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The Licensing Jungle
The Licensing Jungle Secrets with Guide Jeffrey Mangus
July 27, 2017
The Licensing Jungle Welcomes Jim Debetta Inventor, Author and Legend in the Retail Product Market.
August 3, 2017

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Podcast Notes

1You Tube generated podcast notes, please excuse any typos.
0:00hi everyone and welcome to inventors
0:03launch roadmap to success
0:06I am telling to repair your home stay on
0:10the launch pad we have a guest who has
0:13been working with inventors helping
0:16inventors he's also an international
0:17businessman he's a consultant for some
0:20of the largest companies in the world I
0:22mean this guy really knows his stuff and
0:25what's awesome about this is he has
0:27never forgot about the invention process
0:30the inventors themselves I know he's an
0:33inventor he loves the invention world
0:35and we got him on the show today he's
0:37usually traveling
0:38it's very been very hard to lock down a
0:41time because he has meeting things going
0:43on and he's flying around the world a
0:45lot so his name is Baldo min Aldo and I
0:48have them on the line right now hey Paul
0:50do you over there hi carmine yes I am
0:53guys thanks for it thanks I mean your
0:56show buddy appreciate it and in four
0:59beats location and trying to arrange a
1:01time for us to connect oh so no problem
1:05at all no problem I know that you just
1:06got out of a movie and I'm not trying to
1:09push it too much you only have a limited
1:11amount of time but I am so impressed
1:13about the things that you have done your
1:16previous eight years of helping
1:20inventors I know yet going on on the
1:23fifth you sure you can give us a little
1:25background on when done okay he got in
1:29his right hand - no sure
1:33so let me begin by saying that the
1:36biggest driver for me was to make life
1:39better to create a better world because
1:42I saw difficult things in my daily life
1:45and stick around me and think that just
1:48didn't make sense
1:48I could see it being done better so as a
1:51very young child I remember playing this
1:53little red building blocks they don't
1:55even have them anymore these little
1:57rubber red building blocks and to create
1:59my own cities and farms and make sure
2:02they were operational and functional and
2:04from there I actually found myself
2:06designing transportation vehicles of
2:10different types
2:11I remember one of my first designs was a
2:13pedal car that was designed to be fully
2:16functional to get people to from work
2:18which interesting enough today probably
2:21is much more relevant than it was back
2:25then and you understand I grew up came
2:27the first I could be era where there was
2:29a lot of desire to be environmentally
2:31conscious and then this was after
2:35disaster the oil prices of 1974 which
2:38created that whole oil era which now is
2:43coming to an end so I wasn't like one of
2:46my first designs and I also worked on a
2:49perpetual motion mechanism I worked on a
2:54passport control device that basically
2:57in a harmless way has controlled test
3:00and loaded and I also remember I had
3:04signed up a little mechanism that was
3:09this was designed to prevent
3:10truck tires and virtual vehicle tires
3:12from exploding in and destroying the
3:16trucking and killing a lot of people in
3:18Iowa and so and in this I had worked on
3:22because we were axis breaking entire
3:24spinal flex women killing people so I
3:27had behind this and I actually took it
3:29to one of the world leaders and not a
3:32mode of accessory manufacturing and we
3:34tried we tried for a while the Edit
3:37engineers were here in this perfected so
3:39that it wouldn't break down once it hit
3:42a certain velocity in with certain
3:44extreme weather in Canada so but the
3:47numbers I had done what excited me about
3:48it was the fact that it could save a lot
3:50of lives
3:51and the numbers on it were something in
3:53North America and upwards of about 100
3:55million tires is what we had figured and
3:59was translated 25 cents a pop royalty to
4:03me translated basically played by
4:05million dollars a year now yes a number
4:07this is oh this is like 30 years ago it
4:09was a very young man yeah I was looking
4:12for ways to change the world and of
4:13course also to make money often so why
4:16it fell apart because the materials
4:18technology at the time didn't exist to
4:22allow for design direction
4:25basically about based mechanism
4:29subsequent to that there have been
4:31similar devices they have been designed
4:33that is still in the hub update of the
4:34tires of the vehicle wheel shelf so
4:37project has had come out understand and
4:40this excited there are being used today
4:42so the concepts that I had working on
4:45was very much the beginning of something
4:48that dimension remarkable was the my own
4:50product but that got me into the
4:53different aspects of the designing and
4:56be invented and but understand for me it
4:59was about innovation I just happened to
5:01learn the physics and everything else
5:04for unfallen error from talking to
5:05people in reading and glueing research
5:08and specific designs then I remember I
5:11also designed a product to this is the
5:15time when the water fresh water
5:17management with initial and in this area
5:20so I've been a product to be produced in
5:23ounce of toilet water venues in the
5:25flesh tank and literally what this
5:27device did is that how back water speak
5:29only use a percentage of what was in the
5:32tank we didn't have to replace the tank
5:34you didn't have to replenish valuables
5:36and search these two little parts into
5:38the tank
5:38which allowed it to reduce amount of
5:41water so ironically and in in the pieces
5:45I sold very very low price I didn't find
5:47it I basically coffee wrote it in that I
5:51sketch designs a given to my lawyer and
5:54then I emailed them to maybe a cannibals
5:56and that game is trim degree of
5:58protection but what I also did was I am
6:02if this is the way that I thought was
6:04operated I I when I ever had a product
6:07that was innovative then it would be
6:09taken up quickly I would just build it I
6:11will just get it on the market and
6:12penetrate the market so where did this
6:15is I basically today but that concept
6:19exists in that they've actually designed
6:21for let's go to bunnies now one bun is
6:23for a light question one button is for
6:24heavy push that kind of goes back to the
6:26whole I can't go I was doing this
6:29invention the other thing that I worked
6:31on was chimney cap what I did is I
6:35actually designed and had manufactured
6:37locally parts that I would
6:39stumble into a chimney cap and it's
6:40telling the story door but in a way that
6:43allowed me to penetrate the market at 80
6:45percent market share level so at one
6:47point had eighty percent of all the
6:48chimney cap cap sold in front hall and I
6:52did really really well with that
6:53business so and that's the kind of
6:55business are like something adds
6:56immediate value its growth hot and it
7:00makes a big difference to what
7:02somebody's find it in this chimney cap
7:04was designed with a lot of benefits to
7:07minded it basically took all the best of
7:10the best and put it into one design and
7:12so people when they saw it was this and
7:15people tried to knock it off in its but
7:16they couldn't penetrate the market the
7:18way I would watch because I had a smart
7:19marketing approach and I basically
7:22dominate a market which is also of if
7:27something going to inventors forget
7:29about they don't understand is they're
7:31not trained in it but the marketing the
7:33actual marketing and the invention it
7:35sometimes more important I actually
7:37usually is one fourth in the actual
7:39mention and it so happens with my
7:41strengths with the sales and marketing
7:42from design to execution so that's where
7:46I really accelerated it and I didn't get
7:47to that point I was in my mid-twenties
7:50where I actually realizing no matter how
7:53well my design was if I didn't actually
7:55protect the property if I didn't have
7:57the manufacturing design my passion
7:59right waste and then if I didn't have it
8:00marketed it would be a slop so even if
8:03somebody were to build it purposely
8:04designed perfectly it would be a slop
8:06there's many products that pop like a
8:09history of where I'm coming from this
8:13also as France transferred into my
8:16portrait life I worked in corporations
8:17for over 20 years and my biggest frame
8:21was to innovation within the
8:23corporation's business Francis review
8:26doing things better in the corporation
8:28access in the marketplace better that
8:29are serving the needs of the clients and
8:31later on I end up getting hired by
8:34multinational corporations to help them
8:36with their corporate and marketing
8:39strategy to find a way to leverage where
8:41the poor conference's are and to be able
8:44to profit on that so which is which is
8:47why I love bloom breakthrough today
8:49which includes up in inventors bring
8:51their product
8:52market so that gives you an idea of
8:56harmony but what I'm about and where I'm
8:58from so one study I mean just from the
9:03beginning we were kind of covering the
9:05full spectrum in crossing yeah that's
9:09not salutely not a good was coming from
9:11it you're trying to be a better human
9:14being you're trying to help the world
9:16but you're also as you said trying to
9:18make a profit trying to make money
9:19because you have to be in business you
9:22have to be profitable wanted to help
9:24other people in order to help the world
9:26and and you said a lot of inventors have
9:29something didn't happen that they don't
9:31need you don't know how to go through
9:33they know how to take that product back
9:36this is what you can carry Carmine's
9:40you're absolutely right and this is the
9:42biggest thing that I see with inventors
9:44is they are so passionate about
9:45something that can make a difference in
9:47the market in people's lives they stop
9:50to think of at night actually make a
9:52living off this and I support this if
9:54this worth my time
9:55what do I need to do to bring it to
9:57market they don't know that to forget to
10:00answer that and what I'm really good at
10:02because of my background as a financial
10:05analyst and venture capitalist is
10:07building the business case but also
10:09doing the financial for the objection so
10:12you can't really do financial
10:14productions if you don't understand it
10:15decides to the market if you understand
10:18the cost of production you don't
10:19understand what the price point is that
10:21you need to maximize your cash flow so
10:24you have to basically do a stress test
10:26and several variables create your your
10:29cash flow projections and then decide
10:32how you're going to actually bring the
10:33product to market because depending on
10:34your modes of having the market it's
10:39been effect on the spending to make it
10:41whether it's a royalty and give it
10:43somebody else the idea and run with it
10:45all you want to centage whether you
10:47raise capital and you build factories
10:49including yourself
10:51it depends on industry you're in but
10:52that message tremendous amount of
10:54different on what are you going to walk
10:57away with all our money and here's the
10:59interesting thing that I'm finding is
11:01that people to think they're gonna be
11:03more money by actually building
11:06find it there I end up losing money
11:08because how can you compete and
11:11manufacturing companies specialized sold
11:13in manufacturing I think the computing
11:16distribution in companies solely such
11:19lies in distribution the only way you
11:21can do it is if your product is so
11:23unconventional literate or existing
11:25distribution to those types of product
11:27or those needs that are being filled for
11:30those clients oh and there's no
11:32established technology or manufacturing
11:34for it either
11:35then maybe I'll give an example this I
11:38look to 3d printed 3d printing first 30
11:41coming out that was pretty
11:42unconventional and they basically create
11:46their own structure and tunnel so now
11:51it's becoming more and more into the
11:52mainstream and there's another
11:53generation of 3d printing coming out but
11:56that's an example of that
11:58so you're actually right if somebody
11:59doesn't understand the financials they
12:01understand the market size of demand and
12:03they can't possibly negotiate with the
12:05other players they need to help them and
12:06they won't know whether to make ever
12:08losing money yeah you know it's funny to
12:11say that as you're talking I'm thinking
12:13to myself that the product itself
12:16Crisanta matter the invention it's kind
12:18of just a widget you can almost shower
12:22or makeup case for something that
12:24doesn't exist that it could catch
12:28make sure it's all product right you are
12:31absolutely right I mean it's so true and
12:34here's here's as you're saying this
12:36here's what comes to my mind companies
12:38have launched it helps others launch
12:40they were launched on an idea before the
12:44idea before anything actually existed
12:45and we had what's called a discussion
12:48panel or a focus panel were you
12:51basically invite your target audience
12:53people are likely buy your product and
12:55you shown some concept from you asking
12:57some questions to help you identify
12:58price point benefits provided
13:01branding naming a number of things in a
13:06obstacles of them buying products any
13:09any hot button and out of that
13:12information if it's executed properly
13:14you'll have you'll have a lot of your
13:16answers your questions answered and
13:19you'll and you'll be a
13:20more likely succeed with a product
13:22missed a lot easier you get there a lot
13:23faster the single is a lot of people
13:26don't understand how to do that kind of
13:29marketing research just because if you
13:32get a figure people spend a career I
13:34learned about if it wasn't random Anna
13:36Schmidt at Procter & Gamble downy was my
13:38brand that I work on that's what I
13:41learned about it
13:41but a lot of people don't have that
13:44brand college training you don't have
13:45the NBA's on or a be calm they don't
13:47have the experience they don't know how
13:49to do it and if you don't do it properly
13:50and I don't get the information you need
13:52so in this you know what this sticks to
13:55karma this quick Stu basically the whole
13:57concept of the idea that there being a
13:59Michelangelo or the Vinci disabled to
14:02create something from start to finish
14:04and then make millions on it it doesn't
14:07apply in this world today you need a
14:09team did you see the people that are
14:11skilled and have Sprint's in different
14:14areas if you're good at coming up with a
14:16concept they come up with conflict and
14:18get somebody design it for you get
14:19somebody to do the plans for you
14:21somebody to commercialize it for you if
14:23you're good at selling or designing and
14:26developing the product and focusing on
14:28that and with whether people that can
14:29give you some guidance because if your
14:31core competence is that that's what you
14:33should be doing and the design and a
14:35thousand products because we design a
14:37thousand products and you have to the
14:38right people around you there's a good
14:40100 of those products are going to make
14:42its American psyche why 100,000 because
14:45your team is just a good team will tell
14:47you we're not to waste your time you can
14:49probably get that ratio much higher
14:51right so part of what your team does
14:52value where there's no demand that
14:55you're basically doing this for
14:56nonprofit or for money loss and if it's
14:59a passion of yours go ahead and do it
15:00your team will help you understand that
15:02you know it is it's great to hear from
15:06somebody like yourself who want to be
15:08with hundreds opinion you're
15:10volunteering your knowledge for this
15:12time in our listener and you know
15:15previously when you're talking to
15:16something on the top
15:18you're talking about now you have a
15:22process you have a process that you can
15:25run your science or particle and I want
15:29to go through that in a little while but
15:31I don't know how importantly with a
15:33receding gentlemen a business person to
15:36know partners is target I interior okay
15:41I'm important enough carmine is that's
15:44not the first step it's important but
15:46that's kind of percept so um let me let
15:48me just disclose something to you for a
15:50number of years of a biscuit partner in
15:52the inventors college and inventors
15:55College at the leading program they
15:57basically taken individuals that have no
16:00inventing experience or knowledge and
16:02within about 120 hours of instruction
16:05and mentoring they actually have a
16:07finished prototype complete with plan
16:09and how to proceed so in that program
16:14the core elements are covered of the
16:18knowing the marketing aspects and when
16:20the doing your research and the product
16:22but also it all starts carmine and here
16:24is the most important thing that
16:25inventors should keep in mind at all
16:27times it starts with why am i making
16:31this product why my designed this
16:33wife.she element in my addressing in my
16:37curing cancer am i making it easier for
16:40somebody to get better the morning am i
16:42making it easier for people to connect
16:44and fall in love what is it that I'm
16:46doing that is something that people who
16:49willing to pay for in order to get that
16:51benefit so that's what it boils down to
16:54and right now that one of the big is
16:58there's a number of industries are doing
17:00really well right now digital currency
17:03cryptocurrency is it's loading
17:05especially the ones are based on
17:07blockchain technology why is it
17:10exploding because it's providing a
17:12fundamental need that people have a
17:14burning desire for in a burning desire
17:18is be able to avoid having to pay
17:19understood dollars in transaction fees
17:21to banks which take weeks to transfer
17:24money so people are able to send money
17:27directly was the wallet and avoid having
17:29to pay that you can pay a dollar
17:32rather than 550 - $300 the other part of
17:35it is it maintains your confidentiality
17:38that people don't want other people to
17:40know what their businesses they don't
17:42want their wife's to know that they're
17:43buying a present for her they don't want
17:45their neighbor to know that they're a
17:47just don't want a little and this is a
17:49great way basically allow them that
17:51privacy this is the other benefits to it
17:54as well and in the end I'm using this
17:57example specifically because there's a
17:59second point I want to make our minds
18:00and that is timing
18:02so when Bitcoin was launched years ago
18:05some people that were internet savvy
18:08Millennials decided five hundreds of
18:10dollars in Bitcoin so they could play
18:12their games basically they could play
18:14their game so forth and of course
18:15someone got a job we got busy and they
18:18had a hundred dollars sitting in their
18:19waffle today that hundred dollars is
18:22worth thirty three million dollars we
18:25have thousands of people of Millennials
18:29that are basically three $3 million
18:32errors because they forgot to use the
18:34balance they had bought in bitcoins
18:35which are now worth three three million
18:37so it it's interesting what it's done in
18:42our society but the things always for
18:44the first few years it was straight to
18:46use as it's more of a transactional
18:48store today they've become the acid
18:50standard for a cryptocurrency and these
18:53variants become the operational point so
18:55the reason I mentioned is because it's
18:57about timing and the evolution of
18:59technology sometimes the opportunity
19:02exists for something new that is a
19:04bridge or temporal transition and if if
19:08you can recognize that corporations
19:10don't generally large corporations large
19:12corporations generally don't like to
19:14invest in fat and temporary things
19:17because they want to get ongoing
19:18revenues when you wanna get the money
19:20back but for an entrepreneur or someone
19:22who's innovative to see that reach
19:23opportunity they could easily make 50
19:25100 million dollars by taking advantage
19:27of a transitional opportunity how do you
19:30find these you just got to be close to
19:33whoever whatever it is even joy doing so
19:35if your passion is about gaming then
19:38learn as much as you can about gaming
19:40people the games because I'm pretty sure
19:42that whatever you come up with is either
19:45going to be
19:46something directly involved in gaming or
19:47is it going to transfer so many learning
19:50gaming to another industry or another
19:52niche and give you that competitive
19:53advantage horizontally yeah what's
19:59amazing is with one of the reason we're
20:02the listeners I want to learn really
20:04fast because not only does he have all
20:07of that knowledge about resistors and
20:09helping him I mean he's been a venture
20:12capital work in the financial industry
20:14banking must move so we're grateful
20:16compressing and cat form conciliation
20:19you could take some before long and also
20:22figure out the best way to monetize
20:25their idea there's it okay there's the
20:31monetizing aspect of it is a little bit
20:33more complicated involves a lot of
20:35information that most people should be
20:39looking at unless they actually have the
20:42experience the background and I could
20:44say this about the different stages of
20:45bringing up a fluoroscope market it took
20:49me that the 25 years to learn about
20:51business from different aspects and
20:54financing companies in the best way to
20:56approach things and today I get called
20:58in by corporations basically look at the
21:01best way for them to use technology they
21:03butter have developed and sometimes that
21:07involves me suggesting they acquire
21:09other technology emerge or joint
21:12ventures for the case maybe with with
21:14inventors that have come up with
21:16something in their garage the the
21:19options available to them generally
21:21speaking are the other licenses out the
21:23Royal think they get a backer who's
21:26going to give the money to make it start
21:27manufacturing the factory they have a
21:30license without in different territories
21:32and different countries
21:34there's a number of things they can do
21:36and the question becomes do you want to
21:38make money on this thing but most money
21:40you can or do you want to makes it's
21:41your life and that's it you're going to
21:43live and die with this company that's
21:45probably going to last five ten twenty
21:47five years but you're never going to be
21:48bigger than the size of this company and
21:50if you do that are you going to bring in
21:52other people who's going to even meet
21:54with you in order to manage a company or
21:56the company's going what not going to be
21:58fulfilling its potential
21:59so that's the one thing if you like
22:02without to another company and they say
22:04you a royalty or you sell it outright
22:06and return for a royalty you have to be
22:09careful we partner up with because
22:10sometimes that company is going to want
22:12to bury your invention and you'll never
22:14see a penny sometimes with a calculated
22:17the wrote the only to go with a grosser
22:18oil tea is that they will very
22:20inexpensive enough of the overhead your
22:22negative probability so there's a number
22:25of and then you have to make sure they
22:27protect your pad a lot of companies
22:29won't do that it is manufactured
22:31spreading as much in the market today as
22:32they can like three years are gone and
22:35so sometimes you have another product
22:37that's want to come to market and the
22:39competition's can know something and
22:40they need your product and beat the
22:42competition while they get their own
22:43product launch and once your own product
22:45runs your products that's it it's added
22:47so it all depends on on what you
22:50negotiate and how you negotiate so we
22:53just if you can do your research the
22:54companies make sure you get all your
22:56paperwork done and then negotiate to
22:58make sure that after it's done they
23:00don't try any of these maneuvers that
23:01can who your business and they do you
23:03get a piece and whatever pie arises out
23:05of it which gets into very very
23:07complicated sophisticated oshi a ssin so
23:09again it depends on dimension if you
23:11have something that could be
23:12manufactured locally because the
23:14resources are cheaper locally and
23:16economies are there and you have a
23:18retailer that's willing to pick it up
23:19and you're in feel comfortable going to
23:21a retailer and negotiating something
23:23fantastic so the retailer's going to try
23:24and get to sign some sort of exclusivity
23:26and commit you and get you to commit to
23:29some kind of advertising budget so
23:31that's why a lot of people will either
23:33get investor or partner up with the
23:35distributor but they're giving up a lot
23:37when they do that
23:38in a lot of entrepreneurs a lot of
23:39inventors don't want to give up a big
23:41part of their mention and that that is
23:44the whole problem today as you have
23:47inventors who because in roughly saw
23:49gave birth and idea that's pretty much
23:51their identity they don't want to give
23:53any of it up by not giving in love they
23:56chose they kill it before even has a
23:58chance to be born those that you give it
24:01up and get a small percentage return
24:03with this one and two or five percent
24:04doesn't matter the fact that you goes to
24:06market quickly you have a lot of sales
24:08they have a feather in their cap they've
24:10got money to go on into the next
24:11dimension and
24:13and that's the whole beauty of the
24:14i-beam inventor you don't have to tie
24:16yourself to specific business the
24:19exception carmine is if somebody has
24:21such a deep expertise in a certain field
24:25then it makes sense for them developer
24:27company around and I'll give an example
24:28there's a gentleman called John serger
24:31he does medical devices his first
24:32company he sold that deleted I want a
24:36I'm with you so they work peacefully for
24:38a lot of money all right to a larger
24:39corporation and what it had was devices
24:43to be sold to hospitals and he sold it
24:45to a lot of when it's a lot of money a
24:46lot of money not just a few bucks but
24:49this this country sold medical devices
24:52to help people avoid scarring so there's
24:55after severe burns or injuries you would
24:58hook the patient up to this machine and
24:59it would allow them to move their arm
25:01and their joints and stuff so that the
25:03scars wouldn't develop that would lock
25:06their movement big big innovation that
25:09might my grandfather had a World War two
25:12injury where his left arm was
25:14permanently lost the he could lift legal
25:17lift like 200 pounds of their arms
25:19because we lock he couldn't move it if
25:21you wanted to if he had this machine
25:24that wouldn't happen to him right so if
25:27it makes a big difference in people
25:28class we had machine Quran done today
25:30he's launching a new product which is a
25:32pain it basically is a pain management
25:34device that's light-years away from
25:37anything at the market either a steel
25:39aisi lawrence was one that helped with
25:40circulation is that we were athletes and
25:42people that had surgery it stopped them
25:45from having blood far so his expertise
25:47and any a she has an ester s expertise
25:50the medical devices primarily because he
25:53and he has a deep understanding of any
25:56dimension nearby training is the
25:58understanding of the system licensing
26:01the waiver works and the regulations
26:03because to distribute medical park to
26:04hospitals you need certain type of a
26:07pools from government god people only
26:09like that he has and it's an a
26:12country-by-country basis so the bear
26:15sentry are higher it for that type of
26:17product but guess what the margins are
26:19significantly higher because of it so
26:22sub product he would sell for $200 in
26:24the market 100 also market we now sell
26:26to a hospital
26:27thousand dollars because those factors
26:29the hospital this device that can food
26:30and so forth
26:32thank you very much um well yeah but if
26:36I understand though it takes a lot of
26:38money and time and expertise to get into
26:41those types of markets but once you're
26:43in you will the position that you know
26:45as long as you keep the funnel going
26:47your lassen so that it that's that's the
26:49situation that's why I said you know if
26:51you're inventor make sure you basically
26:54learn as much as you can about your
26:56specific area and know what you're
26:58trying to accomplish so far mine one of
27:01the projects I'm working on sorry I just
27:03want to mention it one of the projects
27:04I'm working on is an eco village so what
27:07when it comes around in the world today
27:09is that people have become alienated
27:11from their environment from their
27:13community and everything's become
27:15institutionalized and governments
27:16basically you know providing services
27:18for an incredibly high tax rate which a
27:21lot of people no longer wanna be part of
27:24it so what would a high side is okay how
27:26can I help these people well first of
27:28all they want to be in a bowl a
27:30populated area and they want to use the
27:31latest technology to be a hope friendly
27:33into my health efficient form of solar
27:36and wind maybe some way then I look at
27:39that as what it costs to do this and a
27:42lot of these people that want to read
27:43that kind of like don't have a lot of
27:44money in Ontario to buy a vacation
27:47property is a minimum three hundred
27:49fifty thousand dollars if you want to be
27:50within our trial didn't prisoner fish
27:52you got going so I basically signed a
27:55model work for a hundred thousand
27:56dollars Canadians you can have a piece
27:58of a small cottage with the piece of
28:01land that they have titled to near the
28:03oceans the allows them to have fresh
28:06fruits and vegetables and technology and
28:09work as a community so this is not a
28:12specific product invention or innovation
28:14but it is a concept than an innovation
28:18concept that I'm addressing the needs of
28:20the community so these types of
28:23solutions can be more profitable than a
28:25specific product each as processing
28:29processor solutions which for example if
28:32you take a look at I think was a camp
28:34first person I came up with the cut for
28:36pampers actually sold the idea for that
28:39concept for a lot of
28:40money and the reason it complicate a lot
28:42of money for that design is class we
28:45will process a way of cutting was
28:46because they figured explain millions
28:48and millions of dollars for the volume
28:50of diapers labor to DC didn't have to
28:52suffer with natural of the materials and
28:55for that reason he made a business case
28:57to them today well this is fabulous
28:59number dollars so of course the
29:01company's gonna pay them a lot of money
29:03for that and that's a process so if you
29:05can go to a government for sanitation
29:07listen to two and if somebody's done
29:09something like this to read to realign
29:12your sewage system it's going to talk to
29:14five hundred million dollars but with
29:17these automated robots you can cut the
29:19price down to less than half if the
29:21government going to buy these robots
29:24absolutely is going to buy the right
29:25especially if it reduces the amount of
29:27construction activity they don't have to
29:29tear up the roads because if they can do
29:31it within the tunnels then they're
29:33saving a lot of hassle for the
29:34population so that's an example of a
29:37process innovation that you can make a
29:38lot of money on now well what's great
29:41again is I I know that you are in depth
29:44you're working on these different things
29:45around the world
29:46and it's amazing to me that you work on
29:49these multi-day probably work with food
29:53inventors or teens and it's just amazing
29:57my folks and we're winding out with it I
29:59think I can put on the island rule that
30:01sometimes a convention is leading your
30:03wing you try to not anybody going on
30:07that many or what do you got going on
30:12that you can help of that ventures out
30:14okay I do have some things that will
30:16help but first of all let me just say
30:17that the reason I love working with
30:19inventors in single product because
30:22there's a billion dollar positive future
30:24I never underestimate the potential of
30:27what idea that brings to me just like
30:29the stealth bomber the guys she was
30:32shopping at the around the tunnel
30:33pointed see fair play around the room
30:34and being laughed at
30:36basically it was a billion dollar idea
30:39so what do I have in the phone al-ankara
30:42mine basically I have what I call it and
30:44mentors mastermind and what it is is I
30:49put together a group of inventors in pod
30:52of pay attention
30:54even his own expertise and as the group
30:58we basically agree to come up with a
31:02number of mentions and quickly bring
31:03them to market and idea is everybody in
31:06the group in the piece of the
31:08corporation and everything falls under
31:10the hood corporation and there's
31:11different ways that we're actually
31:12stretching that's one thing them doing
31:14it's an ongoing that ruthless is that
31:17once it's set up its ongoing I just
31:19specific for a short period of time very
31:21very highly effective first time I did
31:23mastermind groups with in 1991 and
31:27hugely hugely successful and I'm doing
31:30them now with adventures Wow
31:32the I think that the thing I do is I
31:34actually will act it and part of their
31:37invention I will advise them and post
31:40them and up and commercialize the
31:41products in the most effective way for
31:44them without without them having to give
31:46up in the product and with them having
31:47to lose a lot of money so those are two
31:50areas that basically helping inventors
31:53with no so the mastermind group which I
31:56love the whole concept of the mankind so
31:58you have a team already bought
32:00eventually your own product or they can
32:04have the product but you also children
32:05other here's here's the beauty of it
32:08ideally they don't have any products but
32:11they have a concept ah and and then I
32:15think I helped them put together a fresh
32:18team of people who are strong in
32:21different areas and are very creative
32:22and inventive and the group idea is that
32:26there's enough expertise in group itself
32:27that we're gonna have to go outside the
32:29group so the group is basically a
32:33conglomerate like a large corporation
32:34it's what we are forming the skills a
32:38large corporation would have we have in
32:40the group and in depending output they
32:44take this into protest and engage the
32:46manufacturing we could also market
32:49directly to consumer some products are
32:52designed a way that can be directly
32:53marketed to the consumers either through
32:55the internet or through shopping
32:58channels there are ways to market
33:00directly to consumers for the right
33:02product now
33:04summer with your expertise and your
33:05connection pretty beneficial to to have
33:10some degrees like your hand pick the
33:16people nice we saw it yes yeah I do have
33:22take something you said you have to
33:23apply the last time I did it's Cooper
33:25over 600 applicants 35 were actually
33:30invited to a meeting after they were
33:32qualified in the phone at 35 he pour
33:35them were invited to the second meeting
33:37and they were the ones I chose are the
33:3924 I managed one of them are the group's
33:42because they are very sick they realized
33:44that that that was that person would
33:46have been an obstacle for everyone else
33:47so the group dynamics where mine are
33:50absolutely essential you have to have
33:53the right person at exactly Express but
33:55I can be a bonding and the people have
33:57to understand that the elective hole is
34:00much more powerful than individual and
34:02will get much more profit for money to
34:05the individual if they support and put
34:09the group ahead of any one individual
34:11and that's the thing they need to
34:12understand individualism is something
34:15that has to be put on the side yeah well
34:19I would love to see the process because
34:21you are probably feel quick to be able
34:23to recognize that within a person or
34:26footprint me and you probably know
34:29pretty quickly
34:30Brown oh yeah no I
34:34you're right about that ran sometimes it
34:36confuses expressive people when I think
34:38that quickly and they they have to catch
34:40up and I'm working I am working and
34:42pulling down a few bells going on I mean
34:47I agree I don't think you can I don't
34:51so I rob my friends are always joking
34:54about bad light I guess I've been like
34:55this for years I've always been fast
34:57paced Wow Wow well the mastermind group
35:00is very very interesting especially the
35:02adventures a felon which I invented that
35:05one here we are very very good bingo
35:07singular things that they did not only
35:10on their own product but they always
35:12have great ideas
35:14everything that could be welcome to put
35:16them in a group with other professions
35:19other training really moving along very
35:23quickly but I guarantee you will I mean
35:27that's why I designed the booths the
35:29width that I have wow that's awesome so
35:33originally thought winding it down I
35:35know that you have a meeting coming up
35:37and I've spoken quite prior to the
35:39podcast and you've been in different
35:41countries each time I spoke assumes
35:42where are you working at in the world
35:44now I'm at Shh run or a doubt but I may
35:49be off again in about a week depending
35:51what happens what happens and be often
35:53again in the week again when you're
35:55working in different projects you never
35:57know when something gets to a point
35:59where you have to quickly write know go
36:02what but what's the best way for our
36:05group relational context you know if
36:09they email me a bald eagle at Baldo
36:12manago's calm that would be that would
36:16come straight to me and I would if I
36:18don't reply right away because I'm in
36:20some Bush looking at some property or I
36:22know you've got someplace they may not
36:23have reception but other than that I
36:26usually get back fairly quickly and that
36:28carmine would you be able to put up a
36:30link to my email oh sure yeah well will
36:34do will put all this information on our
36:36notes page on our show notes page on
36:39inventors Launchpad calm and anyone that
36:42can't have a problem getting in touch
36:44with Waldo or information they can
36:47obviously contact me I'll make your
36:48great great that's that's it yeah so
36:52we're going to well we're going to wind
36:53up the show although I appreciate so
36:55much about what just about today being
36:58on the show and also thank you for
37:00announcing yeah mastermind group on the
37:02show because hearing about us cleaning
37:04out some of our inventors who could jump
37:07in right away and speak with you carmine
37:11it'd be great for you to be able to
37:13track the whole bursa of the mastermind
37:16group but I also have a TV station here
37:20in Toronto that is interested in doing
37:23something like that with me so there's a
37:26possibility that if you
37:27the group wants that group could
37:29actually be followed and talks you had
37:30there at one point so yeah I love the
37:34idea yeah I mean if now innovation that
37:37you mentioned earlier in the show is so
37:39big right now everybody's Android
37:42innovation everyone is breaking
37:44innovation that it's okay to be to be
37:47independent rings at this point I'm
37:53alright the opportunities are tremendous
37:55I agree so so Baldo from myself I
37:59appreciate it from our listeners on the
38:03show and I'm going to leave the
38:04opportunity to invite you back on now
38:07whenever you have somewhere in forward
38:08or big news Oh anytime there's any topic
38:15you want me to stop no just let me know
38:17I'd be happy to hear it
38:18I love your show is fantastic well thank
38:21you very much and I'm going to probably
38:22take you up on that more my friend yeah
38:25all right ball do you take care thank
38:27you very much