Invention Submission Companies: Scams or Valuable Services?

Mad Moves - An Insanely Fun Party Game
Inventing Toys and Bringing Them To Market with Ashley Mady
October 19, 2017
18057094_10155537881823268_1567376625335511073_n
How to Pitch Your Product to a Retail Buyer: Pt.1
October 25, 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

Watch the podcast here!

Podcast Notes

1YouTube generated podcast notes, please excuse any typos.
hi all and welcome to the inventor's
0:05
launchpad network
0:06
I am carmine danesco your co-host for
0:09
today's show of getting retail ready
0:12
with the super the excellent the man
0:15
with the plan the retail guy mr. Jim des
0:20
betta hey Jim what's happening these
0:22
these intros just getting deeper and
0:24
better every week I don't think you
0:25
could top last week so you had like four
0:27
names I got to start writing them down
0:30
and then just round like next week is
0:32
like five six different kind of soon
0:38
that half the show is going to be the
0:39
intro for you thank you so what's
0:45
happening man what's going on up there
0:46
how the weekend go
0:47
yeah good busy as always just you know
0:50
doing stuff and you know just getting
0:52
ready and all of a sudden you turn
0:53
around it's Monday and it's it's back to
0:56
it yeah yeah and it's October - man you
0:59
know for you as soon as it's October
1:00
2017 so the years flying by yeah and you
1:04
know it's funny because you're already
1:06
you're starting to see some like
1:07
Christmasy things pop up and of course
1:09
all the retailers are now trying to
1:11
align everything like for any product
1:13
that has been purchased I mean they're
1:15
those those shipments already going into
1:17
their distribution centers and they kind
1:20
of hold on to them for a few weeks until
1:22
they clear out all the like the
1:23
Halloween and Thanksgiving stuff and
1:25
then they start quickly transitioning
1:27
over to the Christmas stuff so it's all
1:29
of a grand plan that's in in progress
1:32
but yeah it's crazy to think that right
1:35
after Halloween I mean it's I mean it's
1:37
basically Christmastime already it's it
1:40
is crazy and it kind of just goes to
1:42
what you always talk about how you know
1:45
how quickly you know products and buyers
1:48
have to act and you know and and how
1:51
quickly they have to make decisions and
1:53
you know a year goes by for a buyer look
1:57
at your product it's not it's not the
1:59
end of the world and it and like you
2:00
said it's like you always say you know
2:02
you might have to wait till next year
2:04
but it goes around pretty quick yeah I
2:07
mean they're already looking at you know
2:09
spring you know and summer stuff next
2:11
year for 2018 and
2:13
you know a few months from now they'll
2:14
be you know getting everything ready for
2:16
2018 Christmas so yeah it but it's
2:19
always ongoing there's always buying
2:21
going a lot of people reach out to me
2:22
and say you know hey Jim you know uh a
2:25
buyer's buying now or when they buy this
2:28
time like no they're always buying you
2:31
know unless you have a product that's a
2:32
specific holiday product you're always
2:35
looking at stuff they have to because
2:36
they want to you know be in the
2:37
forefront of what's next or what's new
2:39
so that's their job to and
2:42
responsibilities related to look for
2:43
what could be the next big thing hell
2:46
yeah I probably agree I mean you know
2:48
these the buyers man they've got a tough
2:50
I mean they really don't catch a break
2:53
and you know depending on what category
2:55
they have any category I mean you think
2:58
simple categories would be easier but
3:00
you know they have many vendors you know
3:02
so a lot of people that are selling them
3:04
things and they've got a first and
3:05
foremost I got to manage that and then
3:07
find the time to look at new things and
3:09
then from there try to decide which of
3:11
those new things you know might be the
3:13
next thing and yeah so there's a lot of
3:15
pressure on them you know if they fail
3:17
they pick a bunch of wrong things you
3:19
know it's a failure but if they even if
3:23
they picked up one big thing amongst all
3:25
the failures that could save them yeah
3:27
yeah I hear you and you know there's so
3:28
many there are so many products out
3:30
there I don't know if you if you get it
3:32
but we get so many product submissions
3:35
to us it's just it's amazing how many
3:38
are out there and and we aren't even as
3:40
a product sufficient company you know
3:43
we're we're a manufacturing product
3:44
developer you know and and but we still
3:47
get so many submissions it makes you
3:49
really wonder you know how many
3:51
companies are out there that are looking
3:52
at products I mean there there are I
3:56
mean they're the the big names that we
3:57
all know and there's probably hundreds
3:59
of little ones and it could be
4:00
individuals kind of you know calling
4:03
themselves you know invention submission
4:05
companies or you know licensing
4:08
companies or I mean there's all kinds of
4:10
names that you know one can call
4:12
yourself you know when you're in this
4:14
business but I mean Carmen we've both
4:16
seen over there over the you know the
4:17
last couple of decades you know this
4:21
whole business grow and you know with
4:22
shows like Shark Tank and everything
4:24
else it you know invention
4:26
that whole business you know was in the
4:27
forefront and it's you know when it's on
4:29
TV and it's on the internet you know it
4:32
seems like anybody that has an idea for
4:34
something once and needs a place to send
4:36
that idea to it's true that's true and
4:40
then then obviously as the need grows so
4:43
do these fly-by-night companies not even
4:45
fly-by-night but they're these companies
4:46
pop up looking to service that need and
4:50
hence you and I hear the stories about
4:54
you know horror or or sometimes works
4:58
out there you know a lot of these
4:59
inventors are desperate or they're
5:02
trying to rush the process and there's
5:05
no rush to this process but there's some
5:07
people out there that they want to rush
5:09
the process so they send it out all over
5:11
the place I mean do you get some stories
5:12
about you know maybe we could talk about
5:14
that these products and mission
5:15
companies or or what to look for what
5:17
not to look for and if they're good to
5:19
use yeah I mean well yeah of course I
5:22
get emails every day and they're mixed
5:24
some are from people saying I had worked
5:26
with an invention submission company or
5:28
something like that and you know I paid
5:31
X thousands of dollars and you know I
5:33
really never heard from them again or
5:34
they made a lot of promises and I mean
5:38
and then I try to communicate with them
5:39
and I get nothing back or no reply or or
5:42
not a meaningful reply or a thoughtful
5:44
reply and you're right coming you know
5:47
anybody can do this I mean there's no
5:49
license or qualifications needed to be
5:53
an invention submission company and I
5:54
think what we saw a handful years ago
5:57
with some of the couple of the bigger
5:58
names in the business
5:59
was not so much that you know there's an
6:02
issue with invention submission
6:03
companies I mean somebody's gotta be
6:05
somebody that accepts and and you know
6:08
analyzers or reviews and it evaluates
6:11
products and then sends them along to
6:14
other people to either help that
6:15
inventor get their product sold or
6:16
license the big issue really is that you
6:21
know the lack of of integrity if you
6:25
will because you know these companies
6:27
would in essence tell people you know
6:30
look we can help you we're gonna get
6:32
your product license I mean making
6:33
statements that makes an already
6:35
desperate or excited inventor have a lot
6:39
of hope
6:40
and the reality is is that they didn't
6:41
disclose like say for the licensing side
6:44
the real success rate which I know is I
6:47
mean if it's a percent or two you know
6:49
that's it and so if you you know Carmen
6:51
if you reach out to me and I say hey
6:53
carmine look you know I understand you
6:55
you looking license your product to a
6:56
corporation I can help you look at you
6:59
know you got a really good shot here and
7:00
you know the chances are you'll succeed
7:03
or you know what will get you licensed
7:05
well well not disclosing that it's high
7:08
risk you know they're just by the
7:09
numbers you probably won't get licensed
7:11
but hey we're gonna give you the best
7:13
shot because we have the connections and
7:15
we have the know-how once we do connect
7:17
to get a deal done it that's the big
7:19
problem it's not necessarily who's doing
7:22
it it's what's being said when it's
7:23
being done yeah well that's the the
7:26
trick is to trick is because when you're
7:29
feeding off emotions I mean no inventor
7:32
is gonna call you or I and say hey I got
7:34
this idea you know it sucks oh and I
7:38
want to give you a bunch of money I mean
7:39
it's just not going to happen so when
7:41
somebody's excited on the phone you know
7:43
we and I know you do too we try to
7:47
really help them analyze if it is a good
7:49
idea not and you know it there's nothing
7:52
wrong with these submission companies
7:55
doing what they're doing as long as they
7:58
deliver what they promise and as you
8:00
said it's kind of hard to promise to get
8:02
a licensing agreement it's if you if
8:05
somebody promises that it's a pretty
8:07
high call yeah I can tell you a couple
8:10
things I know I do not do you don't do I
8:13
never promised anybody any specific
8:16
results good or bad I mean I don't
8:18
promise them they're gonna fail right I
8:20
mean because I've seen so many products
8:23
that we never thought would do well do
8:25
amazing and vice versa so the one thing
8:27
I don't do nor should any you know
8:30
company that calls themselves any kind
8:32
of invention evaluation of submission
8:34
company is they should not specifically
8:36
in writing or you know orally say you're
8:39
going to you're gonna succeed or we will
8:41
get you a deal should never happen you
8:43
know if that happens right away I mean
8:45
it's you know it's the old saying I mean
8:47
you know just you know run for the hills
8:49
kind of a thing it run the other way
8:51
nobody should promise you that because
8:53
there's no way in the world that
8:54
anybody no matter how good they are no
8:55
matter how well connected they are can
8:57
assure you that you're gonna get a deal
9:00
done it's just not possible so that's
9:01
number one yeah yeah I agree and we've
9:05
been in this business a long time and it
9:07
the deal is not done until you get that
9:09
first check in there all right yeah even
9:11
right and look I've had many times where
9:13
you know whether a product was put in
9:15
front of a retailer or a company for
9:18
licensing and I am Telling You it
9:19
happens you know far more often than I'd
9:22
like where you know you spend weeks
9:24
filling out vendor paperwork let's say
9:25
we're trying to sell to a retailer and
9:27
they love it you send them samples you
9:29
know the inventor sends the samples they
9:30
look at it they want to run with it they
9:32
stop laying out well the paperwork you
9:34
need you complete it you know you go
9:36
through all these steps it's weeks and
9:37
weeks and then you know yeah we're gonna
9:39
issue purchase orders in a few weeks and
9:41
then you know they have like some kind
9:42
of corporate meeting or team meeting and
9:43
they go you know what we're just we're
9:44
not you know what I could move forward
9:46
or you know what the timing isn't right
9:48
or and you're like wait we just did all
9:49
this work you told me work you know so
9:51
yeah we know that until that purchase
9:53
order comes across your desk you know
9:55
there's no assurances at all I mean I've
9:58
learned over the years that pretty much
9:59
when I get through that vendor paperwork
10:00
you know now depending on the retail I
10:02
know which ones are gonna come through
10:03
so I could say to the inventor look it's
10:06
looking pretty good you know cost yeah
10:07
let's wait for that pio but you know you
10:09
might want to get at least buy the
10:11
champagne you have to pop the cork yet
10:13
but you can go get it put it on ice and
10:15
be ready because it's more than likely
10:17
gonna happen but yeah it happens where
10:19
retailers just they pull out of the deal
10:21
and and it's not because the buyer
10:23
doesn't want to do it it's something
10:25
corporately you know for whatever
10:28
reasons they back out and it's the same
10:29
thing with licensing deals so I think
10:31
that's the big the big number one thing
10:33
we're talking about here is you know no
10:35
company should promise you in writing
10:37
and what the promise in writing should
10:39
be so to speak is that and and you do it
10:43
and I do it on my agreements with people
10:45
I have this bolded paragraph at the end
10:47
of my agreements that say you know
10:49
bringing products to market is a
10:50
high-risk business most inventors do not
10:52
succeed because there's a lot of factors
10:56
outside of our control we don't know how
10:57
the buyers are gonna react we don't know
10:58
how consumers are gonna react the
11:00
pricing may be off the packaging may be
11:02
off the product itself just may not be
11:04
desirable like people thought it would
11:06
be so
11:07
by disclaiming you're not only doing
11:10
what you should be doing technically but
11:12
your what you're really telling the
11:13
inventor and also you should have this
11:15
conversation on the phone with them or
11:16
in an email but to let them know look I
11:19
love your product it's great you know we
11:21
could definitely get in front of buyers
11:22
or companies but you know we can't
11:24
assure an outcome but you definitely
11:26
have a better shot with us because we
11:28
know what to do we have the connections
11:30
we know how to handle these deals versus
11:32
you going at it on your own and so that
11:35
that right there that's got to be the
11:37
first thing if you're not getting that
11:38
from a company or a person who's
11:41
attempting to help you you shouldn't be
11:42
working with them yeah and there's so
11:45
much information you put there exactly
11:47
right and that's one of the reason we do
11:48
these shows is that if they don't get in
11:51
touch with us or some reason or or
11:53
they're busy or they want to just listen
11:54
in their car we're telling you on air
11:57
here you know there is no guarantee
12:00
we're gonna do as much as possible we're
12:02
gonna do as much as we can you got to
12:03
look at it this way if you know if you
12:05
were in a in an airplane and something
12:07
happened to the pilot would you want to
12:09
fly or if you had a pilot sitting next
12:10
to you you would rather have the pilot
12:12
jump in that cockpit so that's the
12:14
difference if you have a great idea use
12:16
someone that knows what they're doing to
12:18
help take your product to market don't
12:19
go and do it all on your own not saying
12:21
you can't do some things on your own but
12:23
as Jim is saying give it the best shot
12:26
possible and there's still no guarantee
12:28
and you know one thing Jim real quick I
12:30
just want to mention is that I want
12:32
people to know that we're rooting for
12:34
you I mean Jim will make money I will
12:36
make money if your product makes you
12:38
money there's no reason we would try to
12:40
not have your product make it you know
12:43
you know and in my side you know where I
12:46
predominately spend my time getting
12:48
products placed in retail I mean
12:49
obviously like any business any
12:52
consultant or professional and I got a
12:54
charge from my time and for my
12:56
connection to my knowledge but I always
12:58
tell people what I can make on the back
13:00
end is my reward so yes people say well
13:02
I'm paying you something upfront and
13:04
well you know you could just you know
13:06
not even care or not work on it as much
13:09
because you're getting some money I'm
13:10
like that look nobody's making a living
13:12
off that where I do well or anybody in
13:15
my position will do well is if we get
13:16
purchase orders and I get a small
13:17
percentage of the purchase order I mean
13:20
I gotta be paid for my time like any
13:21
body would get paid for the time whether
13:23
you work for a corporation or yourself
13:24
you know you got a value your time and
13:26
dollars but it's in my best interest
13:28
like it's in your best interest to get
13:30
products to market because not only does
13:32
that obviously help us it helps the
13:34
inventor it leads to more success
13:36
stories which leads to you know further
13:39
confidence by other inventors that you
13:41
know what you're doing and you know
13:42
between us and we've got tons of success
13:44
stories but you know I'm sure we have
13:46
more failures and successes and again
13:48
not for any other reason it's not for
13:50
our lack of knowledge or or skills or
13:52
abilities or contacts it's just that's
13:54
the nature of business you just if every
13:57
product and every idea where to come the
13:59
market you know the whole world would
14:01
just be a bunch of retail stores you
14:02
know I mean if you know the world's to
14:03
to go oh yeah exactly and you know those
14:07
those stories and those things that
14:09
happen are part of our knowledge and
14:11
experience and we get to pass that on to
14:13
new inventors I mean the things that
14:15
happen to an inventor if a deal falls
14:18
through that doesn't mean that the
14:19
product is bad it just means that that
14:21
particular company or that particular
14:23
contract or particular deal just went
14:26
sour and and it could be for hundreds of
14:29
reasons I mean one of the things you
14:31
know Jim was just just recently I just
14:33
can just push this out and you could
14:37
tell me if this has happened to you well
14:39
you had a deal going it took about eight
14:41
months to get this deal together and it
14:42
was a large company big fortune 500
14:45
company and the problem with those
14:47
companies and the reason I like to get
14:50
the deals done quicker is because there
14:52
was change in management yeah that
14:55
happens all the time so I was getting
14:56
nervous like when I try it when I get
14:58
like the vendor paperwork going it like
15:01
between the retailer and the inventor I
15:02
really try to be a pain with the buyers
15:04
I'm like you know I just follow up the
15:06
next I try to push it through because
15:08
that has happened many times come on
15:10
over the years where a buyer change or a
15:12
management change or something happen
15:14
and like you know when I when I get that
15:17
vendor paperwork submitted you know
15:19
usually you know in a few days you get
15:20
an email back saying yeah you know we
15:22
got we're good and then you know they'll
15:23
tell you it can take a week or two or
15:25
something before purchase orders are
15:26
issued or even longer but while you're
15:28
waiting I'm just like I just you know
15:30
you just want to wake up and see that
15:31
email and then you know you kind of like
15:33
take a deep breath because yeah that
15:35
happens it's happened to me a couple
15:36
times this year where you know deals
15:39
were basically done and/or I was in the
15:42
middle of like getting set up as a
15:44
vendor and the like I didn't get a
15:45
response and I get an email saying oh
15:46
this bar is no longer with us I'm taking
15:48
over and you know some of those some of
15:50
the deals still get done cuz you know
15:52
they've got that money budgeted you know
15:54
you know to bring the product in but
15:56
sometimes it's like they clean house and
15:58
they're like I will reevaluating
16:01
everything or you know we gotta wait on
16:02
this or and when you get that usually
16:06
you know a lot of times it just doesn't
16:08
happen but that's very mysterious and
16:10
that's the other thing with like you
16:11
know when you see invention submission
16:13
companies you know we talked about
16:15
promises being made but the second big
16:17
thing that you know you gotta look for
16:19
is how quickly they promise or say the
16:23
process will take and if they say well
16:24
okay it's one thing to say yeah we'll
16:26
get your license deal it's another thing
16:27
to say oh you know we're gonna get your
16:28
licensing deal in 30 days we're gonna
16:30
get your product to market in 30 days
16:31
that nothing never happens I mean it's
16:34
it takes months and months usually to
16:37
get a product into a store online it's a
16:39
little quicker but it's really just
16:40
getting I go through the process of
16:42
getting the product submitted getting it
16:44
reviewed waiting for them to respond
16:47
vendor paperwork I mean it's they've got
16:49
hundreds of these things going on at the
16:51
same time they're not you know they're
16:52
not just doing yours so it always takes
16:55
a couple of couple of three four months
16:57
or whatever on a good day I could take
17:00
you know five six seven eight months or
17:02
more I mean they know what they're doing
17:03
it's not like they're going slow you
17:05
know and and then they're in EFT you
17:08
know kind of thing it's just they got so
17:09
many things going it's just a constant
17:11
mill and you're just in that line and
17:14
you know once you get to the front of
17:15
the line your stuff gets done and and
17:16
you move on so that the speed at which
17:19
things need and should happen is one of
17:22
the invention submission issues that
17:23
I've seen out there where people said
17:25
well they said I'm gonna get my product
17:26
in here in here really quickly or so
17:29
itself and you know so that's the second
17:32
big issue you see is the time yeah and
17:35
do you think these subs and their
17:40
inventors submission companies even
17:43
myself and no even you a lot of times
17:46
they'll want to lock that product down
17:47
for us
17:48
an amount of time is that something an
17:51
inventor should be theory about well I
17:55
mean you know you know like you said you
17:57
should always be you know leery when you
17:58
you see bold statements like you know
18:02
exclusivity or you know 30 days or
18:05
quickly or promise you know we'll do
18:07
this or that those all should be you
18:09
know things that you should question you
18:12
know I get it I can understand why a
18:14
company would want to work on just your
18:17
product carmine because then you know if
18:19
you're now shopping it on everywhere
18:21
else it you know can interfere with
18:22
their efforts you could have cut
18:23
multiple companies calling on the same
18:25
people you know your attention gets
18:28
diverted you know you're not working
18:29
with me now you you're working with them
18:31
and you're giving me one price and your
18:33
product and they're getting enough you
18:34
know I mean when I work with people I
18:36
don't make them work just with me I mean
18:38
they have options but you know if
18:40
they're doing working with me in a
18:41
higher level where they've retained me
18:44
to manage their sales you know we just
18:46
talk it out here's what I'm gonna do
18:48
here's what you can do
18:49
I'll handle these accounts you can
18:51
handle the rest I mean as long as you're
18:53
clear about it it's fine I mean you know
18:55
I can't handle every single account in
18:58
the world for them you know you know
19:00
unless you know that was the only thing
19:03
I was gonna do you know for the next six
19:04
months but course you know it's you know
19:08
exclusivity is a tough one and you know
19:11
sudden you should definitely look at
19:13
yeah well it just seems then as we talk
19:16
about every product is different every
19:18
situation is different and that's why I
19:20
think it's important to talk to people
19:22
and ask questions there's nothing wrong
19:25
answer questions if it's saying you know
19:27
it's that like you said that old saying
19:28
if it sounds too good to be true it
19:30
probably is especially in this industry
19:32
where everything moves so quickly and
19:34
yeah those be some of those big hits are
19:37
big hits as we know and you don't want
19:40
to be on the wrong side of that yeah and
19:43
you know look it you know there's always
19:45
been a knock on inventions to machine
19:46
companies you know I don't know the
19:48
legalities or the politics of it but I
19:50
know that I remember reading something
19:52
not too long ago that like you know
19:55
there are laws or you know rules or
19:58
regulations regarding you know invention
20:01
submission companies you know and how
20:02
you market yourself as a eventually
20:05
submission company and I think again
20:06
it's about clarity it's like you have to
20:08
be very clear with people that you know
20:11
if you're evaluating inventions you know
20:13
that here's the success rate of
20:15
inventions overall you know here the you
20:18
know the risks and rewards you know I've
20:20
done that since day one just because I
20:21
just don't want I'm just not the type
20:23
that's gonna tell somebody they're gonna
20:24
get their product into a chain store
20:26
when I just know that it's not up to me
20:28
you know I can lead the horse to water
20:30
type of thing right but you know I think
20:33
that's that's what when the government I
20:35
think got involved is when you know some
20:38
of these companies were you know just
20:40
kind of like a mill they were taking in
20:42
thousands of dollars and you know for
20:44
your product and give you a sell sheet
20:46
or a video and say yeah we're gonna
20:47
we're gonna present this to companies
20:49
and what they really used to do is just
20:51
send out an email blast to their
20:52
hundreds or thousands of corporate
20:55
contacts and then you know as they got a
20:56
couple of reactions they would you know
20:58
kind of work those those you know
21:01
opportunities and if they got a deal
21:02
they got a deal which is fine you know
21:04
like I said if that's your model just
21:06
say that's what your model is say here's
21:09
what we do here's what we charge this is
21:11
out process you know here's our success
21:13
rate or the industry success rate then
21:16
at least if you're the inventor that's
21:18:00
your choice now no one you can't say for
21:21:00
2,000 or 5,000 or 10,000 whatever it is
21:24:00
that I did not know what I was buying it
21:26:00
the problem was that people just didn't
21:28:00
know what they were getting you know
21:30:00
like you if I go to a store and I buy
21:31:00
something I know what I want to know
21:34:00
when I'm getting something physical is
21:36:00
easy right I buy a product right I buy a
21:38:00
watch you're wearing a watch I know what
21:40:00
I'm getting many watches I'm gonna
21:41:00
wearing I would watch does but something
21:43:00
like this it's not a physical product it
21:45:00
it's a service so the company has to say
21:48:00
here's what you're getting here's what
21:50:00
we do here's what we don't do here's the
21:52:00
you know the potential outcomes and then
21:55:00
you're fine right the inventor really
21:58:00
doesn't have a right to complain other
21:59:00
than that if they don't get a deal like
22:00:00
you know they still gonna be upset like
22:02:00
anybody it's but they can't then say
22:03:00
well you know it's your fault you know
22:06:00
you told me one thing and a completely
22:08:00
different thing is happening or they you
22:10:00
don't communicate well how often are we
22:12:00
gonna communicate a lot of times the
22:13:00
companies didn't say you know
22:16:00
we're gonna reach out to you every week
22:17:00
or you know when you email usually
22:19:00
you'll get a response within 48 up it
22:21:00
was just kind of like pay for these
22:23:00
submission we evaluate it we send
22:25:00
yourself sheet you don't hear from us
22:26:00
for days or weeks or you know or
22:29:00
whatever until something happens and
22:31:00
then even when the inventor would reach
22:33:00
out to them it wouldn't get a response
22:35:00
you know or were in a lot of cases so
22:37:00
again you know look comment we've been
22:40:00
around the block a lot and you know we
22:41:00
know you know this has been an issue and
22:44:00
you know look I think most of these
22:46:00
companies you know they want to have
22:47:00
good intentions they're running a
22:49:00
business but it's just the
22:50:00
communications part or you know and I
22:52:00
don't want to speak for anybody or
22:53:00
anything specifically but you know it's
22:55:00
all about just being more transparent
22:57:00
and if you have that then there's a
22:59:00
comfort level yeah I agree you know the
23:03:00
great part about it which one shows your
23:06:00
expertise but also how these shows can
23:09:00
help our listeners and and I don't even
23:11:00
think you realize the what you said what
23:14:00
you said I know you knew what you were
23:15:00
saying but it's so important for people
23:17:00
to ask how other products did the
23:21:00
performance rate of all the products
23:24:00
that they took in ask them ask whoever
23:26:00
you are going to pay or submit your
23:29:00
product to what the success rate is and
23:32:00
and Jim talked about that
23:34:00
and I mean from that success rate you
23:36:00
will know how good of a chance you have
23:38:00
right I mean yeah why that and that's it
23:42:00
again and you know look for anyone
23:44:00
that's listening you know I can I can
23:46:00
speak for all of these companies I can
23:47:00
tell you right now the success rate is
23:49:00
is definitely not your favor that that
23:52:00
you know so if anybody tells you that
23:53:00
there's a better chance than not that
23:55:00
you will be very successful that's not a
23:58:00
fair statement it's a better statement
23:59:00
and it's better to be up front and tell
24:01:00
people look there's a there's a lot more
24:03:00
than likely chance that we won't get a
24:06:00
deal but you know and yeah I know it
24:09:00
doesn't sound like when you're trying to
24:10:00
sell a service do you sell by being dead
24:12:00
you know like hey carmine yeah I want
24:13:00
you to I want you to be a customer but
24:15:00
you're probably probably not gonna do
24:17:00
well yeah you know maybe money but
24:19:00
that's the business this isn't the only
24:21:00
business like this is a lot of
24:23:00
businesses that are similar you know
24:24:00
where the you know it's risky but as
24:27:00
well again as long as you know what
24:28:00
you're getting into
24:29:00
you know you're fine yeah just getting
24:32:00
their best shot I mean the trick the
24:34:00
trick not any want to say a trick the
24:35:00
thing with this industry because there
24:38:00
are so many products so many new
24:39:00
inventions so many different in you know
24:41:00
so many different categories so many
24:43:00
different buyers I mean it's like a
24:45:00
needle in a haystack so being able to
24:47:00
use somebody like Jim use somebody like
24:49:00
our services and get the best shot
24:52:00
possible it's so important to do that I
24:54:00
mean there's a there's an invention
24:56:00
submission company out and again I I ask
24:59:00
every part every one of our listeners
25:01:00
you don't talk to us go to our websites
25:03:00
go to Jim's website you know search
25:04:00
around for what we've we've done but
25:06:00
also if you are going to submit your
25:08:00
product to the page you know check them
25:10:00
out online and ask them for their
25:12:00
success rate I can tell you that there's
25:14:00
this one submission coming that just
25:16:00
comes to mind that has a less than one
25:21:00
percent success rate and it's not even a
25:24:00
success rate that the inventor have less
25:27:00
than one percent got the money back that
25:30:00
they actually put into the product not
25:32:00
even made money and and they have to by
25:34:00
law as Jim said put those numbers on
25:37:00
their website of course they hide it
25:38:00
it's very hard to see it but it's on the
25:40:00
website so do your research and that's
25:42:00
what you're saying you don't think about
25:44:00
it just don't don't have a foggy brain
25:46:00
about your idea and you can be excited
25:49:00
about it but think of it as a business
25:50:00
also yeah and the other important thing
25:53:00
that kind of ties all this up together
25:55:00
is you know the word product evaluation
25:58:00
okay years ago I used to have a formal
26:01:00
service it was cheap losing a couple
26:02:00
hundred bucks where I would send out a
26:05:00
form and it would ask certain questions
26:07:00
and then I would get the sample the
26:08:00
product and I would review it but I have
26:10:00
to do that for a while I realized
26:12:00
something carmine and that is again I
26:15:00
don't it doesn't matter what I think I
26:17:00
mean technically I'm looking for things
26:19:00
right I'm making sure that it the
26:20:00
package is correct or the pricing is not
26:22:00
the right margins that are needed for
26:24:00
the retail or I'm looking for technical
26:27:00
things but for me to tell you or
26:30:00
evaluate and say carmine it looks like
26:33:00
there's a you know a 75% chance that
26:35:00
you're you know your product will be
26:37:00
successful or I know there was a couple
26:39:00
of companies years ago that actually
26:40:00
tried to use like mathematical formulas
26:42:00
remember that
26:43:00
the way I like it it's just it's
26:46:00
ridiculous to think that you can put a
26:48:00
math equation to this there's no way no
26:52:00
what I what I started doing is I got
26:55:00
away from that but I really was doing it
26:58:00
for technical reasons like I would say
27:00:00
and I still have a service where you
27:02:00
know people sent Brian and I evaluate I
27:04:00
give it like a red yellow or a green
27:05:00
light but that it's technical it's
27:07:00
you're not ready for retailers you don't
27:09:00
have this done for your product or it's
27:11:00
not you know you don't have a good sell
27:12:00
sheet or you know or you just don't even
27:14:00
have things that you don't you're not
27:16:00
even aware of right like you don't have
27:17:00
product liability insurance oh I didn't
27:19:00
know I don't even existed well there you
27:21:00
go you're not getting a green light
27:22:00
because you don't and that's consulting
27:24:00
right I'm not I'm not really you know
27:26:00
giving my opinion of the product I'm
27:28:00
actually telling you you have to have
27:31:00
these things you know like to do
27:34:00
business with a retailer period it
27:36:00
doesn't matter about theme what I think
27:38:00
of and people call me and they say you
27:40:00
know what do you think of my product do
27:42:00
you think it'll do well I don't know it
27:45:00
looks good I'm sure will be of interest
27:47:00
to buyers and it you know and if I don't
27:49:00
think it is I'll tell people look I
27:51:00
don't the way it is it needs to be fixed
27:52:00
whatever but I don't know one looking at
27:55:00
is the the technical stuff and I am
27:57:00
giving sort of an opinion saying it
27:59:00
looks good I like it it's exciting it
28:01:00
the package looks fun the product looks
28:03:00
cool the pricing seems fine I can say
28:05:00
that but I still always go back to but
28:08:00
it's up to the retailer they're the ones
28:10:00
who are buying it or the consumer and
28:12:00
it's up to them to decide but I'll get
28:15:00
it in front of them that's you know
28:17:00
that's not a big deal so to speak but
28:19:00
that's the whole thing so I think the
28:20:00
whole thing right we're talking about
28:21:00
today is you know the timing how much
28:24:00
time it actually takes a product to get
28:25:00
to market doesn't happen quickly right
28:28:00
nobody can oh should be promising any
28:30:00
result because it's it's a wild card to
28:33:00
a degree and you know you evaluation
28:37:00
should be more technical and not you
28:41:00
know opinions speak and if you get all
28:43:00
that you you know at least you know what
28:46:00
you're getting yeah and the evaluation
28:48:00
you know as we've talked about if you
28:50:00
can't do it on your own because you're
28:52:00
too mostly attached you'll find somebody
28:54:00
to help you do the advice you have to
28:56:00
evaluate that for
28:57:00
evaluation because it's important to
28:59:00
know right from the get-go if if you
29:02:00
should really move forward or not
29:03:00
everybody everybody loves their own
29:05:00
ideas I love my ideas I think they're
29:07:00
all great but you know I have to take
29:10:00
myself out of the mix sometimes and
29:11:00
really have somebody else evaluate my
29:13:00
ideas yeah I agree so you know hopefully
29:16:00
at the very least people at least am
29:18:00
more aware now like I said just be
29:21:00
careful it's like anything it's any
29:22:00
business it doesn't matter it's
29:23:00
inventing or you haven't you know any
29:25:00
kind of whatever done that you need in
29:28:00
your life you know you know just check
29:31:00
ask a couple people or ask them for a
29:32:00
couple references or just you know make
29:35:00
sure of like if something sounds too
29:36:00
exciting or just too easy it probably is
29:40:00
not gonna work out the way you want it
29:41:00
to and you know in good communication
29:43:00
you know look for that you know how
29:46:00
responsive somebody is you know they
29:47:00
don't answer you for a week you know
29:49:00
that that's an issue especially if
29:51:00
they're there's a supposedly a bigger
29:52:00
commitment you know to communicate so
29:55:00
yeah you and the other thing that a lot
29:57:00
of times people don't realize and and
29:59:00
and Jim will probably hopefully back you
30:02:00
up on this is that you want to own
30:04:00
anything that you pay for so make sure
30:07:00
that you ask for some kind of
30:09:00
intellectual property release on any
30:12:00
kind of drawings or videos you know
30:15:00
prototypes anything that you pay to get
30:18:00
made just check out in the contract you
30:20:00
if you pay for that you should really
30:23:00
might want to own it and if you don't if
30:26:00
you don't get this release it is not
30:28:00
owned by you even though you pay for it
30:30:00
and you know Jim I don't know if people
30:33:00
realize that they can get a logo made
30:34:00
they can get a video or pictures made
30:36:00
and if you don't have a release it's
30:39:00
like a professional photographer you get
30:40:00
pictures taken if you don't get a
30:43:00
release for those pictures they're not
30:44:00
really yours yeah that's that's a great
30:46:00
point that's something that people do
30:47:00
not think of you know that you yeah
30:50:00
you're paying for that it's part of the
30:52:00
service like whether it's getting a sell
30:54:00
sheet done or a presentation deck or
30:56:00
like I said a prototype or logo you know
30:59:00
they're not doing it you know free if
31:01:00
you're paying and you know what you're
31:03:00
paying for and you know what you're
31:04:00
getting right that's the first thing you
31:07:00
should say you should have Susan's done
31:08:00
send me a file a copy of physical what
31:11:00
it is of it absolutely so at least if
31:13:00
everything kind of goes to hell you've
31:16:00
got something that's useful that you can
31:18:00
now use in your own way or in another
31:20:00
way so yeah that's a great point
31:23:00
yeah because any reason I say that is
31:26:00
because I know Jim - you've you've tried
31:27:00
to have probably tried to help some
31:29:00
clients and you say send me what you
31:30:00
have yeah and they don't have it you're
31:33:00
like yeah yeah you know someone so you
31:35:00
know did it for me let me see if I can
31:37:00
get it and often they can't get it yeah
31:39:00
yeah I'm whatever reason I don't keep
31:41:00
digging but yeah that's right that's a
31:43:00
very you know it's a very common issue
31:45:00
or they're like oh you'll date whatever
31:48:00
they sent me it wasn't good I'm gonna
31:49:00
also start over can you help me yeah at
31:53:00
least get get whatever you can get
31:55:00
because it is really should be
31:56:00
rightfully yours it is your logo I mean
31:58:00
they're not making it for them unless
31:59:00
you have part of your agreement is that
32:01:00
they have a right to use your collateral
32:04:00
materials of logo you know for their
32:06:00
purposes whichever whatever those may be
32:07:00
so yeah you just gotta just read that
32:09:00
fine print a little bit more yeah so if
32:12:00
you intellectual property released if
32:15:00
you need a form email email me and
32:20:00
inventors Launchpad or ask questions
32:21:00
I'll send a copy over to Jim in case you
32:23:00
want to email him for it but it's just a
32:25:00
standard release I have made utmost
32:28:00
phone calls on behalf of but not even
32:31:00
clients potential clients trying to get
32:33:00
CAD files drawings pictures videos yeah
32:37:00
so we can help them move forward and you
32:40:00
have to have them you cannot get a
32:42:00
product made watch it without CAD files
32:45:00
or without specs or nothing you'd have
32:49:00
to start over so that stuff if it's
32:51:00
yours and it's rightfully yours yeah I
32:52:00
get it
32:52:00
make sure you secure it yeah 100% we
32:55:00
asked ask for that stuff because we've
32:56:00
gotten PDFs and you know sent to us and
33:02:00
they aren't CAD files but the client
33:04:00
thought it's what they needed and it was
33:06:00
just it's just a picture a PDF is just a
33:08:00
picture so we can't get molds and can't
33:11:00
get product it's almost useless yeah
33:13:00
it's it's like I've sent people it's
33:15:00
like building a house right you need the
33:17:00
blueprints of the house photo of the of
33:19:00
what it finished us looks like doesn't
33:20:00
help it get built I know and I know
33:23:00
we're beating a dead horse here folks I
33:24:00
know
33:25:00
all right move on what and this is
33:27:00
important this is a this has always been
33:29:00
a huge huge it's the whole reason I'm so
33:33:00
skeptical as an in this business because
33:35:00
of the types of things that have gone on
33:37:00
in the industry so it may be beating a
33:40:00
dead horse but it really is probably one
33:41:00
of the most important things to be aware
33:44:00
of yeah you know because of the
33:46:00
emotional attachment people have to
33:48:00
their ideas and and the excitement that
33:50:00
goes along with being successful so you
33:52:00
know it's as important as anything so
33:55:00
you know it's it's worth talking about
33:57:00
yeah and it makes it easier for Jim or
33:59:00
myself to help you guys listen I know
34:01:00
you're gonna talk about it again but I
34:03:00
don't mind helping people how many
34:04:00
people Jim have you helped for free or
34:06:00
make a phone call for free or say hey
34:08:00
let me look at it for free we're not
34:09:00
here to just charge you for those kind
34:11:00
of things but if you don't have what we
34:13:00
need to help you it makes it a lot
34:15:00
harder for us to move forward right then
34:18:00
you know it's all right good man so I
34:22:00
think that we covered everything for the
34:24:00
particular show and again there's a lot
34:25:00
more I any of you listeners out there if
34:29:00
you have a specific question maybe we
34:31:00
haven't answered it or whatever go back
34:32:00
in the shows listen to the other shows
34:34:00
that we have on the network
34:35:00
and and reach out send Jim a question
34:38:00
send me a question and and not only will
34:41:00
we probably get it on the show but maybe
34:44:00
we can we can even have yourself on the
34:46:00
show I mean we're always looking for
34:47:00
good guest listeners to be on the shows
34:50:00
or just send us questions because what
34:52:00
you are experiencing with the listeners
34:54:00
and viewers are experiencing is really
34:56:00
what we want to talk about yeah and yeah
34:58:00
and of course you know we want people to
35:00:00
go on our Facebook page which is get
35:01:00
retail ready with carmine and Jim just
35:04:00
go on there look it up and you know
35:06:00
request to join you know we'd love to
35:07:00
have people on there and I think in a
35:09:00
few weeks carmine we're gonna have a I
35:11:00
haven't even told you yes it's kinda
35:13:00
like breaking news but I have a former
35:15:00
buyer who was a buyer very high levels
35:18:00
at a couple major retailers who I
35:21:00
reached out to and he's interested in
35:24:00
coming on the show and kind of sharing
35:25:00
the process what's it like when you call
35:28:00
in a buyer what is the one of buyers
35:29:00
really talk about when you're not there
35:31:00
what do they talk about with us and it's
35:34:00
so great not only that you know for
35:36:00
people to hear what we can tell them
35:38:00
about
35:38:00
how those company should go but to hear
35:40:00
from a buyer you know but directly you
35:44:00
know it is great for people to hear that
35:46:00
and kind of understand you know that
35:47:00
perspective so working online and that
35:50:00
UPS that should be a fun show yeah
35:51:00
that's huge because we we haven't been
35:53:00
able to buyers are not you know buyers
35:55:00
in their current position are not
35:57:00
allowed to to talk about what they do or
36:01:00
they're not quite there they're
36:02:00
restricted some degree but they're
36:03:00
probably not gonna you know share their
36:06:00
secrets know the every procedure but uh
36:08:00
you know somebody who was a buyer you
36:11:00
know and again if they're not trying to
36:13:00
do anything other than say look you know
36:14:00
as a buyer this is what I would look for
36:16:00
this is what turned me on or off to
36:18:00
something or you know whatever and
36:20:00
that's that's great information for
36:21:00
inventors to know whether they
36:23:00
approached or by themselves or you know
36:25:00
we do it for them it's just good to have
36:27:00
that knowledge as to how the whole
36:29:00
process works oh yeah I totally agree
36:32:00
with you man I think it's great I think
36:34:00
it's awesome to have that because that's
36:35:00
inside knowledge that a lot of people
36:38:00
are striving for and just hear about so
36:40:00
if you do have some questions you any
36:42:00
listeners out there get them in to us
36:44:00
and we'll be able to ask them on air and
36:46:00
and get those specific questions
36:49:00
answered for you I'm sure we're gonna
36:51:00
cover a lot of it but there if there is
36:53:00
anything specific please get those
36:54:00
questions go on a Facebook page that Jim
36:56:00
said you can post it there send them an
36:58:00
email send them up you know send them a
37:01:00
PM private message either way just get
37:04:00
those questions to us and we will get
37:05:00
the answer of information for you so I
37:07:00
think that's it for today Jim with you
37:09:00
yeah you know I think we covered it
37:11:00
that's you know just buyer beware this
37:15:00
wasn't gonna be our show for today but
37:17:00
obviously we're always gonna be able to
37:19:00
cover something I you know got started
37:22:00
and we we have to do it so for for
37:26:00
myself and for the retail expert I won't
37:30:00
go into all of these greatness but mr.
37:33:00
Jim do betta I all for listening please
37:36:00
go on out to iTunes Google Play stitcher
37:40:00
leave us review leave us a remark let us
37:43:00
know what's happening let us know again
37:45:00
any questions you have and keep on
37:47:00
listening thank you very much and we
37:49:00
will be back soon
37:50:00
thanks everyone