Got an Invention Idea, Whats Next? Start a Business or License, We Break it Down!

The Licensing Jungle
Licensing Expert Jeffrey Mangus Interviews a Serial Inventor Mr. Eddie Turner.
September 15, 2017
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Quirky is Back, Let’s Start Inventing!
September 22, 2017

 
If you invent products or have a start-up that's ready for retail, the Get Retail Ready podcast is THE place to hear stories and gain knowledge with the Get Retail Ready guy Jim DeBetta! Jim is a renowned retail selling expert having sold over 100 million dollars worth of products to the world's leading retailers! Knowing the ins and outs of preparing to and selling to major retailers takes knowledge, experience, and enthusiasm. Join us each week to get the inside scoop on how to make YOUR invention a success! www.weknowbusiness.info The Inventors Launchpad – Roadmap to Success Series is presented by Inventors Launchpad in beautiful Tampa Bay, FL and hosted by Carmine Denisco. Carmine is an accomplished Author, Entrepreneur, Inventor and Co-founder/Managing Partner of Inventors Launchpad. Along with his business partner Rick Valderrama has changed the face of the invention industry and look forward to helping inventors from all over the world move their ideas forward. For more information please visit www.inventorslaunchpad.com

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Podcast Notes

1You Tube Transcription
0:01
hi everyone and welcome to the inventors
0:03
Launchpad Network
0:04
I am carmine Dennis keho your host for
0:07
today's show of getting retail ready
0:11
with my co-host the expert in a retail
0:14
mr. Jim de betta I have him on the line
0:16
from his office and studio in Atlanta
0:20
hey Jim you over there yeah good morning
0:23
how's it going good man doing good
0:25
survive a storm out here in Florida got
0:27
hit with the hurricane Irma if you guys
0:29
are listening after September 10th or
0:32
11th hurricane ever came through Florida
0:35
so here at the little portable office I
0:38
have setup but it worked pretty good I
0:40
think the Internet's a little slow but
0:42
hey man I can't complain as a lot of
0:44
people still in in the state without
0:46
power yeah and there's a lot of people
0:48
who haven't even made it back yet you
0:49
know in Atlanta has been a place for
0:51
displacement a lot of people have come
0:53
up here to say you know I mean it's an
0:57
it's the next state out right so you you
0:59
tend to go there and you know the storm
1:01
we didn't really get much here despite
1:03
what you see on the news I mean it
1:05
rained a little bit well a lot of it
1:07
yesterday but some wind nothing bad I
1:09
know Jeff I don't know if they're coming
1:11
up your way you know a little bit a
1:13
little bit of the weather but and yeah
1:15
you know we do have our buddy Jeff our
1:17
licensing pro with us so Jeff I
1:20
appreciate you coming on I know it's
1:22
it's hectic and busy up your way hey
1:25
thanks a lot Jim yeah actually we're
1:27
getting the rain now from the hurricane
1:28
but that's a caltech of rain today you
1:30
need any time those folks are going
1:34
through again I want to say that real
1:36
quick you know I want to definitely send
1:37
prayers out to the folks out there that
1:39
got affected by that that's yeah crazy
1:42
in the outskirts of where I live it's
1:44
funny because this morning I was
1:46
supposed to do a show earlier this
1:48
morning and last night and into the
1:52
early hours
1:53
I was actually moving our studio moving
1:55
all the equipment taking stuff off the
1:57
floor because the stores are flooded and
1:59
went through our office that was out of
2:00
power and and got everything ready to do
2:04
our shows and then I get I get a call
2:08
about ten minutes before we were
2:10
supposed to have a venture capitalist on
2:11
the show
2:13
she was saying that she was up late
2:14
doing some work and that she was too
2:17
tired to be on I didn't I didn't call
2:22
her back because at the time I was just
2:25
a little angry because you know again
2:27
yeah when just like with you guys when
2:29
when we say we're gonna do something I
2:31
made sure that the studio was set up
2:33
I should made sure I mean we got to do
2:35
the shows I mean this shows we're hoping
2:37
that we're helping people with all these
2:38
shows I was getting that information out
2:40
there it's fun I love doing the shows
2:43
because we get a lot of feedback and a
2:45
lot of questions sent to us so we know
2:47
people are listening and it was just
2:49
funny that the venture capitalists I'm
2:54
surprised you made it I mean really I
2:56
was expecting a call from you saying Jim
2:58
I you know I can't get it done it you
3:00
know personal things take precedence
3:02
over these things but so yeah you know
3:04
we appreciate you you know digging out
3:07
sort of speaking and making it live I
3:09
mean it's that's huge no no I thank you
3:12
thank you and like I said it was
3:13
something that was dangerous or made
3:15
sure everybody was family we'd made sure
3:17
everybody was safe make sure everything
3:18
was good and it's kind of one of those
3:20
things that you want a little bit of
3:21
normalcy it's such that's around we were
3:25
at one of the hot local hospitals and
3:27
there was people strewn all over the
3:30
floors on each floor seven eight floors
3:32
hundreds of people speak seeking shelter
3:35
and it's just amazing to me again we got
3:43
settled in I had the time to go move the
3:45
studio get everything set up and you
3:47
know we're still doing these shows and
3:49
that's one thing I'm glad you guys made
3:50
it I'm glad we're doing it let's get
3:52
started with the show today with the
3:55
retail ready stuff and yeah well I was
3:57
thinking of something and I know it's a
3:58
little off topic Jim is that you know
4:00
after a hurricane or something like this
4:03
chaos of this magnitude we're gonna get
4:07
some people that have invention ideas
4:08
that are gonna come out of this you know
4:10
and I'm gonna get a lot of calls you are
4:13
I know Jeffrey our guest
4:15
Jeffrey Magnus the license expert is
4:17
gonna get calls what would be something
4:21
that we would tell some people that are
4:23
listening to the show that have an idea
4:24
about whatever it is that's going to
4:26
out of this hurricane or safety issue or
4:29
safety product you know should they sell
4:31
it should they produce it should be
4:32
licensed it you know and we'll throw it
4:34
back and forth to you and Jim what do
4:36
you think that if somebody out there is
4:37
thinking about man I have a great idea
4:39
of how to help people what would be the
4:41
first step and how should we do it
4:42
you know this I'm gonna I'll answer then
4:45
I'm gonna push this to Jeff because I
4:46
think this might be in an area where
4:48
when it comes to licensing there could
4:50
be a lot of great opportunities but on
4:53
the retail front we all know this guys
4:55
there's going to be another hurricane
4:57
there's going to be another tornado
5:00
there's gonna be another flood natural
5:02
disasters are gonna continue to happen
5:03
they're not it's not stopping
5:05
so we hate to say it but you know that
5:07
the smart entrepreneur is gonna go out
5:11
there and they're gonna come up with
5:12
things to help people will prevent
5:16
things before they happen for situations
5:18
like this now the only downside right
5:21
and yes I've already gotten emails on
5:24
things but you you know unfortunately
5:29
for the inventor but fortunately for
5:31
everyone else
5:31
hurricanes don't happen every day right
5:33
so you can come up with a great idea for
5:35
a product then you you know the
5:37
retailers may not be ready for it you
5:39
know unless it's hurricane season or
5:41
it's a preventive product right but you
5:43
know Jeff maybe you could speak on this
5:45
on the licensing side a company may want
5:46
to potentially license the product idea
5:50
and then sort of shelve it or develop it
5:52
and shelve it and release it when the
5:54
time comes so what do you think Jeffrey
5:56
about that yeah you know that's that's
5:58
actually I was just thinking that yeah
6:00
there are many companies that you know
6:02
would like to be involved because you
6:05
know if someone if a inventor has an
6:07
idea that it's gonna you know with help
6:09
during a natural disaster like a
6:11
hurricane tornado yeah you know
6:13
licensing it companies would license in
6:15
which shelve it and have it ready to go
6:17
for those for those you know for that
6:19
opportunity you know when that stuff
6:21
happens so I really I really see there
6:24
is opportunity unfortunately with these
6:27
type of things and if a vendor has an
6:28
idea that could could solve a problem
6:30
then I would definitely encourage the
6:32
licensing route you know to go that way
6:34
companies would do that yeah and you
6:37
know climbing like we were talking about
6:39
the show
6:39
topic today you know licensing versus
6:42
retail you know what's the way to go I
6:44
think there's there's a lot of different
6:46
ways to go yeah and a lot of times
6:49
licensing or a lot of inventors as we
6:53
know want to not all of them want to get
6:56
that product they want to prototype it
6:57
they want to get sampled they want to
6:59
manufacture they want to they like the I
7:02
don't know the idea of running a
7:04
business but they haven't really dug in
7:06
and and realized what that takes you
7:09
know so it's not just money that's to
7:11
run a business it's it's a lot of
7:13
know-how it's other people it's
7:14
employment and doing those things so you
7:17
know when you're really thinking about
7:19
your idea you need to weigh those things
7:22
right Jim and and and Geoffrey I mean
7:25
there's a there's a lot there's a big
7:26
differences between running and
7:28
manufacturing your own product and
7:29
licensing I would think yeah I mean one
7:32
of the big ones is the financial aspects
7:35
I mean when you take a product to market
7:36
yourself you've got to pay for
7:38
everything yourself which is fine right
7:40
but you know the upside is you
7:43
potentially get to keep more and then
7:47
I'll gonna let you talk about the pluses
7:49
of Licensing but the pluses obviously of
7:52
bring a product to market yourself you
7:54
know are that you know you do have
7:56
ownership of that product and you know
8:00
if the product does is you know a
8:01
million in retail you could net it out a
8:06
few hundred grand now that's not for
8:07
everybody obviously we'll talk about the
8:09
negatives in a minute but you know the
8:11
potential is there you know from a
8:13
financial aspect to to make a lot of
8:15
money if your product does well yeah
8:19
that's right you know in licensing I
8:21
mean you know it's a low risk high
8:23
return business you know if you do it
8:26
right and the I mean for me licensing is
8:31
that's what the area I concentrate on
8:33
because of you know taking a product to
8:37
market as you know Jim is it will cost a
8:39
lot of money it takes a lot of there's
8:41
tooling there's you know for packaging
8:44
there's design I mean you can go on and
8:46
on any like say an employee employment
8:48
warehousing distribution I mean I mean
8:51
you're the expert in that and you know
8:53
I'm just touching just the scratch of
8:55
the surface on what it takes not try to
8:57
be negative about it if that's your
8:59
dream if that's someone's dream to have
9:01
their own company and bring a product to
9:03
market themselves hey I'm all for that
9:05
I'm all for an inventor chasing the
9:08
dream and what they want to do but if
9:10
you want to have a business and there's
9:13
the keywords business licensing is a
9:15
business that's where I see a lot of
9:19
we're inventors get tripped up you know
9:22
if they don't approach themselves as a
9:24
business just like anything else you
9:26
know writing a business plan for your
9:28
for your overall business and your
9:31
business plan for your idea you know and
9:33
having a goal and and have a direction
9:36
with your with a product you know that's
9:38
where they don't they fail and but
9:40
licensing is an awesome way to do this
9:44
and you can do it you can license a
9:46
product for less than $200 it is
9:48
feasible it you can feasibly do that and
9:50
that's when I say that yeah it now I
9:53
want to not sugarcoat it here and I'm
9:55
talking a little bit too much here but
9:56
that's okay hopefully you guys
9:58
understand that you can you know there's
10:01
going to be money involved even in
10:03
licensing you're going to spend money
10:05
but you're not going to spend the amount
10:07
of money that you're that you know in
10:10
licensing that you would going to retail
10:11
yourself it's just it's just not going
10:14
to happen that way right yeah like you
10:16
said there yeah everyone has to look at
10:18
their own situation when people call me
10:20
they say Jim I've got an idea what
10:22
should I do and I'm like that's not
10:24
really for me to answer
10:25
right left itself a few questions one
10:28
you know I I don't you know age isn't
10:30
always a factor but let's face it if
10:32
you're 90 and you want to start trying
10:35
to create a product business and get
10:38
into manufacturing you know it sounds
10:41
rude but you know you know at 90 you
10:44
can't expect to be around forever at
10:46
that point right so isn't it since we're
10:49
licensing might be very advantageous
10:51
right you somebody you do a deal you
10:54
don't really have to do the work because
10:55
the licensees is doing the manufacturing
10:57
in the marketing and the sales and you
10:59
hopefully get to enjoy a nice royalty
11:01
stream for the rest of your life right
11:02
on the flip side you know a lot of times
11:05
people come to me and say Jim
11:07
listen I've got money right I have money
11:09
I this is a dream like you said Jeff
11:12
this is something I've always wanted to
11:13
do I wanted to work for somebody I hate
11:15
working for somebody I don't want to do
11:16
the corporate thing I want to be my own
11:18
boss I want to run have an income from
11:20
myself or my family in that case you
11:23
know bringing a product to market is
11:25
perfect now on the licensing side right
11:28
like you say you can get a product
11:29
license marine expensively and right and
11:32
I appreciate you saying that you know it
11:34
when people use it as a headline all the
11:36
time it's a little scary to some people
11:40
because they think that it's easy it's
11:42
like well write a check for a couple
11:43
hundred bucks and you get a licensing
11:45
deal know what Jeffrey is trying to say
11:47
which which is critical is that right if
11:49
you can come up with a great sell sheet
11:51
or even you know and it's certainly this
11:53
is a prototype but you don't always need
11:55
you could conceivably with that pitch
11:58
and get a licensing deal and yes you
12:00
could be licensing and making money for
12:04
virtually nothing it just depends on
12:06
what you want where you are in your life
12:08
what your dreams are some people want to
12:11
be in business some people don't some
12:12
people just want that mailbox money that
12:15
you hear with terms of with licensing so
12:18
I think it's you got to look at your own
12:19
situation and say what's best for me
12:21
what do I want out of this do you agree
12:24
I totally agree with you you know again
12:28
it's there's actually you know I have
12:31
inventors ask me all the time the same
12:33
question what what do you think about my
12:35
product what do you think I should do I
12:37
get that all the time and my answer to
12:40
that question is you know it's not it's
12:41
not up to me to evaluate your idea okay
12:45
the only opinion that really matters is
12:48
a potential licensee and that's the only
12:50
way to do that is again your get
12:52
yourself on the phone with in front of
12:53
these people but do it the right way but
12:55
it's not my job to evaluate a winner's
12:58
idea and to tell them which direction to
13:01
go you know that's where an inventor has
13:03
to soul-search it has to say okay what
13:06
do I wanted to do do I do I want to do I
13:08
want a license you know and follow that
13:11
path and and you're right get mailbox
13:13
money and that that dream is is there it
13:16
can happen that dream can happen for you
13:18
now is there is or work involved
13:21
yes there is work involved I'm not never
13:24
sugar-coated and I I'm not one of those
13:26
guys just like you Jim and Carmen we
13:29
don't we don't we don't give you the
13:31
shiny headlines we tell you exactly
13:33
what's gonna happen there's gonna be a
13:35
lot of hard work look you know no matter
13:37
what it is whether you take in a product
13:39
to market or license there's gonna be
13:41
some work involved it's gonna take some
13:42
drive it's going to take ingenuity it's
13:45
gonna take creativity it's gonna take
13:47
you you know not handing the keys off to
13:50
someone else but you doing the work and
13:52
it's not easy no matter which path
13:54
they're it's you know it's it's tough it
13:57
can be tough there's no question we
13:58
never tell people or promise people
14:00
you're just gonna do it and it's easy we
14:02
never do that
14:03
because it you know the odds are stacked
14:04
against you just by the numbers again
14:06
this is a numbers game but like you said
14:08
if you pick the right path and you
14:09
prepare correctly you increase your odds
14:11
of success and that's all you know you
14:13
can hope for
14:14
whether you license or go put on your
14:17
own
14:18
as we acknowledge there are risks and
14:20
rewards you know varying degrees on both
14:23
sides and you have to ask yourself what
14:26
is it that I want out of my product and
14:28
we can you know Jeffrey or our carmine
14:31
can always guide people to help them at
14:33
least eliminate certain things here's a
14:35
quick example guys you know I get people
14:37
that call me and they say you know I've
14:40
got like a medical device or I got
14:41
something something very complicated and
14:43
then I say you know what let me run it
14:45
by you know a product development person
14:47
and let's find out what the cost could
14:48
be if the cost come back and it's like
14:50
quarter-million dollars to to up and you
14:53
know manufacture and and I say to you
14:55
Jeffrey we'll do you have a quarter
14:57
million dollars would you have access to
14:58
a quarter million dollars and if usually
14:59
a gym like I'm basically broke I will
15:01
never have that kind of money I can't
15:02
get at it you know what I hate to say it
15:04
by default this is a licensing
15:07
opportunity which which could wind up
15:09
being the greatest thing in the world
15:10
because for like you said hundreds of
15:13
dollars or whatever you could
15:15
potentially find somebody to do
15:16
everything for you and you could collect
15:19
potentially six or even seven figures
15:21
collectively down the road so there are
15:23
times when I just say this is licensing
15:25
you don't belong trying to let's let's
15:29
cut to the chase you're not bringing
15:30
this to market you need money right so
15:33
there's example of where
15:34
I just completely steer somebody towards
15:36
you know a different path well one thing
15:39
I want to say about we talk we've talked
15:41
about today and I've really appreciate
15:44
you having me on the show we've talked a
15:45
lot of we we talked about a lot of the
15:47
the real things that people need to look
15:50
at but also want to talk about licensing
15:51
is fun let me talk about that it is it's
15:55
fun because you as when you're going the
15:57
licensing path you are in control of you
16:00
know designing your having yourself
16:02
sheets designed and creating your
16:04
product creating creating multiple
16:07
products like you say it's a numbers
16:08
game so the more products you have the
16:10
more products you pitch the more
16:12
companies you pitch to and once once you
16:14
learn how to pitch to companies once you
16:16
learn that you know how to find those
16:19
key people and how once you again I keep
16:21
saying the word learn because it's
16:21
that's the important part of licensing
16:23
licensing and learn it's the same thing
16:25
okay once you learn how to do it it's
16:28
fun and you don't have all the stress
16:30
involved you know going to Prague going
16:33
to retail again I'm not trying to be
16:35
negative on retail you know there's a
16:37
lot of stress and you're right if
16:38
someone had if you don't have a quarter
16:39
of a million dollars if that's that's
16:42
what your product is going to cost to
16:43
take to Bart market it's a licensing
16:45
play for you you need to then you need
16:47
to learn the license then you can have
16:49
some fun with it
16:50
so come on I think we have a new tagline
16:52
for Jeff it's just licensing is fun I
16:55
know that's take it retailed may not be
17:00
fun what I love about both you guys is
17:11
that you're passionate about what you
17:13
love to do and as you've both said it's
17:16
not easy but you both know that
17:18
sometimes you have to throw it over the
17:20
fence and license sometimes you go the
17:22
other way to retail what I love about
17:24
all this a I'm on I'm in the middle
17:26
because I love manufacturing things I've
17:28
license products and I get the
17:30
manufacturer whom I put them in retail
17:31
stores so we kind of get the best of
17:33
both worlds at the launch pad is that
17:35
there are so many opportunities now if
17:38
you make that decision to go either way
17:40
so if you go to say I want to do retail
17:44
of this projects a great product there's
17:46
so many opportunities you can try to get
17:47
invested
17:48
money you could try to go to Kickstarter
17:50
you could try to do different things but
17:52
you're gonna put a team together
17:54
education as Jeffrey said is the is so
17:56
important as Jim knows Jim what's the
17:59
first thing that you know an investor
18:01
wants to know if you will approach him
18:03
with a product does he really care about
18:05
the product what's like the first thing
18:07
they want to know
18:08
I mean well look I mean you know they
18:09
want to know market potential market
18:11
size how much money they can make and
18:12
you know that all of this stuff that we
18:16
talk about licensing manufacturing going
18:18
to be done the endgame is somebody wants
18:20
to make money well everybody wants to
18:22
make money right the inventor wants to
18:24
make money you know the retailer's want
18:26
to make money the companies that are the
18:28
licensees want to make money and no one
18:30
is going to do business unless money can
18:32
be made right so you know you have to
18:34
kind of look at that and you know
18:36
Jeffrey I you know I just thought of
18:37
something that it kind of and it's
18:39
building off of what comment just said
18:41
which is you know we want to be
18:42
responsible and and steer people towards
18:44
the right path right I mean it'd be very
18:47
easy for me to say no no don't license
18:49
don't license because that's not what I
18:50
primarily do any very easily for Jeffrey
18:53
to say no you don't want to you know
18:54
want to manufacture it and you know you
18:56
lose your shirt I think with the magic
18:58
here is that you know we both act all
19:01
three of us act responsibly that way but
19:03
but here's a point where you can have it
19:05
always which is I tell people often that
19:09
if they build up some sales momentum and
19:12
just kind of lightly manufacture carmine
19:14
right just get out there a little bit
19:16
and show some viability momentum and
19:18
even have some sales with a couple local
19:20
retailers or small retailers you then
19:22
have more leverage when you want to do a
19:24
licensing deal so I tell people look
19:26
I've done this I've approached companies
19:28
if you have no sales no product nothing
19:30
again we're not saying it's not it's not
19:32
you know you can't get a license deal
19:34
because you can a lot of people do get
19:35
them that way with nothing right just
19:37
the idea but you can increase your odds
19:40
of success if you already have brought a
19:42
product to market and it's doing well
19:44
and I'm the licensee and Carman you
19:47
approached me and you say hey Jim listen
19:48
we've got this product you know we're
19:50
doing like five grand a month on our own
19:51
website or selling a few retailers I
19:53
know that consumers want it it's viable
19:55
and now I may be much more apt to do a
19:58
licensing deal after learning how to do
20:00
a licensing deal
20:01
because you're mitigating risk for the
20:03
licensee right versus going in cold
20:06
which bulimia I'm sure majority of deals
20:09
are done cold but you can really up your
20:13
chances if you're already having success
20:14
so I tell people you can have it both
20:16
ways you could be go to go to market and
20:18
then do license deals and I've done that
20:21
with my own business where I've had
20:23
products and then I went and did
20:24
licensing deals or licensing type deals
20:28
with other companies with with my
20:30
product lines
20:31
that's that's really that's great
20:34
because you're right you know reducing
20:36
you just said reduce your mitigating the
20:37
risk and that's that's what I you know
20:39
that's what I coach inventors to do when
20:42
they're especially in licensing is
20:44
reducing the risk you know the more you
20:46
the more work you do the more homework
20:48
you do the more you show a potential
20:50
license 'hey how much you know about
20:52
that about your product and their
20:53
product mix and their company and you
20:56
know the market costs wholesale cost
20:58
manufacturers read everything all these
21:00
things come into play once a once in a
21:02
manner does that they're reducing the
21:04
risk and because bringing a product to
21:06
market even for a large corporation it
21:08
costs money it costs money
21:10
it was risk involved they don't know how
21:12
well a product's going to do in the
21:13
marketplace so i mean correct me if i'm
21:16
wrong but i mean no one knows there's no
21:18
crystal ball so a company's taking on
21:21
risk so when the inventor is gonna
21:24
license it they and they reduce the risk
21:25
but providing this information to a
21:29
company beforehand if again it's going
21:32
to increase their odds of getting a
21:33
licensing agreement that's something
21:35
something you know - look look - yep no
21:39
no totally 100% that's what's so great
21:42
about being able to reach out listen to
21:45
these podcasts get information get
21:47
education and really decide on the route
21:49
you want to take you know either way it
21:52
could take some funds if you don't have
21:55
those funds you could bring on a partner
21:57
you can try getting some funds from
21:59
friends and family the licensing side as
22:02
jeffrey has said it can be done at low
22:05
cost but it is better Jeff what do you
22:07
think to have a little bit of money you
22:08
could put into South sheets do things
22:10
the right way but it can be done at low
22:12
cost and then this Jim had said which I
22:14
love about this
22:15
that you know we can get manufacturing
22:17
done or even get a few prototypes or a
22:19
short-run manufacturing to prove your
22:22
product get proof of concept and be able
22:25
to go to potential licensee and say hey
22:28
listen I've sold this product and and
22:30
what about the online sales guys I mean
22:32
it's it's even if you do get some
22:33
products and you put some money out to
22:35
get a small run of your product done it
22:38
seems like again it's it's like this is
22:40
a great time to be in the invention
22:42
world no matter what you do there's ways
22:44
to move your product forward even if you
22:46
have to sell it for what you paid for it
22:47
online on Amazon or on eBay at least you
22:49
can get your money back I mean that was
22:51
never possible prior to this type of
22:53
thing that's true I mean you're right I
22:56
mean there's so many avenues and ways
22:59
for an inventor to to push their product
23:02
forward with its licensing where it's
23:04
going to retail there's also one other
23:06
you know I've
23:07
we just we talked to a couple inventors
23:09
here on a couple podcasts a few weeks
23:11
back about assigning their their ideas
23:14
they can sell them out right you know
23:16
yeah there's risk there I mean I
23:18
definitely forewarn inventors whenever I
23:21
hear there were they they talked me
23:23
about that I'll say yeah you can sell
23:25
your product a lot you're out right if
23:27
you want to call assignment if you want
23:29
to sell it but then again if you sell it
23:31
for a hundred grand and then it makes a
23:33
million that's the risk right but you
23:35
know again there's a path also that
23:39
inventors out here inventors asked me
23:41
about taking and I never I never
23:44
discouraged them again it's all about
23:46
what what they want to do you know first
23:49
if an inventor wants to get walk the
23:53
store aisles and see their product on
23:55
the shelf you know and do it because
23:57
they did it themselves they didn't
23:59
license it they brought it to market hey
24:01:00
that's that's perfect that's what you
24:03:00
want to do yeah I agree
24:05:00
talking about just doing that I mean the
24:08:00
first thing that most inventors want to
24:10:00
do and you probably hear Jeffery and Jim
24:12:00
is that they believe that they need to
24:14:00
go out and spend thousands of dollars on
24:16:00
a patent and it's so important to do
24:19:00
that and timing is everything right Jim
24:21:00
on when you have an idea those first few
24:24:00
steps are probably so important it
24:25:00
probably makes her break what you're
24:27:00
going to be able to do
24:29:00
yeah I think what I see a lot is that
24:31:00
inventors come to me after they've spent
24:34:00
a lot of money the wrong way and they
24:36:00
didn't seek out advice and this is that
24:37:00
emotional attachment thing that you know
24:39:00
an inventor has an idea they love it
24:42:00
they think it's awesome
24:43:00
and it might be awesome but it might not
24:45:00
be awesome the way it is currently but
24:47:00
it clouds their judgment they just
24:50:00
they'll go out and they'll spend money
24:52:00
on this that and whatever else and then
24:54:00
they come to somebody like one of us and
24:57:00
say hey here's where I'm at and I'm like
24:58:00
well why did you do
25:00:00
ABCDE you know I you know I always say
25:04:00
to them I wish you had called me sooner
25:05:00
I say that every day too
25:07:00
because you know even though they're now
25:10:00
say they're working with one of us still
25:12:00
I mean they're gonna know that paying
25:14:00
twice or three times because I mean
25:16:00
Jeffrey you get this I'm sure where
25:18:00
people come to me and they're very
25:20:00
definitive but what they want and what
25:22:00
they've done and it that it's that it's
25:23:00
right so they'll say Jim I want a
25:25:00
license so here's what I did I went out
25:27:00
and spent ten grand on a prototype I
25:28:00
went and spent 20 grand on patents I
25:31:00
spent I built a website I've had people
25:33:00
come to me and say they went to
25:34:00
full-blown manufacturing and then say I
25:37:00
just want to license it I'm like you
25:38:00
even know what licensing is even right
25:40:00
like they literally have done the the
25:43:00
mind world more or less right which
25:45:00
which is the go to market
25:47:00
all that stuff they packaged it they
25:49:00
produced it
25:50:00
they sent a website they have a
25:51:00
fulfillment center all set up and then
25:53:00
they go yeah Mike I just want to license
25:55:00
it I'm like you just did all that for
25:57:00
almost really for nothing Wow Wow really
26:02:00
yeah I'm not laughing
26:04:00
because I I'm agreeing with you I hear
26:06:00
every single day I talked a lot of
26:08:00
inventors and I hear the same thing I've
26:10:00
already spent $5,000 or $10,000 on a
26:13:00
patent that dollar I've done this on a
26:15:00
product with a prototype and you know
26:17:00
but I need help and but now I'm out of
26:20:00
money now I'm out of money and you know
26:22:00
unfortunately I mean we want to help
26:24:00
everyone that's why we do these shows
26:26:00
you know that's why I take pride in you
26:29:00
know want to want to talk about
26:30:00
licensing with every inventor I could
26:32:00
talk to you because I want to I want to
26:34:00
help them and try to save them from
26:36:00
doing what you just said spending all
26:38:00
this money and then for nothing you
26:40:00
don't want to do that please
26:43:00
if you're listening to this podcast
26:44:00
don't do it learn some steps take take
26:48:00
your deep breath about your product idea
26:50:00
be smart about it that's my that's my
26:52:00
advice today be smart about I agree I
26:54:00
dig Jeff definitely real quick what's a
26:57:00
percentage you think of inventors that
27:00:00
come to you that want a license they
27:04:00
probably been doing this a long time and
27:05:00
they've already done some manufacturing
27:07:00
and they realize it's not as easy as
27:08:00
they or they just made those wrong step
27:11:00
says you know Jim and I talked about
27:12:00
they made those wrong steps and they get
27:14:00
it gets so discouraged right Jim they
27:17:00
get so discouraged that they think I'm
27:18:00
just gonna throw this away I'm gonna I'm
27:20:00
gonna get it get a licensing deal and
27:22:00
the license deal isn't that easy but
27:24:00
right Jeff I mean what's the percentage
27:25:00
of people that came to you to do that
27:27:00
happens that honestly the almost I'd say
27:31:00
around 80 percent of the inventors that
27:34:00
I talked to have already first tried to
27:37:00
go to market themselves so you're not
27:39:00
this is you're talking from experience
27:41:00
Jeffrey yeah three people out of a
27:45:00
hundred I mean a lot of people and again
27:47:00
as Jim said we're not saying not to
27:50:00
manufacture not to prototype you just
27:52:00
have to decide what you want to do but
27:54:00
if you decide to go in either direction
27:56:00
do it the right way educate yourself
27:58:00
listen to these podcasts read some books
28:00:00
I mean Jim's got a book out Jeffrey's
28:02:00
got a book out I have a book out we we
28:04:00
write these things I'm not making money
28:05:00
on my book I'm telling everybody it's a
28:08:00
giveaway it's a giveaway I am amazed by
28:11:00
how by how much information in access to
28:14:00
people like us there is that I get still
28:17:00
get so many emails and phone calls with
28:19:00
people just skipping over everything and
28:21:00
going on at their own I mean look it
28:23:00
sounds self-serving like is we all
28:25:00
charged for our services but we don't
28:28:00
make that a secret but I'd rather pay a
28:31:00
few hundred dollars to get advice or a
28:33:00
thousand dollars to take a course than
28:35:00
to spend 20 grand and then find out I
28:37:00
just threw 20 grand away I mean it's
28:39:00
amazing again it it's it's separating
28:43:00
yourself emotionally from from the
28:45:00
business side of the things that people
28:46:00
can do they could take that away from
28:48:00
this podcast you must you gotta like
28:51:00
sleep on it
28:52:00
get excited sit down take a day and just
28:55:00
say
28:56:00
what are the paths there's two paths
28:59:00
licensing going to retail I need to
29:01:00
learn what are the advantage of were the
29:04:00
advantages of both what are the
29:05:00
disadvantages of both and then talk to
29:08:00
somebody or somebodies and you know find
29:12:00
out what's what and then I'll make a
29:14:00
decision before I spend any money before
29:16:00
I start cutting things and manufacturing
29:19:00
things and prototyping things like
29:21:00
you're right we both all of us get
29:23:00
emails and people who have already all
29:25:00
in it seems and then they work they go
29:27:00
backwards and then want to get advice I
29:30:00
don't I don't get it but I don't see
29:33:00
that you know stopping anytime soon I
29:35:00
wish it would hopefully this message
29:37:00
gets across to some people and they you
29:39:00
know kind of do it the other way like we
29:41:00
just like we just said sorry carmine me
29:42:00
interrupt you know if we could you know
29:44:00
we get we could save one inventor today
29:47:00
from making that mistake it'll be worth
29:49:00
this show okay because I'll be honest
29:51:00
with you the mirrors that I talk to you
29:53:00
you know I interview a lot and when I
29:55:00
get the same I hear it again it's all I
29:58:00
almost know what they're gonna say and
30:00:00
my what I see a lot is they spend a lot
30:03:00
of money with the wrong guy and no money
30:05:00
with the right guy okay there are people
30:08:00
like us like Jim and carmine who yes we
30:11:00
charge for our services but you know we
30:14:00
like say we don't charge nearly what
30:16:00
what you're gonna pay if you make these
30:18:00
mistakes you know you I hear inventors
30:21:00
say I've got a patent that's that's
30:23:00
awesome
30:24:00
but you know I don't know I've don't I
30:28:00
don't even know where my market is I
30:29:00
don't know you know where to begin
30:31:00
hey that's a nice expensive plaque on
30:33:00
the wall you know you don't want that
30:35:00
you know we want we want better for you
30:37:00
guys we want better for inventors I do I
30:39:00
know Jim doesn't know carmine does we
30:41:00
truly truly want inventors to be
30:44:00
successful but also do it the right way
30:47:00
oh yeah there's no doubt about it guys
30:48:00
listening anyone that's out there
30:50:00
listening we might charge for our
30:53:00
services it's such a small percentage of
30:55:00
what the overall cost would be or what
30:58:00
you wouldn't you stand to make if you do
31:00:00
this the right way and you know that the
31:04:00
percentage is very small I myself will
31:07:00
make money if you're successful you know
31:09:00
we charge
31:10:00
we recharge to prepare your product
31:12:00
maybe to manufacture product but if you
31:14:00
sell your product that really people are
31:16:00
listening out there
31:17:00
if you sell millions of units of your
31:19:00
product and you i'm manufacturing i'm
31:22:00
gonna make money that's how i make money
31:24:00
so if you're successful then we are
31:26:00
successful if you're successful Jim and
31:28:00
Jeffrey are successful I mean it's it's
31:31:00
one thing to have only those online
31:33:00
companies in one of those companies you
31:34:00
see on TV that you're gonna pay a
31:36:00
thousands of dollars to and they're
31:37:00
gonna give you a picture or they're
31:39:00
gonna tell you how great your product is
31:41:00
those aren't the guys that are gonna
31:43:00
help you they're gonna give you what you
31:44:00
pay for but what you get isn't what you
31:47:00
need yeah yeah that's a big thing right
31:50:00
right yeah and I think my big takeaway
31:53:00
for everybody today because I know we're
31:55:00
running short on time here is you know
31:58:00
we can be very objective and objectivity
32:00:00
here in our world you know being
32:03:00
professionals in our businesses is
32:04:00
really important for people to hear
32:06:00
because if somebody comes to me and says
32:09:00
like like I said before I am broke I
32:11:00
don't have this kind of money um I'm
32:13:00
retired I don't want to run a business
32:14:00
you know I don't want to you know have
32:16:00
build a legacy for my family call
32:18:00
Jeffrey just home he's the guy to help
32:22:00
you I do this every day it would be easy
32:24:00
for me to try to convince that person to
32:26:00
somehow make it happen but it's not
32:28:00
what's right to do so it's cold Jeffrey
32:31:00
cuz you know what aha license things not
32:33:00
easy like mine like doing a market isn't
32:35:00
easy but you may have a much better
32:36:00
experience and opportunity by licensing
32:39:00
and it seems like a no-brainer here and
32:41:00
and same thing listen you don't need to
32:44:00
go and have 50,000 pieces made at a
32:45:00
factory
32:46:00
call carmine they specialize in
32:48:00
short-run manufacturing you should not
32:50:00
go out and make fifty thousand pieces of
32:52:00
something right off the bat because
32:54:00
chances are there's gonna be changes in
32:56:00
tweaks and also just costs a lot of
32:57:00
money so that's what you need to do here
33:00:00
you know and like Jeffrey would do for
33:03:00
us you know you know what you might want
33:05:00
to go and talk to one of those guys
33:06:00
about you know go take in your party
33:08:00
market sounds like you want to run a
33:09:00
business it sounds like you you don't
33:11:00
want to work for you know corporate
33:12:00
America anymore whatever it is I think
33:14:00
the keys that people need to understand
33:16:00
we're gonna be objective and we're gonna
33:17:00
push them to where we think they really
33:20:00
should go and not that it serves us
33:22:00
individually best
33:24:00
what is best for their success because
33:25:00
like you said carmine we all benefit the
33:28:00
whole business benefits when we have
33:30:00
more successful inventors out there you
33:32:00
know I'd like to just join in on that
33:36:00
exactly with I agree with you 110%
33:39:00
what you just said Jim because you know
33:42:00
I'm not self-serving you know if
33:44:00
inventor comes me and they do want to go
33:46:00
to retail they want to take it to market
33:47:00
themselves hey I'm gonna I'm gonna
33:49:00
encourage them to go that route I'm
33:51:00
gonna tell them yes get ahold of Jim
33:53:00
he's the guy you need to talk to yeah if
33:56:00
someone wants to do I mean I totally do
33:58:00
that I mean I wanted I used to be in
34:01:00
real estate and I never was self-serving
34:04:00
I always was always about my client I
34:06:00
was always by my client client came
34:07:00
first in these clients my mentor clients
34:10:00
my students they come first you know I'm
34:12:00
not saying you know that's really great
34:13:00
that you said that we're none of us are
34:15:00
so serving here we're here doing this
34:17:00
show to steer inventors the right way
34:19:00
and what path they want to take and but
34:22:00
where I think we're all saying here to
34:25:00
learn what you need to learn do what you
34:28:00
need to do the correct way it's simple
34:30:00
it's really simple we're gonna we're
34:33:00
gonna start wrapping it up here but Jim
34:35:00
and one piece of advice for that new
34:37:00
inventor that came out with an idea
34:41:00
through the hurricane one quick piece of
34:42:00
advice well I mean I think the overall
34:46:00
theme here today right is you know take
34:49:00
stock of what you're doing and don't act
34:51:00
until you talk to somebody that knows
34:53:00
what they're talking about right I mean
34:55:00
and even learn from storms and disasters
34:57:00
like this that you know sometimes you
34:59:00
have to sit back and look look at you
35:01:00
know your your world what's best for you
35:04:00
what makes you comfortable like comment
35:06:00
you know you you might not have been
35:07:00
here today I mean it's scary to think
35:09:00
that you know the people died in these
35:11:00
things people they lose everything and
35:12:00
that's when you have to sit back and say
35:14:00
what's really what's really important to
35:16:00
me what do I want from what I'm doing
35:18:00
and this you know hate to say but things
35:22:00
like this like these types of natural
35:23:00
disasters sometimes make people sit back
35:25:00
and think a little bit more about what
35:27:00
they want what's important and how they
35:29:00
need to proceed so I think people should
35:31:00
just don't rush into something talk to
35:33:00
people get advice
35:35:00
sleep on it and then you know take the
35:38:00
path that that makes the most sense for
35:40:00
where you are in your life very good
35:42:00
very good in our and our licensing
35:44:00
expert Jeffrey Magnus one piece of
35:46:00
advice definitely like I agree with Jim
35:52:00
you know take take a deep breath and you
35:55:00
know plan out and you know your what
35:57:00
your goals are with your business you
35:59:00
know either and I say business your an
36:01:00
idea can be a business ideas should be
36:03:00
treated as a business and so I love to
36:06:00
step on that if you're going to go to
36:08:00
licensing with your if you're gonna go
36:10:00
to retail treat yourself as a business
36:12:00
okay take the emotional part out of it
36:15:00
enjoy the emotional part for a while
36:17:00
enjoy that enjoy it that's great
36:20:00
take it in but then yes it states to put
36:23:00
it to the side and then treat yourself
36:25:00
as a business show up report and do what
36:28:00
you got to do to to to achieve your goal
36:31:00
that's my advice today
36:33:00
excellent excellent guys listen man
36:35:00
we've had some great discussions today
36:37:00
and I know that when people are
36:39:00
listening to these shows please take a
36:42:00
listen to me if you have some questions
36:43:00
if there's something that you didn't
36:44:00
think we covered in-depth enough or
36:46:00
something that we need to get more
36:48:00
in-depth um please email us get in touch
36:51:00
with us get in touch with myself and in
36:53:00
Veterans Launchpad get in touch with
36:54:00
Jeffrey Magnus get in touch with my
36:56:00
co-host Jim do better let us know not
36:59:00
only what we didn't cover but also what
37:01:00
you might want to hear what want to talk
37:03:00
about there's so much information that
37:04:00
we're gonna be covering these podcasts
37:06:00
and these shows and we're hoping that
37:07:00
we're helping out so go ahead onto
37:09:00
iTunes if you can subscribe to our shows
37:11:00
let us know what you think and for
37:15:00
myself call my disco my co-host Jim -
37:17:00
betta and our guests that we had on the
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show today
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Jeffrey mangas we thank you for
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listening and we'll see you next time on
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the gettin retail ready show take care
37:26:00
everybody thanks guys thank you