How to Land the Licensing Deal of Your Dreams
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- Опубліковано 12 лип 2024
- You’ve come up with a great idea, you protected it with a well written PPA, you have great marketing material. Now a company wants to talk to you. What do you do? You watch this video!
How do you license an idea? How do you patent an invention? Learn how to become a profitable inventor and earn passive income from your creativity following the advice of inventors Stephen Key and Andrew Krauss. They are world's leading experts on how to license a product idea. If you have an invention idea, this is the show to watch.
Stephen Key and Andrew Krauss are the cofounders of inventRight, a coaching program that has helped people from more than 65 countries license their ideas for new products.
www.inventright.com
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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Kind of unrelated...but I knew a guy who had two kids who were skilled musicians. They were well on their way to big things, gigging alot and recording etc. Dad was a big personality and the kids were preteens, he thought they were his ticket to wealth.
Long story short, they landed a meeting with Nickelodeon in regards to doing a show or a guest appearance, my friend who set up the meeting was was with them.
First date so to speak, the rep was getting to know them and things were going well, when the rep asks "so how are you guys feeling about all this?"
Dad leans back and says "I want a million dollars to do this".
Radio silence, "well thanks for stopping by we'll call you".
Ended that relationship in one sentence.
My friend about died from embarrassment lol.
Anyway good points here thanks for the vid.
wish my wife and i could speak to you in person. We have two inventions, I made a prototype for one and the other I am working on. both can be used immediately in every country and every house. One of the two would be mandatory and would save billions of gallons of water every day right now. i wish we could speak to someone like you who knows what they are doing. ied jump on a plane tommorow
Always honest, straightforward and informational! Thank you! inventRight is a guardian of the inventors!
Kelly thank you for the kind words!
Thank you so much for the encouragement Kelly!
You provide such superb information, Stephen!
So grateful for all these amazing videos!! And for the training from I.R. :-)
Steve so awesome bud! Very helpful. I don't want be burned! I'm listening
Thanks for making all of these videos!
Stephan I've been watching for a long time now and learned that I am an inventor for sure I really love watching your videos you are like the coolest guy super nice and helpful once I understand enough to try to do this I will I look to you and this channel for direction my mission in life is to be like you very giving thank you
Great Video Stephen .... as always keep them coming your helping me so much!!
Thanks for watching!
Thank you for all the knowledge and experience so helpful.
Love love love this!! So glad I watched your videos through the process. ❤️❤️❤️
Thank you!
Congratulations on your licensing deal!!!
Thx excellent info. Thx for explaining
I think this is one of your best videos Stephen, packed with valuable info. thanks for everything you do.
Brilliant thank you!!!!!
Another awsome video, thank you for breaking it down to elementry levels. Explained so well in simple terms on what we should expect when going through this process.
Dave thank you very much for your comment!
Glad you enjoyed it!
Thank you for this video! I'm encouraged as my product (musical instrument) is already fully developed, patented, and trademarked. I feel that my dream of licensing it (so I can invent more products), is more possible than ever. THANK YOU!
Thanks for commenting and watching Andy!
your information is awesome 🎯
Great Video Steve! A lot of useful tips with this video. I would give a two thumbs up if I can. One question I have is there anything wrong introduce yourself as an inventor? Why do you prefer to introduce yourself as a product developer? As far as answering the cost estimate question, I think a good tip I can offer and a really good answer to give is "I checkout your product line, and I think this invention will cost and price at the same ballpark as your product X". Not only you answer the cost question, but you also demonstrated you did the homework.
There was a time where if you said “inventor”because of our unprofessionalism companies were not wild to work about us. But I think it’s changing now. Thanks for watching!
More 💎 ‘s thanks Stephen
Thank you Larry!
Thank you for all the good videos wisdom listen to all of your colleagues lost my product idea dog leash with flashlight
Thanks! Stephen and i do our best to prove practical advice for inventors. Keep inventing! - Andrew Krauss, inventRight Co-Founder
Dang. Would you care to share how that happened, and anything you may have learned from it?
Ty sir 💪
Thanks for the information!
Thank you for watching!
Will you be attending the GL Expo in June?
I won’t be attending.
Thank you!
You’re welcome!
Thanks Stephen, this hit so close to home for me. I'm currently building my sell sheet , and this is great reinforcement on how to proceed once I have it and am ready to reach out to companies. You're like an Inventor Psychiatrist, I get worked up then you calm me down.
Thank you so much!
Thanks for the awesome feedback Caleb!
Great just what I need to hear
Great vid!
Thanks. Stephen does a great job. - 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/ )
Thank you
You're welcome
What do u do if your provisional year is up? Do you tell the company?
We'd love to help you. Get in touch with us! +1 (800) 701-7993
I liked this video and agree with these communication methods. Im independent hydrographer working to solve water quality issues in S Florida. How do I protect my proposal and monetize water quality IP with government agencies ? Unsolicited RFP, however comply with upgraded water quality law. Thanks
Thank You So Much!😉
Thanks for watching!
@@stephenkey3137 I do have a couple of questions... Is it best to wait until after you hear back from the USPTO before contacting companies, or does it matter? Secondly, does InventRight offer to help with "Negotiating" as a separate service? Thanks again!
Yes I would wait until the US PTO notifies you. And yes we do help with negotiations.
Thanks Stephen, this hit so close to home for me. I'm currently building my sell sheet , and this is great reinforcement on how to proceed once I have it and am ready to reach out to companies. You're like an Inventor Psychiatrist, I get worked up then you calm me down.
@@stephenkey3137 😉👍
Hi Stephen. Another great video, thanks. I have learned a lot watching your's, and Andrew's videos. I had a few questions. Assuming I have 8 or 10 companies that are a good fit for my product, should I try to get an exclusive from the best fit, or should I leave it open, and get as many companies on board as possible? If I do get interest for an exclusive, can I ask for a higher percentage of royalty? If a company allows submissions through their website, should I do that first, or should I try to find the right person and call or email them first? Assuming I get one or more royalty deals, what happens after the year of the PPA expires? Do these companies still have to pay me? I'm assuming that it can be written in the contract to allow me to get paid in perpetuity, or whatever time frame is agreed upon? Should I trust the company's contract or should I hire a lawyer, and fashion my own? I know it's a lot of questions, and I appreciate any help you can provide me. Thank you, Tom P.
Usually you will be doing an exclusive with one company. If that company is big and has big plans for your product, most people will be happy with that. Sounds like you have a lot of questions. Consider having us coach you. inventright.com/services/ and book with us to talk about it if you are interested. inventright.com/contact/#schedule-consult. - Andrew Krauss, inventRight Co-Founder
Real great video. I LOVE THOSE SIGHS....LOL. Fantastic, great stuff. Cheers!
So I've seen videos on what to do with a product. But can you do a video on what to do with an idea for application or software idea
Hey Steve another great vid! Another question (of course;) When they ask if I'm shopping my idea around and has there been any interest, what's the best response to give? Thx.
Just say " yes I've been shopping it around but I'm not allowed to say more as I'm under NDA."
They will appreciate that.
Good afternoon I have an invention and my invention does several different things how would I present that in my cell sheet
Is there any company that would help you do the calls and the dealing with them . We have the patent and we sell the product online . That would give some numbers. We are at the point we would like someone to take over .Can you help or point us to some one that can.
Wow🤝
Here is why NDA's (Non Disclosure Agreements) are bad ideas to ask a company to sign. They may sign the agreement, look at your invention idea, and then discover they were already planning on manufacturing something exactly like your invention, or something similar to it. Once they realize that, they know once they start selling their similar product, that you're going to wrongfully sue them for violating the NDA, and that they may actually lose.
This is why they will stop talking to you as soon as you mention "NDA".
If you can't afford to do the Provisional Patent, ... then document your invention with date stamps and timestamps and everything in your videos, photo; and document everyone you speak with including the date, time, names of persons you spoke to, and so forth and so on.
That way if they rip you off, you still have basis for a lawsuit.
A reputable company won't rip you off.
..
Please be careful.
Hi Steve is there anyway we can work together on an invention and get it licensed , I am stuck
Can you submit an Provisional patent applications to a company without NDA ?
Your provisional patent application would be submitted to the US patent and trademark office, USPTO. For like a hundred bucks you will get the right to display patent pending, and a patent number to go with it. Read his stuff to help figure out whether you need that PPA, or an NDA, or both, or neither like in the case of some as-seen-on-tv companies.
whats a PPA do you have a video on in? thanks
Hi Darryl, Yes, search our channel. We have ton's of videos about PPA's. - Andrew Krauss, inventRight Co-Founder
How do you file non provisional patent yourself
When licensing, do you need to have packaging created for the product or will the manufacturer handle that?
Ultimately the licensee will do the package. Please watch more videos, Wyatt.
I received letters saying a POA is assigned to my PPA and I have no idea who they are or how this happend. Have you seen this before? Thanks for all you do for us.
Need more information. Letters from who?
@@inventRight USPTO,
Notice of acceptance of Power of Attorny
This is in response to Power of Attorny filed 07/11/2023
The power of attorny in this application is accepted. Correspondence in this application will be mailed to the above address as provided by CFR 1.33
I did not file for a POA ?
It also says first names applicant Sriram MUDULO
It is a POA acceptance letter. I have four, three with the same name with the same dates and one with it appears to be the spouses name with a day different date.
Thanks
Call the 800 number of the US PTO. They have great customer service.
Hello and Goodmorning
Together we can incorporate all my ideas into real life.
You pay to patent it all in my name, make it, and then sell it all over the world.
You have business people, companies, you are experienced in everything.
Let's agree on everything and how much to take a percentage of the sales of my inventory products.
Sir should individual, protect the idea, before teaching out to companies ?
If yes, then what kind of protection it should be ?
Yes, I would. Depends on what you’re trying to protect but a provisional patent application is one great tool if it has utility.
Can you license your product to multiple stores? Is that a good move?
How to value the production of individual parts.because all my parts are produced by different manufacturers but most are already being produced just not used together making the finished product unique to.my invention?one company produces a part that is similar to what I need but needs tweaking a little bit .I have a drawing and description of what is needed I'm sure they can build it because they claim they can build to custom specifications.do I just ask what it would cost build my version ?and ask for prototype cost verses mass production? Is it that easy have I answered my own question?
You need help!
@@inventRight more specific's needed
Do you have companies in the us that does provisional patent application for people in third world countries like Nigeria ?
You can use our Smart IP software. inventright.com/patents/ - 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/ )
Can you start producing a patent pending invention?
I have people contacting me about my patent and they all want money to get going . Is this normal
Be careful. Very common. Type in their name and lawsuits. I would avoid them.
dont give them any money
Do you have a facebook page ???
We have a Facebook page, but it’s only for alumni.
When you say, "don't go through the Portal like an amateur," what does that mean...what is a portal? Thanks Stephen, great, informative videos as always.
Some open innovation companies maintain websites that you submit your ideas through - that's what we mean by portal.
@@inventRight ohhh, okay, thanks Stephen. I've seen a few of those advertised under 'companies open to inventors,' but when I email those addresses, they bounce back immediately saying unknown address. However, I have had a positive reply from one of them, signed a NDA for 2 years, they asked for more info, asking if I have a patent, etc, but its been six weeks since I've heard from them. I'm contacting other companies in the meantime, as I don't want to sit and wait for them only, lol.
@@samp4050 did you get any results in this last year?
What happens when you're told your stuff is too revolutionary?
You don’t have to reinvent the wheel. Anything that takes time and education is going to be difficult to license.Thanks for watching!
Stephan how about you allowing me to sell my ideal to you.
You can always send me an email.
stephenkey@inventright.com
I just watch your video I am the total opposite of what you're telling people and I'm not being rude. What if I have a product that they can sell 30 percent and more product with my idea the problem is there's only two companies that would benefit my idea
I’m not quite sure I understand your question.
hay man im an idiot but i have a good idea backed by a uk company can u help me get a licence deal
I want to save lives. But can’t seem to find the right team. The product I’m interested in making corrections to, has to do with the electrical industry. If I could find the team we could make multiple products that would ultimately become a standard model and possibly enforceable by code enforcement. If you know someone who can work with a person who has a social disorder it would help me lots and change the world for the better. I’m a visionary. I always see new products in my minds eye, and I solve mechanical challenges. Any real help would be appreciated. I’m tired of talking.
Here's how we can help. inventright.com/coaching/ We'll be here for you as long as you want to learn something new. - 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/ )
Stephen how about you assist me by taking me under your wing.
Stevie you have literally said in other videos to go directly to allstar or as seen on TV companies and use their online portal to submit ideas now all of the sudden its amateurish and you advise against it. Were you getting kickbacks from them to make videos about them and post their link in your description?? I dont understand why you would steer us wrong in this matter? It's a direct inconsistency with what you told us before. What else are you misdirecting us with?
Thank you Nick. The best advice, the most current advice I can provide everyone today is that portals are sometimes a black hole. Yes some companies require you to submit through their portals. But overall product Ideas don’t get licensed through portals but though relationships. And you can get to All-Star innovations through LinkedIn and speak to someone directly. We don’t take kickbacks from companies. And that’s a company policy. Thanks for watching!
@@stephenkey3137 Indeed Stevie, indeed. Thanks for clarifying.
Thank your Nick.
THEY WILL RUN FROM YOU 🏃♂️
Big idea, large potential for potentially decades, the intl. company asks you sign an NDA, and return with any changes and their legal team will review then get back to you- and you haven’t heard back after several weeks 6-7 weeks.. patience I assume if they spent that much time, they thanked you for your prototypes etc it’s just taking time.. so we hope.
I do have an invention I think is going to work great I do have a very well build prototype
Hi Stephen Kiey ..what company would you recommend me
Hello Steven key do you think a company name division is a good company for my invention
So I took your advice and created a linkedin account. After paying 70 per month for the service so I can have access to the inmail system I found no way to reach out to the company. Their name is Alpena they make led lights. There is no way to contact them that I could find. I did find their Facebook page and sent them a message there, but haven't heard anything back. This is why I'm not having fun with this.
How did you go?