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The 2 Most Important Questions a Manufacturer Will Ask

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Do you have ideas for new products? You don't have to start a business to bring them to market. There's an alternative. It's called licensing! Stephen Key has licensed dozens of his ideas and is the award-winning author of "One Simple Idea." In this video, he discusses the two most important questions manufacturers will ask you about your product idea when you approach them for licensing consideration. For more info on how inventRight and Stephen Key can help you bring your ideas to market faster and with less risk, visit http://www.inventRight.com. New to licensing? Read "One Simple Idea": https://www.amazon.com/One-Simple-Idea-Revised-Expanded/dp/1259589676 — Watch Ask David Fedewa: youtube.com/askdavidfedewa — Watch Straight 2 Licensing with Amy Jo: youtube.com/straight2licensingwithamyjo
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Text Comments (108)
Joelson Miranda (1 month ago)
although the video is so old, it´s still useful. Thanks and congrats. Always great information on your channel! I´m going to become your student as soon as possible ;)
inventRightTV (1 month ago)
That's great to hear! Thanks for watching.
Dayton & Amber (2 months ago)
Stephen key is a philanthropist of the finest kind.
camee michelle (4 months ago)
Should you send a CAD file or just a 2d drawing?
inventRightTV (4 months ago)
You do not want to give away too much information without some protection (PPA, NDA) as that could put you at risk. A general idea of how much it will cost to make and how will benefit you. Please know this is not legal advice — we are not attorneys. Thank you.
camee michelle (4 months ago)
+inventRightTV which to send to the manufacturer to let them view it, to see if it can be made and how much it's going to cost
inventRightTV (4 months ago)
What do you mean?
Health Man (6 months ago)
When searching out quotes from manufacturers, should people be getting quotes from a particular country, or can you call anywhere? The reason I ask is, it seems like everything is made in China, so I imagine everyone would think of getting quotes from there. I’ve also heard that China has a reputation for counterfeit, so what would you recommend?
camee michelle (9 months ago)
Thank you..you are answering question that I can never find answers to..
Jacqueline Lang (11 months ago)
Thank you for this. I have a quick question though. How can you get someone to sign an NDA if you are discussing with them the idea on the phone? Yes, you could email it to them, but do you think that’s something they would do right away? It’s hard enough to just get someone to speak with you.
Jacqueline Lang (11 months ago)
inventRightTV Thank you, that was quite informative. I filed my PPA already, so I guess I have that going for me already.
inventRightTV (11 months ago)
Hi Jacqueline. Yes, it is hard enough to get someone to speak to you. We do not recommend asking for an NDA right off the bat. Some reasons why: https://www.inc.com/stephen-key/non-disclosure-agreements-can-be-powerful-but-only-if-you-know-how-to-use-them.html There is an art to how much you reveal and when.
JC Walker (1 year ago)
What if your industry is dominated by manufacturing companies in India and China? Should you contact them?
inventRightTV (1 year ago)
If there are no domestic manufacturers, find a China/India expert to help guide you. Right now there are a lot of issues with copycat products and trust: https://www.forbes.com/sites/stephenkey/2017/12/20/how-to-survive-in-a-copycat-world/.
Shaun mcinnis (1 year ago)
Thanks again Stephen . you guys are doing a fantastic job helping people get on board.
Ms. Jay (7 months ago)
I'm getting onbored you are so right
inventRightTV (1 year ago)
Thank you, Shaun!
inventRightTV (1 year ago)
Stephen is now contributing to Forbes about intellectual property strategy. Read his first article, "In Today's Market, Do Patents Even Matter?"  https://www.forbes.com/sites/stephenkey/2017/11/13/in-todays-market-do-patents-even-matter/#564989a356f3
Mr.anime mystery (1 year ago)
How do i contact a company
inventRightTV (1 year ago)
Hi! For a full guide on how to contact companies, check out our free eBook "Getting In": http://www.inventright.com/getting-in. The book concisely explains the step-by-step process of finding and contacting companies. Thanks for watching!
Rayshawn Brown (1 year ago)
THERE IS THAT PHONE AGAIN!!!!! ITS DRIVING ME OUT OF MY MIND!!!!! lOL THATS MY DUDE MAN I AM LEARNING SO MUCH WATCHING YOUR VIDS BRO THNX A LOT!
Ryan treacy (1 year ago)
here's a tip for you all also. pic a 3d cad company that can manufacturer it also. so after the cad is designed then u can get a free qoute. I got my cad done in Canada. yea that's not as cheap as tiawan but u gives you info to give to companies and they will then say waw if it that decent of a price I wonder what it would cost in China or tiawan.
Benny Green (2 years ago)
Hi Stephen, I have a question that isn't directly relevant to this video. I was hoping maybe you can discuss this topic in your next video. Buyers seem to have very short attention span and sometimes only look at your email for 10 seconds or less. Often when sending large files with catalogues, video content, sell sheets, if it is not sent In an organized easy fashion they won't put forth the effort to review your proposal. Which file sharing program, is best to use to allow the simplest interaction with your buyers or licensees. I know some programs have a simple interfaces but are restricted for security reasons by large corporations. Have been selling to big retailers for almost a year now and have yet to find a systematic approach to this issue that would work for the majority of my customers. Looking forward to your feedback and expertise in this issue.
mr z (2 years ago)
Once again, I heard that you emphescized that "you are product developer, not inventor". I wonder why inventor is not good title for us? Just not very understand it. If you have time, hopefully you could answer this question. Thank you!
mr z (2 years ago)
Thank you so much!!
inventRightTV (2 years ago)
Here is a video on the topic of why it is much better to introduce yourself as a product developer than an inventor to companies looking for ideas: https://www.youtube.com/watch?v=60L0sfhmhXQ. Thanks for watching!
Brooke Luder (2 years ago)
Thank you!!
Max Stlouis (2 years ago)
is fitness industry a good one to sell to?
inventRightTV (2 years ago)
Oh yeah.
bluedemonmiggs (2 years ago)
@ 3:58. What does it cost? You mean, like once it's out in stores?
Killer Breed68 (2 years ago)
Hey my name is James and I'm an inventor I went to inventhelp the cost was $750 all I got was a book and Davison charged me $865 and they never put my invention together who can trust to help me with my invention
Killer Breed68 (2 years ago)
Ok Thanks
inventRightTV (2 years ago)
Hi Hassan. We believe in empowering our students with the knowledge and support to license their ideas. To find out more about how we help inventors, please watch these videos: https://www.youtube.com/playlist?list=PLG-tVkiG-bLFdHFaL7nrc1XMF3VxnWpcI. We don't put our students' inventions together for them; we teach them how to license their ideas step-by-step, so they can continue to do so for many years to come. If you haven't read it, Stephen's book One Simple Idea is a great starting point: https://www.amazon.com/One-Simple-Idea-Revised-Expanded/dp/1259589676. This is what our students say about us: https://www.youtube.com/playlist?list=PLG-tVkiG-bLH4zX4Ctew91tfyHDGmZmyP.
Jonathan Perry (2 years ago)
Jonathan Perry I have 4 idea that I need help getting them developed to the next level. I need your help.Thanks
inventRightTV (2 years ago)
Hi Jonathan. We provide a lot of help in a number of ways — we have many videos on this channel, we also write for magazines, we publish books, and we are a one-on-one coaching program. More here: http://inventright.com/contact-us-today.
Magic Magic (2 years ago)
Thanks for this video Stephen.
inventRightTV (2 years ago)
You're welcome!
EvrythingDtv (3 years ago)
I have a question, would it be a good idea to license an idea to a company that is going down hill hoping my product idea will put a higher revenue on there company?
inventRightTV (3 years ago)
+EvrythingDtv Hard to say! Will the company be more interested in licensing because it needs an edge? Maybe. Only way to find out is to ask.
DMAG Designs, LLC (3 years ago)
Stephen, Thank you for this oh so important and valuable advice!!!
spills (3 years ago)
thankyou for step by step , What is an nda form ? thanks
inventRightTV (3 years ago)
+spills NDA means non-disclosure agreement, or confidentiality agreement. Here's an article Stephen wrote about the importance of NDAs and how to use them: http://www.inc.com/stephen-key/non-disclosure-agreements-can-be-powerful-but-only-if-you-know-how-to-use-them.html.
my idea is only made in china... How can I get around that?
Deborrah Simpson (3 years ago)
Hi Steve, What is a NDA? Thanks, Deborrah
HM MH (3 years ago)
NDA stands for non disclosure agreement.
Deborrah Simpson (3 years ago)
+Deborrah Simpson OOPS! Got it! like the non confidentiality form. Again Thanks, I will continue to watch these great videos!
Deborrah Simpson (3 years ago)
This was a good one!! thanks! I will need to watch again! Thx, Deborah
AntiHerox22 (3 years ago)
Hey there love the video, but what about this I've read? "an applicant who files a provisional application must file a corresponding nonprovisional application for patent (nonprovisional application) during the 12-month pendency period of the provisional application in order to benefit from the earlier filing of the provisional application." - http://www.uspto.gov/patents-getting-started/patent-basics/types-patent-applications/provisional-application-patent
inventRightTV (3 years ago)
+AntiHerox22 Yep — you have 12 months to decide if you want to file a non-provisional application and therefore secure your earlier filing date.
Jim Gale (3 years ago)
I need a manufacturer for my product. We have the design done and we are going to market (starting sales) in 30 to 60 days. [email protected]
Mama Kym (3 years ago)
Am loving your videos. Working on a shower head idea and learning a lot. I was diagnosed with stage 4 kidney failure one year ago and came up with my idea. I'm going to give it a shot in hopes I can leave something to my kids to make life a little easier. Wish I could afford to become a student. Love your personalities! I was in the entertainment industry and have several copyrites so am a little familure with some processes. Anyway guys..... Keep up the amazing helpful work! Mama Kym
josh P (3 years ago)
Is this for licensing? I'm a bit confused. Let's say I had a idea I wanted to license for a new washing machine. Would I call Maytag, get quotes on manufacturing then call another company like Whirlpool and try to get license deal. Or is this if I'm trying to get loans and sell myself
inventRightTV (3 years ago)
+josh P You would want to call a contract manufacturer — a company that is actually manufacturing washing machines — for a quote. At this stage, you're doing research, so you wouldn't want to throw off a company that you will approach for licensing (like Maytag, which is the brand).
Rita Troncoso (3 years ago)
ppa?
Jovan Popovic (2 years ago)
n
Stephen Key (3 years ago)
+Rita Troncoso PPA stands for provisional patent application. You can file yourself anywhere in the world in United States for about $65. It gives you one year to shop your product to potential licenses. After one year if you decide to move forward you need to file a non-provisional application. But during that first year find a potential licensee to license your product.. then have them file for the non-provisional patent application.
Diamond Rooster (3 years ago)
great advice, thank you so much InventRight :)
BIG AL ONE (3 years ago)
I have a patent for a dental product.  I contacted the top 10 companies that specialize in products that my product could fall into to.  They referred me to their website.  Went there.  Read their Nazi guidelines - the end.  Being excited for me and telling me that I need to get ahold of these manufactures does absolutely nothing to help.  If you can help me, then I will properly remember you when I see the money.
Stephen Key (3 years ago)
+BIG AL ONE thank you for watching. You're in one tough industry. In 15 years we don't have one student that has licensing a idea in this category. They're a sleeping dinosaur. It's painful.
Allen Haynes (3 years ago)
Hey Steve! What's your email address?
inventRightTV (3 years ago)
+Allen Haynes [email protected]
Ramses The Great (3 years ago)
Stephen type in new toy invention and check out my new invention
Dom (3 years ago)
your awesome !
Arthur Bradley (3 years ago)
STEVEN!  Answer that phone!
Mackenley Montfleury (3 years ago)
So if on the google patent search theres an invention slightly similar to mine in 1951 but it says that it has been abandoned can you still manufacturer a product similar to that now in 2015
Hamza Alhambrov (3 years ago)
What do you mean with the cost? Is it that for selling the invention or that claimed by the inventer in order to license the manufacturer?
CatSkillRaps Channel (4 years ago)
I am an inventor
Arthur Bradley (4 years ago)
Answer the phone.
Arthur Bradley (4 years ago)
+Stephen Key Information.
Stephen Key (4 years ago)
+Arthur Bradley what number are you calling?
Anthony Verster (4 years ago)
Please explain what is a NDA?
Steven Farrier (4 months ago)
Anthony Verster non disclosure agreement
Anthony Verster (4 years ago)
What is a Sell Sheet, sorry not from the States?
Stephen Key (4 years ago)
+Anthony Verster it's basically one page advertising the benefits of your product. Keep watching, we plan on doing a class on this topic. Thanks for watching!
Lee Williams (4 years ago)
Hi, & let me say that I appreciate you guys answering these many questions! I have designed tools, rigs, jigs, crane lifting rigs, short-cut tools, test equipment, work stands, & procedures for Norfolk Southern Corp. For 37 years plus, & they have taken the credits for all my design work & the prototypes that I built for them. The big picture, I have made a major contribution to the safety standpoint of the rail industry. Its time, now, for me to take some of my designs to market. I am retired & disabled now & can't afford the thousands of dollars that a full fledged patent will cost. Upon stumbling onto this web cast, while watching screwey squirrel cartoons on one of your subscribers sites...I believe this holds the answers...the blessing...that I have hoped for. THANK YOU SO MUCH for doing these webcasts!
inventRightTV (4 years ago)
+Lee Williams Your welcome Lee! -Andrew
Rich Coppens (4 years ago)
Just purchased your book, look forward to reading it.
inventRightTV (4 years ago)
+Rich Coppens Excellent! Enjoy the book. Our book "One Simple Idea" has over 300 five star reviews on Amazon. Stephen and i are very proud of that book. -Andrew
lilsweetiej (4 years ago)
I was watching your talk at Google. You suggested to file for a PPA when your ready to call All the company's "throw all the balls in the air" to give you the most out of your 1 year PPA, SINCE 1 year isn't that long. Now I don't understand how your suggesting to file the PPA before you speak with manufacturing contractors? Which do you stand by?
inventRightTV (4 years ago)
+lilsweetiej When you are ready to call. File your PPA and start calling within one week of filling it. For most ideas 1 year will be plenty long if you approach it this way. -Andrew
Roger Eiler (4 years ago)
Nice, thank you Steven Keys.
Roger Eiler (4 years ago)
Thank you too Andrew! You guys equip us newbies to have the best chance to license our products.
inventRightTV (4 years ago)
+Roger Eiler Stephen is on vacation so I'll say thank you for him. -Andrew
la rw (4 years ago)
How do I contact trade association?
inventRightTV (4 years ago)
+Landa Watkins Google something like "bicycle trade association". -Andrew
Jake Taylor (4 years ago)
Thank you again for your videos, You mentioned looking professional with contract manufacturers, do you normally form an LLC prior? I just submitted my PPA this week.
Ms. Jay (7 months ago)
Good question
inventRightTV (4 years ago)
+Jake Taylor Some of our students do, but most wait till they close their first deal. Contact your attorney or accountant to find out what's right for you. -Andrew
James Commander (4 years ago)
Thanks for the tips!---->Glad to know the trip down the isles of WalMart was great for learning which "manufacturer/distributors" has the shelf space! (and more likely some good manufacturing costs too).
James Commander (4 years ago)
+Stephen Key Picked up your book for entrepreneurs (One Simple Idea) and found many refining ideas. Looking forward to some great results, so far, here is the Kick Starter promo video for "one simple idea" of mine. https://www.kickstarter.com/projects/605002643/whooz-house-trivia-card-game
Stephen Key (4 years ago)
Thanks James!
Kiefer Walsh (4 years ago)
so you can sell an idea. with no prototype?
Trollerman Sixtysevan (4 years ago)
+Stephen Key What if you don't have the resources to make one?
Stephen Key (4 years ago)
First I determine if there's interest in my idea.. If they ask for a prototype then I made one.
SurreallTV (4 years ago)
AMAIZING advice !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
Ms. Jay (7 months ago)
Yes it is
Stephen Key (4 years ago)
Thank you.
Linkscape1 (4 years ago)
I am currently listening to your book on Audible and really like it! I have had several ideas over the years and am trying to workup the courage to move forward with them. My first idea is relatively simple and easy to manufacture. I also think it would be a great addition/help to the industry. I noticed that your book was written before the America Invents Act was introduced. I heard rumblings of negativity about this Act and am wondering if it changes anything about the process you write about in your book?
Linkscape1 (4 years ago)
Thanks, Stephen. I contacted you and your company a month ago and am looking forward to moving forward with the mentorship soon! I have just been getting some things in place first. Hopefully the coaching and moving forward with my business will be doable with my work schedule. I have fri and sat off every week but that's it. Thank You.
Stephen Key (4 years ago)
No... Just file your PPA, you'll be fine. I'm not an attorney and I not giving legal advice. I am currently writing an expanded and revised second edition of this book. I will cover this topic in greater detail.
Stephen Key (5 years ago)
Eric, It's easy... do your homework on the Internet. Type in the company's name, then complaints. It's hard for companies to hide.
Subtly Agressive (5 years ago)
Can't you just hire someone to do all this??  I'm a thinker, I don't have time for all this shit.  It's too taxing to go through the motions of selling, contract negotiations, marketing, administration.
Ms. Jay (7 months ago)
+Xelimos yes!
Xelimos (2 years ago)
Why don't you "invent" a company that does just that?
Cynthia Boyd (5 years ago)
"Thank You ! " That was very helpful !
Ilan Salomon (5 years ago)
Thanks men, very informative! I was about to send my AutoCAD 3D drawing to china !!! They even signed my NDA !!! Thanks again sincerely Ilan
inventRightTV (7 years ago)
Your welcome. I love teaching this stuff!
Travel Monkey (8 years ago)
Thanks for all the great information, inspiration and motivation

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