Who Should You Trust With Your Idea or Invention?
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- Опубліковано 4 лис 2020
- So, you have an idea for a new product. Maybe you've invented something! Maybe you've just written down the seed of an idea on a napkin. Maybe you've begun to prototype or consider filing intellectual property. You're probably wondering: Who can I trust to help me with my invention idea? Are there reputable service providers who can help me with my invention? Who are they? How can I tell the bad guys from the good in the invention industry?
At a black-tie event celebrating the National Academy of Inventors in Washington D.C. a couple years ago, inventor and your inventRightTV cohost Stephen Key had the pleasure of sitting across from Arthur Daemmrich, director of the Lemelson Center for the Study of Invention and Innovation at the Smithsonian Institution. Daemmrich is a leading scholar on science and technology studies. At the Lemelson Center, which is located in the National Museum of American History, he leads a group that researches invention and innovation.
Stephen couldn’t resist the opportunity to ask him about history of the inventing industry itself. When he brought up service providers taking advantage of inventors, Arthur told him, “Steve, this has been going on since the Wright brothers invented the airplane.”
Stephen lists eight red flags for inventors who are looking for help with their invention and/or new product idea. He also offers eight tips for inventors to use to avoid getting scammed, ripped off, and having their inventions go nowhere.
Inventors, you can do this. Do your research, take your time, and always continue to educate yourself along the way.
Stephen Key and Andrew Krauss are the world's leading experts on how to license a product idea. If you have an invention idea, this is the show to watch. Steve and Andrew are the cofounders of inventRight, a coaching program that has helped people from more than 60 countries license their ideas for new products. Visit www.inventright.com for more information and to join the one-one-one coaching program.
If you have questions about how to invent, how to be creative, design, how to do market research, prototyping, manufacturing, negotiating, pitching, how to sell, how to cold call, how to reach out to open innovation companies, licensing agreements, non-disclosure agreements, patents, copyright, trademarks, and intellectual property in general - subscribe to inventRightTV! New videos every week, including tons of entrepreneur success stories.
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Contact us at #1-800-701-7993 or www.inventright.com/contact.
This is the book you need to license your product idea: “One Simple Idea: Turn Your Dreams Into a Licensing Goldmine While Letting Others Do the Work.” Find it here: amzn.to/1LGotjB.
This is the book you need to file a well-written provisional patent application: “Sell Your Ideas With or Without a Patent.” Find it here: amzn.to/1T1dOU2.
Determined to become a professional inventor? Read Stephen's new book "Become a Professional Inventor: The Insider's Guide to Companies Looking For Ideas": www.amazon.com/gp/product/165...
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Thank yopu Steven, your depth surprises me all the time.
Thank you for the kind words.
I am watching this at 7 am on July 16 2022. Got I deas and needed a real person to guide me. 💯
Thanks for good information
I like your videos a lot Stephen, I can't help noticing in two videos I have watched where you hold up 2 fingers and say "number three!" hahaha - makes no difference - thanks for the excellent info.
Your advice is helpful, thank you so much.
Stephen and Andrew, hello from Turkey, I am really addicted to Stephen's videos and after watched Andrew Q&A sessions and really love your content and your energy guys. I will give this great strategy a shot. I am in Ecommerce business Amazon,shopify etc. But this was my childhood dream to invent something. But I was stuck at the dead end of how to handle everything like design, production,marketing, logistics financing etc. by myself I believe most of the people have the same obstacle. I didnt even know that I could license my ideas. Thanks to you there is an easier way of inventing something. I am for sure gonna try to make my childhood dream and see one or more products on the market shelves.
Thank you!😉👍
I am so glad you are there
Thanks!
Thank you, well spoken. 👏 🙌 🙏 ❤
Awesome tips! :)
Great advice, thanks !
6:40 great point Stephen!!
Watch out for the crooks. I say they should explain the whole thing especially if it's about the amount of time and money they will really need if they are there for you. It doesn't make sense step by step and you pay and the more you pay the next step costs more than the last and the only progress you get out of it is them telling you when you'll get there and how others did and the money they made with their products and they keep telling you that you will need to pay for one step after another but the only one actually making the money is the one receiving your money and it could be hard earned or your very last. Then they say you need thousands of more from all of the things they need to do for your product. You go behind the scenes of people in the same trap that was before you and you find out they gave up thousands and still be sitting in the same spot where they started. So if they can't help you get your invention together and then after you are selling your invention well then the money comes in and whatever you owe from there like a bank loan, it should be able to circulate back to them as your product blows up on the market. As you get money for it and they get their cut. How would you be able to pay for anything over and over again and it's not even on the shelf for you to get anything out of it? So you're actually paying for air with money you don't even have and if you have to put thousands of dollars you never had into something .. That should be a red flag. People should know if the person up front knows your product will be a hit and they have it to provide for it to get you started then they accept you and expect what they decide to put themselves into that it should bring all of their money back.
Great tips. Especially with the red flag issues. These are what I ran into the most. So I appreciate that It wasn't just my thoughts.
Hello Stephen, I'm a new IR student and enjoying the journey! Would you guys consider doing a baseball style pitch contest? All students submit between 3 & 10 one minute video pitches. Four categories of winners get awesome support prizes. 4 inventions = Home run, 3 a triple, 2 a double & 1 base hit. Selected winners get full window treatment on all of their hits. I came up with this idea because the # of inventions that I have. Without a development team most might never make it to market in my lifetime. I simply do not have the skills or pro team that it would require. Only you and Andrew see & judge the pitches. Whaddaya think?
Very interesting. Let me discuss with Andrew.
OMG I was laughing so hard when I watched this video🤣. Stephen must have been reading his Red Flags right out of "InventHelp"s play book! They used, or expressed, EVER SINGLE ONE of these tactics to try and lure me in. The funny part was that I had already rendered my own 3d drawings, had a functioning prototype, and used my 3d printer to print my own parts. So when they tried to up-sell me into their more premium packages that offered (the exclusives of) a prototype, 3D drawings and a (non-exclusive) booth at a trade show... I asked him why would I pay them to redo what I've already done? And why is it going to cost me $14,400 (standard), $16,400 (VIP) or 18,900 (premium) to do it?! 🤨
You know what they said? They gave me a 2 week deadline to make a choice by or I would loose out on the $1,500 discount they were going to offer me🤣🤣. Oh noooo!! Not $1,500 dollars! Good lord! If it was -$10,000 off that ridiculous sticker price I might not of hung up on him so quick. ROFL!
It’s unfortunate! Thanks for watching and commenting.I appreciate it very very much!
Please subscribe if you haven’t already.
-Stephen
Hello Hello my friend.
Here like every day learning from your advises bro.
I have many ideas for design , in fact LoL ,I have a Ideas' Dairy ,✌.
But I need the next step , than will the profetional assistand.
I hope met you soon guys.
Hey Steve some great points. Being a retired real estate broker, I especially like your point about getting things in writing. I can't tell you how many times e-mails have saved my bacon and weeded out the many phonies and jokers in this racket. If it's worth saying on the phone, confirm it with a follow-up email. love your natural style and presentation. Thx.
Thanks for posting the video but I have a couple questions. But first want to say...I don't mind doing homework as long as I'm being efficient.
Do I even need to use a service provider? And if so....
Why can't you guys...or someone who has used them before....recommended which ones to use?
Or why don't I just go with Allstar Innovatoions? (The video I'm watching now)
I'm so confused lol
Hi Cody. Good questions. No, you don't need an invention service provider. We hear from people who read Stephen's book "One Simple Idea," follow his advice, and license their ideas onto the market. Typically, though, there are numerous obstacles to overcome to bring an invention to market. There are also many different skills involved, whether you license or venture. No one does everything well, right? At some point, you may need help with a prototype or a patent, for example. These are two of the classic invention service providers. Hiring a professional to help you can speed things up and avoid making mistakes. Does this make sense? Hope so. You can give us a call anytime to discuss: www.inventright.com/contact
@@inventRight I will have to check out his book then, thanks
@@inventRight Thanks for your response
Thanks for sharing Mr. Steven, I really appreciate it... I have a Trillion Dollar Idea for UberEats, but I don't have No Clue on how to share it witb them.
Hi! Steven, I'like your speech,
Thank you for watching!
If I'm going to take a partner on or an investor to help me because not having any money for an idea, is it best to have an agreement or contract of some sort and what should that look like?
We teach people to partner with companies. It's called licensing. They will invest in the product so you don't need to find investors. - Andrew Krauss, inventRight Co-Founder
I have an idea, but I don’t know how to start it. Should I go with Davison?
We can help you get started the right way. Contact us: inventright.com
Concerning the name changing, if a service business wants to branch out a subsidiary that's a product based business, is that a fair reason for name change?
Maybe. I think it depends. Don't have enough info to really answer without specifics. - Andrew Krauss, inventRight Co-Founder
I will grade you💯
What's mark portney in your co?
He doesn’t work for InventRight.
Great video. I would love for you guys if you would be more responsive to comments. I know you ar all busy, but we are obviously interested in this stuff. I have to disagree on this topic on something. Not all companies who advertise are red flags. All the huge companies do advertising from McDonalds to Ford or Apple, you name it. The base of good marketing is advertising.
A great opportunity to get your questions answered is every Monday at 4pm Pacific when Andrew Krauss - inventRightTV cohost - goes live for a full hour, right here on our channel. Thanks for watching.
Unfortunately that's 2 AM in some parts of Europe so I can't
@@PREDATOR0140 Fair enough. Is there a time that would work for you? If you will list some of your questions here, we can direct you to existing resources (there are a lot) and/or share with Andrew for him to address on a live.
@@inventRight 2 PM pacific time would be ok. Still 12 PM here but it`s more acceptable. I would be particularly interested in different markets. You talked a lot about the toy market but not other markets. I would be interested in how penetrable are other markets? Like the medical market. Medical equipment provider market for example. Are they approachable? can you expect to see licensing deals from their side or they just work in closed circuit with their own engineers? I would love to see what different markets have to offer and what are the most productive markets. Thanks!
Can I hire you to help me bring my simple yet not on the market idea to life?
Book a call with us to understand how we can help. inventright.com/contact/#schedule-consult. Also check out our services page. inventright.com/services/. - Andrew Krauss, inventRight Co-Founder
hi guys i had an idea about educating the parents and help there children.educational family game.what if the idea .and is to let some else go with the idea .like selling your idea.im saying that because i explained to an invention company and i laid out my idea.conned really for like $ LOTS OF DOllars and asked for more monies i then new what time it was and i told them i was paying no more then found out reviews were bad and did say that ,carol
I have a idea
Wonderful!
#quantumgrammar
Why don't you just tell us which ones we can trust?
How many are there, 5 or 10?
Tell us the 3 best ones.
Literally can't trust ANYONE 😪 😕
I have what I believe will be a hundreds of millions of dollars company and don't have any ideas where to go!!!!! I have an app and a item I promise this would sell worldwide and have an app subscription 🎉🎉🎉🎉
Good luck apps are extremely difficult.
Hi Steven huge fan, is it possible to have the idea but not the funds can I find someone who does? And I'm not greedy, I don't want a obe hit wonder, I want my foot in the door.
Licensing ideas does not require more than a couple hundred dollars.
Do not go with an invention submission companies; the intuition here told they will do nothing for me/you. If they do not have confidence in your engineering then do not tell them anything. Learn how to do the patenting yourself.
Crazy ideas have market only in America?? Can it be in India!
Mostly in the USA 🇺🇸
@@JBulsa yea you are right! That's why most of the bright Indian brains find destiny in USA🇮🇳🇱🇷
@@RealGaneshM India would be a tech power if get outside investiment and give more citizen credit! I also think the same to South America!
🥇🪙
I have noticed you are enjoying these videos.
You can find more information for publications I write for such as Forbes,Inc,entrepreneur.
We also have another program people are enjoying. It has the most comprehensive information on product licensing in the world and it’s only $29 a month.
inventright.com/lms-guide/
Thank you for watching and listening.
Stephen
@@inventRight the videos, your and Andrew's energy, your guests ... All gold. I've read a few of your well informing publications and will read more. Thank you for your LMS recommendation Stephen 👍
To that lone soul who disliked the vid...
Just do something else. Hate should not be spread
\_^--^_/
How do I start where do I start
Keep watching the videos!
My question is
Yes