Why Licensing is Better Than Shark Tank
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- Опубліковано 16 чер 2016
- Stephen and Andrew discuss why licensing is much better than going on Shark Tank.
inventRight is a one-on-one coaching program that helps people license their ideas founded by Andrew Krauss and Stephen Key in 2001. Visit www.inventright.com for more information and to become their student.
Call #1-800-701-7993 to set up an appointment with Andrew or another member of the inventRight team to discuss how they can help you license your ideas.
New to licensing? Read inventRight cofounder Stephen Key’s bestselling book “One Simple Idea: Turn Your Dreams Into a Licensing Goldmine While Letting Others Do the Work” (amzn.to/1LGotjB).
Want to learn how to license your product ideas without a patent? Stephen's book “Sell Your Ideas With or Without a Patent” explains exactly how (amzn.to/1T1dOU2).
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.
I came upon your channel because of Shark Tank. I kept hearing Damon John talk about licensing products. I looked into licensing and found your channel. I have watched several videos and I am currently reading One Simple Idea. I will be a student of yours within 2 months. Thank you guys for all of the great information that you post
just the exposure factor alone is worth trying getting on the show, even if there is no deal achieved in my opinion
Agreed. Also, the sharks do have hookups to plug the 'inventor' in to manufacture and fund whatever is in demand
You're so right! I'm so happy I found out about invent right !
i can't wait to join you guys program. Excited
You guys are very informative! Wow! I miss watching the Shark Tank show and I am so glad you gave a "golden nugget" of reality check. Earlier in this year ideas were popping left and right again and I started taking down those ideas wherever I was. Well, from there I have stopped because I somehow just didn't receive any but NOW I see there is a light at the end of the "tunnel of what next?" Thank you!!!
Thanks for watching! Consider reading Stephen's book "One Simple Idea," it has the roadmap you need: www.amazon.com/One-Simple-Idea-Revised-Expanded/dp/1259589676
Boy I am glad I found you guys.
Lots of good info! Thanks for another great video!
smack bang in the middle of a major decision this week . .i have to say my brain is fried and devoid of creativity right now too, simply due to the lack of knowledge ..thank you for your videos they are very helpful .
So who should I contact about some tools for doing electrical work?
Good to know, ya'll are great !
I'm adding each of my newst ideas to be liscen on Invent Right better than shark tank any day 🌞
Stephen and Andrew, you both are awesome!! Thanks for sharing your knowledge with all of us. I found this as I was searching for patent information and I'm soooo glad and relieved I did. I have had many useful product ideas for years and I am determined to get them out there mostly because I REALLY want to use them. I almost gave up when I realized what a headache the whole patent process is and how costly! Stephen, I'm ordering your books asap and Andrew, please keep this going as long as possible. Again, Thank you so much, guys and blessing always. Rosy S.
Delighted to hear you're enjoying our videos! Don't hesitate to reach out if you're looking for help: www.inventright.com/contact
Great video! Spot on in my experiences. I've been a one-woman venturer for my invention for years, and everyone always says "you should go on Shark Tank." After being buried in packing, shipping, labeling, I'm READY to finally go down the licensing path. Thanks for sharing all your incredible knowledge!! I've pretty much binge watched most of those videos and am inspired.
Glad they have been useful to you! You know where to find us if you're looking for more help re: licensing.
Can you tell me what you did? Please... I have my research packet completed with 4 out of 5 review and I can't afford $12,500 to get Patent, license and copywright. I don't know who to trust or where to go. My invention just sits here.
@@johnbrown2163 maybe you don't need Patent at all! You need to read his book ( one simple idea) if you want to licensing.
@@CatOfPumpStreet More Trash to read? No thank you.
@@johnbrown2163 Trash! wow, don't judge before you read. if you're serious about getting your products out to the market by licensing it then this will be the only book you will need but anyway it's up to you.
Hello again Stephen And Andrew Im looking to have you both on board om my Idea. Its is the big thing Tool that can do many ways to be used on our everyday life I can be use anywhere in the world all year round
What I don't like about sharktank is the sharks at times treat the entrepreneurs like they're idiots and while once in a while that may hold true, it seems that the sharks forget they were at the entrepreneurs shoes once upon a time(unless they inherited a fortune).
But I agree that the odds are not in the entrepreneurs favor most of the time, licensing is a way better route to take.
Yes...thank you for letting it go longer. And I agree with both of your opinions, for some people Shark Tank is a good way and for most others, it's licensing.
Appreciate this video, as I think that licensing requires an incredible amount of self-discipline and consistent research. I don't watch much TV, so I cannot comment on Shark Tank, but this video makes sense. Also, I appreciate the fact that you state that lack of money is not the problem, but a lack of information is the problem.
Thank you for watching and your thoughtful comment.
YOU GUYS ARE.... GREAT!!!!
Great information you guys..Question,
If you have an invention and you want to sell it. how can you determine the sale price for it?
Good question! What are people willing to pay for it? Licensing is a form of selling an idea, though it's more close to 'renting.'
I run a one-man business building a patented musical instrument. As a machine designer, I even built most of the manufacturing equipment.
That said, I hate it. Running a company sucks away my creative energy. I turned down Shark Tank for this reason.
My goal was always to license my product for all of the reasons you mentioned here.
You are giving me hope. I have paid thousands of dollars to consultants, none of which have given me useful information as valuable as what I’ve seen just watching a couple of your videos. Thank you!
That’s wonderful thank you!
A lot of the time the sharks take equity and just help negotiate a liscence anyway. Keep your money and equity and be an inventright student.
Well you wrapped that up in a bow. Thankyou sir
What if my product doesn't require alot of investment and I have a big ROI?
Hi Stephen and Andrew, can i ask how an Australian can get protected in the US.
You can file a provisional patent application. Our program SmartIP can help: www.inventright.com/what-we-offer/smartip-offer
How about other invention shows? I got a call once that I'd been approved for an appearance on the History channel show. Only catch being that they canceled the show before they started filming the next season. And now I'm not sure it would have helped.
Who knows.
Typically when you close a licensing deal, how much of a percentage do you receive? Royalties
😊 thank you Stephen and andrew
Thanks for watching. - 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/ )
Question for Stephen Key...
You licensed the spin label to what seems to be over 50 companies. Now, say I had an idea which was similar in the sense it's a new type of packaging for a product that simply makes it better. Yet it's not a new product all together, but it's really just a feature or accessory to an existing product.
With spin label, I'd guess you don't have a clear cut royalty with other products that could be licensed, because the fact is a label just won't be enough to get a 4% royalty on a $60 bottle of pills or whatever.
So, how do you get royalties on more accessory type products? How do you model the payment?
The royalty came from the label manufacture. It was 5% of the spin label cost. Great question!!!
+Stephen Key
Well first off, congrats. I've seen the spin label used all over and 5% means I hope you don't have a serious poker addiction, because otherwise you did very well for yourself.
Yet follow up question and this is probably a simple one...
What was the basic process on that?
Did you approach manufacturers of pill bottles or did you approach the actual companies? And was the process more of, they say they want it on their pill bottle or beverage, but they take it to their manufacturer and you sort of logistics with them or???
Btw, I feel this is a good video for you guys to do.
I'm actually recommending your channel to a ton of my friends.
Great question! We will do a video on the Spin story. It's lengthy.
Good advice and content.
Thank you!
so, the first time I saw these 2 guys.....I wasn't sold that they were legit.
Then I watched Steven on Google Talks.
I love these 2 guys, very REAL.
And although Steven gets an inordinate amount of attention...Andrew deserves plenty of love too!
Thank you for watching and learning!
Hello Stephen, What do you answer if a company asks you for the full legal name of your company when submiting a prouct for licensing and you are just an inventor?
thanks!
Just give them your name. If you have a company's name even better. Just make sure if you ever sign a licensing agreement it's not in your name, but your companies name. Thanks for watching!
Good question 👍
We attended the Shark Tank casting call earlier this month in Palm Springs, CA area. We pitched a licensing deal for our brand, Lyrics Guru. :-)
Nice! How did it go?
It went well. We were advised to wait about 4 weeks for a response. If they like you, they will do follow-up call. If no call or email in 4 weeks. No dice. :-( Metta World Peace (LA Lakers, Celebrity Big Brother) was in pitch team immediately in front of me, so I was able to take a pic with him while waiting to pitch. Check out our Facebook page at www.Facebook.com/lyricsguruapp for pics. If selected, the next phase, from my understanding is that one has to make a short bio video, answer a few questions and provide clip on idea. We just viewed your video "How Product Licensing & Open Innovation Works" to get a few names to contact for licensing the next evolution (in full color) of our playing card game (www.LyricsGuru.mobi/cards.html). The next one will be in full color and be sorted by decades (1940s, 50s, etc. vs genres). Mattel and Hasbro didn't show a "accepting products" link on site. So, we sent info to AllStar and Fatbrain. If u have a suggested list of other toy mfgs who are open to licensing, we would appreciate it. Feel free to call/text me at 623.205.2415 - Al Jones :-)
inventRightTV : Didn’t get call-back after 30 day wait period. 😢
Lyrics Guru App Don't give up!
gabrielle : Thx. 😊 Just got back from Licensing Expo in Vegas. As licensor of Lyrics Guru brand, we are seeking business with a music, word, lyrics, entertainment product/svc with inbound licensing strategy. A brand line extension of Alphabet soup, Alpha-Bits cereal n Chef Boyardee ABCs & 123s to encourage kids to play with food n spell fav band name or song title with food would be cool.
I kind of agree with your assessments but the exposure and the connections the sharks have is a huge benefit! They can literally take anything they like and get it on store shelves or the marketplace they see fit and blow it up in warp speed compared to some newbie thats starting from scratch. Who cares if you have to give up a percentage of your business. In a lot of cases these people wouldnt have a business without the sharks.
The more companies you get involved by licensing , the less profit for you (the inventor) correct ?
@ 7:04 the intro music.
Please make a video about NDA.
cool video its a real slam dunk!
Im sold also
Wow!
Hey guys, I'm patent pending on a hand tool I invented, can I get help licensing it?
Yes of course we can help you. Call us at 650-793-1477 and ask for Andrew, or book a call with us here. inventright.com/contact/ - Andrew Krauss, inventRight Co-Founder
@@inventRight ok will do, let Mr get some nda's ready
Can I patent my Invention that I have been selling already for over 2 years?
Public disclosure can prevent you from getting a patent. You may be able to find another way.
@@inventRight What about common law?
Which is better for this product . . . . License or Shark Tank?
ua-cam.com/video/H75wA5Eo9OE/v-deo.html
I think is better than sharkthank because in that show you only have an opportunity, they want that you alredy have a company and product with a very good level of profits.
8:00 Andrew is wrong on this point: You do NOT have 30 CHANCES of success, not all distributors are created equal. The reason being that it all comes down to doing your homework to find the right fit, the right alignment of the manufacturer+ YOU + distributor.
Thank you for sharing.
My cousin by marriage, started a really small audio company specializing in collapsable headphones. It got huge in Asia and Europe he leveraged his appearance on Shark Tank to grow his business. Late in 2020 he just sold the company for $150 million and took on a small managerial role with the buyer. Early 30’s and retired. Maybe there is some good in getting your name out there but otherwise I wouldn’t do Shark Tank
Sound good to licensing it but how do you know that you wont lose your idea or the company that you present your idea. just decide to make it themselve with out you knowing they have made it with out you knowing. 1 you don't have it protected or no protection on your idea before you present it. What stoping them for taking it from you?????
Hi Lito. We are big fans of provisional patent applications because they are affordable to file and give you perceived ownership. For most industries, you need to establish perceived ownership over your idea. This articles describes 5 things you can do to protect yourself and your innovation: www.inc.com/stephen-key/5-ways-to-motivate-people-to-work-for-and-not-around-you.html. We highly recommend checking out Stephen's book "Sell Your Ideas With or Without a Patent." It explains in detail how to write a provisional patent application that has value and how to use PPAs strategically: www.amazon.com/Sell-Your-Ideas-Without-Patent/dp/1507885733/.Thank you for watching.
Inventors on shark tank normally don't get deals. shark tank normally gives deals to people who have sales already and not just ideas or a patent or ppa with. o sales. I've watched the show plenty and they do have access to bring products to market quickly with manufacturing in USA and abroad. re-title this licensing is better than shark tank for people with ideas and no previous or current sales, this would be more accurate. everything on TV wants ad revenue also websites like this and others.
hello Stephen and Andrew I agree with you guys I watch the show sometimes is entertaining but is not easy to created a company, I have many ideas but I need a partner to do it I know I can't do it alone can you guys help me to find a partner I live in clearwater florida, if I have to become inventright student to find the partner please let me know thanks!
Hi Roberto. You're right, finding the right partner is crucial for every entrepreneur. We may be able to help. You can contact us here: inventright.com/request-more-info. Joining your local inventors group is a great start!
It's great for you to become a company
If you do then you need no company
How much $ success % you have ?
Or licenncing maybe b I th ways
This was another excellent show...of course!
ONE of my inventions was approved for submission to SHARK TANK, but I'm not a "TV ready" kind of guy...
AND I don't know the business terms and principles, so I never got on the show.
(My board game "The Lost Treasures of Skull Island)
But thanks to these videos... I am learning about a better way to make my dreams come true, with my automotive product idea!
Thanks guys!
Glad you're enjoying the videos, thanks for watching!
Something to take into consideration. Them sharks don't need any more money, not off my idea and intellect.
shark tank is scary!
Oranges are better than Apple's. I get it.
So can y'all license my invention?
We do not license inventions - we help inventors get their product ideas licensed.
inventRightTV I just found out. I spoke with Amy Jo on the phone this morning. I'm looking forward to working with y'all in the near future!
how did things go for you Gabrielle
For me I don’t like shark tank I will not work for nobody specially if it’s my product, lisencing yes,
Lmao
Andrew talks too much, and interrupts often. We watch to hear Stephen. Stephen actually had to say "STOP" to get Andrew to stop talking. Whew.
Idiots vs Idiots. Thumbed down these guys.
i just don't like when people jump on with black or white mentality
Stephen is worth learning while Andrew talks too much common sense.
This was painfull to watch.
Great info guys but Andrew needs a bit more nitrous in the tank. He's a bit of a mummy's boy.
Shark tank is a Drity show...