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October 9, 2017
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Patent Search Redefined as We Know it
October 16, 2017

 
The Inventors Launchpad Network – Is proud to present The Licensing Jungle, Co-Hosted by licensing expert Mr. Jeffrey Mangus of Product Coach USA and Carmine Denisco, Managing Partner with Inventors Launchpad. As a Product Licensing Coach Jeffrey’s greatest strength is that he can simplify what you would like to accomplish into an easily implementable step-by-step plan. Helping you without the need to for him to have extensive knowledge in your product or area of expertise because you are the inventor, the expert. Jeffrey’s expertise is in knowing the product licensing process, the inventing sequence and how to move people forward, which usually involves overcoming many common obstacles. Let this Podcast help you get over the bumps, steer clear of the sharks and get you where you and your product deserve to be.

www.productcoachusa.com

The Licensing Jungle Podcast is presented by The Inventors Launchpad Network.

www.inventorslaunchpad.com

Watch the podcast here!

Podcast Notes

1You Tube Transcription
0:00
I'd wanna and welcome to the inventor's
0:04
Launchpad Network I am a carmine danesco
0:08
your co-host for today's show of the
0:12
licensing jungle I love this show I talk
0:15
about it all the time it's great to do a
0:17
show like this that not only helps
0:19
people product developers inventors but
0:23
I get to speak with some of the top
0:25
experts in the field and one of those
0:28
experts we have him on the show he's my
0:31
co-host my friend mr. Jeffrey mangas hey
0:33
Jeffrey welcome to the show hey thank
0:36
you very much it's it's an honor to do
0:39
the show with you carmine really is your
0:41
you know you guys do a great job down
0:42
there and would love to be loved you
0:44
know just doing the show and giving real
0:46
value doing betters out there oh I
0:47
appreciate it man and you know we're
0:49
happy to do with you like I said we're
0:51
we are so excited to be able to join
0:56
forces with some of the top people in
0:58
the invention licensing retail and
1:01
product development industry it's just
1:03
been it's been a great rollercoaster for
1:05
us because we love learning I get to sit
1:07
here and talk with some of the top minds
1:09
in the country in the world and I get to
1:11
learn things each day and I know you
1:13
feel the same way it's kind of it's kind
1:15
of a weird feeling because when you
1:17
leave you're like man I was working
1:19
today but I got to absorb all this
1:21
knowledge information from from our
1:23
guests it's pretty cool right
1:25
yeah it's great I totally agree with you
1:27
even you know my students I got students
1:29
and they there's you know I always
1:31
learned something even from them I mean
1:33
just ideas and yet talking to the top
1:36
top nation's the nation's top industry
1:39
experts it's just amazing really yeah
1:43
and we were talking a little bit about
1:44
your coaching I know your coaching is
1:47
really building up and your classes
1:50
that's filling up really quick and I
1:51
know you're doing some gonna be
1:54
launching some other things going on
1:57
how's your book coming along the book is
1:59
coming along great it's being edited
2:01
right now as we speak
2:02
everything's done so we're gonna have a
2:05
big launch on it as well and I'm very
2:07
very excited the book I left know no
2:10
detail out of that book so
2:13
they're listening the book will be
2:15
coming out and I promise you it will
2:17
give you a ton of information oh no and
2:23
from what you're telling me about it I
2:25
know you put everything in there and and
2:27
it's great I mean I I congratulate you
2:28
finishing the book is such a great
2:30
feeling it really is yes great yeah it's
2:34
awesome so all right cool so I know that
2:35
we had a few topics today to talk about
2:38
and you know I wanted to get into those
2:41
with you real quick what's uh what's
2:44
some of the information are some of the
2:45
questions that you've been fielding from
2:47
some of your students well a lot of the
2:51
one of the main questions that I get
2:53
from inventors is number one is when
2:56
should I show you know my idea to
2:59
someone and the other question is where
3:01
do I start with with the process you
3:04
know where do I begin
3:06
that's I think that is the really
3:09
confusing part because there's so much
3:10
information out there on where what to
3:13
do and even friends and family will say
3:15
oh you need to do this you need to do
3:17
that you need to get this you need to
3:19
get a patent you need to spend that's
3:21
where the confusion starts yeah you know
3:24
and and yeah I'm glad you brought that
3:26
up because the friend friends and family
3:28
are great to talk to I mean you know
3:30
they're your family they're your friends
3:32
they want to protect you you know so if
3:33
you're an inventor your product
3:35
developer we hear it and I know you hear
3:36
Jeff all the time that the first thing
3:40
from the family you'll say is it's what
3:41
they know it's what they think they
3:43
should be you know recommending and
3:45
that's kind of you know to go run out
3:48
and get a patent to get intellectual
3:50
property protection maybe a copyright or
3:52
trademark whatever it is but it's really
3:55
not the you know it's not the first step
3:58
it really isn't and you know we've
4:00
talked about that on on shows we've had
4:02
intellectual property attorneys talk
4:04
about it on shows and I I mean I don't
4:08
know how you feel about that but to me
4:09
that kind of first step is really a
4:12
costly error
4:16
hey just saying are you okay yeah what
4:20
carmine is saying guys and I agree with
4:22
you completely
4:24
that's the you know that's where the
4:26
confusion
4:27
then the first step is missed you know
4:29
when you start listening to everyone
4:31
around you and there's nothing wrong
4:33
with friends and family it's nothing
4:34
wrong with showing your idea to friends
4:35
and family I encourage you to do that
4:37
but I want you to understand that the
4:39
friends and family again they're on your
4:42
side they they have an opinion but a lot
4:44
of them not being negative but their
4:47
opinion really doesn't matter what
4:49
matters is is you know someone that
4:52
you're going to get your product in
4:53
front of and the only way to do that is
4:54
to learn the steps so you know one of
4:58
the first places I always coach an
5:00
inventor to start is to research the
5:03
marketplace research what's out there
5:05
yeah yeah you're exactly right
5:08
no doubt about it and and you know you
5:11
want to speak with people or get
5:13
information from someone who is not a
5:15
mostly attached to your product so
5:16
that's what you know Jeffrey's talking
5:18
about friends and family are always
5:20
gonna have your back hopefully they will
5:22
and they're gonna give you all the
5:25
butterflies and flowers and tell you how
5:27
great your ideas and it it probably is a
5:28
great idea but the research marketing
5:32
there is I mean there is so much power
5:33
though that we have right Geoffrey I
5:35
mean years ago I remember my first
5:37
invention I thought of back in the mid
5:39
90s there was no way for me to know what
5:41
was out there that's correct you know
5:44
with the tools available for the
5:46
Internet today the way it's there's so
5:48
much out there that at your fingertips
5:50
there's no reason why you should not
5:53
start there to do your research
5:55
but there's other methods that I coach
5:57
and we'll talk about that today
5:59
besides the Internet besides just
6:01
sitting on your chair and looking around
6:03
there's there's a lot of things you can
6:05
do outside of that as well but that's
6:07
where you start you know and listen to
6:10
friends and family because the thing
6:11
about it is friends when you listen to
6:13
them listen and take all that in but
6:15
remember this is a business so if you
6:18
immediately not - not tomorrow or next
6:22
week immediately treat yourself as a
6:25
business treat your product idea as a
6:27
business yeah we trust me I get it guys
6:30
I love my ideas when I started out like
6:33
you carmine years ago when I first had
6:35
my first real invention you know I was I
6:38
loved it I thought it was the best thing
6:40
ever said
6:41
there's no way no one's ever gonna
6:42
change it yeah I understood those
6:44
feelings but as a professional as you
6:47
develop yourself when you get into the
6:49
game you realize when you set yourself
6:51
apart and aside put your feelings to the
6:53
side even your friends and family's
6:55
opinions to the side and say ok let's
6:57
look at it from a business standpoint
6:59
that's where you're going to go right
7:01
that's where it's gonna go right and
7:03
then you start doing learning the
7:05
processes I know I say that a lot but it
7:07
is so important to learn the steps
7:10
necessary in inventing either is going
7:12
to licensing or if you want to go to
7:15
manufacturing yourself there are steps
7:17
to be taken and to learn yeah yeah
7:21
there's no doubt I mean you're exactly
7:23
right the great part about it is as you
7:24
said the Internet is instant information
7:27
and if if you can utilize that
7:31
technology and really separate your
7:34
emotions from your product it's very
7:37
important to do that and and a lot of
7:40
times I do want to mention before we get
7:41
into Jeffrey's processes which I agree a
7:44
million percent if you follow certain
7:46
processes you can't really make an error
7:49
because it takes the emotion out the
7:51
minute you get out of those steps out of
7:53
that process is where you can run into a
7:56
problem and that's where you know again
7:59
Jeffrey's processes here at the launch
8:01
pad we have certain processes and we
8:04
make sure that we don't get pulled out
8:05
of there I have great ideas I'll be
8:06
driving in and have a cool idea right
8:08
there for you I come to the office and I
8:10
don't want to just jump on a phone my
8:11
factory and say hey I got this cool idea
8:13
let's make it you know I will follow a
8:16
few processes a few steps and a lot of
8:18
times I find out that products are
8:20
already out in the market or it was out
8:21
in the market and it wasn't a big seller
8:24
or whatever there's good reasons and bad
8:27
reasons to follow processes and we'll go
8:29
over that you want to mention that if
8:32
your product and your idea is out don't
8:35
get discouraged sometimes it's better
8:37
not to be first to market we talked
8:39
about that a lot so those are things
8:41
we'll go over too so yeah Jeff let's
8:44
kind of hear a little bit about your
8:45
processes your steps when somebody comes
8:47
to you they say I got this idea you know
8:49
what should they do first well one of
8:51
the first things that I do
8:53
with a with a student say you know a
8:56
student does come to me and they sign up
8:57
and they they get ready for the program
8:59
the first step I do is the bride is it's
9:02
this course study the marketplace
9:04
research the marketplace but the first
9:05
place I have them start is to do a
9:08
patent search themselves now we're going
9:13
to do two things I want to give away a
9:15
lot of information that carmine so
9:17
because I really think it's important
9:18
for the show I think it's so important
9:20
students get real real real value here
9:23
so when when you're when you're
9:26
researching patents the first thing
9:27
you're gonna do is you're gonna study
9:28
the extra format of patents you're going
9:31
to study how they're written you're
9:32
gonna study you know like you're gonna
9:34
look for you know using using keywords
9:36
that are similar to your product right
9:39
and then you and you want to go to the
9:42
first place I tell us to you to go to is
9:43
go to Google patents if Minard doesn't
9:46
know about Google patents Google Google
9:48
has a beautiful patent platform that you
9:51
can research patents very cleanly and it
9:53
gives a lot of information it's it's
9:55
it's it's a little different than the
9:57
USPTO s website and I still encourage it
10:00
an adventure to go to the USPTO website
10:04
I think it's using uspto.gov yeah and
10:06
and but there's a lot of information
10:08
there and you can get lost in there with
10:11
all the links and everything but yeah I
10:13
still encourage you to do it you know
10:15
cuz there's a lot of a lot of great
10:16
helpful information there to help an
10:19
inventor as well you know especially
10:20
when it comes down to patents and
10:23
writing patents writing provisional
10:25
patent applications you know these are
10:28
there's a lot of information there to do
10:29
that but when a student comes to me I
10:33
tell them starting started Google
10:34
patents type in the keywords similar
10:37
keywords that are similar to your area
10:38
of interest or category your idea and
10:41
then find what's there first and then
10:44
you'll Google has a beautiful way of
10:47
creating this list of patents that are
10:50
similar to your idea now again some of
10:54
the some of the some of them might not
10:55
be relative to you but then I want you
10:57
as a as an inventor to start there and
11:01
don't just go through the first two
11:02
three pages really dig in and look and
11:06
study
11:07
and as you're studying one of the other
11:10
things a little this is a true coaches
11:12
tip that I want to give today carmine is
11:14
when you're in there and you're in a
11:16
looking at patents google has a way of
11:19
course telling who the assignee is the
11:23
inventor or the assignee the assignee is
11:26
the actual person who owns the patent
11:28
and so it's a great way to find
11:31
companies because usually if you know if
11:36
whoever owns that patent with the
11:39
company if if the company owns that
11:41
patent or the or that type of
11:43
intellectual property then they're named
11:45
as the assignee so it's it's a great way
11:47
to find potential companies that you
11:49
know you might not normally find you
11:51
know when you do your search I get it so
11:54
you can as you assign so you're the
11:57
inventor you have a patent but you would
11:59
assign that patent to the license II
12:03
correct correct I mean it may not be the
12:06
case all the time but it's still you
12:08
know we when you look at that section in
12:10
Google you know it'll name the inventor
12:13
and a lot of times you might see the
12:14
inventor as the assignee as well who
12:16
still owns the intellectual property but
12:18
when you get in there you know you might
12:19
see the inventors name and then you'll
12:21
see a company name what I always
12:23
encourage student do at this stage
12:24
because you're just researching the
12:26
market but you're kind of killing two
12:28
birds with one stone it's a great way to
12:30
find hey a potential company you know is
12:33
interested in this type of product which
12:35
is in close to my product this could be
12:37
a potential licensee for me so I'm gonna
12:39
write that company name down and then
12:42
research it later on don't go back and
12:44
forth and lose yourself going back and
12:46
forth you eventually I encourage a
12:48
student to write the name down create
12:50
the list of companies then research them
12:52
and see if they're even still around see
12:55
if they're still in action and see what
12:56
the deal is with that company but it at
12:58
this point as you're researching the
13:00
market any company that you can find is
13:02
closely related to your to your idea is
13:04
a potential license eat absolutely wow
13:07
that's a huge tip I mean because one of
13:10
the biggest things when you have a
13:11
product or an idea is finding a company
13:13
that was licensing products like yours
13:16
so you're here you are doing keyword
13:18
search you're searching not only to see
13:20
if your products
13:21
there but also if if it is something or
13:23
something similar now you you're getting
13:25
a company that has a relation that I
13:28
mean it's that is pretty cool
13:30
I appreciate that yeah it's just little
13:32
things and again as you do the research
13:34
you know this whatever the you'll do
13:36
you'll find out later on where the
13:38
company stands or what the situation is
13:40
but all in all again at this stage
13:42
you're researching the market and you're
13:44
finding companies at the same time but
13:46
you're also locating different products
13:49
that are similar to yours this is where
13:52
if you when you just mentioned a while
13:55
ago about you about inventors running
13:57
into the the roadblock of oh wow this
14:00
this products already on the market out
14:01
here it's already my it's already on the
14:03
market and then this is where a lot of
14:05
inventors stop and they go
14:07
dagnabbit you know this is where I say
14:09
get happy smile congratulate yourself
14:12
you thought of a great idea and
14:14
obviously there's a market for that idea
14:16
right so at this stage you could take
14:19
your idea and and then add more value
14:22
you go back to thinking like a kid ask
14:25
why ask what how how can you change it
14:29
how can you add
14:30
how can you subtract what can you do
14:31
different to make that product different
14:33
and no it's not working around I mean
14:35
you know we get that all the time you're
14:38
improving on a product that already
14:41
exists you're improving on a market that
14:43
already exists so there's there's that's
14:45
nothing wrong with that but making
14:47
because every product we have it today
14:49
is was obviously at some point not as
14:53
good as it is today it's all been
14:54
improved upon we talked about the
14:56
iPhones all the time this is what we
14:58
talked about how many times have they
15:00
changed right it's there's been improved
15:03
upon so this is where again this initial
15:07
research that you're doing in Google
15:09
patents or or the USPTO I'm just gonna
15:11
say Google patents researching patents
15:14
is the first crucial step because it's
15:17
going to give you a ton of information
15:18
you're gonna learn how you know when you
15:21
look at the the extra format of the
15:22
patent you'll see how it's written
15:24
you're gonna see how they describe the
15:25
problem how they did just you know
15:28
describe the solution how their products
15:30
you know provides a solution and also by
15:32
learning how to describe your
15:34
and CAD droids Eason this is another
15:37
whole aspect that we could talk about
15:39
yeah that's uh that's huge you know that
15:42
about it but I love how you say that I
15:44
mean to me what I explained to one of
15:47
our clients or an inventor that calls me
15:49
you know you have to take the ego out of
15:51
it and if you just want to be first to
15:53
market so you can tell people you're
15:54
first you know just kind of get over
15:56
that it's good and it's fun and it's to
15:58
talk about but in real business it's
16:00
great to be second or third because you
16:02
could capitalize on some of the issues
16:05
some of the problems some of the errors
16:07
that that the first person that first
16:09
product to market ran into they spent
16:11
millions of dollars maybe hundreds of
16:13
thousands of dollars to get that product
16:15
to market they had some issues they had
16:17
some errors they had a problem maybe a
16:18
recall whatever was but you can move in
16:21
and be second or third look at those
16:23
errors look at those issues see how they
16:24
came to market and you could just jump
16:26
in there for a tenth of the price and
16:28
scoop up a good percentage of the market
16:30
so being first to market isn't always a
16:33
great idea that's exactly right because
16:35
I'll be honest with you going first to
16:37
market that's where the real high risk
16:40
is involved fishing licensing first to
16:43
market because potential license II
16:45
would have to educate their their their
16:48
database their market their their buyers
16:50
we have to educate them and that what
16:52
how they do that it's gonna cost them
16:54
money okay for new marketing new
16:57
commercials new whatever you know first
16:59
to market don't be wrong it's great if
17:01
you could do that you know but there's
17:02
there's nothing wrong with being second
17:04
third or fourth you know and we hear
17:06
this all the time I know our four good
17:08
friend Jim Tibet uh says hey there's
17:09
nothing wrong with being a thousandaire
17:11
okay
17:12
millionaires great but if you can make
17:14
you know a few thousand dollars a year
17:18
on you with your idea or more than that
17:20
why not you know why not do that and
17:23
then have two or three products that
17:25
they're making you you know hey it's
17:27
just a wonderful wonderful business to
17:29
be licensing yeah no I hear you you know
17:32
they talk about a new product that comes
17:35
to the market you know you can even go
17:36
back for a hemming bored on the car out
17:39
there you know people didn't know that
17:41
they needed it and it took years for
17:43
people to accept an automobile you know
17:46
the mean years but
17:48
then next you know next our manufacturer
17:51
came out they got to hit the market so
17:53
quickly people had already adapted to
17:55
knowing they needed cars and as you know
17:57
Jefferies talking about it costs them
17:59
nothing to jump into the market because
18:01
people now I've already known that they
18:03
want a car
18:04
whereas in Henry Ford had to tell them
18:06
no you don't need a faster horse you
18:08
need a car right yeah that was a huge
18:11
that's a perfect analogy what we're
18:13
talking about it's you know Henry Ford
18:15
had a big big huge hurdle to overcome
18:18
but once that hurdles overcome your
18:19
right the flood gate was open you know
18:21
and and that's and that's okay so with
18:24
that said you know talking about this
18:27
research I want to talk about research
18:29
in the market the next place I encourage
18:30
an adventurer to go no no again go to
18:34
Google patents or go to USPTO research
18:36
as many patents as you possibly can
18:38
don't spend months doing it guys I mean
18:41
don't be wrong yeah I'm all about taking
18:43
the time doing thorough research but you
18:45
know we got you can't find yourself
18:47
procrastinating and you know hey I got
18:49
to do this and next thing you know
18:50
you're not doing anything so what's the
18:52
old saying you can you can sit on a
18:54
railroad track all day but eventually
18:55
you're gonna get run over if you don't
18:57
move all right all right even though
18:59
you're on track you still got it right
19:02
exactly so you just gotta keep going but
19:04
the next step I say encourage inventor
19:07
to go to Google Images now how simple is
19:11
that sounds so simple you know and I get
19:14
that from students as well hey that's
19:15
hey that's I go there all the time you
19:17
know I can what I'm going to learn here
19:19
let me tell you what you can learn here
19:20
Google Images again you're going to use
19:22
the same keywords that you were using in
19:25
your patent search but go to Google
19:27
Images and type in those same keywords
19:28
of course we all know if you have many
19:31
Google images but I'm gonna assume that
19:33
you have you're going to get this huge
19:35
you know list of just images of
19:37
different products that are similar to
19:39
your keywords now a lot of a lot of the
19:41
images could be junk most of them will
19:43
be but you will find a lot of images
19:47
close to your product already they'll
19:49
pop up pretty quickly and again I
19:52
encourage you to go three four or five
19:53
pages deep now
19:55
this is what I tell students to do on
19:58
those images that are closely as close
20:00
related to your product
20:02
or product idea I want you to click on
20:05
that image see where it takes you
20:07
because that image could take you to a
20:09
either a retailer or a manufacturer or
20:13
distributor it's really gonna take you
20:15
to three areas right if it's a retailer
20:18
great here's why B yeah they're selling
20:22
other people's products but that's where
20:24
you can find other companies guys
20:27
retailers carry brands brands are
20:29
companies companies are potential
20:32
licensees this is what you're doing
20:34
you're researching the market plus
20:35
you're building a list of companies
20:38
you're building a list of companies at
20:39
the same time you're not doing double
20:41
work this is one of my methods that I
20:43
coach okay but as you're doing that
20:47
you're going to look again you're going
20:49
to find products are similar and again
20:51
if you're under the fact you find
20:53
something it's like your idea don't get
20:55
discouraged do what you got to do like
20:57
we just talked about and add some more
20:59
value and get to go to the drawing go to
21:02
what go back to work I've had too much
21:04
coffee this morning but go back to work
21:06
and get busy and make your product
21:09
better and then you then you know that
21:11
you're there's a market out there but
21:12
again we don't know how big the market
21:14
is we're still determining that we're
21:16
still in the early stages now what
21:18
you're doing is just finding products
21:20
that are better like yours and at the
21:22
same time if you go to a retailer I want
21:26
as an inventor you should always coach
21:28
to write down price points right down
21:31
retail prices cuz these are going to be
21:32
important for you determining your price
21:35
points with your product you're going to
21:37
you know look at that and also during
21:40
this stage because you're researching
21:41
you want to research the types of
21:44
materials types of materials that a
21:47
product is made of is it made of plastic
21:50
is it made of metal is it made of
21:52
aluminum I don't rubber what is it made
21:55
of because that's gonna be that's going
21:56
to really be important to you later on
21:58
down the road as well and determining
22:01
your wholesale cost as much as close as
22:03
possible to your with your product yeah
22:06
and the great part about it you know
22:09
what I hear you talking about Jeffrey is
22:11
that you know don't get down if you find
22:13
a product that's like yours I mean I
22:15
just love you
22:16
what you're saying just continue on your
22:18
product is your idea you know depite
22:20
building up on your product and there's
22:22
probably going to be something like your
22:25
product out there you know it but it's
22:27
not a big deal and that's what I like
22:29
about what you're saying is not to get
22:30
discouraged to keep moving forward but
22:32
keep moving forward this is not the fun
22:34
part of inventing Rach every but it has
22:36
to be done right this I'll be honest
22:39
with you you can be fun but it's not
22:40
it's not the most fun this is the part
22:42
that most people don't want to do what
22:44
most people want to do and this is and
22:46
I'm including myself okay when I first
22:49
got started I used to daydream oh wow
22:51
this is great this is so grace can be
22:54
awesome when I see my product you know
22:56
but at the end of the day I didn't know
22:59
what I was doing in the beginning and
23:00
I've made a lot of stumbles a lot I mean
23:02
I tripped and fell quite hard quite
23:05
often okay this is Jeff mangas so I am
23:08
you know so I've learned to adapt I've
23:11
learned to learn the processes and I've
23:13
learned what to do and and this is the
23:16
step researching the marketplace is this
23:19
is why it's the most important step
23:20
because this is where you like we talked
23:22
about an inventor might come to the
23:24
rubber in the road and it might see a
23:26
find a product just like there's some
23:28
want to quit I encourage you not to quit
23:31
but the after you do the this continued
23:34
research that's where you use inventor
23:36
can say okay I don't think the market is
23:39
big enough for my product I think I can
23:41
put it off to the side and think of
23:44
another product okay this is again
23:46
separate yourself from the amateurs and
23:49
and be able to say okay I'm gonna shelf
23:52
this idea it's not big enough it's it's
23:54
got don't have a big enough market or
23:56
the market is so saturated that I you
23:59
know I don't have a chance to get in
24:01:00
there are you know products like that
24:04:00
but then you can make that decision
24:05:00
after you do the research don't make
24:09:00
that decision before before you do you
24:10:00
know before you finish out you know that
24:12:00
you owe it to yourself to do that
24:14:00
correct but what I love about what
24:16:00
you're talking about is the neck it say
24:18:00
my ideas out there or I'd say you know
24:21:00
the mark is not big enough the next idea
24:23:00
I have I have that knowledge that
24:25:00
education on how to start the research
24:27:00
where to go
24:29:00
how to find it and how many people have
24:31:00
multiple ideas that's exactly right
24:34:00
because this licensing and all the top
24:37:00
guys say it and I believe it with all my
24:39:00
heart it is all in the numbers and how
24:42:00
many know if you have one idea out there
24:44:00
guys don't feel like you're behind you
24:46:00
know the race and you know because you
24:48:00
don't have other ideas we're not saying
24:50:00
that that's beautiful that you have one
24:52:00
idea and we want you to champion that
24:54:00
idea to the end but licensing is it is
24:57:00
in the numbers because once you learn
24:59:00
the processes yes but what I'm talking
25:01:00
about researching the market starting
25:03:00
here what you can do it over and over
25:05:00
and over on every single idea and that
25:09:00
way it frees you up from getting
25:10:00
confused from getting off track because
25:13:00
you know what you're doing and that's so
25:16:00
important
25:17:00
it's so important because it's all in
25:18:00
the numbers so the more ideas you have
25:20:00
the more research that you're doing the
25:22:00
more chances well the better your
25:25:00
chances are of finding licensing success
25:27:00
yes it's a numbers game it is exactly
25:31:00
right and it's fun I mean if who doesn't
25:34:00
want to create products or creating
25:37:00
ideas especially and you could do this
25:38:00
when you have your full time job or a
25:40:00
part time job you could do this from
25:41:00
home I mean how many moms mothers and
25:44:00
and stay-at-home fathers that contact us
25:47:00
they're all coming up in ideas they're
25:48:00
they had the ability to do this while
25:50:00
they're home while they have a part-time
25:52:00
job and that's the great part about
25:54:00
licensing and that's what Jeffrey's
25:56:00
talking about it's it's a numbers game
25:58:00
it's a numbers game and you know I had a
26:00:00
student signed up yesterday and first
26:03:00
thing she says she says Jeff I am so
26:05:00
busy with my job but I want to do this I
26:08:00
want to do this and I said that's all I
26:10:00
need to hear from you is that you want
26:12:00
to do this because you can do this
26:14:00
without quitting your full-time job yes
26:16:00
you can okay I do this for a living I do
26:19:00
it full-time and I'm blessed to be able
26:22:00
to do that okay I truly am
26:24:00
and but it wasn't like that in the
26:26:00
beginning I was working full-time where
26:28:00
a matter of fact I'm gonna tell myself I
26:30:00
was working three jobs when I first had
26:33:00
my first invention and still had time
26:35:00
and this is absolutely truth three jobs
26:37:00
and I still had time to pitch my
26:39:00
invention and I didn't even have a clue
26:42:00
what I was doing I stood
26:43:00
eight companies interested in yeah I
26:45:00
didn't yeah I didn't know what it's
26:46:00
doing yeah obviously did the great part
26:50:00
about it that's what I love about you
26:53:00
Jeffries that you've done this like you
26:55:00
didn't read a book and say hey I'm a
26:57:00
licensed expert I mean you've been
26:58:00
through the wringer I'm you've been
27:00:00
you've done all of this you've licensed
27:02:00
products you've invent the products that
27:04:00
didn't go through licensing you know and
27:06:00
and you're working on a book you're
27:07:00
working on products and I know you have
27:08:00
a few products right now that are in
27:10:00
front of potential licensees so it isn't
27:13:00
like you you aren't working within this
27:16:00
industry that is correct my days are
27:18:00
spent I mean I love coaching I love
27:20:00
being with my students but between
27:22:00
students I am pitching to companies I am
27:26:00
this is absolute I'm I'm either drawing
27:30:00
up ideas I'm working I'm developing
27:33:00
ideas I'm researching ideas I'm pitching
27:35:00
to companies my days I treat myself I
27:38:00
get on the 5 o'clock man let me explain
27:40:00
what that means
27:41:00
every single day I get up at 5 o'clock
27:44:00
in the morning ok and what and this is
27:48:00
this all ties in the licensing five
27:51:00
o'clock the morning for me is the quiet
27:53:00
time that can catch up on all my emails
27:55:00
catch up on myself what needs to be done
27:58:00
my day is planned and then you know I'm
28:01:00
preparing myself for the onslaught of
28:03:00
the full day of pitching the companies
28:05:00
to researching the marketplace or new
28:07:00
ideas I have ideas constantly flowing I
28:10:00
had an idea yesterday hit me hit me like
28:12:00
a brick I mean like a brick I was so
28:14:00
excited you know and so I'm gonna do
28:17:00
that and that's what it needs but that's
28:19:00
what that's what licensing is it's
28:21:00
exciting and fun game but you you have
28:24:00
to learn the the right way to do it yeah
28:28:00
well that's the trick and and it comes
28:30:00
from experience also learning to I mean
28:33:00
you can't teach somebody everything they
28:34:00
have to actually go and do it and some
28:37:00
of you listeners out there may say you
28:39:00
don't let this licensee stuff is crazy I
28:41:00
just can't do it you may bring in a
28:42:00
partner you may bring in a team but you
28:44:00
still should know the steps and the
28:46:00
processes because the team's gonna want
28:49:00
to be led or they're gonna want to be
28:50:00
have input so we're not saying that you
28:52:00
have to be a licensee or do it all
28:54:00
yourself
28:55:00
but what Jeffery means is
28:56:00
if you follow his processes or you do
28:59:00
the right steps you can do it you can do
29:05:00
it you know I have a even have a lunch
29:07:00
student who kind of approached me and
29:09:00
she said she said I'm really having a
29:10:00
hard time I'm struggling fun time to
29:12:00
pitch can I get somebody to pitch for me
29:14:00
which is fine if but again like Carmen
29:17:00
said long as you know the process is
29:19:00
that you can teach that person what
29:21:00
you're doing and also protect yourself
29:23:00
get make sure you have confidentiality
29:25:00
agreements in place there's nothing
29:27:00
wrong with you know giving some help
29:28:00
nothing wrong with that but again at the
29:30:00
end of the day you must know what you're
29:32:00
doing you know to be able to even
29:34:00
delegate those type of jobs to someone
29:36:00
else you know so again we're talking
29:40:00
about researching the market you know
29:42:00
talking about using Google images and I
29:44:00
know we went off on a little rabbit
29:45:00
trail but this is good stuff okay but
29:48:00
using Google images as you see can take
29:50:00
you again when I get into going if you
29:54:00
find a retailer write down all the
29:56:00
brands that that is being carried with
29:57:00
that retailer that are closely you know
30:00:00
related to your idea again make a make a
30:03:00
list for later on that you're going
30:05:00
those are potential licensees that
30:06:00
you're going to try to contact okay well
30:10:00
I want to say something here and if this
30:12:00
is vitally important this is what I get
30:14:00
a lot I'm talking about probably eighty
30:17:00
five percent of the time students will
30:19:00
come to me or students and I'm talking
30:21:00
to about coming into the company they
30:25:00
say I've reached out to a bunch of
30:27:00
companies I've got a bunch of knows I
30:29:00
you know I've tried and then I asked him
30:32:00
well what did you read how did you reach
30:34:00
out you know what did you do and they're
30:36:00
like oh well you know I I said did you
30:39:00
have a sell sheet did you have they
30:41:00
weren't ready and this is where I really
30:46:00
want to stress this you got to be ready
30:48:00
and the only way to be ready is to learn
30:50:00
how to do it correctly and have at have
30:53:00
a coach or a mentor and I'm not pushing
30:55:00
myself on that but having said I don't
30:57:00
care who it is someone that you trust to
30:59:00
be able to fine tune you to where you're
31:02:00
ready for the ready to fish to companies
31:04:00
yeah well you know we talked about it
31:06:00
all they're wise professional athletes
31:08:00
what do they have they have a coke
31:10:00
they have a coach you're never good
31:14:00
enough not to have some type of coach or
31:16:00
someone to talk to or bounce ideas off
31:18:00
of someone who will be logical they
31:22:00
won't let emotions get involved and
31:23:00
someone who's been through that through
31:24:00
you know so so it's it's never too late
31:29:00
to early or you're never good enough
31:31:00
smart enough whatever not to have a
31:33:00
coach a mentor or somebody to talk with
31:35:00
that's right I have I had a coach and I
31:38:00
have a coach I have a coach who helps me
31:39:00
be a coach that's true that's absolutely
31:42:00
truth so I mean I you know it I put ego
31:46:00
aside cuz I don't have an ego but it's a
31:48:00
hey I'm always ready to learn and that's
31:50:00
what an adventure takes that mindset I'm
31:53:00
ready to learn and I'm ready to do
31:55:00
everything I need to do to move my
31:57:00
product forward and that if that means
31:59:00
education if that means someone to
32:01:00
mentor me if that means someone to guide
32:03:00
me along to help me and my product to
32:06:00
get to where I need to go so you can
32:08:00
live the life you want then I say do
32:10:00
that not totally agree because this is
32:14:00
real life I mean if you have an idea and
32:16:00
you are really going to move forward
32:18:00
with it you really got to do it the
32:20:00
right way you will be very discouraged
32:22:00
you'll be mad at yourself in one year
32:25:00
five years ten years down the road one
32:26:00
if you did it move it forward or if you
32:29:00
had that one shot and and you didn't
32:32:00
take it the correct way I mean I I know
32:34:00
Jeffrey does and I hear I hear stories
32:36:00
all the time of people that either tried
32:39:00
it and they just spent all their money
32:41:00
in the wrong in the wrong Jerry the
32:43:00
wrong steps you know out of alignment
32:46:00
they didn't follow a process didn't
32:48:00
follow a plan or people that just you
32:50:00
know had this year idea 20 years ago and
32:52:00
I just you know I just never did
32:54:00
anything with it I know that Jeffrey
32:55:00
here is those stories and so do I didn't
33:01:00
know what to do with it and now it's all
33:05:00
we hear a lot the thing thing I hear of
33:08:00
most is I have spent a lot of money up
33:10:00
to this point and now I don't know where
33:14:00
to turn
33:15:00
you know what to do and and I wish I
33:17:00
hope and pray there's a lot of people
33:19:00
out there listening this show can
33:21:00
understand that you don't have to spend
33:23:00
thousands on
33:24:00
and some thousands on prototypes this is
33:27:00
what we're talking about researching the
33:28:00
market is the first and the most free
33:31:00
thing you're going to do it's free it's
33:33:00
all free and since we're on that subject
33:36:00
one of the most free the freest thing
33:38:00
you can do in researching the market is
33:40:00
going to a store go down the road and
33:44:00
find a store it's carrying a product
33:46:00
product similar or products products
33:49:00
similar to yours and walk the aisles
33:52:00
enjoy yourself take pictures with your
33:54:00
phone look I mean no one cares what
33:57:00
you're doing if and if anyone asks you
33:59:00
what you're doing you say well I'm doing
34:00:00
a doing a project for you know whatever
34:03:00
you don't have do you have to tell them
34:04:00
but you know if a store employee says
34:06:00
hey hey may I ask you what you're taking
34:08:00
pictures of our products you say sure
34:09:00
I'm doing a project for them for myself
34:11:00
you know there's nothing wrong with that
34:13:00
there's not a thing there's nothing just
34:14:00
a lot to do that so walking the store
34:17:00
aisles is a I be honest with you once a
34:20:00
week at least once a week I go walk the
34:23:00
stores and even if it's just just a
34:26:00
browse browse for product ideas say I
34:29:00
don't have a product idea I'll go just
34:31:00
see what's out there just keep myself
34:33:00
updated most people go to these like
34:36:00
Walmart and don't there's so much
34:37:00
opportunity Walmart or Target or Home
34:39:00
Depot I mean forget about it if you got
34:42:00
for me and a home depot scary karma it's
34:44:00
scary
34:46:00
ok you can't get out yeah I just can't
34:49:00
get out because there's so much but my
34:52:00
wife and I go to Home Depot we're like
34:53:00
we can make things we can make this we
34:54:00
can make that we're always looking at
34:56:00
ideas and you know it's it's just
34:58:00
wonderful to do but this is you know one
35:00:00
of the freest things you can do along
35:02:00
with the Google images the patent
35:04:00
searching of course I haven't even
35:06:00
scratched the surface on researching the
35:08:00
market to that no I haven't even
35:09:00
scratched the surface but walking the
35:11:00
store aisles is a great way to see
35:13:00
what's out there to look for products
35:16:00
that are like yours number one number
35:17:00
two companies that are making these
35:19:00
products there you go that's two three
35:22:00
looking at the materials that they're
35:24:00
those products being made of and the
35:26:00
number four a lot of people don't pay
35:29:00
attention this look at the packaging how
35:32:00
is it packaged what kind of shelf space
35:34:00
does it have does it have a big shelf
35:36:00
space or some
35:37:00
all shelf space well your product have
35:40:00
to take a huge shelf space or a small
35:43:00
shelf space that's really important
35:45:00
especially when you're a potential
35:47:00
licensee because if they if your
35:49:00
products huge and they mean they're
35:51:00
their market is in a certain amount of
35:55:00
space and a retailer it's gonna be tough
35:57:00
to get your product out you know license
35:59:00
this is really yes you got to think of
36:00:00
all these things all at the same time
36:02:00
and that's what makes it fun but it also
36:05:00
is the work you have to do yeah yeah and
36:07:00
and take it with a grain of salt you
36:09:00
could have a great product there's no
36:11:00
doubt about it and you can go and show
36:13:00
it to people and you can go to retail
36:15:00
you go to licensees you can go to TV
36:17:00
shopping channel Shark Tank wherever you
36:18:00
take it and just because it's not a fit
36:21:00
for that show for that retro doesn't
36:23:00
mean it's a bad product I mean here at
36:26:00
the launch pad we take products to
36:27:00
retailers all the time and a lot of
36:30:00
times they you get an obit but it's not
36:32:00
because it's a bad product it's because
36:34:00
they don't like Jeffrey said they don't
36:35:00
have shelf space they don't have it for
36:38:00
that season it's a seasonal product it's
36:40:00
not in their industry it's not in their
36:42:00
product it's not in their wheelhouse
36:43:00
there will be a million ways it's and
36:45:00
that's why following the right steps as
36:47:00
Jeffrey said will give you the ability
36:50:00
to take the opportunity when it comes
36:54:00
because if if you're not ready for that
36:56:00
opportunity it's a million-to-one shot
36:58:00
it's like winning the lotto to tell you
37:00:00
the truth and I know Jeffrey will say
37:01:00
that too but you really want to be ready
37:03:00
with that opportunity to be able to take
37:04:00
advantage of it that's exactly right
37:06:00
yeah you I mean you just nailed it on
37:08:00
the head right there you grabbed the
37:10:00
opportunity and talking about yeah
37:13:00
you're gonna you know as you're in your
37:15:00
business and let's say you really get
37:17:00
into it and you learn the processes and
37:19:00
you're pitching your product you're
37:20:00
going to get knows guys you're going to
37:22:00
get and people I hate the word rejection
37:25:00
because it sounds so definitive so so
37:28:00
kind of you know but I always say you
37:32:00
know when you get an O be happy about it
37:35:00
and I know everybody says how you're
37:36:00
crazy no really when you get a no number
37:40:00
one that means you've done something
37:41:00
that means you've you've gotten to the
37:43:00
point where you push your product and
37:45:00
someone you've got your product in front
37:47:00
of someone's eyes that's accomplishment
37:49:00
in itself most inventors
37:51:00
even make it that far okay and getting a
37:54:00
no means hopefully you can ask for some
37:57:00
feedback you say opportunity seizing
38:00:00
opportunity being able to get valuable
38:02:00
feedback from these from the people that
38:05:00
are in the know that understand the
38:06:00
business you're hearing it from the
38:08:00
horse's mouth they're saying do this
38:10:00
with your product if you can maybe you
38:12:00
could change this or maybe it doesn't
38:14:00
fit in this here but maybe you can go
38:17:00
see this guy over here it's all great
38:21:00
stuff to hear and the only way to get
38:23:00
that information is to get your product
38:25:00
in front of them there's no other way to
38:26:00
do that it's all numbers you're exactly
38:29:00
right I mean if you go out and talk to
38:30:00
an actual sales person that's been doing
38:32:00
sales for almost any industry for so
38:35:00
long and Jeff real backing up with this
38:36:00
you could ask them how many knows do you
38:38:00
need to get before you get a yes and
38:40:00
most likely they'll tell you that number
38:42:00
so they have to get those noes to get to
38:44:00
a yes that's correct they have there's
38:47:00
there's only one way to do it and that's
38:48:00
again for your salesman you're going to
38:51:00
get yourself in front of somebody pitch
38:53:00
your product and then you know you're
38:54:00
gonna get no no no no here's a perfect
38:57:00
example it's like if anyone's ever seen
38:59:00
the movie secondhand lions you ever seen
39:02:00
the movie in the movie there's a bunch
39:05:00
of salesmen come up and they shoot
39:06:00
shotguns at them you know because they
39:08:00
don't want to hear what they have to say
39:09:00
but eventually that one guy and he came
39:12:00
but he that was his second try he came
39:16:00
back and he sold him a you know big
39:17:00
piece of equipment right so he didn't
39:19:00
give up he didn't give up he you know he
39:22:00
what he did in that movie if everyone
39:25:00
under said he understood his customer he
39:27:00
went and said okay I want this is what
39:29:00
my customer here is gonna want and this
39:31:00
is what you got to do you know as a
39:33:00
licensee and your product you need to
39:35:00
fine-tune your product fine-tune your
39:37:00
pitch find where you find companies that
39:39:00
your product fits in their mix yet you
39:42:00
know this for sure again you're going to
39:44:00
get knows but do your best to be able to
39:47:00
line yourself up with with that
39:49:00
company's products and their and what
39:51:00
they have out there you're going to
39:53:00
increase your you're going to increase
39:54:00
your chances immensely that way now one
39:58:00
our percent man I mean this is we were
40:00:00
going to talk about so many things today
40:02:00
this the R&D;
40:05:00
search stuff and the preparation just
40:07:00
you know it didn't takes up the whole
40:09:00
show it does remind me some of your
40:11:00
listeners out there to go back to one of
40:15:00
the licen in jungles episodes I think
40:16:00
was episode 3 where we spoke with
40:18:00
gentleman named I think Eric cuber cuber
40:21:00
the serial licensee I mean that's what
40:24:00
he does he loves his job he develops
40:27:00
products all day and licenses them he
40:30:00
does he get every product license no oh
40:33:00
so yeah go back and listen to it because
40:35:00
he you had some great great feedback on
40:37:00
episode 3 yeah he really did Erica he
40:41:00
really brought some great information to
40:43:00
that to that to our podcast that day we
40:46:00
learned a bunch from him it was very
40:48:00
educational but also it was very
40:49:00
humbling to know that you know again it
40:52:00
was all in the numbers he pitched a lot
40:54:00
of cut products created a lot of
40:56:00
products and he got a lot of them
40:58:00
license but he would tell you he would
41:01:00
create what was a fifty two hundred
41:02:00
products for every one or two he license
41:06:00
okay
41:07:00
again if you have one product after guys
41:09:00
don't be discouraged hey don't think wow
41:11:00
I'm Way behind the you know the cuff on
41:13:00
this you're not to just do everything
41:15:00
you can and learn the processes to get
41:17:00
that product as far as you can with it
41:19:00
yeah yeah so yeah so we're gonna start
41:22:00
closing up segments just has a recap and
41:24:00
jump in here when would you can research
41:27:00
research research take the ego out of it
41:29:00
look for products that are similar to
41:31:00
yours look for companies that are
41:32:00
selling products that are similar to
41:34:00
yours get as much feedback as possible
41:36:00
and be open-minded
41:38:00
yes be open-minded and you know let
41:42:00
yourself learn everything that you can
41:44:00
possibly learn yourself about doing this
41:47:00
research again we haven't even scratched
41:48:00
the surface on researching the market
41:50:00
this is where I just gave you today
41:52:00
really three of the main ways to do it
41:55:00
there's a whole lot more involved but
41:57:00
it's it's a definitely great place to
41:59:00
start I encourage you to do that and
42:01:00
because what we're talking about is
42:03:00
researching the market but also
42:04:00
inventing for the marketplace creating
42:07:00
ideas that already you have an existing
42:10:00
market and there's nothing wrong with
42:12:00
that guys take the ego out of it if you
42:14:00
want to be successful then then go for
42:16:00
it that way as well sounds good my man
42:18:00
right well we are done for today's
42:21:00
episode if any of you listeners out
42:23:00
there would like to hear more from
42:25:00
Jeffrey certainly check out his Facebook
42:27:00
page go to product coach usa.com you can
42:31:00
definitely find him on Facebook on
42:34:00
LinkedIn reach out to him obviously on
42:36:00
the Internet
42:38:00
inventors Launchpad on our notes pages
42:40:00
for all of our shows for the inventors
42:42:00
Launchpad Network I mean we're out here
42:44:00
we're getting as much information as we
42:46:00
can out there so for me calming disco
42:49:00
your co-host and Jeffrey mangas I
42:52:00
appreciate all you listeners out there
42:54:00
please send us feedback we're really
42:56:00
open send us questions we would love to
42:59:00
hear from you so thank you very much
43:00:00
everyone thanks a lot guys take care