Cutting Your First Big Deal and Making Money From Your Inventions
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- Опубліковано 23 лип 2024
- Stephen and Andrew discuss cutting a great deal and making money from your ideas. For more information about inventRight visit www.inventright.com
For a directory of companies looking for ideas visit our site at: www.inventright.com/companies-...
I've watched several of these vids and I'm currently reading the revised version of One Simple Idea and I gotta say, these vids are flipping GOLD. I can take notes for freaking days watching these, not to mention reading the book. Thumbs way up for this channel.
Thank you! That's great to hear.
How can i reach out to you and be apart of your class or ask you some questions? Ya'll are both amazing i have watch these videos at least 4 times each while taking notes. Im a rookie at all of this and i love how you spell things out so the process is less stressful.
Definitely some nice take-aways here especially last few minutes.. Many thanks.
Awesome videos you two! Your enthusiasm is infectious.
These shows are really great! It adds another layer to see you both in action. Two thumbs up from Venice, CA!
Michael, thank you for watching! It's great to have you as a student and member of our inventRight community.
Andrew Krauss
I think that it’s so amazing that you guys do these videos. There are a lot of people that would charge tons of money for this information, and you chose to do it for free on UA-cam. I got the book “One simple idea” and I watch these videos daily to keep me inspired. Thanks
Thank you so much, Kevin! We appreciate it!
I'm at this stage right now, they just asked for my terms right now. So thankful for you guys putting your advice and videos online for us to find, learn from, and put to action!
You guys have such a great passion. Great content. 👍
Steven, as usual you are fantastic with information you give.
FANTASTIC as usual. I'm pinching my money as much as i can ( hasn't been easy ) because i really need u guys.
Once again valuable info on contracts and its major points... Great work!!!
Thank you Eric!!
Andrew Krauss
You two are a different type of sunshine and I love it.
Thank you for watching!
This gave me courage and motivation to finally submit my PP. Learned a ton of info.
Thank you guys!
You're very welcome.
Great information, thank you!
you guys rock. thanks for making these videos.
You're welcome!
u guys hav like a serious sponge. .. Thx brothers... Amazing. ..
I used to only listen to my music on UA-cam.... but now I only watch your videos... thanks for all you guys do... and hopefully my product will soon be in your homes.
Thanks for your support Joshua.
Golden as expected, thank youuuu.
You guys are amazing. Im getting so much information from you. Should the term sheet be a document that they need to sign or email negotiations ok?
These videos are great! I had a prototype made and had the guy include an exploded view diagram. Since I know that it can be made...should I include that with my sell sheet to the manufacturer? Thanks for your time in answering my question and for all of the amazing knowledge you are sharing.
Hi Teresa!
Thank you for your question! We think you might find the recent video about Sell Sheet basics with Andrew very helpful: ua-cam.com/video/J2D7siNKLn8/v-deo.html.
Interesting and helpful, thank you.
As always great information.
Thank you, Chris!
-Andrew
loved this one!!!!
Stephen and Andrew, thank you for these terrific videos. Can you point us to a ("good") example contract? I know each deal is somewhat unique and that a licensing attorney will need to review the real deal, but an example would help serve as a roadmap for negotiations. Thank you!
what sort of information gathering must be done in order to create the foundation for your process, that you will ultimately walk them through?
Thankyou guys!!
I'm learning a lot from you guys. Thanks. I have an idea that I'm preparing for a licence. Taking my time and absorbing. You mentioned business language in the early minutes of this vid. Would you be able to do an episode where you quickly run through a list of terms to learn that might come up in a discussion with a company
Here are some negotiation terms to be aware of: www.inc.com/stephen-key/before-you-move-to-a-licensing-contract-focus-on-a-term-sheet-first.html
How royalties are calculated: ua-cam.com/video/XzbFCsEAtl0/v-deo.html
Exclusive versus non-exclusive licenses: ua-cam.com/video/wCvDv1spEEc/v-deo.html
.
@@inventRight youtube link is not working
These are really great!
Great info taking notes. Thanks.
Rich Coppens Thank you.
Haha, I feel like I can't get enough information when it comes to cutting the deal and securing the terms! Any other videos you'd recommend watching (already watched the "Show me the Money! Licensing Ideas" one), or articles you'd recommend reading?
I hope you know that you two are awesome, by the way, Andrew and Stephen!
For more information check out our website..inventright.com
Also information can be found on articles I have written for inc.com
and entrepreneur.com
Thanks for listening
Can you give us some videos on mocked negotiating. Please have more people share additional information how they were able to get the license agreements.
Here is our playlist about negotiating a licensing agreement: ua-cam.com/play/PLG-tVkiG-bLHYJa0A21whxBn0qDfvSN0j.html
If you're looking for help, contact us: www.inventright.com/contact
teach me the honest way, step by step i am very new too this. thank you.
We'd love to! One of the best ways to begin understanding how to license your ideas for passive income is by reading our cofounder Stephen Key's award-winning book One Simple Idea. You can find it in libraries in the U.S. as well as online: www.amazon.com/One-Simple-Idea-Revised-Expanded/dp/1259589676/.
what happens if they can´t perform as the performance clause says? do they have to pay you an amount or do they just stop producing your product?
Contracts are written differently, but usually this means your patents/IP will be returned to you (and you can try to license to someone else). This protects you from licensing an idea to a company that then sits on it, for whatever reason.
thank you gentlemen
Do you put your name down for insurance when your liscencing. Do you need to take out liability insurance. I would think they would have the main liability. But you may be a secondary ?
Thank you for the reply, I will be in contact
Where is a good place to get a provisional patent?? I see prices from $199 all the way to $1500. And from many different places. Also what's the difference between Non-provisional and Provisional. Thanks for the help again. Love these videos. You guys made me relize I can make ideas and get paid. Love it.
There are big differences between non-provisional (a patent) and a provisional patent application. The biggest is the cost. Here is an overview: www.forbes.com/sites/stephenkey/2018/01/08/dont-file-that-patent-yet-file-a-provisional-patent-application-first/#49ea64b657fe
We have several resources to help inventors write their own provisional patent applications. One is Stephen's book "Sell Your Ideas With or Without a Patent": www.amazon.com/Sell-Your-Ideas-Without-Patent/dp/1507885733/
Another is our program SmartIP: www.inventright.com/index.php/what-we-offer/smartip-offer
Thank you for watching and the kind words!
Who do you recommend to help negotiate royalty money receive ?
We offer negotiation services at inventRight: inventright.com/other-services/negotiations-program
I have a company that sent me a submitters agreement form to sign , stating to provide a prototype and any patent I have applied for or have in force. Also any written description I may have. I just wanna know is it safe to send them my sell sheet as well as this form signed by me ? I asked them if I can send just me sell sheet they said yes but they also want me to send them this form signed. I just wanna know what I should do . Thanks.
June, we can help guide you through this process. Set up an appointment with our office: www.inventright.com/contact
Ty
Hi Stephen! In your book you say to start a small business, and not to license in your own name.. Do i need to start an LLC? or what path would you recommend taking?
Yes, an LLC is what we recommend. You don't have to do that until you've begun negotiating though. Thanks for watching!
Hi I'm trying to find that video on how you demonstrate a demo for sell sheet with the Aqua spin label. Please provide me link.
Landa Watkins I don't think that video is up on youtube anymore. Sorry.
"Minutiae" The word of the day.
Hi Stephen/Andrew. Have you already produced a video that covers what I'd call 'product auditing' in terms of licensing? How can one track what has been produced that is subject to your design (or patented design) and should subsequently pay royalties? I have visions of a company producing or selling 1000 units and paying you royalties for only say 500... or 50.000 and pay you royalties for only 25.000 etc. The designer or inventor can't watch or monitor what comes off the production lines. Thanks in advance.
Here's how to make sure your licensee is paying you what you are due: www.inc.com/stephen-key/how-to-make-sure-your-licensee-is-paying-you-what-you-re-due.html
But WAIT! There`s more. It`s about your labeling system. I have a big surprise right next door to yours. You are going to love it.
Arthur Bradley Your welcome! -Andrew
You guys are great. Like the content,,,, really good info for newbies like me..... hey , if things are ever plateau ish..... play an angle and invent some big stink between u guys as a goof and act out a angry session.... just as a goof .,, I know it would stir a buzz and people would watch that normally wouldn’t ....... kick me a slim margin if the dollars come subsequently .....
Lol!
You keep on mentioning our students and we are here to help them. Is there a direct line to contact you guys and get assistance during the license process or what, do you charge😝? I am new at this and the more videos I see the more complicated and frustrating this seems to be 🤣.
I have a great invention, I currently just finished a patent search through my patent attorney, Lyman H Moulton III. I Have had a university market analysis completed(all completed through Patent Services USA). Since the analysis is above industry standards, Patent services USA has designated licensing consultants (when patent is pending). They are asking for 10% of total profit, after a deal is struck, which is likely. Is that too much? Patent services is also asking for another 16k for the utility patent ? Should I seek an Angel investor for the utility patent? Or is it possible to work it out with a manufacturer in a deal ?
Hello Benjamin. We have a very different strategy for getting to market. We would like to help steer you in the right direction. Please contact us: www.inventright.com/contact
I just ordered Sell your Ideas with or without a Patent. I wanna be a student. How can I talk to you guys?
Jon, thank you for your support. Reach us here: www.inventright.com/contact
man when I make some money I'm joining your class.
Hello Ryan!
That's excellent! We'll be glad to have you on board!
A good knowledge base will allow you to make the most of our time with us, if you decide to join the program in the future! The good news is, you can start to do some research on your own in the mean time. Feel free to look at all the articles in our Online Licensing Library: www.inventright.com/help/licensing-library.
You can also download a free copy of our eBook "Getting In" by scrolling to the bottom of the homepage of our website: www.inventright.com.
And don't forget, you can purchase Stephen's books on Amazon or borrow a copy from your local library: www.amazon.com/Stephen-Key/e/B004EHJINU.
Thank you for watching!
What about the percentage of the sales should the investor ask for ? I mean what is the right percentage for the investor if I will need a partner as the production part ? And can I ask for a specific number of money as I am the owner of this invention ???
You do not need an investor to license a simple idea. Please contact us for help: www.inventright.com/contact
What's a good royalty to start with for a cell phone app?
I will need much more information.
Do you have a phone number
What's the difference or how do you differentiate between "being greedy" and "knowing your worth"?
Every situation is a little bit different.
@inventRight yes I suppose so. Just have an image of not closing the deal because of greed vs kicking myself afterwards because I settled for so little. Thanks
It does happen. Inventors asking for things that are not appropriate.
I have alot of ideas for things that have a vast range of applications. I dont want t to fail, I want to succeed for baby girl and my son. I want to be able to enjoy life with my family. I'm beginning the search for information to make money from my ideas. I'm interested in Stephen's outlook on being an inventor.
Check out Stephen's bestselling book "One Simple Idea," which you can also find at libraries in the United States: www.amazon.com/One-Simple-Idea-Revised-Expanded/dp/1259589676
How To Avoid Having A Worthless Patent:
www.forbes.com/sites/stephenkey/2018/10/11/how-to-avoid-having-a-worthless-patent/#55a3471d136f
So it sounds like you guys do consulting? Or just teaching students? Let me know if you do consulting because we may have our first offer on the table and we are looking got guidance.
We help inventors in the following ways: www.inventright.com/what-we-offer
Need a little inspiration to keep working on your ideas? Read about Erin Borges, creator of the patented award-winning GoGo Gift Bag. In less than 2 years, she got her reinvention into Target, Bed Bath & Beyond and Cost Plus stores nationwide. How she'd do it? By licensing to a market leader! www.entrepreneur.com/article/307875
How high should u go on the royalty rate
In my experiences, 3-7% is typical. Thanks for watching!
Why would you not want them to sell everywhere they can? Is there a reason to limit the products reach?
Might be dumb ? But does the company who is licensing your product manufacture the product too? Just sell the idea and it gets made and sold?? Thanks
Not dumb at all. Andrew made a great video that describes what is most important, which is that the company distributes. Check it out: ua-cam.com/video/4aWukqfgSbU/v-deo.html
inventRightTV. Thank you. Yea. Ive seen all the other videos now. So i fully understand. Thank you again the great info!
Royalty percent to start with?
Standard is about 5%
Sergio, I'm sorry it's taking me so long to respond. I would have your potential licensee write the contract. Then have a licensing attorney review.
Great info as always from Andrew and Stephen!
I love it. Real Life Street Smart Dudes.
Hey Stephen Key i need your help again or advice.
What should i do first with my idea?
I already draw it in my book i got like 11 of them now all i need is someone help me do the electric stuff & drilling... etc.
Or should i get the license first like the one you said ownership proceed (something like that).
And also what book of your should i get because there is too many, you got the one simple idea color,red and some others im confusing. Please let me know which 1 first to get it.
Thnks and god bless
Do a search to make sure that no one else thought of it before you. Then
Patent it to protect it.
Good Luck.
Ramy
Rule number 1 never take the first offer unless it's the only offer
I need some help I have a great idea but need a partner into guiding me through this to get a linsensee company willing to split it too I'm not greedy
I have a utility patent on my Beach Buddy Blanket, type Beach Blanket Buddy into youtube. I do not know how to get this to market can you help me. I have a manufacturer in place.
We'd love to help you. Give us a call: inventright.com/contact-us-today.
Do people ever ask for an honest initial amount of money up front?
👍👍🔥🔥🔥
When do you get contracts, when do you get licensing agreements. Attorneys are joke's their stupid . I can read the law, know business term's . What is considered a good deal ? A good percentage ? What is considered the best of terms for me to maintain royalties on my products. ?
Do I need a working prototype what if it's like an heavy machinery idea I can't necessarily build one thats good work use but I can give them the idea how to build it and how's its going to work, where the market is for it and everything else I have a drawing computer animated is that good enough? And sometimes you guys are too good to be true and creep me out like you work for them lol Twilight shit lol
We have created a lot of resources about when to prototype, why to prototype, and how to prototype. Check it out:
The 5 Times You Actually Need a Prototype: www.inc.com/stephen-key/the-5-times-you-actually-need-a-prototype.html
How to Create a Prototype for Your Pitch Video: www.entrepreneur.com/article/280381
"Don't Fall Into the Prototype Trap": ua-cam.com/video/xXIACY75NzI/v-deo.html
Long story short: Yes these days many of our students cobble together an inexpensive prototype and pay to have excellent computer animated renderings.
Thank you for watching!
yeaaaaa :)
I need help help me ....
If you are looking for help, contact us: www.inventright.com/contact
Stephen is now contributing to Forbes about intellectual property strategy. Read his first article, "In Today's Market, Do Patents Even Matter?"
www.forbes.com/sites/stephenkey/2017/11/13/in-todays-market-do-patents-even-matter/#564989a356f3
I need to invent an app to detect ill intent, lol
Trust your intuition!
touché , lol
love these videos but damn it stevin quit interrupting and asking so many rhetorical questions like we are dumb. you are so hard to read. it completely throws me off. still got a thumbs up because i appreciate the information
I've posted a link to this video on the Small Business Chamber of Commerce, Inc. Facebook Page and website. We've offered a reward for the first review that is posted there that meets our criteria. See Facebook.com/Small.Business.Chamber or www.SmallBizChamber.org If you'd offer to answer questions there for the next few days it would be very much appreciated. Thanks for posting this. John S. Wren, MBA, founder & CEO, Small Business Chamber of Commerce, Inc.
Andrew I love you but please stop interrupting Stephen! I like the videos where it's just one of you for this reason.
For some time now Andrew and Stephen have been recording videos separately :)
why spend money on a patent. if you are not sure if the idea has any marketing potential
That's right!
how does a woman who knows nothing about the term sheet and clauses do this?
ty
You're doing the right thing already! Keep reading and studying up as much as you can. Stephen has written at length about negotiation strategy online for his column on Inc. www.inc.com/author/stephen-key and Entrepreneur www.entrepreneur.com/author/stephen-key. Read his book "Sell Your Ideas With or Without a Patent" (www.amazon.com/Sell-Your-Ideas-Without-Patent/dp/1507885733) for more. And if you get to a negotiation table, call us.
Andrew should have let Stephen talk more here. Sorry, just saying!
At around $300 an hour I’ll bet it’s a very slow dance…😳
I'm an inventor and its hard to follow your videos when you do that.
Do what
We have the latest technology in horticulture covering domestic commercial we are looking to licence in other countries in anyone out there wants to represent us in licencing in the states contact nucleer9@gmail.com here in New Zealand the capital of WORLD horticulture R&D
It seems only old farts are totally focused on the money side
Steven. Your smiling way too much. Your going to need a patent to continue.
Arthur Bradley LOL. I could learn something from Stephen. I need to start smiling more in these videos! -Andrew
Good lord, you interupt the dude with the glasses 24/7. Its hard to listen when you are so disrespectful. Just let the dude finish.
Hello Alax. Stephen and Andrew record videos separately now. Check out their latest! ua-cam.com/users/InventRightTV
🙌💓🎇🙌🫂