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Podcast Notes

1You Tube Transcription
0:01
hi everyone and welcome to the licensing
0:05
jungle I am confident Isco your co-host
0:07
for today and we have a special treat
0:10
for us going on and we have a bunch of
0:12
Licensing guides to walk us through this
0:15
craziness that we call licensing it's a
0:17
jungle out there we all know it and we
0:19
can all use all the help we can get
0:21
almost so host on the line and he is
0:24
going to take us through the rest of the
0:26
show a Jeffrey mango are you over there
0:31
I'm here hey carmine thanks so much one
0:35
how's everyone doing I'm Jeff Magnus
0:37
product Coach USA we want to do a
0:38
special podcast today within the
0:40
licensing jungle with some experts in
0:44
licensing and innovators and also we
0:48
want to talk about a certain topic and
0:50
that's in the inventors mindset and we
0:54
feel that it's a you know obviously it's
0:56
a very very important topic and we want
0:58
to just you know go with that and talk
1:00
about that today so got some new guests
1:03
here today we got Jim do betta and we
1:05
got Eric Euler and Jim I want to throw
1:08
it over to use man how you doing doing
1:11
good man yeah this is this is definitely
1:13
a really important not talked about
1:16
enough topic you know the inventors
1:18
mindset so we all of us here we all work
1:22
in the business every day
1:24
inventors email us they call us we talk
1:27
to them
1:27
and through all the technical things
1:30
that they can learn from us and and from
1:32
other people and from other inventors
1:34
and being online the big thing that it
1:37
gets brought up it doesn't really get
1:39
addressed well is you know the whole
1:41
mindset of this business what does it
1:43
take to get through you know what kind
1:45
of emotional or you know passionate
1:48
feelings do you need to have and how do
1:50
they need to be managed and so you know
1:52
I know that we all run into this so I
1:54
think it's an important thing to speak
1:56
about and to let other investors know
1:58
the realities of you know how this
2:01
business works and you know the path at
2:03
which you know it can go that's very
2:06
good you're right you know yesterday we
2:09
we're on the podcast with warm Tuttle
2:11
and one of the main topics
2:13
that he talked about the very one the
2:15
very first thing to you spoke about was
2:17
being a professional and having the
2:19
right mindset and having that type of
2:21
buzz you thought in your head of how you
2:23
want to push your ideas you know what
2:26
goals do you have with its licensing
2:28
manufacturing but that's what they talk
2:31
about is having that you know that
2:33
special month of being a professional
2:35
being kind of being courteous I think
2:37
it's truly truly and that's what I coach
2:39
as well I mean that's the main thing
2:41
that I coach you mean my students if
2:43
they were here to tell the same thing I
2:45
push it I beat them over the head with
2:46
it
2:47
about being a professional but also
2:48
keeping it you know in your mind of what
2:51
they want to do and having the right
2:53
attitude so it's very important hey guys
2:57
it's carmine um you know this is a huge
3:00
topic and we run into it here at the
3:02
launch pad a lot and you know somebody
3:05
like Eric Cooper who's on who has
3:08
licensed and designed probably hundreds
3:10
of products and I know Jim you've been
3:12
in this business a long time and you
3:14
have probably touched along every
3:16
spectrum of the industry what is it that
3:20
gets in the inventors mind that they
3:23
believe that this is an easy thing that
3:26
they could have designed this product
3:27
and they're going to be millionaires I
3:29
mean what is it that they see online or
3:31
that they hear about I mean how did it
3:33
come around maybe I can address that as
3:36
being one of those inventors and in the
3:39
beginning in my early career as an
3:41
inventor I thought it was probably
3:43
pretty easy yet just make something
3:45
people want and everybody's going to buy
3:47
it well that's easy
3:49
not so and as as we head I grew and and
3:53
as you guys know and being in the
3:55
industry for so long it's a very
3:57
difficult the odds are very low but it
4:00
is a business and there is a process in
4:02
place but one thing I think we often
4:05
forget is it does really come down to
4:08
the idea to the invention to the
4:10
execution of that idea because every you
4:14
know every every deal is based on an
4:17
idea and so you that I think is an
4:20
important part of the process but it's
4:23
that part is not so so structured so
4:26
mechanical
4:27
so I think it's it's very it's difficult
4:29
to teach how to be creative it's much
4:33
easier to put in place a process to
4:36
bring something to the market not that
4:38
it's easy to do but it's easier to
4:40
implement a process for that and I think
4:44
you know as Jeffrey was saying and in
4:46
Jim and we all agree being professional
4:49
and treating this like a business is the
4:52
most important thing on the people side
4:55
of it on you as an inventors side of it
4:57
again the product is very important but
5:00
also on the inventor side being
5:03
professional is is absolutely utmost
5:06
importance and there's often there's
5:08
times when I'm asked to kind of be a
5:10
translator between the say potential
5:13
licensee and this unrealistic inventor
5:16
and I'm sure we've all had to experience
5:18
this and we don't know we don't like to
5:20
do that it's unfortunate we have to do
5:22
that but there are really there's
5:24
expectations that are just so far out
5:27
there that it causes people inventors to
5:30
I think to treat this not in a
5:33
professional businesslike way yeah you
5:37
know I think what you guys will all this
5:39
will resonate with everybody listening I
5:41
get cold and emails every day and and
5:44
the most common theme I see in here is
5:47
hmm I've got this product I'm telling
5:50
you is it's a billion-dollar product
5:52
it's going to I'm going to sell it
5:54
everywhere it's going to be everywhere
5:55
I just got 1% of the market and for me
5:58
and I know through all of you here the
6:01
biggest thing we have to do is set the
6:03
tone and manage the expectations right
6:06
away I mean every kid completely right
6:08
there's a process I mean there's steps
6:10
you have to take whether you're going to
6:11
license or you're going to bring a
6:12
product to market
6:13
there's step one step two step three
6:15
like any business like anything you do
6:17
in life there are things you have to do
6:19
in a particular order to get to where
6:21
you want to go but if people don't
6:23
understand how long it takes the cost
6:26
involved the effort the patience you
6:29
need they're done and I always feel like
6:32
if I can't manage somebody's
6:33
expectations from the get-go I can't
6:37
help them
6:38
because I don't want somebody to
6:39
ultimately
6:40
believe each day no matter how great I
6:44
think their product is I always say
6:45
listen it doesn't matter what I think
6:46
it's with the world at large sinks if
6:49
you know license it's with the potential
6:51
licensee things they may see it
6:53
differently and again it because it's
6:55
the business I don't know any inventor
6:57
or any company that's not in this to not
6:59
make money and I always tell you Matt
7:01
does that this is you're in this to make
7:03
money and are you yes I am well then
7:05
there's a process and there's a mindset
7:07
and it's going to take it's kind of like
7:09
the contractor that comes to your house
7:11
and says yeah I'll have your kitchen
7:13
done in a week and it takes five weeks
7:14
that's the kind of thinking you have to
7:17
have that it's going to take longer when
7:20
you rely on other service providers or
7:21
people to help you along the way
7:23
everybody's busy and like when I call on
7:25
retail buyers like okay
7:27
did you hear from Walmart yet different
7:28
target yet and it was yesterday I'm like
7:31
I have to email these guys sometimes 15
7:33
20 times over two months and then when I
7:35
respond like kitchen what was it what
7:37
was the product again and I'm like oh I
7:39
can do it all over again and that's part
7:42
of the patience game so I tell people
7:43
look if you're in this six months a year
7:45
just to go through the development side
7:47
of the of the business any and yeah the
7:49
dot-com side of the business allows
7:51
products to get placed quicker but even
7:54
in the licensing world and Geoffrey I
7:55
know obviously you know this and Eric
7:57
that process - it's a lot of calling
8:00
calling emailing emailing - just to get
8:01
people to even initially respond and I
8:06
think another number Eric go ahead
8:09
Jeffrey I was just want to say that you
8:11
know and you guys are marrying it'll let
8:13
you know something that is always it
8:15
brings it to my attention a lot when I
8:19
talk to a lot of inventors I talk to
8:20
mobile phone and you know unfortunately
8:22
we're talking about mindset I I did a
8:25
lot of you know inventors will say I
8:28
don't really have the time to do this
8:31
you know I can i I just don't have the
8:34
time I work a full-time job I do this
8:37
kids and I don't have time and I hate to
8:41
hear that because it's because honestly
8:43
we all know and we're all sitting here
8:44
know that it does it you have to make I
8:47
mean you have to have that mindset and
8:49
then you have to know and you're right
8:50
I've set expectations with my students I
8:53
come up front
8:55
this is not a quick get rich a plan it's
8:58
not going to happen you're going to be
8:59
in this for a while you need to have
9:01
that you have to be ready for the ready
9:03
for the journey you have to be ready
9:04
okay you guys agree with that of course
9:07
yeah yeah absolutely and I think you
9:09
know this we always talk about success
9:11
stories and that's just the nature of I
9:14
think human nature so when people hear
9:17
all these success stories they're like
9:19
but I can do that that sounds easy
9:21
that's me
9:22
but they don't hear about the 99.9
9:25
percent of these stories that are not
9:27
successful or are in the process of that
9:30
and so I think you know that that's just
9:33
that's just natural and I think you know
9:35
we as inventors as creative people do
9:38
think a little bit differently perhaps
9:40
and feel like you know we do have a
9:43
confidence we we believe we have a maybe
9:46
a talent to that are that maybe is
9:49
different than others but again it has
9:52
to be a professional you have to be like
9:54
Jim you both you Jim and Jeffrey was
9:56
saying you have to have realistic
9:58
expectations I tell my inventors friends
10:01
don't don't even count on anything for
10:03
two years I mean just just don't and
10:06
sometimes it can happen quicker but
10:07
you're it's a long road and the whole
10:10
idea of Licensing to that and we've
10:13
talked about this jeffrey is that for me
10:15
the licensing agreement really is the
10:17
beginning of the journey not the end of
10:19
the journey because there are so many
10:21
things that can happen after that
10:23
licensing agreement has been signed so
10:26
that by no means is guaranteed you know
10:28
guaranteed success either so those are
10:31
the things that you know we that helps
10:32
to it helps to maintain monitor the the
10:36
expectations talking about those that's
10:40
exactly that's excellent stuff they're
10:42
really appreciated what you know I'm not
10:45
fleshing out what do you get a steak
10:48
carmine everyone Jim what do you think
10:52
is the biggest obstacle that inventors
10:55
run into that gets them confused or get
10:58
some in a different matter what do you
11:00
what do you think it is do you think
11:01
it's a lot of information or too much
11:04
information what do you think I'm just
11:06
just curious
11:08
well I did that first yes sure I mean
11:11
you know again I think we're all going
11:12
to say pretty much the same type of
11:14
things here but you know that the
11:16
biggest obstacle is that like Eric was
11:19
saying people see like somebody on the
11:22
cover of you know entrepreneur or they
11:24
see somebody on shark tank or they see
11:25
somebody succeeding somewhere and look
11:28
we all love that
11:28
we love that we celebrate the victories
11:32
in this business because they're not
11:34
many so to speak relative to the amount
11:36
of people that go to product with the
11:38
market obviously we're all here to help
11:40
people increase their odds of success
11:42
and getting knowledge as' is all part of
11:44
getting there but I think the obstacle
11:48
for a lot of people is their emotional
11:50
attachment to their baby you know they
11:52
they really believe deep down that what
11:56
they've created in the poem that they
11:58
show it to us in cannot fail and and
12:01
like we all know this is a business
12:04
there are technical things that have to
12:05
happen it has to be priced right it has
12:08
to be packaged well there's got to be a
12:10
customer for the product and we've all
12:14
seen great products fail and ridiculous
12:17
products to make millions it's just we
12:20
if we want to crystal ball I tell me if
12:21
we had a crystal ball you wouldn't need
12:23
us and everybody would be making
12:25
millions no licensing and and getting
12:28
product sold in retail but the reality
12:30
is that all we can do is give them a
12:33
timeline let them know it's probably
12:34
going to take a little bit longer than
12:36
they think you got to work at it when
12:38
you can right Geoffrey at night weekend
12:42
absolutely everybody I work with does
12:45
not invent for a living they have a day
12:47
job or whatever and so they have to fit
12:50
in it's all these small little steps
12:52
patience and understanding that there
12:57
there's a risk here and it's a great
12:58
risk but we can help you at least
13:00
understand what the risks are what the
13:02
potential rewards are and I always say
13:05
it's okay to be a thousandaire in this
13:06
business I've said that many times you
13:08
don't have to go into this to think you
13:10
can make millions of dollars what's
13:11
wrong with making an extra grand a month
13:13
or an extra two grand a month or
13:15
whatever it is creating a product or
13:18
license that you there was yours is
13:21
it's a success success isn't measured in
13:23
how many millions you make it's the fact
13:24
that the product got placed it's in the
13:26
market if you're making money that's a
13:29
win and that's encouraging to people so
13:31
but when people see too many people you
13:33
know exploiting you know their success
13:35
and a lot of times it's not even true it
13:37
kind of makes it more difficult for that
13:39
inventor to believe that you know they
13:42
can get there
13:43
yeah and I think you know for me and you
13:47
know as a prolific inventor that's a
13:48
little bit different than some than
13:50
others that might have one or two up but
13:52
for me it's time it's time and the end
13:55
focus and so that's that's always been
13:58
something that has been a challenge a
14:00
challenge for me but once I started to
14:02
be able to have realistic expectations
14:05
distress it just relieves the stress
14:08
immensely because I know it's going to
14:10
take a long time I know it's not
14:12
necessarily going to be a success every
14:15
product of mine is going to be success
14:16
so when I started to have that mentality
14:19
then it started getting really fun I
14:21
mean it's like woohoo I'm making some
14:22
new products and yeah if it's good it'll
14:25
get licensed but right now I'm just
14:26
having fun making making these products
14:29
so I think that's for me that's a big
14:31
part of it so time and and time
14:34
management and focus but also in this is
14:37
you know we're Jeffrey and Jim and
14:39
carmine you guys come in is is education
14:42
because when I started it was you know
14:44
as I said Jeffrey before I went to
14:45
school the school of hard knocks because
14:47
there really wasn't a whole lot out
14:49
there and so once I started to
14:52
understand a process night was through
14:54
trial and error in my part it's much
14:55
quicker now with people like yourselves
14:57
helping others it became it became a
15:00
much different a different approach and
15:02
I think that there's a lot of people out
15:04
there who are trying to take advantage
15:05
of inventors so an inventor might not
15:09
have the the skill set they believe the
15:11
skill set to take it themselves and in
15:13
many cases none of us do have everything
15:15
needed so we need help and it's a matter
15:18
of getting the right help and trusting
15:20
those but you still as the inventor of
15:22
the product you are the you are the
15:25
cheerleader you are the quarterback you
15:26
are the one who is driving that so you
15:29
have to be educated be knowledgeable and
15:32
be driven no one's going to be as
15:34
passionate
15:34
about your product as you but then that
15:37
comes where Jim is talking about you
15:39
have to be realistic too because it is
15:41
your baby but not all babies are
15:43
beautiful
15:44
and not all babies are going to grow up
15:46
to be President so you have to you have
15:48
to have that expectation understand that
15:52
expectation also yeah it our guy I want
15:57
our percent agree with you and I'm going
15:58
to build on your what you talked about
16:00
with education because in this day and
16:02
age with what you're doing with with Jim
16:05
and what Geoffrey you're doing there is
16:07
no excuse not to have education not to
16:10
have knowledge not to know what you're
16:12
doing when you're heading into talk to
16:13
an invention submission company you know
16:17
so much information out there now and
16:20
that is what's so great about this day
16:22
and age and the invention and innovation
16:23
industry everything you guys talk about
16:26
goes back to knowing what you're doing
16:28
you can't be lazy about your own
16:30
invention and just think I'm going to be
16:32
a millionaire I don't have to work at
16:33
this because everything is available to
16:36
you if you educate yourself if you talk
16:39
to the right people I mean Jim you're
16:42
free I mean that's what these guys are
16:43
doing they are helping inventors first
16:46
yeah they need to make money to run
16:47
their business but they educate each
16:49
person that comes in to talk to them and
16:51
that person has the choice to whether
16:53
work with them or not but they still
16:55
walk away would probably so much
16:56
education right Jim I mean when you talk
16:59
to somebody you're probably giving away
17:00
so much knowledge and they don't realize
17:03
how many years of experience you have
17:05
yeah you know I also people look the
17:08
Internet is a blessing in the curse
17:10
because you can go on endless endless
17:12
you know information you know gets out
17:16
there I mean you can learn you can learn
17:17
this whole business on the internet
17:18
there's no question but the problem is
17:20
here's the curse a lot of the
17:22
information is put out there by people
17:24
who don't live and breathe the business
17:26
haven't been in the trenches haven't
17:28
been invented products haven't licensed
17:30
themselves and the thing that scares me
17:32
the most is when people like I go online
17:35
Facebook or wherever and I see these
17:39
threads of your posts where so much you
17:41
can do that yourself and you can you
17:43
know like you know there were parts of
17:46
this business like you guys also we
17:48
to be your own advocate on a bench you
17:50
need to be involved you should learn
17:51
every step you can closely if you do
17:54
once you could learn how to do it again
17:56
and again again but initially look I
17:58
know what I don't know like I'm not
18:00
handy okay I can't fix the thing in my
18:02
out something breaks I can try to
18:05
probably do it myself
18:06
but am I going to spend a lot of extra
18:08
time money and take away from times I
18:12
could be doing other things that are
18:13
more productive or I just going to have
18:15
somebody come in and give me a man that
18:17
knows what they're doing now I applaud
18:19
people particularly initiative believe
18:21
me I mean but there are certain
18:23
technical things like making a prototype
18:25
or making a package or you know filing
18:29
patents or whatever it is it's going to
18:30
do that it's actual technical skill
18:33
know-how experience and knowledge and
18:35
yeah you can do it on your own but I am
18:36
Telling You I am Telling You many more
18:39
times you more often than not you're
18:41
going to do it again and again and then
18:43
you're still going to pay somebody to do
18:44
it
18:45
now you've paid three or four times and
18:47
you've wasted time and you become
18:49
discouraged and you've become you know
18:51
upset with the you know the world at
18:53
large that is helping you get your
18:56
product to market so you know like I
18:57
said it people have to really reach out
19:00
to people that live this business and
19:03
can get them on the path and introduce
19:06
them to the right service providers or
19:08
people that can advance them and
19:10
increase their odds of success yeah and
19:14
that I'll uncommit support even company
19:17
like Eric the hundreds and I bet you
19:21
know and I we talked with Erica one
19:22
priority thousands of of ideas in your
19:26
ventures it's unbelievable how much
19:28
stuff shows up there even something like
19:34
Eric who and I don't want to be
19:36
something makes it look easy now with
19:37
the product and it's not easy but I
19:40
wanted to take for the people you talk
19:42
to and show products to them to realize
19:45
you losing ruin I mean you edit yourself
19:47
and you got the process now you know how
19:49
to approach them how to and what to show
19:51
them and what stages I mean that's all
19:54
education right yeah I know absolutely
19:56
and you have to know you know what you
19:59
know and and and to not try to fake it
20:02
they'll see right through it I don't
20:03
know a whole lot about manufacturing and
20:05
materials so when they're talking to me
20:08
asking me questions about that I defer
20:10
to others too for that or I'll get that
20:13
information I'll try to be as prepared
20:14
as possible but there are things that I
20:17
do that I know but I don't come across
20:20
and I mean I don't portray myself as an
20:22
expert in everything by by any means in
20:25
terms of how far a product needs to be
20:27
that often depends upon the the industry
20:30
that you're in and the the potential
20:32
licensee that you're talking to some
20:34
people like to see things in very raw
20:37
forms and they like to be part of that
20:39
development process with you and I mean
20:41
I literally have had stuff drawn on the
20:43
back of a napkin and shown it to people
20:45
and I love that because that gives me
20:47
guidance that helps me to focus my
20:50
energies because I have an idea I like
20:52
it my family likes it maybe a friend or
20:55
two likes it but here's a potential
20:57
licensee that likes it okay I'm going
20:59
forward with that one right now we're at
21:01
others you need to have a much more you
21:04
know refined much more closer to market
21:07
ready product and generally you can
21:10
negotiate a higher royalty rate if you
21:13
are further along in that development
21:16
process but I have found that sometimes
21:19
you know you spend a lot you spend a lot
21:21
of time and money to develop a product
21:23
maybe you're patenting at all this you
21:26
get it to a potential licensee and
21:27
they're like I really like it but we
21:30
need to change it and then it's like
21:32
come crud a lot of my claims aren't
21:34
being covered by all that product
21:36
development isn't being done so it all
21:39
it all depends and there is no you know
21:42
no perfect no perfect formula for that
21:45
you know this is um this is it this is
21:49
great is exactly what I hope this
21:51
podcast is be because you know I'm a
21:54
firm believer or not this is what I tell
21:56
not just students but people that talk
21:59
to period no one's going to believe in
22:01
noticeable work as hard for you than you
22:03
and this is where um you know
22:06
unfortunately can go down a rabbit hole
22:08
all day long talking about the companies
22:12
that are out there that unfortunately
22:14
take inventors money and they don't do
22:15
any
22:15
for them because of a mindset that
22:18
inventors don't believe in themselves
22:20
they don't believe that they can do
22:22
things on their own and this is what
22:25
where I step in and Jim steps and Eric
22:28
you know the whole thing you know is
22:29
where you try to take an inventor and
22:32
try to number one take whether what
22:35
stage they're at what level they are in
22:37
their business this is what I do I take
22:39
wherever they are and I still got him
22:41
through the process and teach them the
22:43
entire process so they're ready for the
22:46
game and meet I say that is because just
22:50
yesterday on another podcast you know
22:52
you know we were talking about getting
22:55
you know inventors being prepared for
22:57
you know even after a product been
23:00
looked at by a company and the company
23:02
really likes the product it betters need
23:05
to know the process can be ready you
23:08
know it with their mind and have their
23:10
expectations you know it's going to take
23:12
another two three months even for much
23:14
you never know how long it's going to go
23:16
but be but having your just being able
23:20
to get in the system and and know what
23:24
there's no one will know what they're
23:26
doing is is part of the huge process and
23:28
you know again I'm not advocating your
23:31
hate but yes I'm a coach and that's what
23:34
we do we I want to truly help you get
23:36
you where you want to go by learning
23:38
teaching you the processes because it
23:40
just like Jim said just like any
23:43
business it is a process period and
23:45
there's no other way around so Eric
23:48
learn is the school hard knocks the
23:50
great way you know but this just what
23:52
you have to do and how not to do it and
23:55
the more you do it the easier it gets
23:56
and like and so much of things that we
23:58
do in life not that if you're going to
24:00:00
be more successful automatically by
24:03:00
doing it more but you know like for
24:04:00
instance the print the pitching pitching
24:06:00
of a product at first you're nervous
24:07:00
it's like speaking in front of a crowd
24:09:00
you're nervous but once you start doing
24:11:00
it a little bit then it starts to become
24:13:00
become fun it becomes fun and that
24:15:00
confidence people see that confidence
24:17:00
and and I think successes is more more
24:21:00
opportunities there for success more
24:23:00
more often I totally agree with you um
24:28:00
you know
24:29:00
mostly I'm sure you got integrated for
24:31:00
Union today topic was mindsets obviously
24:34:00
it's just very important for an
24:37:00
adventurer to realize that they must
24:40:00
educate themselves reader no matter how
24:43:00
they have to do it they have to learn
24:45:00
what needs to be done and get in the
24:48:00
game don't sit back and say unless
24:50:00
somebody good it's not going to happen
24:52:00
yep I mean we can just go through the
24:56:00
countless you know stories of that of
24:58:00
that not happening someone to say uh let
25:00:00
somebody else do it and it'll get done
25:02:00
and I'll make a million just so I have a
25:06:00
question Jim and Jeffrey and carmine
25:08:00
what do you guys think about in terms of
25:10:00
that practicing of the pitch and that's
25:12:00
a part that I think a lot of adventures
25:13:00
get nervous because just the the nature
25:16:00
of us you know a creative type person
25:19:00
often we're more introverted we're more
25:21:00
you know doing things creating things on
25:24:00
our own so when it's time to go out
25:27:00
there I remember some of my first times
25:29:00
having to go out and get out of the man
25:31:00
cave and go to the into the public and
25:33:00
talk to people you know that was scary
25:35:00
so what I did was that I I start on some
25:39:00
lower let's call them lower level
25:41:00
companies and people so if I happen to
25:45:00
get a licensing deal great and we can
25:47:00
talk about also it was a place for me to
25:49:00
practice before I started getting up to
25:51:00
some of the bigger boys is that
25:53:00
something you guys recommend or just
25:55:00
like to hear your thoughts on that Matt
25:57:00
man take this this is absolutely one of
26:02:00
the main focuses in my program is
26:06:00
teaching an inventor how to pitch to
26:09:00
companies and you what you just said is
26:11:00
exactly how I showed them start with the
26:13:00
smaller guy practice went practice the
26:16:00
one I teach them to practice with their
26:18:00
family practice from the mirror get the
26:20:00
script you know I and I hate the word
26:22:00
script but unfortunately it is a
26:23:00
necessary evil and learning what to say
26:28:00
and how to say it and also what I teach
26:29:00
and one inventor should learn is there
26:32:00
are scenarios it's going to happen when
26:34:00
you make these calls things are going to
26:36:00
happen when you know those things that
26:38:00
you know it's just like anything else
26:40:00
when you you feel more comfortable
26:43:00
when you know what's going to happen you
26:44:00
know you're going to see things and it's
26:47:00
just you know we get practicing the
26:49:00
pitch I think is crucial to to the
26:51:00
business I mean yeah Jim you agree with
26:55:00
me on that yeah I mean if well of course
26:56:00
look and I you know selling to retailers
26:59:00
and pitching for a lightning deal
27:00:00
there's a lot of parallels there and
27:02:00
what I learned early on when you get
27:04:00
your head handed to you by a fire at a
27:06:00
big chain store is that the big the big
27:10:00
lesson I learned is no it'll take people
27:14:00
buy from people they like and that's
27:16:00
true you know if somebody doesn't like
27:17:00
you right off the bat or even bought
27:20:00
something to offer they may just not
27:21:00
want to do business with you so let's
27:22:00
just assume that you there's a
27:24:00
connection at least you know in that way
27:26:00
when you're when you're pitching some up
27:28:00
if there's no profit potential in the
27:31:00
product they can like you all day long
27:32:00
they're not going to take your product
27:33:00
let's face it so the mistake I used to
27:36:00
make when I was pitching a retail and
27:38:00
even for licensing deals that I've done
27:39:00
is I spent too much time telling my own
27:42:00
personal story and while people like to
27:45:00
hear those stories and it's nice to hear
27:47:00
somebody's struggles and how they got to
27:49:00
where they are when I'm talking to a
27:51:00
buyer the buyers like large in what's
27:54:00
the cost when they in stock you know is
27:56:00
the factory capable of making at the end
27:58:00
of the day it's that business stuff that
28:01:00
that takes hold and so I believe in
28:04:00
pitching the product to the point where
28:06:00
it's what's in it for you
28:08:00
kitschy not the picture right so as I
28:12:00
come on and say well I got a priority
28:14:00
it's going to make you billions and I
28:16:00
struggled my way through that's a
28:18:00
conversation I think after you make that
28:20:00
initial connection and there's interest
28:21:00
and they want to learn more about you or
28:23:00
for the company or whatever but
28:24:00
initially it's got to be what's in it
28:27:00
for them how are they going to benefit
28:28:00
how are they going to make money how
28:30:00
well is it going to be made for their
28:31:00
demographic their customer and I believe
28:33:00
yes I think you have to practice it I
28:35:00
think by doing that becoming second
28:38:00
nature it becomes easy then
28:40:00
Ericka's you know when you do it over
28:42:00
and over again it just becomes much more
28:45:00
comfortable may not never may never be
28:47:00
100 percent comfortable for people and
28:49:00
that's okay but as long as you can get
28:51:00
it out quickly and make it efficient
28:55:00
and easy for somebody to understand what
28:57:00
it is that you're offering you can be in
28:59:00
much better shape than just kind of
29:00:00
really nearly you know going out there
29:02:00
and trying to wing it yeah I that's I
29:05:00
see that so often where people will
29:07:00
spend so much time talking about maybe
29:09:00
how they came up with the idea and and
29:11:00
who they are that you really you often
29:15:00
will see you know somebody your kitchen
29:16:00
- maybe it's a panel or something more
29:18
rolling their eyes because it is it is
29:20:00
about it is about the product the one
29:22:00
part that I now use which I'm fortunate
29:26:00
to be able to do that is to only really
29:29:00
talk about my previous successes in
29:33:00
terms of just overall so they see that
29:36:00
this guy me the inventor is not new at
29:40:00
this I have some momentum I have some
29:42:00
successes so for you know somebody who
29:45:00
is is being pitched - they're thinking
29:47:00
oh if other people saw something in him
29:51:00
and in this in his products then maybe
29:54:00
there's something I should listen closer
29:55:00
to so that's the only time that I really
29:57:00
put any kind of personal information in
30:00:00
is in that case so but yeah I totally I
30:03:00
totally agree with you guys on that
30:04:00
so good well one thing I want to say
30:08:00
about going back to the practicing and
30:10:00
pitch you know and talking about and
30:13:00
gaiter mindset and this is one thing
30:14:00
that I'm really keen on is actually
30:17:00
getting yourself mentally prepared to
30:19:00
make those calls you know even after you
30:22:00
know what you're doing you know getting
30:25:00
I'm not talking about even down to get
30:27:00
having a good shower good shave whatever
30:31:00
it is you're getting yourself mentally
30:32:00
and physically just ready to make those
30:35:00
calls because your attitude comes
30:37:00
through the phone and it does I mean
30:39:00
they can they can pick up on if you're
30:41:00
having a bad day or if you don't feel
30:43:00
care if you're making those calls or if
30:45:00
you're scared to death you know that I
30:47:00
mean I think that that's what you know
30:49:00
it's important so I had one student he's
30:53:00
like man I'm going to get shaved up I'm
30:54:00
with ya I'm gonna get my suit on and I'm
30:56:00
like do whatever you got to do man
30:57:00
that's what it takes have your attitude
31:00:00
is right what yeah yeah and you know a
31:03:00
lot of people I think there's just a
31:04:00
well there's that there's a fear of
31:06:00
doing something different in public
31:08:00
speaking or pitch
31:09:00
might be that something different and so
31:11:00
it's easier not to do it and I know
31:14:00
Jeffrey you and your you had bragged at
31:16:00
one point not bragging I'm joking but in
31:19:00
fact I want to have a contest with you
31:20:00
Jeffrey's had what ten rejections in one
31:23:00
day so I take pride in rejections
31:27:00
because that means that I am at least
31:29:00
getting out there I am giving the
31:31:00
opportunity I'm making the opportunity
31:34:00
to be rejected I'm hoping I'm accepted
31:37:00
but rejection is an important part of it
31:39:00
and you should embrace it and learn from
31:42:00
it every time and that's why I suggest
31:45:00
maybe starting on some of the smaller
31:46:00
companies and and getting those
31:49:00
rejections it's much better than that
31:52:00
one that you really want to get into
31:54:00
because you want that one to be
31:56:00
obviously an acceptance you know one on
31:58:00
one point to that arrogant and that's I
32:00:00
think what a lot of inventors don't do
32:02:00
is when they do get rejected there they
32:04:00
are also afraid to ask that person why
32:07:00
not my excuse I mean you have the
32:10:00
opportunity at least if you're going to
32:12:00
get rejected okay something out of it
32:14:00
what do you mind tell me why they maybe
32:17:00
they both tell you maybe they won't tell
32:18:00
you the honest reason but if somebody
32:20:00
gives you something valuable to take in
32:23:00
to the next call or if you hear
32:24:00
something two or three or four times
32:26:00
over and over that you're they're saying
32:28:00
why they're saying no that's great
32:30:00
because now you know either to fix that
32:32:00
or not do that or say that or whatever
32:34:00
that is that's a huge piece that's part
32:37:00
of the rejection learn something from it
32:39:00
and that's where becoming the more being
32:42:00
professional and even nice comes in I
32:45:00
mean when somebody gives you a rejection
32:47:00
in your right Jim I always ask that
32:49:00
question and in their apologetic I am so
32:53:00
sorry we're not able to say I am so
32:55:00
sorry I'm thinking I did something right
32:57:00
because they are they are apologizing to
33:00:00
me for not making me happy and that is
33:04:00
because they like they like that I I'm
33:07:00
professional I may be kind I'm not
33:09:00
whatever so that you can get a lot more
33:12:00
information and a lot more a lot more
33:14:00
things out of people by being nice than
33:17:00
by being you know hard and me so that's
33:20:00
just some advice from this little
33:22:00
adventure that's all
33:23:00
one one thing real quick is from Eric
33:26:00
and Jim take away Jeffrey knows this
33:28:00
also and you guys know this too but be
33:31:00
respectful their time if they're
33:32:00
different they're kind of into a
33:34:00
conference room and they're pulling a
33:35:00
few problems thousands of dollars worth
33:38:00
of payroll that they're taking time and
33:41:00
if you haven't prepared if you don't
33:44:00
know what you're talking about and you
33:45:00
aren't ready for that meeting
33:47:00
you aren't respectful of their time so
33:48:00
you can completely back their time
33:50:00
because maybe that's all day and as Jeff
33:54:00
as Jim knows in the retail side you're
33:57:00
not getting another shot no you're not
34:02:00
good it's true if you say I don't want
34:05:00
five minutes to your time take five
34:08:00
minutes at a time don't take me people
34:10:00
do that to me all the time and I'll
34:11:00
choke Ron I'll be like up you're like
34:14:00
you're at your five minutes are up and
34:15:00
I'll let us keep talking but just a
34:16:00
little nudge to say you know don't say
34:19:00
just give me a minute of your time and
34:20:00
then you get to talk to thirty five
34:21:00
minutes it's it's tough you know yeah
34:23:00
yeah just like this just like this
34:25:00
podcast I mean having you guys on the
34:28:00
show I mean years of experience I mean
34:30:00
we're talking about years experience and
34:32:00
then when people listen to the podcast I
34:34:00
want them to realize what it takes to
34:35:00
put professionals like you in a room and
34:38:00
being able to give away knowledge I mean
34:41:00
it's just they have inventors have to be
34:43:00
respectful of the time when they're
34:45:00
asking for favors or asking - hey can I
34:48:00
just let as Jim said can I get free a
34:50:00
five minutes five minutes jacket but use
34:53:00
their time wisely and that's where
34:54:00
knowledge comes in so yeah and that's
34:56:00
what I always ask if they have time for
34:58:00
me a big place where I get licensing
35:02:00
contacts at least licensee contacts is
35:04:00
at trade shows and trade shows is one of
35:06:00
these places where it's just a you know
35:09:00
the treasure trove it's Disneyland for
35:12:00
the inventor but these people are there
35:14:00
to sell their products they're looking
35:16:00
for buyers they're spending tens
35:18:00
sometimes a hundred thousand dollars can
35:20:00
be at that show oh that's they don't
35:23:00
want they don't need they don't have
35:24:00
time for someone just to walk up to them
35:26:00
when there might be potential customers
35:28:00
in there and start talking to them so
35:30:00
that is a place where I am really
35:32:00
respectful of their time and I will ask
35:34:00
them you know if they have a moment
35:36:00
when the booth is empty if they have a
35:39:00
moment or who may I speak to you know
35:41:00
and after the fact I'll give you a week
35:43:00
to get home and get settled but I'll
35:44:00
call you in about two weeks is that okay
35:46:00
and it seems like they're very they're
35:48:00
very appreciated of that because I think
35:50:00
a lot of people aren't that way and
35:52:00
that's where professionalism where
35:54:00
professionalism comes in and the other
35:56:00
thing that I tend to say a lot and we've
35:58:00
talked about this before Jeffrey is that
36:00:00
I make it very clear that they are the
36:04:00
ones who are taking the risks they're
36:05:00
the ones who are putting would be
36:07:00
putting up money and time and and their
36:10:00
business into it and I use this term not
36:13:00
to not to diminish what we as inventors
36:16:00
do but we really do have the fun part we
36:19:00
have that the creative part we get to
36:21:00
come up with ideas we don't have to take
36:24:00
these huge risks and that's the beauty
36:26:00
of Licensing it's being able to leverage
36:27:00
that but we we have the fun fun part and
36:31:00
I know you mr. potential licensee you're
36:34:00
the one who are taking the risk so
36:36:00
you're the one who I really respect the
36:38:00
time and the decision that you make and
36:41:00
it just if it almost forced them so
36:44:00
which tells me that many many inventors
36:47:00
are not are not thinking that way and
36:50:00
they're coming in with it's my baby
36:52:00
mr. licensee you're lucky I'm here I'm
36:55:00
going to make this your company millions
36:57:00
of dollars you know you can thank me
36:58:00
later you know hey that I think 12 to 15
37:02:00
percent royalty should be about right or
37:04:00
you know I want this huge advance you
37:06:00
know those are the ones you see that and
37:08:00
you're just like oh I'm going to change
37:11:00
my name from adventure to product
37:12:00
developer I think because I don't want
37:14:00
to be associated with that you know Eric
37:16:00
real quick on that and that's a great
37:18:00
mindset point like even said which I
37:20:00
hear all the time is inventors get upset
37:21:00
when they find out that they may only
37:23:00
get a few percent or whatever and
37:25:00
they're like well it's my idea I like
37:28:00
what you said they're taking all the
37:30:00
risks yes you end up with the concept
37:33:00
great that's obviously this wouldn't be
37:34:00
happening if you did it but who's paying
37:36:00
for the manufacturing we spent to the
37:39:00
marketing we spent to the sale who's
37:41:00
running the business you're going home
37:43:00
you're done you get your deal you go
37:44:00
home you don't you don't get 20 percent
37:46:00
I mean anybody get upset you get I mean
37:48:00
I've had calls of people tell me I
37:50:00
went to potential licensee and they only
37:52:00
want to give me 3% or 5% I'm like that's
37:55:00
probably all you're going to get one you
37:57:00
know and deals very a percentage is
37:59:00
married but they almost always think
38:01:00
they should get more because they came
38:03:00
up with the idea I'm like your idea is
38:05:00
nothing until somebody puts it in motion
38:07:00
until somebody market it market makes it
38:10:00
and sells it your idea doesn't really
38:12:00
it's not it's just an idea it's not
38:14:00
viable sellable product yeah we talked
38:18:00
about okay very sorry I need to hit I
38:22:00
was going to say you know and I've done
38:23:00
this this kind of research on for myself
38:26:00
and it was my own and I figure that I
38:28:00
need to come up with about a hundred
38:31:00
products to have a licensing deal so
38:34:00
about one other every ten of my ideas I
38:37:00
prototype in about one out of 10 of
38:38:00
those prototypes I license so for me
38:41:00
that's just my my process so I have to
38:45:00
come up to have you know ten deals I
38:47:00
need a thousand ideas and so that is
38:50:00
that that's something that takes a lot
38:52:00
of time and a lot of effort and I can't
38:54:00
expect that I'm going to be able to
38:56:00
bring those products to market myself
38:59:00
and so that that's the beauty of
39:01:00
licensing and you know people ask me do
39:03:00
you go to would you ever go to market
39:05:00
yourself and I say absolutely not for
39:07:00
myself because I know what I wear my
39:11:00
strengths are I know what I do best and
39:13:00
honestly what I do best is the easier
39:16:00
fun part and that is the idea creation
39:18:00
so but being beyond that being
39:21:00
professional and having good ideas that
39:24:00
is a wonderful and and knowledge that's
39:27:00
a wonderful recipe to be a successful
39:30:00
commercialized inventor we know all this
39:35:00
is okay this is if anyone when they hear
39:39:00
this podcast this is this is gold this
39:41:00
is absolutely golden stuff guys really I
39:43:00
mean the information here's been
39:45:00
incredible I mean it's it's inspiring
39:47:00
for me but the takeaway here on honestly
39:50:00
when I hear from Jim like Eric play
39:53:00
carmine the takeaway here is number one
39:57:00
be professional in all aspects okay even
40:01:00
in your emails even in your phone
40:03:00
conversations
40:04:00
professional and learn how to deal with
40:08:00
rejection learn how to build looking
40:10:00
professionally and also the other
40:12:00
takeaway is practice your craft leader
40:16:00
it's creating or pitching or prototyping
40:20:00
whatever your whatever it is practice
40:22:00
practice practice
40:24:00
has the right mindset and be pond this
40:27:00
whole this whole podcast and please stop
40:29:00
me if I'm wrong but this whole podcast
40:31:00
is about being positive about being
40:33:00
driven about you know not sitting back
40:35:00
and getting yourself out there readers
40:38:00
learning how to pitch learning how to
40:40:00
prototype learning how to be
40:41:00
professional learning the steps involved
40:43:00
we just going to retail we just go to
40:45:00
manufacturers or like all in all you
40:48:00
have to be have the right mindset which
40:50:00
is to have be pond to be professional
40:53:00
yeah and we and we've talked about this
40:56:00
before Jeffrey's that you also I need to
40:58:00
be realistic and there is and there is a
41:00:00
point where you have to say okay this
41:03:00
product is enviable and so don't you
41:06:00
know don't treat it like Jim says this
41:07:00
is don't treat it like it's your baby
41:09:00
and you have to you have to look at it
41:12:00
from a business professional standpoint
41:14:00
and take a step back and say he is my
41:18:00
idea truly is my product truly something
41:21:00
that the market needs can it be
41:23:00
manufactured right can it be protected
41:25:00
can it be you know sold and there's
41:27:00
there's so many elements that go into it
41:29:00
there are times when like Jim what you
41:32:00
said there's a lot of bad products out
41:34:00
there that have done really well a lot
41:36:00
of great products that have done poorly
41:37:00
and so there is there is some I think
41:40:00
you luck and timing is a big part of it
41:43:00
too but that comes with having realistic
41:46:00
expectations and the expectations are
41:48:00
not every product is going to be
41:49:00
successful so know when know when to say
41:52:00
when
41:52:00
you know and might find a little
41:54:00
takeaway on top of all this is like we
41:56:00
all said we know this is a business
41:58:00
where the odds are against you and
42:00:00
that's not being negative that's being
42:01:00
realistic
42:02:00
but if you're armed with the proper
42:05:00
knowledge you know what you're doing you
42:07:00
practice your craft you practice your
42:09:00
pitch you understand it's not about it's
42:12:00
your baby and there's nothing wrong here
42:15:00
if you're armed with knowledge
42:17:00
your odds of success are just as good as
42:19:00
anybody else's so you have a shot just
42:22:00
get educated understand the process it
42:26:00
takes time it takes patience it takes
42:28:00
practice but you have just as good of a
42:30:00
shot as anybody else out there to get
42:34:00
your deal that is quite excellent advice
42:38:00
we you know we're out of time guys I
42:41:00
just want to thank everyone for being
42:43:00
here thank you Jim thank you Eric for I
42:47:00
mean just awesome information I can't
42:49:00
wait for this product has to go out and
42:50:00
for anyone to hear what what was spoken
42:53:00
today and it's really exciting yeah
42:55:00
because we're all on the same page and
42:57:00
we're all trying to deliver the same
42:58:00
message and that's that's all great
43:00:00
great stuff we really appreciate all
43:02:00
right guys all right thanks thank you
43:06:00
everybody can't wait to do it again okay
43:08:00
buh-bye