Should You License or Manufacture Your Invention?
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- Опубліковано 23 лип 2024
- Warning: This video contains some foul language. When you have an idea for a new product or come up with an invention, what should you do first? What are your options as far as getting to market? The two main paths to commercialization for inventors are licensing, which you can think of like renting, and manufacturing your product yourself - the traditional process of starting a business.
Product licensing expert Stephen Key debates Marc Portney, investor, entrepreneur, and business advisor about the merits of the licensing business model versus venturing. Both men have experienced the benefits and drawbacks of each! As Marc explains early on, it's really about understanding what your strengths, weaknesses, and desires are. Are you more of a business type, or a creative type?
marcportney.com/
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.
Inventing can be lonely, but you don't have to go it alone! Join the inventRight community for priceless inventor education, mentorship, support, accountability, hand-holding, honesty about the invention industry, and so much more.
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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I absolutely love these two gentlemen! Great mentors!
Thank you!!
Marc by far this is the best video you've been apart of on YT. I plan to submit my product idea to you soon. Maybe an opportunity to work together. Who knows ...
Stephen and his team are the Best at teaching Licensing steps in order to proceed to people in the Licensing and Manufacturing space like -Marc!! So once the inventor is done with the ‘One Simple Idea’ Steps you go the people who take the product to market then you start over with the next & then next product idea!!!
Thank you for the kind words about Stephen and our team. - Andrew Krauss, inventRight Co-Founder
Guys what is the best source to find companies to pitch your idea? I have heard the Thomas register. BTW, beautiful videos Steve! Been watching all week, among others and I like you the best. You have really pointed me in the direction I need to go, I think. I have an idea (obviously) but did not know exactly what to I wanted to do with it.
So my initial game plan is to build a prototype (That will be very easy and inexpensive with my idea). Do the provisional, prepare my presentation then present it to companies. I've actually done a lot of call center work,so my talk game is a little better than average. And my feelings don't get hurt to easy. So again where would I find basically a listing of companies to just start going down the line? Sorry if you covered this in another video
Awesome info...thank you!! I needed that!!
Glad it was helpful!
Great information thanks
Awesome vid guys👍🏼
Thank you!
One of a kind product can be sold pretty much any where high margin plus commercial and industrial. I am moving forward.
straight up inspiring!
Amazing Discussion !
I have a great invention idea and I know it'll work and it defiantly solves a problem that every person has or has had at one point in time. the problem is, I don't have a business account, a prototype, patent, money, or knowledge about what the hell to do with it. but its defiantly one of its kind.
So, what if you have an idea but they (the brand and wholesaler) want you to manufacturer it. Ideally, I get 50% up front balance on delivery, why would I not want to do this?
Wal-Mart is now, an online seller, just alike Amazon, and they are not saturated. You can also "Fulfill via Amazon/Walmart. too? 😍
I have a large product that I believe would do better with their .com's as compared to brick n mortar.
how would you sell one product to different retail stores instead of just one? would I have to patent it first or can I licence it to different outlets
Can you do both?
@inventRightTV Great video thank you, quick question is there any way you can license and also build your brand to be a “businessman” at the same time thank you
Absolutely you need to do both great question. Thank you so much.
Nice conversation,
Thank you for watching!
"GOOD STUFF" ...TRUE
I would love to see a video on specific markets. Specially interested in the medical field. I invented some medical devices ( I'm a fulltime nurse). Are big medical equipment manufacturing companies aproachable? Are they open for licensing? How should I proceed? I visited many company websites but couldn't get any information on this. Thanks guys. Your channel is very inspirational!
Hello, was your question ever answered
@@mizz9841 Hi! Unfortunately not.
@@PREDATOR0140 Okay, thanks for responding
email them
research Invent Help...
Nice talk.
Mark knows how not to disapoint :-)
Indeed!
Thank you
@@marcportney7660 hey mark if I gave you two ideas that would sell a billion each would you be enterrested
I just received a United States utility patent on a garment.
.
I am entering this incredible predicament right now! I've presented my invention to Home Depot, Bass Pro Shops, and Menards to see if they would like to license my invention. It's very simple to make, but the big boys do not like change. Soooo, should I make them all myself?
Those companies do not typically license ideas - they are retailers. You have not approached the right companies for licensing potential yet if those are the only companies you have approached. Watch Andrew explain who to contact for licensing consideration here: ua-cam.com/video/4aWukqfgSbU/v-deo.html
@@inventRight
Thank you! My invention is a complete utility and very easy to make, so I thought big companies could find a very large audience for the garment.
I will check out the video in your link, thanks again.
Ty sirs💪
I have a question I need answered. I have patent-pending on a unique product for a unique industry. I have a few top companies that will love this idea. That is solid and the real deal.
My question is about how to approach them and what to say to them... They are going to ask the questions, "What do you want with us? What is your goal and why are you contacting us?"
What is my answer? I want to sound professional and sound like I know what I'm talking about. What I want is to sell my invention to them for maybe an upfront sale, but mostly royalties over time. Is there a better way to word that?
did you end up pitching your idea? how did it go?
I love this guy.
Thank you!!
Does any of your advice apply in Australia?
Yes. We have helped Australian inventors get licensing deals for their inventions.
Been Watching You guys for a while interesting intopic I'm a up coming start up business that love your channel I know that I can make it...$$
Best of luck!
It would be a dream come true if the legendary Marc Portney was able to partner and mentor me with my million dollar idea once I’ve completed the prototype.🤩🤞🏼
Definitely would be venturing to become an entrepreneur because this idea is my brain child. My passion. I’m going to do whatever it takes to watch it grow as big as it can. All skin in the game
I’m looking forward to it!!
🤩
Here’s what I wonder, if I have a new obscure product how would it ever be found on Amazon? A product that people don’t know exist and maybe not even looking in that category.
How can I reach out to you about my invention?? Both you guys👍🏾
I feel like I’d be putting all the profits on the table if I license ; what if we do both? Go the venture route but also license the idea to specific brands?
Give it a try.
I already have a working model and the product has more futuristic option as well Mark think 4X Apple and at this time this product is at Apple 2019 if that doesn’t get you moving nothing else will. So let me hear from you
Where is Marc from anyone knows
Both are right two different points of view
Yes.
@@inventRight I'm going to upgrade from solo to your coaching!
There are always different points of view.
@@marcportney7660 yep totally agree with both for example Mr key is right regarding licensing make sense if you can not massive produced or venture do licensing , Mr portney yes I believe in prototypes if it be possible is very rewarding tweking molding getting frustrated trying to build something thanks I believed you should draw design and build a prototype your self yep.
You don’t pay employees. You pay for manufacturing and distribution. That’s it!!
There is hunters for those professionals inventors that he spoke? Thanks!
Where do we find them?
@@vonkanon3091 I'm also asking it!
What is the name of Marc's company?
Send him an email and ask.
How could i find you guys espicily manufactring guy
Visit www.inventright.com - Andrew Krauss, inventRight Co-Founder
I have a real big one let’s talk. You definitely my kind of guy
So confused, does Mr. Portneys company offer to license your product if they like it or offer a partnership deal of some kind? I’d still like everything a licensee would do for you (tooling, manufacturing etc.) but this video makes me think you need startup money to work with Mr. Portney? Thanks inventRight as always!
Find about more about Marc: marcportney.com/
He will probably ask for a prototype and then decide... once he has it in his hand...
I work many different way, depends on the deal.
I have an invention I'm trying to bring to market can someone please help me
At the end of the day. The information you want to find, you will find. You can't change someone's mind
i don’t know what Mr.Marc does but from this video, it seems like he mainly focus on marketing.
But I just think 1 dollar ADS to get return of 5 dollar is normal in some industries.
Because usually we have to have 10-20% marketing budget for any product.
And yes, for doing business you should have 30 - 50% profit margin (this is about 60-100 % profit in people’s common sense)
Otherwise, you will be in a very bad position.
To put it simply, if you are doing business not licensing, your price structure should be like this
sell price +100 USD
marketing - 20 USD => 80 USD remain
COGS -50 USD => 30 USD remain
Other expenses -10 USD => 20 USD remain
taxes -4 USD (20% tax) => 16 USD remain
All you got left is 16% of selling price.
(that’s why people go to China to reduce COGS. It is only way to increase your profit)
But for any business, you are gonna need R&D for product improvement.
If we assume R&D is 5-10%, you will probably have 6-10% after everything. (not much different from having 3% licensing)
I’m not in USA though, your price structure may be different from me.
But Marc is also right that if you are focusing on 1 category, you should look for a guy who know how to do marketing and have manufacturing connection.
All the best both of you.
I really hope I can join Invent Right course some day.
Thank you for sharing your thoughts here, they are much appreciated!
Never Create Demand... never assume your invention or idea can create demand in the market. Many people make this Naive mistake, put too much money into manufacturing a design/patent/idea, before testing the waters in the market and end up with too much unmovable inventory. Find the Demand, don't Create demand.
Update: Marc's front man didn't even let me product get to his desk. : (
Don’t give up!
as i understand stephen you are simple persone just like me so i give you sugetion to do not go for business at leas alone its not for like our kind of persone its for bit evil persons lol stay were you are that is your sweet spot
2:10 uhhh 10% profit margin? That’s bad
Thank you for watching and commenting!
@@inventRight Hey, I support the channel👍
Thank you!
of you are a businness guy do you know how much more money you can make hahahahah nice line but if you are not businness guy so i dont think there is any problem
How do we know that Mark will not steal my product info? This could be all a scam. or Skam . H
owever you spell it its still steel or steal.
@@bailey1000100 just do your homework.
Costco is able to run on such low margins because they charge for a monthly membership. 95 percent of their profit margin is from the 55 to 100 dollar monthly membership.
Patent no 2025 design no 212641
I’m not quite sure I understand your question.
Battery life can be increased with this body lead acid gel smf etc
Ok
I'm confused.
Maybe we can help. What's confusing?
You a manufacturer and he's a licensing guy and that's how you're going to cause problems. You going to wake people up to manufacturing which is bad for his business. Yes ???
STOP TALKING OVER THE GUY...jesus