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The Licensing Jungle
The Licensing Jungle Secrets with Guide Jeffrey Mangus
July 27, 2017
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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
11:05factories
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
12:26tomorrow
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
14:40chance
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
17:31basically
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
34:49know
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

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