Sir you are Awesome!!! I know we're all in this to make money and I know you need to plug your stuff, (Books and Courses) but the free advice you give is the best thing on the Internet. For you to give tips like this is truly inspiring.
So the company that pays for the patent doesn't have their name on it as part owner? How do you word that with proper business etiquette when the time comes. Would love to hear an example
Good question. It's all about the art of negotiation! Stephen's new book "Become a Professional Inventor" devotes a lengthy chapter to negotiating licensing agreements. Check it out: www.amazon.com/gp/product/1653786256/
Stephen, Thanks for your great content! If a company responds and asks for more information on how my product works, should i ask for an NDA at that point? or should i go ahead and show them since i already have a provisional patent? Thanks!
Great question! It depends, like all answers related to patents do. In the past, Stephen felt protected enough by his PPAs that he did not ask for an NDA. Other inventors choose to. Basically, we feel you should have protected yourself to an extent on your own without relying heavily on an NDA. In some cases, like trade secrets, an NDA is crucial.
@@inventRight This is the exact point I'm at. They expressed interest after reviewing my sell sheet and started asking if they could tweak the design (which I don't mind but I did not give them permission to just yet)... and then proceeded to ask about functional specs of applications and performance. Basically I responded with I'd love discuss these matters and more but I do need something in writing such as an NDA that states we are discussing these matters as the answers pertain to functionality and expose trade secrets. Hoping this was good response on my part. What do you think?
Hi Stephen. I bought your book One Simple Idea, still working on watching all the great videos. I have a question that I have not seen addressed in any videos. I did see someone post a question about it in another video but it was asked in a way that did not require you to answer with any specifics why. My question is, why do you recommend product developers submit their ideas to companies as an LLC and not under their own name? Obviously there is the limited liability and protection factor you get under a LLC but are there other reasons? Thanks.
Dear Stephen, thank you for the precious knowledge. I have a few questions: I don’t understand a few points in this video. Please explain them in more detail. +How knowing the process of manufacturing helps to protect the idea. + What do you mean by staying reasonable ? +Pick the right company to work with. What do you mean by saying that? Thank you in advance!
Great questions Pavel! 1. If someone can make your product more cheaply very easily, that puts you in obvious danger of copycats, me-too products, and having your licensee decide to work around you. Conversely, using special materials could be a form of protection. Most patents fail to include manufacturing methods. So, this is also a way of potentially getting protection on an idea that is already patented. Your application will be stronger for having considered alternative manufacturing processes/materials etc. 2. These articles go in deep on this subject: www.inc.com/stephen-key/how-being-reasonable-helps-protect-your-great-idea.html www.entrepreneur.com/article/327271 3. One of the best ways of protecting yourself is by only approaching and working with inventor-friendly companies. Here are some examples of what that looks like in practice: www.inc.com/stephen-key/dont-finalize-that-contract-yet-17-signs-youre-working-with-wrong-prospect.html If you're looking for help commercializing your product idea, reach out: www.inventright.com/contact
Is that having a PPA is a must? Can't we present our idea to a company with only a NDA? If that company steal our idea can't we get any action for that legally?? Thanks for your advice !!! Really appreciate!!
Doesn't having all the CAD files where the invention was built from the beginning and 3D image renderings of the process and product enough proof/protection?
Absolutely. If you know the cheapest way to make your idea, you protect yourself - because if you don't, someone else might beat you to the punch. Products that cannot be made at the right price never see the light of day. Why continue working on an idea that cannot be made affordably enough? If you need to redesign, you need to know sooner than later! There's a lot of info online these days about manufacturing, and you could also call a contract manufacturer to get the insight you need. Thanks for watching!
Stephen's 20+ patents are on the wall in his office. Behind him are many of his own products, products he has worked on, products invented by students of his coaching program inventRight, products invented by his friends, and more. Thank you for asking.
if you have a PPA and have had your product made on your own, and have been selling it, within the 12 months, could a company still license it, would they be willing? would they be able to get it patented?
Existing sales can definitely lead to a licensing deal. Our cofounder Andrew Krauss would be happy to discuss these questions with you: www.meetme.so/AndrewKrauss
Are you new to the licensing business model? We recommend reading Stephen's book "One Simple Idea" - it lays out our 10-step process for licensing ideas in very easy to understand terms: www.amazon.com/One-Simple-Idea-Revised-Expanded/dp/1259589676
@@asmith7094 Because this book has helped many, many people license their ideas for products. It was updated in 2015 and is as relevant as ever. That said, if you're looking for a newer resource, Stephen just published a new book "Become a Professional." You can find One Simple Idea at many libraries in the U.S. Thanks for asking!
There's one guy on UA-cam saying that you can show your invention to companies without having a PPA and you can still be protected as long as you file a PPA within one year of that public disclosure. Is this true or is he just rambling?
When it comes to IP, there are ONLY grays - never black or white. It's always a matter of how much risk you want to take on. So yes, that's one interpretation of what you can do. Remember, it's called IP strategy for a reason!
Here's more on PPA strategy that may be useful to you: www.inc.com/stephen-key/what-to-do-when-your-provisional-patent-application-is-about-to-expire.html.
I still don't understand. If I have an idea about a product that is printed on a piece of paper, then I risk everything without a patent, No? Can I protect with Copyright, or is that only for that specific conceptualization of the idea and if they write it differently, then they can print it. If I show the prototype, then they can just do it and cut me out.
Hi Claude. Have you read either of Stephen's books? His strategies are laid out in-depth there: www.amazon.com/One-Simple-Idea-Revised-Expanded/dp/1259589676 www.amazon.com/Sell-Your-Ideas-Without-Patent/dp/1507885733/
Great question! Andrew is doing a live Q&A today at 4pm Pacific on our channel - that's a great time to get your question answered! ua-cam.com/video/sPhNU0ZpoRM/v-deo.html
One good reason why Patent attorneys are not inventors or depend on inventing products for a living is because being a patent guarantees huge profits per patent they process. By inventing is like a singer trying to be successful competing with millions of great singers. like being an drawing artist hoping to be the next Monet.
inventRight's focus is on physical products. There are a lot of challenges regarding licensing an idea to the software industry. For one, because it is such a crowded sphere IP-wise to begin with. More on that here: www.inc.com/stephen-key/want-to-license-an-idea-avoid-these-5-industries.html.
How to write a provisional patent application that has value in the marketplace: www.forbes.com/sites/stephenkey/2018/03/31/how-to-write-a-provisional-patent-application-that-has-value/#918211552700
Hi Jonathan! Are you planning on bringing it to market? If so, check out our free resources! Here is a video explaining what they are, with links on the description: goo.gl/5Ssisc. If you want personalized help, you can also consult with us about whether our Licensing Bootcamp is right for you, by setting an appointment through our online calendar: www.inventright.com/contact. Or if you prefer, you can call us directly at +1-650-793-1477. However if you just call us, there is a good chance we'll be on the line helping a student when you call. So if we don't pick up, feel free to leave a voice mail and we'll get back to you quickly. Thank you for watching!
" If Apple cannot protect its IP...". AGREE ! This reaffirms my thinking that EVERY PATENT can be DESIGNED AROUND. Patents do not protect your ideas. We need to understand the meaning of ideas vs patents. Only patent agents and gov are guaranteed to profit from every patent filed and processed. 9/10 patents are worthless or never led to commercial success. Patenting is thus Over-rated. It can be useful but overall, considering the low success rates of commercial success, its OVER-RATED.
inventRightTV You cannot be more welcomed. Lets Expose the Flaws or weaknesses or imperfections in the Patent Systems. Legal systems always benefit the rich because it was designed by the rich for the rich .
I have highly acute senses maybe it's just me but each time Stephen get excited and start shouting words he wants to emphasize I get so startled., so I switch the volume down, but his tone starts to get soft again & I have to turn the volume up to understand what he's saying.Then I start to relax again, then he does it again & it's so freaking loud, I have to repeat the volume adjusting ritual all over again. Seriously watching these videos are like riding a roller coaster, I continue to get startled intermittenly throughout the entire 11:38 mins. I want to hear what he's saying because it's valuable, but it's presented in such a way, that just watching it , it feels like torture. Please let Stephen know to STOP SCREAMING, so I can actually LEARN from him, or else I'm just having heart attacks & learning NOTHING!
Sir you are Awesome!!! I know we're all in this to make money and I know you need to plug your stuff, (Books and Courses) but the free advice you give is the best thing on the Internet. For you to give tips like this is truly inspiring.
Thank you.
Binge watching Inventright TV videos and this ones another winner thanks Stephen.
Thank you for watching and the feedback!
You are the BEST Stephen!!!
Love your presentation!!!!!!😀
So the company that pays for the patent doesn't have their name on it as part owner? How do you word that with proper business etiquette when the time comes. Would love to hear an example
Good question. It's all about the art of negotiation! Stephen's new book "Become a Professional Inventor" devotes a lengthy chapter to negotiating licensing agreements. Check it out: www.amazon.com/gp/product/1653786256/
Thank you!
You're welcome!
Stephen, Thanks for your great content!
If a company responds and asks for more information on how my product works, should i ask for an NDA at that point? or should i go ahead and show them since i already have a provisional patent? Thanks!
Great question! It depends, like all answers related to patents do. In the past, Stephen felt protected enough by his PPAs that he did not ask for an NDA. Other inventors choose to. Basically, we feel you should have protected yourself to an extent on your own without relying heavily on an NDA. In some cases, like trade secrets, an NDA is crucial.
@@inventRight This is the exact point I'm at. They expressed interest after reviewing my sell sheet and started asking if they could tweak the design (which I don't mind but I did not give them permission to just yet)... and then proceeded to ask about functional specs of applications and performance. Basically I responded with I'd love discuss these matters and more but I do need something in writing such as an NDA that states we are discussing these matters as the answers pertain to functionality and expose trade secrets. Hoping this was good response on my part. What do you think?
@@RaeonboatsCompactablefolding what ended up happening? I’m in a similar situation
Hi Stephen. I bought your book One Simple Idea, still working on watching all the great videos. I have a question that I have not seen addressed in any videos. I did see someone post a question about it in another video but it was asked in a way that did not require you to answer with any specifics why. My question is, why do you recommend product developers submit their ideas to companies as an LLC and not under their own name? Obviously there is the limited liability and protection factor you get under a LLC but are there other reasons? Thanks.
I have the same question after reading that book.
Dear Stephen, thank you for the precious knowledge.
I have a few questions:
I don’t understand a few points in this video. Please explain them in more detail.
+How knowing the process of manufacturing helps to protect the idea.
+ What do you mean by staying reasonable ?
+Pick the right company to work with. What do you mean by saying that?
Thank you in advance!
Great questions Pavel!
1. If someone can make your product more cheaply very easily, that puts you in obvious danger of copycats, me-too products, and having your licensee decide to work around you. Conversely, using special materials could be a form of protection. Most patents fail to include manufacturing methods. So, this is also a way of potentially getting protection on an idea that is already patented. Your application will be stronger for having considered alternative manufacturing processes/materials etc.
2. These articles go in deep on this subject:
www.inc.com/stephen-key/how-being-reasonable-helps-protect-your-great-idea.html
www.entrepreneur.com/article/327271
3. One of the best ways of protecting yourself is by only approaching and working with inventor-friendly companies. Here are some examples of what that looks like in practice: www.inc.com/stephen-key/dont-finalize-that-contract-yet-17-signs-youre-working-with-wrong-prospect.html
If you're looking for help commercializing your product idea, reach out: www.inventright.com/contact
Hi, I love your videos! Thank You! Can I file a provisional patent application using a Big Company name as part of the name/title of my idea?
Is that having a PPA is a must? Can't we present our idea to a company with only a NDA? If that company steal our idea can't we get any action for that legally??
Thanks for your advice !!! Really appreciate!!
YOU ROCK MAN, YOU'RE AWESOME!!!
Doesn't having all the CAD files where the invention was built from the beginning and 3D image renderings of the process and product enough proof/protection?
Enough for whom?
I appreciate it
Thank you Mr Key
Very Interesting Stephen
But i couldn't understand that how knowing the manufacturing process is a kind of protection.
Could you please clear it up?
Absolutely. If you know the cheapest way to make your idea, you protect yourself - because if you don't, someone else might beat you to the punch. Products that cannot be made at the right price never see the light of day. Why continue working on an idea that cannot be made affordably enough? If you need to redesign, you need to know sooner than later! There's a lot of info online these days about manufacturing, and you could also call a contract manufacturer to get the insight you need. Thanks for watching!
may you explain all the products on your wall? are they patents that you own?
Stephen's 20+ patents are on the wall in his office. Behind him are many of his own products, products he has worked on, products invented by students of his coaching program inventRight, products invented by his friends, and more. Thank you for asking.
if you have a PPA and have had your product made on your own, and have been selling it, within the 12 months, could a company still license it, would they be willing? would they be able to get it patented?
Existing sales can definitely lead to a licensing deal. Our cofounder Andrew Krauss would be happy to discuss these questions with you: www.meetme.so/AndrewKrauss
I have a bunch of ideas for the auto industry. Is there a manufacturer that is preferable to work with?
Are you new to the licensing business model? We recommend reading Stephen's book "One Simple Idea" - it lays out our 10-step process for licensing ideas in very easy to understand terms: www.amazon.com/One-Simple-Idea-Revised-Expanded/dp/1259589676
inventRightTV why choose this book? It is about 5 years old. I’d it out of date in any way?
@@asmith7094 Because this book has helped many, many people license their ideas for products. It was updated in 2015 and is as relevant as ever. That said, if you're looking for a newer resource, Stephen just published a new book "Become a Professional." You can find One Simple Idea at many libraries in the U.S. Thanks for asking!
Can I file an American PPA as a UK citizen? Cheers
Is it possible for non-Americans, living outside the US, to do all of the above?
Yes. We have coached students from more than 60 countries.
@@inventRight Thank you.
When filing a provisional patent application do you recommend adding claims or not?
Yes. If your licensee asks to see your PPA, you want it to be as strong as possible, and that means claims. Thanks for watching!
There's one guy on UA-cam saying that you can show your invention to companies without having a PPA and you can still be protected as long as you file a PPA within one year of that public disclosure. Is this true or is he just rambling?
When it comes to IP, there are ONLY grays - never black or white. It's always a matter of how much risk you want to take on. So yes, that's one interpretation of what you can do. Remember, it's called IP strategy for a reason!
Here's more on PPA strategy that may be useful to you: www.inc.com/stephen-key/what-to-do-when-your-provisional-patent-application-is-about-to-expire.html.
Your info's been a game changer for me. Thanks!
But you cannot file a PPA for a design patent correct?
Correct. Here's more information on design patents: www.inc.com/stephen-key/how-to-license-a-design-patent.html
Hi I have an idea that has a medical application, I'm broke and disabled please I need direction and advice , kind regards tim
Find your local inventor group.
I still don't understand. If I have an idea about a product that is printed on a piece of paper, then I risk everything without a patent, No? Can I protect with Copyright, or is that only for that specific conceptualization of the idea and if they write it differently, then they can print it. If I show the prototype, then they can just do it and cut me out.
Hi Claude. Have you read either of Stephen's books? His strategies are laid out in-depth there:
www.amazon.com/One-Simple-Idea-Revised-Expanded/dp/1259589676
www.amazon.com/Sell-Your-Ideas-Without-Patent/dp/1507885733/
Can you license a app idea to big company?? Please help
Great question! Andrew is doing a live Q&A today at 4pm Pacific on our channel - that's a great time to get your question answered! ua-cam.com/video/sPhNU0ZpoRM/v-deo.html
One good reason why Patent attorneys are not inventors or depend on inventing products for a living is because being a patent guarantees huge profits per patent they process. By inventing is like a singer trying to be successful competing with millions of great singers. like being an drawing artist hoping to be the next Monet.
Hi have any of you guys ever submitted a product to be licensed by Google Samsung IBM???
inventRight's focus is on physical products. There are a lot of challenges regarding licensing an idea to the software industry. For one, because it is such a crowded sphere IP-wise to begin with. More on that here: www.inc.com/stephen-key/want-to-license-an-idea-avoid-these-5-industries.html.
It's Not Just An Software Idea.inventRightTV
How to write a provisional patent application that has value in the marketplace: www.forbes.com/sites/stephenkey/2018/03/31/how-to-write-a-provisional-patent-application-that-has-value/#918211552700
Are these tips only for US people? Because I'm german :/
They are for everyone!
Zero dislikes, epic!
Isn't great Dee? :)
I have a pretty good idea. I feel like it will make money!
Hi Jonathan!
Are you planning on bringing it to market?
If so, check out our free resources!
Here is a video explaining what they are, with links on the description: goo.gl/5Ssisc.
If you want personalized help, you can also consult with us about whether our Licensing Bootcamp is right for you, by setting an appointment through our online calendar: www.inventright.com/contact.
Or if you prefer, you can call us directly at +1-650-793-1477. However if you just call us, there is a good chance we'll be on the line helping a student when you call. So if we don't pick up, feel free to leave a voice mail and we'll get back to you quickly.
Thank you for watching!
I have 1 idea / invention in the works with ownmyinvention.com
I have an amazing idea that I know it will be amazing in the market. I need help, I don't know where to start. I need help.
I took a small company to court, LEGO....lol.
congrats your awesome
Did you win?
" If Apple cannot protect its IP...". AGREE !
This reaffirms my thinking that EVERY PATENT can be DESIGNED AROUND.
Patents do not protect your ideas. We need to understand the meaning of ideas vs patents. Only patent agents and gov are guaranteed to profit from every patent filed and processed. 9/10 patents are worthless or never led to commercial success. Patenting is thus Over-rated. It can be useful but overall, considering the low success rates of commercial success, its OVER-RATED.
Thanks for helping us spread the word!
inventRightTV You cannot be more welcomed. Lets Expose the Flaws or weaknesses or imperfections in the Patent Systems. Legal systems always benefit the rich because it was designed by the rich for the rich .
What does he mean if they ask for a patent then run??? I would think that means they are trying to see if you're legit??? Or how wrong am I?? Lol
What happened with Lego?
www.leagle.com/decision/20031457261fsupp2d119611343
so may as well hire an Attorney!!!!! LOL
How has hiring an attorney helped protect your invention ideas?
I have highly acute senses maybe it's just me but each time Stephen get excited and start shouting words he wants to emphasize I get so startled., so I switch the volume down, but his tone starts to get soft again & I have to turn the volume up to understand what he's saying.Then I start to relax again, then he does it again & it's so freaking loud, I have to repeat the volume adjusting ritual all over again. Seriously watching these videos are like riding a roller coaster, I continue to get startled intermittenly throughout the entire 11:38 mins. I want to hear what he's saying because it's valuable, but it's presented in such a way, that just watching it , it feels like torture. Please let Stephen know to STOP SCREAMING, so I can actually LEARN from him, or else I'm just having heart attacks & learning NOTHING!
Have you considered reading his book "One Simple Idea"? www.amazon.com/One-Simple-Idea-Revised-Expanded/dp/1259589676
NDA can be circumvented
They sure can, just like all forms of IP!
inventRightTV I like the way you responded to my assertions.
KFC went downhill so now the kernel is giving advice on youtube
Be good