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
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.
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?
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.
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.
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/.
Stephen is now contributing to Forbes about intellectual property strategy. Read his first article, "In Today's Market, Do Patents Even Matter?"
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!
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.
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.
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!
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!
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
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.
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.
+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.
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
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
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
+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 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.
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.
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!
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?
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).
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
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?
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.
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.
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