk
no capital raising
good for idea people with no interest in running company
no experience required
small time investment
live anywhere
use other people's money, mfg, sales, and distribution
time invested to profit is very high
disadvantages:
less control, some want you to stay involved, some want you to go away
ROI high but less money per project
VENTURING
advantages:
total control
greater financial reward per idea
good for smaller potential or niche items
disadvantages:
high financial risk
slow speed to market
must dump everything else you are doing, 60 hour work weeks
day to day doesn't inventors
not 15 calls to 15 companies, thousands of calls
employee, cash flow, transportation, mfg, collection, etc.
photoshop prototype for $80 or use frankenstein prototyping (cannibalize other products
for pieces)
when you pitch you are only as good as the idea you are pitching them, history doesn't
matter, you need a good idea + quality of presentation.
>>>you have to take away risk from potential licensee to get them to say yes
>your benefits have to be clear
>large market
>easy to demo
>have to get it problem>solution>customers will love it
>need to understand a little about mfg (can it be made at a good price point), look at a
similar manufactured product, get a quote
from a contract manufacturers, find a trade association to get list of contract
manufacturers(takes away risk)
if they like your idea they will ask 2 questions:
How do we do it? mfg
What does it cost?
most companies don't care if you have a patent
most products on the market don't have a patent
file a PPA (gives perceived ownership), year later have licensee file full patent
?kev asks what are companies and industries that don't use patents?
very few companies are waiting there to knock off your idea, very small percentage, its bad
business to steal ideas because of internet
good negotiation skills
minimum guarantee to royalty rates, many other things, be flexible, understand what they
need and what's important to you
don't ask for large up front fee
FOR YOUR PRESENTATION
sell sheet (advertising for manufacturers customer) which has:
benefit statement
prototype
(looks like, works like, drawing or photoshopped)
don't spend a lot of money, prove it works, (you are only selling the benefit), you can
license the idea without know how the idea works, you can delay companies in a million
ways
make sure your sell sheet looks professional, don't do it yourself, use elance or fivver, or
something else $50 to $150
embed a video in the sell sheet so they can click on it, make it unlisted so only the link
holders "click here to watch the video"
have before and after
use your iphone make it 30 to 60 seconds, more people are licensing with little videos
you can do crazy volume with licensing
not every company will be interested
may need to try about 15-25 companies
if there aren't 20ish potential mfgs/licensees, then it may be a bad idea
have lots of ideas and a lot of companies for each idea
you can stay in industry and use your contacts
tradeshows, learn the people in industries, build a network and then feed them ideas,
sometimes they'll tell you what they are looking for
kev says: ask each company you call what they are looking for(works like book
publishers)
if negotiation drags on, be persistent, polite, patient, nad have perceived ownership PPA,
you may have to educate companies on licensing
negotiations always take longer than expected 1.5 to 3 months emails and phone calls
back and forth
you may have to call up to move project along, if it takes too long you may lose deal,
people change jobs, leave, timing may not be right
keep moving forward
kev says: "the problem(not the product) determines the path
kev asks: how many ideas, how many companies, what other questions?
you can piggyback on other people's products
do an add on for a popular product
you can venture and then license
>>>>>industrial and commercial product do much more $$$ sales than consumer
products!!
kev says: think about above more
kev says may also be easier to market to
book idea "inventors magic recipes"
think of each item on the list as equivalent to baking something, will flour go into it?(sell
sheet) probably yes, will I put cinammon in it?(IP) no(1 time seasonal novelty idea) if you
want a magic recipe for infomercial product:infomercial products are price point specific,
demonstrable, have a huge market, no niche products, its all about the video, retail price is
5x mfg price
notice that the magic formula is dependant on many factors including where you start
from: idea, problem, market, existing product, etc.
all star product need and want ideas
infomercial companies are easy to submit to, some you need to watch out for
make sure to kick the tires of each company you are considering, due diligence
company name + complaints
??ask stephen, which companies should you watch out for?
This file, future updates, and other files available on:
www.meetup.com/Arizona-Inventors-Club/files/
Wow thank you so much!
Really enjoyed this webinar! I had no idea what licensing was. I just assumed that the only path was to start a company, market my product and find a distributor . None of these areas I have experience in. I've created a product for the health care industry that solves a problem that has frustrated me for years with my therapy patients. Thanks Guys, for the awesome information and direction.
+Cheri Smith Glad you found our channel! We offer a lot of resources for people who want to bring their ideas to market, including this CZcams channel, Stephen's books, Stephen's weekly online articles for Inc. and Entrepreneur, and of course, our one-on-one coaching program. If you are looking for a coach, keep us in mind: inventright.com/. Thanks for watching.
This was a lot of help. Have been listening to this one in the background, while working on other things. It helps to lock in a lot of the necessary things to keep in mind, when doing this. Thousands of calls, that's what this is about. Lots of calling, persuading, people skills, and so much more.
Yes - you really do have to hustle. Thanks for watching!
Thank you! I really needed this information.
Ding, Your welcome. Come on back to watch more inventRight TV when you have time! Andrew Krauss : inventRight.com Co-Founder
You guys are awesome! I cannot belive this channel has been existing for 10 years!😱 Stephen has become a mentor for me🙏 Im fluent in spanish, so my dream is to have a talk to Stephen and see if we can make a chanel in Spanish for the Hispanic Inventors❤
Thank you!
Stephen
Thank you so much, Stephen and Andrew! Excellent information!
Great video Stephen- Happy New Year to you and the family.
Lou Anne, Thanks and happy New Year to your family as well. I wish you much success with your ideas in 2014! Stephen Key : inventRight Co-Founder
This video is so interesting and empowering, I sure will continue watching your videos. Thank you Andrew and Stephen. I'm so ready to venture out to do all you're teaching us Inventors, again thank you very much! 💖Maggie
Yes
25:45 is the Key! One page Sell Sheet, like a beautiful little billboard. Must be something that the manufacturer would look at and say, "Wow, if my customers would see this, they would buy it!"
i'm learning so much from you guys , both of you also make me smile, u r absolutely great.
That's awesome to hear! Thank you.
Thank you guys very much.
Thanks again!! Watched it multiple times and learned a ton.
Question: Is there a different approach for an enhancement product that would have to be presented to vehicle manufactures that would solve an issue that every car has. It currently doesn't exist and is a very simple and cheap solution. Just didn't know how to approach this,...... I heard vehicle maker inventions go into a vehicle manufacture book that they all review...??? Is that correct or was I misled?
Very informative videos guys. Thanks for the help. I have renewed encouragement after watching your videos. The wealth of knowledge you can offer the would be product developer is awesome. Once again that's and keep up the good work.
Thank you for the kind words! Appreciate them.
Thank you for this! Great information.
I have a very good invention/idea that really works and will have to start somewhere. Thank you 👍
We'd love to help! Please check out our library of articles related to inventing and product development: www.inventright.com/help/licensing-library.
Thank you So Much! you guys are the best!
Thanks for watching Kirk!
Thank you. Love you guys.
YOU GUYS ARE AWESOME !
wonderful video . Thank you.
Clear & informative information here, thanks for sharing the video!
Thank you for watching!
Very helpful information!!
thank you for the replay of the webinar! :D
is it advisable to show sell sheet right away?
or always have perceived ownership first?
Patrick Dooc Patrick, Yes, but make sure to file your PPA first. Andrew Krauss : inventRight.com Co-Founder
Great job guys!! You both work so well together!! Thank you so much for ALL of your fantastic videos!! I'm soooo grateful that I found you both before I sunk in 15k to a company with my idea, and they can't tell me whether or not it's a go until they do their search and of course they'd already be paid thousands. I cancelled my appointment with them and started listening to you two!!
My only issue is I'm a bit intimidated and scared to bring my idea forward and I'm not sure who to get in contact with to try and sell the idea? I am glad you spoke of infomercials and All Star Products, that's helpful.
If you see this message, can you tell me who I ask for when I call a company to share my idea with?
Thanks soooo much, from the bottom of my heart, you two are amazing!!
Hi Ellen. Thank you for the kind words! Please pick up a copy of Stephen's book "One Simple Idea" in your local library or on Amazon - that is the quickest way to understand exactly how you can do this. Yes, you! Another resource you should check out is our licensing library (www.inventright.com/help/licensing-library) and free ebook "Getting In." If you scroll to the bottom of our homepage, you can sign up to receive it: www.inventright.com/.
Awesome, awesome video. Thank you so very much!!!
+Kimberly Kates-Bell You're welcome!
A fascinating workaround Colt's Patent: czcams.com/video/gGTApSa7Am4/video.html
Thanks so much for bringing this mine field down to earth a little, Are the rules about PPA etc the same in the UK for example?
And just to confirm, You need to get a PPA for every country you are going to attempt to sell in?
Thank You both so much for offering this information. My stress level has dropped substantially since finding you...:)
BigFoot Products Canada Thank you.
Me too!
Hi, Great Info . Thanks
Lots and lots of good information... great video
Thank you for watching!
This information is worth a million dollars thank you.
Thank you for watching!
Steffi Lolo , its about that they like your idea, and that they can work with you, and trust you, its not about ur education or what tooth paste you use.
so they give it away for free?
i really like Tht you guys know ur students personally. ...
When did they have John From Allstar products ? is that video posted on you channel ?
Great work guys. I was wondering do I even need to do a PPA if it's in the fast paced toy industry. I understand Stephen didnt even file a PPA for the wallball but is it too risky? And what if a company asks for a PPA and you dont have one?
i learned more in this video than i have learned about the business since i started on this journey
Please keep watching and reading! inventright.com/help/licensing-library
Stephen's bestselling book "One Simple Idea" is another great resource: www.amazon.com/One-Simple-Idea-Revised-Expanded/dp/1259589676
Thanks
great video
Thanks Andrew and Stephen! This video covered a lot of great info. The details you gave about infomercials were new to me and are good to know. As others have mentioned, it would be great to see some videos that go over the sections of a contract and how to negotiate each section. Perhaps you could use a separate slide for each section of a contract.
Thanks!
Yes, we'll be doing more videos in the future. Every week in fact! -Andrew
Hi guys. Very informative stuff... Immensely valuable information! But I have a quick question: I have a very interesting pet product idea that will make a great licensing play. However, is it better to present it to the store (i.e. Wal Mart or PetSmart), or should I present it to the product manufacturer like Arm & Hammer? Thanks in advance for your help...
Man, I'm very motivated.
are CZcams advertising commercials ideas protected
I was so disappointed that I missed this webinar!
Well, now you have the re-play. Glad we could provide this for you. -Andrew
I love this guys there speech is very clear and totally helpful ... finally i found the right place to start my idea,way to go INVENT RIGHT awesome...
By the way im a first timer... i want to ask a question what do i have to do first ? i already have a drawing putting a name on it and some of the idea i made is half way done do i need a license for that already or need to finish the whole thing. Please give me idea so i can do this little by little....
Thank guy i keep watching all your vid im adding it on my video list very useful.
Brian Secretaria Hey Brian. If you're looking for an overview of the process, my book One Simple Idea lays it all out. You can probably find it at your local library.
thank you Stephen Key .. :) happy much
Steve is great! Excellent advice. Please quit cutting off Steve when he is trying to make comments.
No worries! Thanks for watching!
Thank you for this information. The advantages and disadvantages did help with the choice on how to decide which way to market my products. You were going to touch on how to negotiate a deal, which you were unable to due to time constraints. Is there information that you could post on this subject?
Karla, Yes, we'll make sure to future inventRight TV shows on negotiating. - Andrew Krauss : inventRight.com Co-Founder
I have an app that I'm working on do I go to a regular company or do I go to app company
great video guys! How do I put a value or percentage on my idea? Is there a standard range?
Royalty rates are typically between 3 and 7 percent but there are always factors that can swing it in either direction. For more on royalty rates and negotiating, check out our licensing library www.inventright.com/help/licensing-library.
I have a meeting in 30 mins to pitch my product to a company! Thanks for the advice
Get it! And good luck.
How did it go?
Good luck with everything
I've just looked on the Google patent page for my Idea, I found something on there that was similar but not as good as my idea but was down the same avenue, as I looked closer It said that the Patent licence had not been renewed for about 8 years and it was expired, does this give me a green light or not?
Hi Guys, great video, Thank you!
I have a couple of questions:
-how do you protect yourself when getting a quote from contract manufacturer?
-do you ever show your ppa aplication to licencees?
+ricardoarnedo Great questions! There are a couple ways with a contract manufacturer. If you're just looking for general information, you don't need to reveal the specifics of your idea to potentially get good info. You could ask in a roundabout way, or for the different parts of your innovation, or just approach it as a fact finding mission. If you need specific details/want to share more, ask them to sign an NDA. Always research who you are working with first. No, your IP is yours. We do not recommend doing that. Thanks for watching!
inventRightTV
Wow, thx for the promt answer. I read somewhere that Andrew recomended showing only the specifications and not the claims if the licencee wants to see the PPA, is that any different?
Another question, I am trying to get in touch with Johnson and Johnson, I found they have an Idea Portal (www.jnjinnovation.com/partner-with-us). There they accept submissions but they claim "any ideas submitted through this portal should be on a non-confidential basis". What does that means? and is it safe to share an idea under does conditions? Thanks a LOT you guys rule, I've been following you since 08'.
+ricardoarnedo I'm not a patent attorney. I am not giving legal advice. Claims are extremely hard to write. Not required on PPAs. If you're going to be filing a PCT one claim might be important. Johnson& Johnson= blackhole. Because it's non-confidential they can share your ideas with others. Always read the fine print. Thanks for watching!
Thank you! So much!
Just to share my experience, today I called the 3rd company in my list (not a multinational) and the operator transferred me directly to the general manager (I was not ready for that, my bad) and he said they are always open to new ideas and agreed to look at my idea!
Thank you for all the advice that you offer for FREE on the web.
+Stephen Key
funny you should mention Johnson&Johnson. I had someone in my inventors group last week that got a 5 million dollar check from them(after months of interaction) and then had a 7 million dollar lawsuit from Johnson&Johnson waiting for him when he got home. During the meeting they were all smiles.
Geoff Lewis
Do you recommend a attorney going with someone when presenting their Idea to a company?
No. And, presenting an idea in person rarely happens because it isn't necessary. More on how bringing in your attorney too quickly kills a deal: www.inc.com/stephen-key/bringing-in-an-attorney-too-quickly-is-a-surefire-way-to-kill-your-deal.html. People confuse legal guidance with business advice. If you're looking for business advice, we run a one-on-one coaching program: inventright.com.
What can you expect your take to be when licensing a $19.95 product? How is the pricing structure setup typically?
Please read this article to help calculate what your invention is worth, royalties, and more: www.inc.com/stephen-key/what-s-your-invention-worth.html
Thank you guys great tips and presentation. I have one question Is it possible for me file a PPA from India working from here.
Suman Mummaneni Yes
thts funny I thought of the mulch wizard a couple yrs... BC im a land scapeing manager. ..Lol... hated replacing it...
I have watched a ton of your vlogs, this is ol' school.
True. Thanks for watching!
Love the powerpoint slides! Helps for following along!
Awesome video 👌How do I attend your webinars?
Subscribe to our newsletter to learn about all our free webinars.
Lots of information.
what specific terms should I know?
+Victor Ramos I'm not sure of your question.
Awesome information! What if I have an Idea, that I know I can make a prototype for, that incorporates a different product to function: ie: How people use Raspberry Pi computers to run programs on misc. inventions?
Hi Brett. Without knowing more, it's pretty difficult to comment. You can get in touch with us here if you'd like to talk about it: www.inventright.com/contact.
Like I didn't invent the Rasberry Pi, But I have an idea that would require the Rasberry Pi to to function the way I envision. It's not quite piggybacking, because I would prefer to sell the product as Plug and Play (already incorporating the hardware/software) But, I'm concerned about infringing on an existing Patent for the Pi. Makes sense?
So once you have a good sell sheet do you just email it to the company or do you tell them first that you have a product they may be interested in licensing from you? Then if they are interested you send it to them. Is calling or email better?
Great questions! You want to touch base first before sending anything over - to get permission to send your sell sheet, essentially. Many people are using LinkedIn. Watch our new series on using LinkedIn to find out more. Our free ebook also tackles the process of how to get in: www.inventright.com/getting-in
Hi guys your videos are so helpful and informative! Just one question; I live in Australia and i have an idea that I'm aiming to be sold in 'Bunnings' which is like your 'Walmart' or 'Home Depot' i guess. Its a major national chain store that sells hardware. Could i call them up directly to see if they'd license my idea or would i have to find out who their manufacturer is for the specific material/product? Or even just contact any manufacturer regardless if they are a supplier for that store? **Little Bit Confused About the Process :/**
Thomas Litton I would find manufacturers(potential licensees) that are currently selling products in retail stores you're interested in.
Thank you.
Thank you Stephen!
BITSn Pieces, please know that Stephen will be speaking on the East Coast of Australia in three cities next week! See events here: www.newcastle.edu.au/industry/enterprise-innovation/entrepreneurial-speaker
Hi! I have a quick question. What is the average royalty percentage you would recieve if I were to license out my idea? This product would be used daily.
5% on the wholesale price is very standard.
-Stephen
Question: Who decides how different your product must be, from another product similar to it, before/during patent search? I have a product (a gauging tool) that is similar to another. However, my product only fits and works on one specific iten, where as the other existing tool does not work on the item I have targeted.
That's a very difficult question. You must have a point difference.
And that point of difference can be incredibly small. There are no guarantees. One patent examiner might issue it... While another wouldn't.
Thank you
What about big ideas within the medical field. Software/integrated system idea. Is the idea alone sufficient without the prototype?
It all depends on the medical device. Some medical devices is going to require regulatory approval. But we have seen medical devices get licensed with proof of concept. Great question thank you!
Soon we will be interviewing one of our members that just licensed a medical device. Stay tuned! Please subscribe if you haven’t already.
-Stephen
How do inventors get in touch with companies for licensing. Where do you go? Who to ask to for? Is there specific website to find companies contacts for licensing
Sure go to our free resource page. There’s over 500 companies looking for ideas. InventRight.com
Would Allstar Products Group be you’re go to “as seen on TV” Company to pitch a product to?
Yes
+Shay Alexander
long time no talk, I'm doing an experimental kickstarter (hacking their algorithm to determine variables and values for getting featured). Email me if you want to know more kevin7314 at gmail
btw no inventors club meetings for rest of December
Old but good!
Q: If you get a Provisional Patent, manufacture and sell the item yourself, and then don't follow up with a Non-Provisional Patent within a year (can't afford it, not getting interest, etc.), does that mean everyone else out there now has to deal with your invention as Prior Art in any future patent attempt? If not, can you get locked out of manufacturing your own invention later if someone does?
Provisional patent applications are never published. Learn more about provisional patent applications in these videos:
czcams.com/video/BPdJ-oaPOcY/video.html
czcams.com/video/mBkcXQCuhGU/video.html
czcams.com/video/0rvAWTvyFlE/video.html
Wow ty sirs💪
What about licensing software???......how to do that?
I think what would be nice to show here (IMHO) is advantages vs disadvantages for the companies that will be either licensing the idea or raising capital for the venturing side. For example, under Licensing (Advantage), the list contains “use their money, their manufacturing, their sales…”. From the standpoint of the inventor, it’s all good. But what is the advantage for the company who buys or rents the new idea? I would say that the advantage to them is a new product that could be a game changer for them in their market. So it’s not all positives on one side. It’s win-win on both sides. Again, just my opinion. And it might just be one of those things that it’s “read into”, ie it’s a given. Maybe, maybe not.
We cover this topic in great detail in other videos.
Thanks for the vid, I liked the idea you mentioned that some inventors won't care about running a business and taking care of cashflow but rather would like to be creative which is my character. Can you guys be my mediator to licence my idea to one of the big (toy, gift, stationay or art )companies? I've got a primitive prototype of it made of wood with video showing how the invention acts in reality, no drawings no bs. The idea is one of a kind, and I searched the net in different languages to see if something's close to it but found nothing. Thanks
can you please make a difference of companies such as Private companies (e.g. any private company) and Public companies (e.g. government companies). 2016 i PITCHED my idea to a government organisation at South Africa without licensing or patenting my idea but they told they don't purchase innovation Ideas and they told me to develop the idea and come back when it is functioning and also after I register my company and they will help me to make the idea a reality as long I owned and run the company myself. The question I want to ask is what is the most important first I must if I want to make my Idea into a business? can I register the business first and the license the idea or patent the idea? thank you.
Hi Zolile. Our experience is based on licensing to private companies. Registering your business won't help you get a licensing agreement, but you do want to engage with companies like a professional. (Meaning, use an appropriate email address, come up with a name for your company, have a dedicated phone line where they can call you back, etc.) There are so many ways to spend your time and money that won't actually move your business forward. Please consider reading Stephen Key's bestselling book about how to license ideas. It lays out the process step by step! www.amazon.com/One-Simple-Idea-Revised-Expanded/dp/1259589676
With a provisional patent application, are you able to use that to enforce your idea in court? What if the company steals your idea, or if a competitor in your industry begins to produce your idea? Will the PPA hold up in a law suit? Also I would like to know what is the typical sale structure of the contract for royalties or selling the idea outright?
Hi Curt. These are great questions. A provisional patent application is a tool you can use to further your strategy for getting to market, including securing a licensing deal. Partnering with a powerful company (aka licensing) is one of the best ways of protecting yourself, as they have the deep pockets you need if you decide to pursue an infringement case. If your product is copied - congratulations! People don't copy ideas that don't sell. There are many, many actions you can take to help stem the flow of knockoffs and copycats, which are an unavoidable reality today. We have created hundreds of articles and videos about how to establish and maintain your ownership of your invention. The typical sales structure for royalties is quarterly payments.
@@inventRight yeah I have watched dozens of the videos, and while you have answered the licensing structure you havent answered the legal protection question. You took the time to write this response but still didn't answer the question... don't you think that would be a lot simpler? I am not sure I would like to sign up for your services if you answer every question apart from the one I am asking..
The question of "What if the company steals your idea, or if a competitor in your industry begins to produce your idea?" could be answered with a book. We help inventors do everything in their power to avoid getting into that situation in the first place. However, if you have a popular product, there will be imitators. We do not believe pursuing patent infringement is the best option for inventor-entrepreneurs. Better to win with excellent customer service and distribution. Stephen is very clear on this. We teach our students how to get their licensees to pay for a patent. There's an entire strategy here that is captured in Stephen's books, which we highly recommend:
www.amazon.com/One-Simple-Idea-Revised-Expanded/dp/1259589676
www.amazon.com/Sell-Your-Ideas-Without-Patent/dp/1507885733/
Andrew would be happy to discuss these questions at length: www.meetme.so/AndrewKrauss
@@inventRight how come you don't recommend patent infringement? Expensive yes, but may be ways around the expenses, or I'd your idea is really valuable, you can afford. I think I heard Stephen has been in federal court and it was a doosy, he didn't own what he was attempting to claim
The mean royalty rate is about 5 % of the net sales for patents giving low sales prices and large volumes.
Where do I find manufacturers that produce wrapping paper ?
Look on the Internet!
Can you elaborate on prices in manufacturing.. Examples on rough estimates on a small simple inventions, for someone venturing..
Hi Camee. Amy Jo Brogan of "Straight 2 Licensing" just made a video on researching manufacturing: czcams.com/video/v9wioDOrHDo/video.html
@@inventRight thanks
Thanks for this informative video Stephen. I'm currently working toward licensing an invention. While spreading my story I've had many people recommend that I contact a particular company in Europe (I'm in the US). Will an NDA (and US patent application) protect me at all, or should I file PCT before disclosing outside of the US?
+Tim Lane that's a very complicated question. Filing intellectual property around the world is very expensive. I would suggest legal advice. I have noticed recently even large manufacturing companies don't file intellectual property internationally as much as they used to. Extremely hard to police. Some companies in United States once you sign a licensing agreement with them will extend royalty payments beyond the US if they're selling in other parts of the world, even though you don't have an intellectual property protection. I'm not an attorney. I am not giving legal advice.
+Stephen Key my understanding is that a PCT can be filed within 12 months of establishing a US priority date (so long as the invention hasn't been publicly disclosed); it *kind of* works like a PPA for the rest of the world (lawyers reading this will no doubt chastise this simplification). What I'm really interested in is, since the priority date is set, do you think an NDA will provide the same protection to start a relationship with a German company (that makes no sales in the US) as it would in the US?
+Tim Lane NDA can be powerful. But most of NDA's is just professional way of sharing information. It gives you a level of professionalism. Most likely you will have to sign their NDA. Always read the fine print.
+Stephen Key, the balancing act of trust, carefulness, expediency and equity is a tough one! Thank you for your time and advice.
Do we have to do a patent search first before the PPA? Is the patent search fee $500? Thank you.
Scott, No you don't have to do a patent search, but it's a good idea. You can do a patent search at google.com/patents or uspto.gov . A market search on Google images or Amazon is more important in many instances than a patent search though. What is or isn't in the marketplace tells you a lot. If you find a patent, that just tells you someone spent a bunch of money on a patent. Keep Inventing, Andrew Krauss : inventRight Co-Founder
Hi , i have a question , would it be better for me to sell my product idea's directly to company's or should i sell my idea's to a compagy that sell it to big company's . they ask 200 $ for the product verification , will i loose money you think .. sorry im french .
In our experience, no one will ever work as hard or care more about getting your product to market than you will. www.inc.com/stephen-key/you-re-the-best-person-to-bring-your-idea-to-market-here-s-how.html
Wish there were more info on the 'how to' on cutting a deal. Is there another video on that I haven't seen?
Hi R. We have an entire playlist dedicated to negotiating licensing agreements: czcams.com/play/PLG-tVkiG-bLEsMQBVKejH7CDkx10bE42g.html. You can also read about negotiation strategy in our library of articles: www.inventright.com/help/licensing-library. For more on cutting a win-win deal, consider purchasing Stephen's book "Sell Your Ideas With or Without a Patent" www.amazon.com/Sell-Your-Ideas-Without-Patent/dp/1507885733/. Thanks for watching!
Andrew, Thank you again for you time...much appreciated. Richard
Steven I made a handmade beauty product out of pure frustration and now all my friends are using it and they want their own , I know I have to get a Pro- patent ASAP but USPTO website is so complicated! and the utube "how to" video is out of date! Can you please help and Im sorry I dont have the money for large joining fees! Thank you and I have ordered your book! C
+Carly Hamilton I would suggest reading as much as you can about the process. Filing a provisional patent application is a great first step. Also I would recommend picking up a copy of my first book" One Simple Idea". You can find it on Amazon or your local library. Happy reading!
Ty sirs💪
can you do both at the same time? licensing and venturing?
They can be used in conjunction, for sure: www.inc.com/stephen-key/if-you-have-a-garage-full-of-inventory-you-cannot-sell-try-licensing.html.
I mean can license my idea to a company and do my own thing like selling online? Can I do both?
not sure if you answer questions on a presentation conducted a while back, but you mention licensing your product in another country. How do I do that and still keep perceived ownership of my product? In other words, if I try to sell my product in the UK or China, how do I know those countries will honor the PPT? I’m thinking I can’t, unless I file an international patent and only do businesses with those countries that honor international patents, yes?
Every companies is different every industries different.
I have patented my invention of a specialized musical instrument. too late realized it is only a Canada Patent. I need to get it out there, to find someone that wants to make it etc. got ideas?
gypsylynnlee We have a directory of companies looking for ideas here: www.inventright.com/companies-looking-for-ideas
Hi, what if you have an idea for an app, can you charge a royalty on that?
Licensing apps takes a very different approach.
Superb! How can I get a copy of your powerpoint slides?
Our slides are available to all of our students. Find out more here: inventright.com/.
ONE MORE QUESTION WHAT IF U HAVE A ORIGINAL PRODCUT? DO U THING THE PP IS STILL SAFE ENOUGH ?
Hi I am in Australia. How can I license my idea from Australia.Do I need to come USA?
We have had many students from Australia over the years and they have been successful licensing their ideas! Here is a video that explains why you can license your ideas to American companies from anywhere in the world: czcams.com/video/Yov4zuIgJos/video.html. Thanks for watching!
Fantastic information!! Thank you very much!! We were going to spend way too much money on a very simple idea that has a demand in the billions and does not exists yet.
I have 25 years in the Automotive Industry and found a problem that everybody that owns a car complains about regularly. The solution is so simple and cheap to design that I was very surprised to see it has not been designed by vehicle makers yet.
My question: The cost to make this addition for a vehicle is so cheap that it would probably cost less then a dollar for a car manufacture to design this as part of their manufacturing process on all vehicles. I heard that vehicle makers have a special book that they review for inventions and decide if they want to purchase the idea. Is that true??? Or is their a different process to approach vehicle manufactures as this is very simple but the average person wouldn't want to install the product. It would be best for a vehicle maker to have it be part of their new models.
What is the first step to approach vehicle makers with an idea to enhance their vehicles?
+AL - DW Not familiar with that 'book,' or if there is one. (I'm guessing not.) Inexpensive is usually a good thing! You will have to find out by testing the market. A sell sheet will help you approach manufacturers. If you haven't read One Simple Idea, it lays out the steps. - Stephen
+AL - DW Your invention may cost you a 39 cents to make, but, you can sell it for 4.99. You make huge money when the cost to make is low.
Hey Steve, what are a few ways to find companies that are open to "open innovation"
+maddieirish Calling and asking is always a good idea - it might take you a minute to get to the right person. Companies with inventors' sections are good. Word of mouth - talk to other inventors.
I have received a call back from a rubber manufacturer after advising them that I would like to License an idea to them. However I have a feeling that they think I wish to pay them to manufacture my product. Is this possible they'd think that or am I imagining things?
Hey Stephen really educate myself but this license stuff is a challenge how could I come in for a personal interview
+Tyrone Wilson Hi Tyrone. We run a coaching program. If you're looking for help, see if we're a good fit for you: inventright.com/testimonials.
I want to license a product through or with the NFL. Do I need a PPA?
We aren't lawyers, so this is not legal advice. But, big-picture wise, the NFL is an enormous organization, meaning its highly likely that perceived ownership is very important to them.
How do I sign up for your course?
Very easy. Our email is support@inventright.com or just call us at 650-793-1477
Looking forward to working with you.
-Stephen
Can you license and venture the same product?
David Fedewa answered that question in this video on his channel: czcams.com/video/_AWJHI9CckA/video.html
hi i have an idea but it needs engineer to get done . what should i do ?
+Marouane korma You can find engineers on sites like ELance and Fiverr to work with, which is one route. More on that here: www.entrepreneur.com/article/237593. You may be able to license without working with an engineer. One Simple Idea, Stephen's book, explains how: amzn.to/1UrvfSP.
And how can I protect my idea from them ? Thank u
How does one get in contact with those companies to pitch your idea?
Great question. There are many ways. You can call or use social media, for example. Here's an article about exactly that: www.core77.com/posts/56922/How-to-Reach-Out-to-Companies-For-Product-Licensing-Consideration. And a video from David Fedewa! czcams.com/video/lVAUyKGn4YU/video.html. Thanks for watching.