Andrew Krauss is a Licensing Expert with his Partner Stephen Key Their Company Inventright has helped hundreds of Inventors

Tamata Kleinberg
Tamara Kleinberg Founder of LaunchStreet, Ted Talk Alumni, Author, Innovative Entrepreneur She is Here to Help
March 13, 2017
FilipValica
Filip Valica, Entrepreneur, Inventor, Product Developer, Consultant, and Podcaster, Showing Inventors the steps to Success
March 20, 2017

 
Andrew was born and raised in California’s Silicon Valley, where he grew up being surrounded by passionate innovators—and what he identified early on as an unhealthy obsession with venture capital. When he discovered licensing, it was like a light bulb went off. “Everyone gets excited about raising money,” he said. “But licensing is much more sexy!” For one, there’s so much less financial risk—and yet still so much opportunity. He got excited about teaching inventors how to harness the power of open innovation and continues to be as excited, if not more, today.
As the day-to-day manager of inventRight’s operations for over thirteen years and its head coach, Andrew has seen it all—and coached inventors through it. “At this point, our students have experienced every scenario you can possibly imagine,” he said. “Whether it’s communicating with a company that has never licensed an idea from an outside inventor before or signing a multi-million dollar deal, we’ve done it.” He continues to be inspired by the opportunity to work with people who are not only passionate about their ideas, but also committed to making money from them. He began coaching inventors over fourteen years ago as the President of the Inventors’ Alliance group in the San Francisco Bay Area. Andrew grew Inventors’ Alliance into one of the most active and well-established associations in the inventors’ community across the country. His expertise in the field of innovation was federally recognized when he was asked to advise the last president council on what changes could be made to the United States Patent and Trademark Office to better serve independent inventors. He has also been featured on National Public Radio’s Science Friday and as a licensing expert at USPTO conferences.
Several years ago, spurred by the feeling that the Bay Area was getting just a little too crowded, Andrew moved to Henderson, Nevada with his wife, where they are raising their daughter.
“Every day someone tells us how much we’ve helped them, and that means the world to me.”
InventRight is a company dedicated to empowering people to bring their product ideas to market through licensing. They train students in over 40 countries to use the ten step process created by Stephen Key and Andrew Krauss and introduced in their book: “One Simple Idea: How to Turn Your Product Idea Into a Licensing Goldmine”. www.inventright.com

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Podcast Notes

1You Tube generated podcast notes, please excuse any typos.
0:02
hi everyone and welcome to inventors
0:04
Launchpad roadmap to success on the
0:08
launch pad today we have a special guest
0:11
I mean this guy has been around the
0:13
invention industry for years and years
0:15
and I'm so glad that he found some time
0:17
to talk with us and tell us about what
0:19
he's got going on he's a Silicon Valley
0:21
native he's instead of going the
0:24
traditional venture capital route he
0:26
opted to go towards retail he now runs
0:29
one of the top product licensing
0:31
companies in the world he's an author a
0:32
teacher product developer and a coach
0:34
his name is Andrew Krause the co-founder
0:38
of event right and I believe he's on the
0:39
line right now hey Andrea over there I
0:41
carmine huh thanks for having me on hey
0:44
how's it going buddy thanks for
0:45
forgetting the time to be on the show
0:47
today I was so glad when I saw your name
0:49
on the schedule I hear about you and
0:52
your company so much when I speak with
0:55
the inventors and you know there's a lot
0:57
of information a lot of
0:59
miscommunications there's a lot of
1:00
things out there when people talk about
1:02
licensing and product development and a
1:04
different routes to take so i was real
1:07
glad to be able to have you on to kind
1:08
of like go through and see i know it's
1:10
not a best way to go for all inventors
1:13
and products but there's probably ways
1:15
that you can really decipher the best
1:17
route kind of right off the back right
1:20
well I was glad to hear we're going to
1:22
go like the full 30 minutes on this
1:24
because I can talk man this topic I
1:26
think it's thought I wanted to figure
1:29
out how much I can thought so that will
1:30
give us plenty of time to cover a lot
1:32
well know what you're referring to I
1:35
mean I almost like to call to pass you
1:38
can license where you convince your
1:40
adventures just a fancy way of saying
1:42
make it to sell yourself right and
1:44
unfortunately a lot of people think
1:46
that's the only task that you can go
1:47
down but you've got this other path
1:50
which is licensing so the benefits of
1:53
licensing the key benefits are really
1:55
really simple as one you're going to use
1:57
their money so it's the manufacturers
1:59
money you're going to use their
2:01
workforce so you're getting them working
2:03
for you is their sales marketing
2:05
manufacturing advertising like that
2:06
right getting other people working for
2:08
you and then you're going to utilize
2:10
their existing distribution
2:12
if you have a shuttle that is unique it
2:16
doesn't hurt your foot when you sit when
2:18
you step on it or it digs more
2:20
efficiently or whatever they're in home
2:22
depot and lowes and Target Walmart an
2:25
ace hardware works but you're in all
2:27
this place you're tapping into that
2:29
existing distribution when you try to
2:30
venture a product you got to create all
2:32
the distribution from scratch and
2:34
retailers on our arnel is totally
2:36
excited about 161 product company their
2:39
little nope it go to deliver though he's
2:41
going to have the money to be on I'm all
2:44
up yeah I would agree i mean what people
2:47
don't realize is that for a company or
2:49
retail to take on a product it's not
2:52
just about the product it's about a lot
2:54
of things that have to be put into place
2:56
and that's why to me licensing is just
2:59
not all the time but just a great route
3:02
to go yeah it's low risk like I said
3:06
you're risking their money and you're
3:08
risking their time you got to invest the
3:11
time you still have to call it the 10 20
3:13
30 companies I think that's one big
3:15
mistake people make with licensing they
3:16
call like their favorite two or three
3:18
and so if you call a 20 or 30 you have
3:20
20 30 chances for success so I think
3:23
that's a mistake that people make this
3:25
licensing but that's the work you need
3:27
to do so it's like 1000 to work is
3:29
entering and starting your own business
3:30
but you still have to do the work
3:32
yourself set one company and then then
3:35
you're going to happen you're dumping it
3:36
all on them you know then it's their
3:38
money and their workforce and there is
3:40
this new distribution but you felt you
3:42
have work the problem is people don't
3:43
understand how to do that work of
3:44
Licensing to tell us that one become you
3:47
know they just don't understand how to
3:49
you know oh of course I mean I'm in and
3:51
I know that you guys at event right you
3:53
I want to back up just a bit i mean we
3:55
got started this because it's kind of
3:56
such an extent exciting to me subject
4:00
and we kind of jumped this into this so
4:02
quickly because as you said in 30
4:04
minutes sounds like a lot but i can
4:05
guarantee as you said we could go on
4:06
like this for two hours okay how long
4:09
have you been doing what you're doing
4:12
and I know it's been a while I'd say
4:15
we've been doing a dent right coaching
4:17
and mentoring that are sliced their
4:18
products for 16 years now and I've been
4:21
I ran in a better association so I did
4:23
that
4:23
18 years 19 years so I there isn't a
4:27
question I haven't heard I would I am a
4:30
licensing expert i am not a venturing
4:32
expert I can really clearly delineate
4:36
the difference between the two and the
4:37
advantages disadvantages too but
4:40
licensing is the way we go the reason
4:43
why we prefer licensing is you know you
4:46
can do it with the job you can have a
4:48
full-time job you could have another
4:49
business you can do it you don't have to
4:51
mortgage your house and home and you can
4:53
live the dream of getting your product
4:54
on store shelves that's what mostly
4:56
better stream it a lot of people think
4:58
what the average inventors dream is
5:00
making money and and I know having done
5:03
this is memorized for 16 years that is a
5:06
factor but people are so passionate
5:09
about their ideas the ideas first and
5:11
the money is secondary and most people
5:12
that don't really know an owners don't
5:14
understand that getting that product
5:16
that it's like a work of art in Venice
5:19
or product garden they want to get their
5:21
products out there in the stores and if
5:22
people can artist one gives them into
5:24
museums and those people ball right and
5:26
that is first and foremost the money is
5:28
secondary but and if its total cliché
5:30
you do what you love the money will come
5:32
now I agree and you always what's funny
5:35
about it and I am so glad you said that
5:36
because again we here at the launchpad
5:39
we run into almost the same thing people
5:41
come in and they're so passionate about
5:43
their idea and the first words of my
5:45
mouth is that why did you amended I want
5:48
to help people I wanted to fix this
5:49
problem that I saw they never really
5:51
talked about the money until it goes we
5:52
go down that path so I agree with you a
5:55
hundred percent it's always there so
5:57
mostly attached and they're doing it for
5:58
a reason and I think that's why one of
6:01
the reasons that I love the invention
6:02
industry as much and probably what's
6:04
kept you in it for so long yeah
6:07
absolutely and you know what kept us
6:10
that it is people calling us that that
6:13
we've empowered those because they
6:16
couldn't venture it they didn't help my
6:18
money i mean adventure of product is
6:21
good just to get started on a serious
6:23
level it's two three four hundred
6:25
thousand dollars people are shocked by
6:26
that now i'm not saying you couldn't
6:28
manufacture 50 and sell them on eBay or
6:31
something you can do that but that is
6:34
the big guys plenty of opportunity not
6:36
you
6:36
when you in license it you tap into that
6:39
massive distribution and money machine
6:41
that so they can get it in all of course
6:43
very quickly and distribution is a
6:46
better form of protection that passes
6:48
quite often people don't understand I
6:49
think it's all about the cops kappa
6:50
phi's new licenses big company to get
6:52
out there quick everybody else is the
6:54
need to when you launch it a very very
6:56
small way and then it starts to get
6:58
someone big ben people see it they
7:00
concocted office but you never existed
7:02
because you've been venturing it and you
7:03
didn't launch it get out there big so
7:05
that's one of the advantages of
7:06
licensing that i think a lot of people
7:08
armed grow yeah yeah well that's kind of
7:11
what got me into this business also is
7:12
the strategy part of it not just making
7:15
something but putting that strategy
7:17
together to get the product out there in
7:19
the right sequence so not only do you
7:20
not run out of resources or time or
7:22
different things and get it in front of
7:24
the right people so question for you and
7:26
and one of the things that I like about
7:27
licensing is that not everyone should be
7:31
a business owner you're not saying
7:32
anything bad about anybody some people
7:34
don't want to run a business some people
7:36
should run a business some people just
7:37
like to make things right yes and what I
7:41
believe is licensing gives them that
7:43
ability to really kind of decide on what
7:45
they want to do yeah you know I think
7:47
just because your pass through out of
7:49
products doesn't mean you want to run a
7:50
business doesn't mean you want to deal
7:51
with employees and workers comp and all
7:54
the millions of always junk but most
7:57
people to vendors are creatively like
7:58
focusing ideas and I'm going to say
8:00
something that says throw people off
8:01
this pretty truth when you when you
8:03
launch a company to sell your idea it's
8:06
not so much about the product you need a
8:08
good product yeah but if you're not good
8:10
at executing all those business things
8:12
that you need to do you know your honest
8:14
post all day long makes me feel call to
8:16
retailers or you get the right
8:17
manufacturers dressing then they don't
8:19
work out in all the things that can
8:21
happen when you start a business if
8:23
you're not passionate about running a
8:25
business you're not going to be
8:27
successfully product I don't care how
8:28
much you like the product code for
8:30
people that are really passionate you
8:32
have to actually be more passion about
8:33
running a business and your product if
8:35
you are then you can do great with
8:37
venturing lips all about the product and
8:39
you're not looking ahead all the things
8:41
you do you're in trouble and I see a lot
8:43
of people get ahead of themselves we go
8:45
well you know I raised the money twenty
8:47
thousand dollars per injection mold
8:48
and I'm like okay so what's your plan
8:50
for disc and no plan for distribution
8:52
you know where as when you license you
8:57
can file a provisional for $65 you can
9:00
spend 150 bucks on a social you can see
9:02
with the interest level but there's no
9:03
interest or you can adjust or you can
9:07
move on to the next product and you're
9:08
out like our students quite often route
9:10
less than three hundred dollars or a
9:11
project doesn't work out but if you
9:14
spend 20,000 an injection mold 10,000 on
9:16
a patent sort of 5,000 on a prototype
9:19
that's very very risky and not to say
9:22
that that's wrong it's not wrong it's
9:24
what's right for you as a person but
9:27
sometimes people they put their own
9:28
personal needs and their personality and
9:30
their desires aside for the idea it's
9:34
like the idea is more important than
9:35
that it's like glue to them and in those
9:38
people have a hard time with veterans I
9:41
agree one hundred percent here you're
9:43
exactly right it's not just about
9:46
jumping in and spending money and buying
9:49
molding it's all about the sequence and
9:52
if it's right for you at that time and
9:55
if all you guys are listen out there you
9:58
know Andrews not just talking about this
9:59
he's been doing for a long time he is
10:02
probably seeing so many things that he
10:05
wished he could have helped a person
10:06
before they got to him and you know this
10:09
is very hard sometimes probably for you
10:11
Andrew to to straighten out something
10:13
that when a client comes to you where if
10:15
you had just got him from the beginning
10:17
you know you probably could have helped
10:19
them so so much and if I frustrating for
10:21
you because I know that you guys love to
10:22
help people over there yeah well you
10:25
know you just got to work with wherever
10:26
they are so if this spent 15 grand on
10:30
the patent when it could have spent 65
10:32
out of provisional seen if there's
10:34
interest we could show them how to get
10:35
the company to pay for the past that's
10:37
there there at where they're at all
10:40
right if they blew twelve thousand with
10:42
some inventions promotion company that
10:44
already happens there's no you gotta
10:46
just move forward with the approach that
10:49
we teach and take you it's all about the
10:51
right steps you're absolutely right the
10:53
right stuff whether you're venturing or
10:54
licensing there is a series of steps but
10:57
I like to talk about the tube house then
10:59
sharing and licensing they're two very
11:01
different
11:02
with very different stuff and I think a
11:04
lot of people get for loop or as their
11:06
invention it's okay to make a prototype
11:07
for something but not knowing which
11:10
paths are going down not even talking
11:12
about so if there's one thing we can do
11:13
is this show is to talk about those two
11:16
paths so people who decide that's the
11:17
great thing I love to do because I don't
11:19
think enough people aqua no I I totally
11:22
agree is there it is there enough time
11:24
do you want to go kind of threw those
11:25
two paths if we can do that I don't know
11:27
you know well I think we I think we
11:29
talked about the most important part you
11:31
can't just be passionate about your idea
11:33
if you're not passionate about running a
11:35
business and you can't dump your day job
11:37
and dump everything else you're doing
11:38
and convince people to give you hundreds
11:40
of thousands of dollars you can have a
11:42
really hard time venturing it you can do
11:44
a micro-business raise three thousand
11:47
dollars you know so you know a couple
11:49
thousand units a year on amazon or
11:51
somewhere i see people doing that some
11:53
people are happy with that but a lot of
11:54
people come to me being look I've been
11:56
selling the spinning for two years and I
11:58
saw three thousand a year I know it
12:01
could be something more and I didn't
12:03
realize licensing was an option now it
12:04
was what up baby maybe these companies
12:06
themselves to company life so three four
12:09
thousand you see or rather than myself
12:10
right yeah most inventors as you said
12:14
don't start out giving to give
12:16
themselves a job and doing what you're
12:18
talking about selling a few thousand
12:20
seven hundred a year you're giving
12:22
themselves a job and that's not what you
12:24
guys do you guys are saying let's look
12:25
at the big picture let's go after the
12:28
retailers that really know how to sell a
12:30
product you know we're talking about big
12:32
retailers that you guys have connections
12:34
with and let's see thats that's a great
12:36
point I'm glad you said that a lot of
12:38
people must understand when your
12:39
licensing is different when you're
12:41
venturing filling yourself you're going
12:42
up to the retailer's right when your
12:44
licensing is going out to the
12:45
manufacturers itself the retail out but
12:47
you're calling that company that sells
12:49
the shovel in the home depot or the
12:51
walmart that is that it's such a simple
12:53
concept but when people don't understand
12:56
that and they're getting started with
12:57
licensing they don't know how to get
12:59
done so if there's one thing I can do is
13:01
to say that it's very easy to make your
13:03
list of potential licensees you look at
13:05
all the retailers you want to get in so
13:07
Isaac using this shovel is example they
13:10
sell a lot of shows and walmart home
13:12
wal-mart and target as well as homies
13:15
love right so if you went in all of
13:17
course or if you want to limit yourself
13:18
there because another place relational
13:20
show and you look at the manufacturers
13:22
of shovels the manufacturers of other
13:24
products on the same course shell it
13:26
might not be so in the show they're
13:27
selling a hoe right or something you can
13:30
license to those companies you make that
13:32
list that's Trickett listed company so
13:34
people say to me like well how do I know
13:36
what kind of dollar sales are doing I'm
13:37
like you know you need out if they're at
13:40
home depot and lowes and tiring walmart
13:41
there somebody you know and you can
13:44
figure those things out later if they
13:45
show interest but don't spend a bunch of
13:46
time going on Hoover's and looking at
13:48
how many employees they have much money
13:50
different i don't care if there is no
13:52
source you want to be on those stores if
13:54
we really simplify things like that
13:56
people get constantly stuck on little
13:59
things like those amazing you know
14:01
that's that's funny that you said was
14:03
not funny it's just odd that you say
14:04
that because a lot of people think they
14:05
have to take that shovel and they're
14:07
going to go to home depot and say i want
14:09
you guys to license my product but like
14:12
you said you're going to go back and
14:13
you're going behind the scenes and
14:15
you're looking for the supplier the
14:16
manufacturers and that's what that again
14:18
people just don't don't know do you
14:20
think of that if you got a home depot
14:22
and you go to fire they're gonna be a
14:23
little irritated with you you're going
14:24
to show it to they're going to like it
14:26
and then they're going to go with the
14:27
worst price sheet you know know know how
14:30
it licenses to you and you can advise us
14:32
to retailers if their house brands but
14:34
it's usually just on generic stuff it's
14:36
pretty uncommon license to retailers
14:38
your life in the manufacture sell to
14:40
retailers now it's not all bad i've had
14:43
some students that jump the gun when
14:45
they joined up with us and they call the
14:46
retailer and we're like no no you will
14:48
call retailer like oh but this is their
14:49
interests know much oh great you say to
14:53
the other companies that are selling
14:55
shovels it will be below the buyer will
14:57
be so sure of interest it's not all bad
14:58
when people mess up like that the fire
15:01
is not the right person to contact so
15:02
get a little irritated when you can't
15:04
deliver it because your goal is and
15:05
licensors but you can use that even I
15:07
call it pull through market you know you
15:10
get interest for the retail and you show
15:11
it to the company and if you have a
15:13
really hard time getting the company to
15:15
sign off on the deal sometimes you can
15:17
do that where sometimes you can get em
15:19
to do that they'll be like what we want
15:21
to talk to our retail is in the retail
15:22
show interest and then you're then you
15:24
get to do now yeah I can see that yet if
15:27
there's some interest that's great
15:28
there's nothing
15:29
wrong with that but jumping the gun
15:30
could sometimes work against you because
15:32
again the buyer be like where's all
15:34
where's the retailer's the packaging you
15:35
know how much and you don't need all
15:37
that and so let's talk about it you know
15:40
on that topic people when they're
15:42
venturing you need a prototype right
15:44
when you're venturing need a prototype
15:46
show the barn on that you don't need
15:48
that when you're like you can fake it so
15:50
let's say you got a dog toy and you you
15:53
went down a store you got an existing
15:54
dog toys a ball of some kind you you
15:56
thought you duct tape a piece of
15:58
cardboard on the side you throw it and
15:59
it rolled with funny way and trying to
16:01
talk crazy that's your prototype right
16:03
so when you sit no you need to go out
16:06
and get an injection molded piece to
16:08
make it perfect production-ready
16:10
prototypes of fellows know what you're
16:12
selling is the benefit of the product
16:14
the fact that it rolls and please show a
16:16
video of the dog having fun and it might
16:19
be cardboard or it might be hacked
16:21
together you know or if you have a
16:23
picture of it in your cell sheet your
16:24
one CH advertisement maybe you got a
16:27
photo shop a little bit but it looks
16:28
like classy but not it's okay to think
16:31
it you know they can make it if you know
16:34
they can make it who said you had to
16:36
make that is a thing that really ends up
16:39
costing inventors a lot of money with
16:41
prototype versus one place for a lot of
16:43
people waste money is prototype in the
16:45
places path yeah I'm not saying you
16:47
never need paper prototype I'm not
16:49
saying you never need to do one but you
16:51
think about the fact that you're showing
16:54
a benefit of your product if you don't
16:56
need this production ready beautiful
16:58
prototype if they see the benefit I've
16:59
never had a student 16 years at six well
17:02
they saw they were interested but I
17:03
didn't have a you know a beautiful
17:05
perfect prototypes for the name they ran
17:08
for the hills I never won Wow even if it
17:11
takes you a couple months to put
17:12
together they were interested in the
17:14
best but they'll still be interested and
17:15
that pose a lot of people down along
17:19
with as you know thinking that you need
17:21
to have a issue Pat that's crazy yeah
17:24
that would i would agree about the
17:25
patent side is no doubt about it you
17:27
know and going back to the prototype
17:29
again i think that the way they're
17:31
explaining is perfect because in your
17:33
experience even if someone had a perfect
17:36
prototype a lot of times the
17:38
manufacturer they may change it around a
17:40
little bit anyway oh yeah
17:42
definitely absolutely but what so we'll
17:45
go back to listing earlier it's all
17:47
about your filling benefits so it flips
17:50
burgers without them falling apart at
17:51
jacks up your car and half the time
17:53
without getting your hands dirty these
17:55
are either types of benefits and that's
17:58
what you're truly smelling and you can
18:00
fake your prototype now a lot of times
18:02
you can just look at similar thing
18:04
people think things you always
18:05
manufacturing research but if you can
18:07
look at this product over here well
18:09
that's all for 995 it's more or less
18:12
like mine but I'm putting a wing on that
18:14
for I'm doing something you can actually
18:16
tell the company that look there's this
18:17
product it so for this price retail you
18:20
divide by five usually it's about that's
18:22
about your main Patrick office growth
18:24
you know it's not exhibit and we're just
18:27
going to add this it might add a you
18:29
know a little bit you sense or fifty
18:31
cents or something and they're like oh
18:33
yeah okay so why did you need to go to
18:36
the contract manufacturer and get
18:37
clothes and all that you can't always
18:39
view that don't get me wrong and we
18:41
teach students how to go and find
18:43
contract manufacturers and get quotes
18:45
when necessary but i would say a good
18:48
ninety percent of the time it's not
18:50
because quite frankly when they go to
18:53
China or somewhere they're going to get
18:54
a better price than you so you giving a
18:57
quote when you get close as an
18:59
independent and veteran licensing it's
19:01
more just to see if it can be done if
19:03
your concern that it couldn't it's not
19:05
so much about the prices they're gonna
19:07
get a better price in you yeah that's
19:09
that's definitely especially if they're
19:11
making you know 50 products in China or
19:14
wherever in the world i mean you know
19:16
there's no reason and then again because
19:18
what you really and what I feel is
19:20
you're saying yourselves a lot of people
19:21
go down the wrong path there concerning
19:23
themselves with time-consuming things
19:25
that don't need to be done whether
19:27
they're getting information from their
19:28
cousin their neighbor their friends and
19:30
they're just not talking somebody like
19:32
yourself it's good right well it was
19:34
because of the neighbor and friend
19:36
that's encouraging all this say oh
19:38
that's a great idea and what are they
19:41
saying that get a pack there you go you
19:47
better get a pad on it that is the
19:48
complete extent of ninety nine percent
19:50
of your friends and families with Vice
19:52
middle that is mom here
19:55
bye you want to get a provisional patent
19:57
for $65 you don't want to get a pad and
19:59
the attorneys will play into that and
20:02
they know that and some attorneys are
20:04
good some path attorney is not so good
20:06
and they play into that fear they sell
20:09
beer so Cepeda Tories are terrible Phil
20:11
people but so easy to sell it in better
20:14
fear well you don't get your ideas taken
20:16
you will protect it you know and that's
20:19
an easy sell and unfortunate a lot of
20:21
people go for it and they've run out of
20:24
money to just on that stuff yeah yeah
20:27
that's good thing that we've noticed
20:28
tues is a Klein will come to us and
20:31
they'll say they're ready to go but they
20:34
spent all of their money on a patent and
20:36
really you know on the manufacturing
20:38
side is what we do here is that their
20:40
product is going to be changed around so
20:42
much anyway that that Pat yet not even
20:44
pertain to their product anymore and
20:46
that's absolutely so here's the solution
20:48
to that when you file a $65 provisional
20:50
patent and you get some feedback from
20:52
the company and you're like you know
20:54
they're either complaints you won't
20:56
complain you know and you're like
20:57
because they're not creative their
20:59
corporate people you know and and you're
21:02
like you know let me think about that
21:03
i'll get back to you and you come up
21:05
with a solution their complaint what
21:07
you're going to do before you come back
21:08
to them is going to file a second
21:09
provisional and you're going to you know
21:11
the first one at a and b in it you're
21:13
going to add you gonna take six
21:14
provisional file against SB and then
21:16
even have shown the improvement and so
21:18
for 65 bucks a pop you can protect
21:20
yourself a long way can you imagine if
21:22
you spent 10k on a patent and then you
21:24
realize there's an issue which that
21:25
almost all it is that's talk to the
21:27
company and now you need to file another
21:28
patent oh now if you filed to
21:31
provisional when you file a patent you
21:32
can reference both the visuals and
21:34
you're good to go so these are
21:36
strategies that patent attorneys don't
21:38
really share with their clients cuz they
21:40
just want me to sign up with them and
21:43
getting a paddy and selling beer and on
21:45
and it's funny capacitor doctor but the
21:48
adventure needs to be knowledgeable the
21:50
attorney is only as good as the
21:52
information you give them and you're
21:53
managing your business whether its
21:54
licensing or venturing do not get the
21:57
business adviser Patrick drink it patent
21:59
advice on the execution of the patterns
22:02
of prosecutions of times but not even
22:04
strategy like this they won't give you
22:06
crazy I totally agree and
22:09
you know what's great about it as I have
22:10
spoken with so many of your past clients
22:13
and not one of them gave anything in in
22:18
the realm of you guys not helping them
22:20
and taking them through the correct
22:21
steps I mean they talk about what you
22:24
guys did as as it was so helpful it kind
22:28
of like saves our whole idea a lot of
22:29
people I talk to about you guys is that
22:30
they were about to give up when they
22:32
found you and you guys put them on the
22:34
right path and really it was it was a
22:37
savior because their idea actually made
22:39
it to market yeah go through your
22:42
company with a stable man yeah boy your
22:47
side the fierce I'd mention industry i
22:49
wish i could just take all the inventors
22:51
criminal room and say stop being scared
22:55
well you know we don't tell most people
22:57
what they want to hear other companies
22:59
will say you know just give us 12 grand
23:01
will do it all for you you know we're
23:03
saying no this is work you need it when
23:05
you like continues context of 10 20 30
23:07
companies only one to the interests you
23:09
still have to do that work you don't
23:11
need to manufacture you don't need to
23:12
raise money you don't do all these other
23:14
things but you still have to do that
23:15
work and people just don't know how to
23:16
do it once you show them how to do it
23:19
it's very empowering because if the
23:21
project doesn't work out and haven't
23:22
mortgage their house and home they can
23:25
always involves the next one and that's
23:26
and I would find that that's one of our
23:29
criteria actually talk people are
23:31
interested being one of our students
23:32
somebody has said I that's one idea I
23:34
never want to do this again I don't want
23:36
them in student because if it's what
23:39
we're doing with them on the first
23:40
project is two things there's one we're
23:42
trying to help them like to prescribe
23:43
for Chile more importantly is we're
23:46
teaching them a skill by actually giving
23:48
them that real life experience in their
23:50
comfortable doing that because their
23:51
coach is guiding the law right so if
23:53
they go through the first projects they
23:55
don't like this and now I have this
23:57
skill that's just kind of status we
23:58
don't reuse it it on another product you
24:01:00
know so i think it's and that's not what
24:04:00
a lot of there's one to show its s is
24:06:00
that one idea which is great a lot of
24:08:00
our schemes are tooth but i always ask
24:10:00
them if you can come on but all you have
24:12:00
is some time i did forever well you want
24:14:00
to work on other words oh yeah yeah but
24:15:00
i won't work on this one now look great
24:17:00
that's good that's good but it's so nice
24:19:00
is not i just one one-shot deal number
24:22:00
one
24:22:00
again I go you know nothing you can eat
24:24:00
as much doubt it yeah but we're not just
24:26:00
about helping you life for about
24:28:00
teaching you feeling needs the rest of
24:30:00
your life so you're not mortgaging your
24:32:00
house and every time you come from an
24:33:00
idea sure true so so it's step just a
24:37:00
step back real quick so I you know it
24:39:00
again somebody that hasn't heard you
24:42:00
guys are listen to this podcast they're
24:44:00
like man that guy Andrew sounds like you
24:45:00
know to talk about I'm going to check
24:47:00
them out somebody who is going to give
24:49:00
you guys a call or contact your own
24:51:00
website however we'll talk about that
24:53:00
towards the end what's the first thing
24:55:00
they should expect which is they have
24:56:00
what kind of information or is there any
24:58:00
kind of requirements like so except us
25:00:00
through the first couple contacts or
25:02:00
what they got to do you mean when we're
25:04:00
coaching somebody yeah I think the only
25:07:00
thing that they need to have is the
25:10:00
desire to do the work you know so you
25:13:00
know if you want somebody that's going
25:15:00
to claim to do it all for you go with an
25:16:00
adventure don't go in a magical trade
25:20:00
commission website don't do that but
25:21:00
just going one of those guys but it's
25:23:00
not going to not going to go anywhere so
25:26:00
you have to be willing to do the work
25:28:00
and yeah licensing is 1000 to work of
25:30:00
entry but it still work so you have to
25:33:00
go beyond you have to come with the mind
25:35:00
that bottom Iseman you become of the
25:37:00
mindset that it's more about the idea
25:38:00
it's about like you said taking the
25:41:00
steps and taking action and none of that
25:44:00
will be as much fun as coming up the
25:47:00
idea yeah notice none of what we teach
25:49:00
your students you know calling companies
25:51:00
making your list of companies making
25:52:00
yourself sheet following your
25:54:00
provisional negotiating all these things
25:57:00
making a prototype or getting a
25:59:00
prototype runner all these things none
26:02:00
of it will be as much fun as coming up
26:03:00
here you have to accept that no I
26:05:00
aplenty excuse that like are terrified
26:07:00
of hauling companies they do it they
26:09:00
become in power doing I love calling
26:11:00
companies now not most of them cell
26:13:00
phone they just like I don't love doing
26:15:00
if I do it anyway yea though you have to
26:18:00
embrace the journey also I think you
26:20:00
have to celebrate the little victories
26:21:00
along the way like I got my cell sheet
26:24:00
into 10 companies today wow I never
26:26:00
thought in companies approximate your
26:28:00
you know two companies call me back oh
26:30:00
my god somebody's actually hurts to my
26:32:00
idea I'm not just sitting in my garage
26:34:00
thinking about
26:35:00
for years or decades I think it's very
26:38:00
important to celebrate those victories
26:40:00
if you don't you're just looking it save
26:44:00
the top of the mountain licensing your
26:45:00
product it's not going to be as much fun
26:47:00
it's the white campus process be fun
26:50:00
again not as much fun as coming up with
26:52:00
the idea but it can still be fun you
26:55:00
know and it's all it's all my stuff up
26:57:00
here so the only thing that we require
26:58:00
seems to come with easy i have ideas
27:01:00
right ideas and with that attitude yeah
27:06:00
and the good part about is I love that
27:08:00
you say fun because I totally agree
27:11:00
inventing yeah it's it's sometimes
27:13:00
stressful it's sometimes things you
27:15:00
don't want to do you don't feel
27:16:00
comfortable doing maybe get you out of
27:17:00
your shell but in the long run it's got
27:19:00
to be fun you've got to be and I think
27:21:00
that one of the most fun even on my end
27:24:00
and I'm sure that you guys experiences
27:26:00
is making a call to that inventor and
27:28:00
telling them that a company wants to
27:30:00
license their product I mean has that
27:32:00
feel well we don't make the call right
27:35:00
here oh it's always an email they never
27:38:00
they never call back so was an email and
27:40:00
the student panicking right because they
27:44:00
got this email they want to respond and
27:46:00
we have a customer service lines to call
27:48:00
customer service and and they're really
27:50:00
excited we jump right on that and we
27:52:00
advise them on what to say that we tell
27:54:00
them how to how you know what stay back
27:57:00
to email what's a good stay on the next
27:59:00
phone calls the best exciting really is
28:01:00
but it's really cool to you know our
28:04:00
shoes they're the ones that are funny
28:06:00
you know they're the ones that are the
28:07:00
next phone call this licensing is so
28:09:00
slow I mean the typical Association is
28:12:00
three months back and forth email back
28:13:00
foot long which is great for coaching
28:15:00
because it gives us plenty of
28:17:00
opportunity you know you're never going
28:19:00
to be this this is TV right you're never
28:21:00
going to be pitching in a corporate
28:22:00
boardroom I'll shake your hand and
28:24:00
they'll hand you a check no it's like an
28:27:00
email a phone call qui more email phone
28:30:00
call we gotta get supposed to China oh I
28:32:00
don't know I got to talk to Bob and you
28:33:00
know it's like it's all this stuff right
28:36:00
and in the meantime disputes like well I
28:38:00
don't know what to say to what they said
28:40:00
and we put them on with their heads
28:41:00
negotiating coach Davis Biwa and David
28:44:00
like I feel it's a million
28:45:00
okay this is how we're going ham aha but
28:48:00
because the students in the mix if we
28:51:00
were doing it for them like we are doing
28:53:00
it for them they're the mouthpiece the
28:55:00
state is sheila's they would never know
28:57:00
how to negotiate their next feel in our
28:59:00
next field that's very unique about our
29:01:00
company is always empowering people to
29:03:00
do this so at some point they can stand
29:05:00
me you guys anymore i canna stress my
29:06:00
life because all our students this as
29:08:00
far as they are they don't really
29:10:00
realize that maybe your friends and
29:12:00
family probably do it's never going to
29:14:00
go away it's like this beautiful disease
29:16:00
that you have that you know you just
29:18:00
keep coming up with ideas but it starts
29:20:00
to become a little bit of a thorn in
29:22:00
your side when you don't take action on
29:24:00
you know it's just ideas and people are
29:27:00
very happy coming up with ideas but
29:29:00
after a point and it's different for
29:31:00
everybody because some people ten years
29:33:00
for some people's two months you know
29:35:00
they're like I can't do this anymore and
29:37:00
they were just empowers I think you need
29:39:00
all the money to the path and the
29:41:00
prototype and all these different things
29:42:00
I could never do it on the money I keep
29:44:00
my job for my family to make my life
29:46:00
yeah and then they realize that I can't
29:49:00
do this and they're like well and then
29:51:00
we remove all those excuses away from
29:54:00
them and it's pretty cool and we do get
29:57:00
a lot of people that say like wow I it's
30:00:00
a dream forum it keeps us going you know
30:03:00
keeps all the coaches going and keeps
30:04:00
even to myself as the co-founders going
30:07:00
I don't think most people want to make
30:09:00
the effort that we do to help them
30:11:00
better take really green inventors and
30:12:00
make them knowledgeable it's a lot of
30:14:00
work oh yeah I totally would what I like
30:19:00
about though what you're doing is you're
30:20:00
allowing them to be future inventors or
30:24:00
future licensees but having their own
30:26:00
knowledge base they can do it on their
30:27:00
own being able to walk away and say hey
30:30:00
I can do this and give them that
30:31:00
information and sometimes you know I
30:33:00
know it's a long process but you know it
30:35:00
sounds like it's kind of good that it's
30:37:00
not happening too fast because then they
30:39:00
might have be overwhelmed so they're
30:41:00
able to get an email from the company
30:43:00
contact you guys you guys work and then
30:46:00
they get back to them so I mean
30:47:00
everybody wants something to happen
30:48:00
really quick but it sounds like it's
30:50:00
kind of good in a way that there's a
30:51:00
little bit slow of a process yes
30:53:00
absolutely it's very man if I either
30:56:00
using one word for licensing a spirit
30:58:00
process is very manageable if some
31:00:00
you're never going to be under the gun
31:02:00
and that's that's very empowering and he
31:04:00
has in 16 years may be added to students
31:07:00
do a deal it did gotten done in two
31:09:00
weeks on average it's about three months
31:13:00
now you might call 30 companies five
31:16:00
shal interest for fall off engine is
31:18:00
doing a gilak one for people that don't
31:20:00
know that's normal you know it might
31:22:00
chew might be interested maybe a call 30
31:24:00
only one in it should do that he was one
31:25:00
and very but the average is around three
31:30:00
months now he said scheme to close deals
31:32:00
one year nigga andrew we would have
31:35:00
never got through this without my coach
31:36:00
i would have never got to it i wouldn't
31:38:00
give it up that's that's unusual so they
31:41:00
got like a cost me a couple references
31:43:00
to exploring wants to happen i'm going
31:45:00
to happen guys that quick it's probably
31:48:00
a bad deal probably is now the only
31:51:00
exception is dr TV is commercial
31:53:00
companies they like to do deals really
31:55:00
quick that happens below further i could
31:57:00
see that happening to explain that the
31:59:00
unusual three months pretty typical and
32:01:00
I think inventors 18 when I don't have
32:04:00
so many that sound like he was going to
32:06:00
get nervous they just fine whatever the
32:08:00
company sends you and it's never okay
32:10:00
not they're trying to screw you or
32:12:00
anything like that it's just there's a
32:13:00
lot of things that need to be gone over
32:16:00
for the licensing contract yeah that I
32:18:00
believe I believe that lysine contract
32:20:00
is so important me know that that final
32:23:00
document must be just so important to go
32:26:00
through it with a fine-tooth comb yeah
32:29:00
definitely I mean a lot of people think
32:30:00
all the passes to protecting the patent
32:32:00
patent but licensing contract is that is
32:35:00
a huge form of protection does it
32:36:00
outline you know they don't meet the
32:38:00
minimum guarantees it also so much every
32:40:00
every treaty reporter every three months
32:43:00
you get back there's all sorts of other
32:44:00
you know speculate you know stipulation
32:47:00
that if they don't perform you get in
32:50:00
fact you're never really excelling
32:51:00
you're renting or you're leasing right
32:52:00
way I looked at so that's again very
32:55:00
empowered do they mess up you can get it
32:58:00
back now you might not put the screws to
33:00:00
them and take it back and like to say
33:01:00
okay guys come on I'm going to give you
33:03:00
three more months and the thought that
33:06:00
it is better to have that leverage on a
33:08:00
big company is people are like really I
33:10:00
could be like yeah that's what
33:12:00
the agreement is and they should be held
33:14:00
accountable that and if they want to
33:16:00
find an agreement that's not holding
33:17:00
them accountable at all i could sit on
33:18:00
your idea you can have to move on and
33:21:00
some companies will try to do that it's
33:23:00
pretty rare though pretty rare but
33:27:00
people companies a pretty cool physical
33:29:00
part it seems like it and I would agree
33:30:00
with you i know that a lot of inventors
33:32:00
and product developers you know they're
33:35:00
very fearful about showing your product
33:37:00
to a company or showing it to a
33:38:00
manufacturer but as you said I've been
33:40:00
doing this for a little while chewing I
33:42:00
haven't seen that many companies that
33:45:00
are bad guys I just haven't you see
33:47:00
actors well I can stay in 16 years I
33:50:00
haven't had a single one of her students
33:51:00
get knocked off or a company say shows
33:53:00
you put their ideas that you know and
33:56:00
I'm going to do whatever I haven't had
33:58:00
that happen yet it'll happen one day and
33:59:00
then i'll have to say look it happen
34:01:00
once or twice but i can say that's the
34:03:00
best my knowledge it hasn't happened one
34:04:00
of our few left 16 years of students in
34:08:00
over 40 countries that's a lot product
34:10:00
probably yeah that's a lot i would have
34:13:00
to say that our students i think this is
34:15:00
one form of protection for our sins when
34:17:00
you conduct yourself professionally
34:18:00
you're not acting more like a wacky
34:20:00
inventor they see you know what you're
34:22:00
doing and that small like three or four
34:23:00
percent of companies like this suit
34:25:00
exist won't mess with you they're like
34:27:00
either going to pay where they're going
34:28:00
to move on i think there when i hear
34:31:00
stories about people getting ripped off
34:32:00
and i hear what they did i'm like well
34:34:00
that was unprofessional with what means
34:36:00
how you handled that and the company
34:39:00
decided to go around you because you're
34:40:00
acting like a nut job you know and
34:42:00
artisans never do that we would give a
34:44:00
really hard time that's a great point
34:46:00
that is a really good point to being
34:48:00
professional and doing things the right
34:49:00
way the company says oh they're
34:51:00
professionals are prepared let's do
34:54:00
everything the right way so so yeah you
34:55:00
know give it right the right
34:57:00
presentation i can see that too so no no
35:00:00
that's awesome so real quick I mover
35:02:00
kind of I know it's going to sound weird
35:03:00
but we're kind of running out of time
35:04:00
but I did want to ask you it sounds like
35:06:00
to me that a lot of companies out there
35:08:00
are open to licensing and and I don't
35:12:00
know if too many adventures realize that
35:14:00
they think maybe one out of hand but it
35:15:00
sounds like what you're explaining up no
35:17:00
back back in the day it was true it
35:20:00
might only be one out of 10 or 1 out of
35:22:00
20 but now it's like maybe 10 20
35:25:00
isn't it can vary by industry but if you
35:30:00
understand how to get in right people to
35:32:00
talk to you sending the right stuff you
35:35:00
can get your product in the most company
35:36:00
some companies have ideas have how
35:39:00
policies that are basically like
35:42:00
different company says we only accept
35:44:00
these vendors with issues patents that
35:46:00
to me from a professional better
35:49:00
standpoint they are saying they don't
35:50:00
want your idea easy for an inveterate
35:52:00
have to go outside ten thousand wait for
35:55:00
patent issue you take two or three or
35:57:00
four years a little quicker now but and
36:00:00
then show it they're saying we're not
36:03:00
really interested in your ideas we're
36:05:00
afraid of the liability we all want see
36:07:00
inventors ideas now that's not most
36:09:00
companies there's a few big companies i
36:10:00
won't mention you that have that sort of
36:13:00
policy but I'm there they're open man
36:17:00
they're open more than ever great that
36:20:00
is great to hear it really does i think
36:21:00
that it's really as our listeners
36:24:00
listening to this I think they're
36:25:00
starting to hopefully starting to
36:26:00
realize that there are different ways to
36:28:00
get your product out there where the
36:30:00
other resources not to take it to market
36:32:00
yourself and you want to be a business
36:33:00
owner or if you don't and you just want
36:35:00
to have ideas I mean you know Gotye
36:37:00
listen to andrew he's been doing this as
36:39:00
you said there's not a question he
36:41:00
hasn't heard and as you can see he's got
36:43:00
the answers for him because he's not
36:45:00
just answering it he's using it through
36:46:00
experience and that's what's great about
36:48:00
what you're talking Andrew this is what
36:50:00
you guys do it's not a side job yeah
36:53:00
what I mean we when you have excused
36:56:00
over 40 countries for 16 years to get a
36:58:00
very large sample size of experience and
37:00:00
there isn't much that comes up this new
37:02:00
it'll be a variation a new product the
37:05:00
same question but a different scenario
37:07:00
but it's more or less the same and we've
37:09:00
got approaches developed for it so you
37:12:00
could talk to inventor two slices like
37:14:00
five products and they might have the
37:16:00
experienced licensed by products but
37:18:00
they wouldn't have closed the experience
37:20:00
of all our coaches and even in myself
37:23:00
and you know so many scenarios and so
37:25:00
many situations on negotiations and just
37:29:00
all arrested as well but you gotta do
37:31:00
everything right I guess it's gonna go
37:32:00
she's like hey just everybody gets
37:35:00
excited talking about negotiations is
37:36:00
exciting but you gotta do things right
37:38:00
you're not in
37:39:00
Association pretty get their interest
37:40:00
yeah and what I love about what you guys
37:42:00
do is that not only are you giving the
37:45:00
clients here's the information you know
37:47:00
we're not you know we're coaching you
37:49:00
and here's the information we don't want
37:50:00
you to be a lifetime member and all
37:52:00
those things that people suck get sucked
37:54:00
into yeah but what I like about also
37:57:00
what you guys do is there's sometimes
37:58:00
when you're bringing coaches on because
38:01:00
you know you're getting so busy but
38:02:00
you're bringing coaches on and I talked
38:04:00
to a few that we're we're clients of
38:07:00
yours or students of Europe Oh every
38:10:00
single one of our coaches with the
38:12:00
passing that my students so yeah yeah
38:16:00
I'm proud of that so basically we see
38:18:00
the coaches a coach will see as soon as
38:20:00
it's really shining and will cherry fix
38:22:00
those coaches and then they're already
38:25:00
doing really well then they get trained
38:27:00
by the dakotas they get trained by me
38:28:00
and I'm the co-founder and then after
38:30:00
doing it for just about six months you
38:32:00
get such a large sample size experience
38:34:00
you're helping so many people you become
38:37:00
really good at and that's actually one
38:39:00
of the things we teach our coaches on
38:40:00
they are very passionate about it so
38:42:00
this by being a coach you're going to be
38:44:00
a better and better you're going to get
38:45:00
more experience you're going to get
38:46:00
decades of experience within a couple
38:48:00
years basically true no that's that's
38:52:00
great and like you said I mean there's
38:54:00
some guys that that's what they wanted
38:55:00
there are some adventures we just want
38:56:00
to invent things and like from their
38:57:00
product but i'm sure the coaches it's
38:59:00
what they're passionate about and being
39:01:00
able to cherry pick those and you're not
39:04:00
only being able to help them as coaches
39:06:00
but now because they're excited about it
39:08:00
they're passing that along to your new
39:09:00
Cline's and new students well and all
39:12:00
our coaches say they're working on their
39:14:00
products to we don't letting our coaches
39:16:00
work more in 32 hours a week is that
39:17:00
there's they want to work on their
39:19:00
projects as well so when they're helping
39:21:00
somebody there they believe in it that
39:23:00
looks very unique about our company even
39:26:00
customer service all our different
39:27:00
departments everybody was a past event
39:29:00
right students i would say everybody
39:31:00
ninety percent so um you know if people
39:35:00
in other departments that aren't but
39:36:00
that's very unique so everybody's like
39:38:00
believes in it you know i mean you're
39:40:00
just selling widgets or something for
39:42:00
some company you really believe in it
39:43:00
you know it's a job right but for our
39:46:00
coaches it's not the job ash that's
39:49:00
great you'll we're kind of over our
39:52:00
well you know I told you I could borrow
39:55:00
and I wanted to go over some of the past
39:57:00
products and I'm going to invent any all
39:59:00
the listeners all the people out there
40:00:00
go out to invent rights website and you
40:02:00
are going to see they have an awesome
40:04:00
website by the way you're going to see
40:05:00
those the inventors out there the guys
40:07:00
have gotten licensing your to see the
40:08:00
process is it again this isn't just
40:10:00
something that they're talking about
40:11:00
that they started last year this has
40:13:00
been going on for 16 or more years
40:15:00
Andrew Steven key these are guys that
40:18:00
have a foothold in probably invention
40:21:00
history I mean I know Andrews has been
40:23:00
working with inventors stephen has been
40:24:00
working with inventors you guys also do
40:26:00
a lot of talking a lot of speaking gigs
40:28:00
you probably go to see these guys out
40:30:00
there books they have books out there
40:31:00
their authors so Andrew real quick I
40:34:00
want to I know we mentioned the website
40:36:00
in that might calm is that the best way
40:38:00
to get in touch with you're going to
40:41:00
start up free stuff on there too there's
40:43:00
articles there's resources access to our
40:46:00
books more about the coaching program is
40:49:00
we find that people spend a lot of time
40:51:00
on our websites non-student there's a
40:53:00
lot of good free stuff on there so check
40:55:00
it out okay good so that's probably
40:57:00
pretty much the best place for anyone
40:59:00
need to start just go out to what is
41:01:00
linked to our YouTube show 23 we give a
41:03:00
lot of information way for free that's a
41:05:00
great resource but you can get all that
41:06:00
on in bed right calm okay well great
41:09:00
Andrew and listen man thank you i would
41:11:00
love to leave the invitation open to
41:13:00
bring you back on and and maybe be able
41:15:00
to get some more information for
41:16:00
everybody but i'm hoping that the people
41:18:00
who need your help we're going to head
41:20:00
out the invent right calm and just kind
41:22:00
of get started because it is a lot of
41:23:00
fun being able to see somebody move
41:25:00
their product forward and i think that's
41:27:00
what you guys do so great Thank You
41:29:00
Carmen thank you very own a blast man
41:31:00
you got to watch me man I can talk ah
41:34:00
and we'll see you soon my friend all

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