Licensing Expert Jeffrey Mangus Interviews a Serial Inventor Mr. Eddie Turner.

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

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

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Podcast Notes

1You Tube Transcription
hi everyone and welcome to the licensing
0:04
jungle I am your co-host carmine dennis
0:07
go for today's episode of the licensing
0:11
jungle show brought to you on the
0:13
inventors launchpad network today I have
0:17
my co-host Jeffery mangas and he looks
0:20
like he's pretty relaxed out there
0:21
sitting on his couch and I'm not sure
0:24
what's happening hey Jeffrey over there
0:25
I'm over here thanks so much yes I am
0:28
relaxed but there's a reason I had
0:30
surgery Alma I'd have a surgery on my
0:33
foot and so yeah I'm actually working
0:35
but I've got my foot up and doctors have
0:38
said well we'll try to we'll try to keep
0:43
your weight there you know I stubbed my
0:45
toe on the way in maybe I should go home
0:47
and said I want maybe how's it go man
0:53
hey Jeffrey well what happened here
0:56
today I know you were you were playing
0:58
with your band how did that go my friend
1:00
it went awesome we had to to shows over
1:03
the weekend and both shows were
1:04
absolutely packed to the hilt and
1:07
standing-room-only and really really
1:10
great days it's a lot of fun I was cool
1:13
I was covered I was following you on
1:15
social media and I wish you were you
1:17
were a little closer to me I would have
1:18
loved to have come out to the show and
1:20
day look like you were having some fun
1:21
out there
1:22
yeah we loved to play my guitar yeah it
1:24
was a lot of fun yeah with that said you
1:27
know yes we were in bidders we were in
1:29
business and we do this but you know you
1:31
gotta do some things that let yourself
1:35
go a little bit and it's important to
1:37
let yourself go
1:38
yeah well I've mentioned on the show
1:40
before you know people don't realize
1:41
that you you've been a professional
1:44
musician for most of your life and a lot
1:46
of people have never been able to
1:47
perform on a big stage like that I mean
1:49
you were you were one of those rock and
1:51
rollers from the 80s man I don't regret
2:02
it it was just a great experience to do
2:04
that yeah I was a professional musician
2:06
for a long time
2:08
well that's awesome yeah we're actually
2:09
working on a guitar invention here at
2:12
the launch
2:13
I really can't get into it much but
2:15
pretty cool little pretty cool little
2:17
project and I mean I can't I can't play
2:19
anything I can hardly play the radio so
2:21
I thought it was pretty cool ideas so it
2:24
will be able to maybe maybe push it out
2:29
there or show everybody as we progress
2:31
through that project yeah you know
2:33
honestly you know talking about
2:35
inventing you know that's that's I
2:38
always talk about coach my students to
2:40
you know find an interest that an area
2:43
of interest that you are interested in
2:45
and start there you know because when
2:46
you haven't if you love something with
2:48
its call for guitars hunting whatever it
2:51
is you're going to be more close to it
2:54
and be able to create things and I've
2:56
involved thanks for the guitar industry
2:57
all the time I just love it I love that
3:00
and really and I have great contacts in
3:03
the industry so you know it's really
3:05
really great to be able to do that cool
3:08
cool I might end up running this one by
3:09
you and as we get the prototypes done so
3:12
but let's get started on the show today
3:15
I know you have a guest
3:16
why don't you go ahead and do a quick
3:17
intro yes today on the show we have
3:22
Eddie Turner Eddie is a prolific
3:25
inventor and I want to have him on show
3:28
because he's just a great guy I wanted
3:30
to everyone to be able to share his
3:33
experience doesn't better Eddie you over
3:34
there to this morning I am here I guess
3:37
I can I'm going to be able to say hey I
3:39
know Jeffery Quinn yeah oh no I think
3:44
maybe those days have gone Bob Wow he
3:49
definitely done a lot of stuff and the
3:51
good part is is I know his his coaching
3:53
business has taken off and that's one of
3:55
the reasons that he's really been so
3:57
successful he's so great with people and
3:59
you know Jeff you're you're in reality I
4:02
know you're really out to just just help
4:04
and that's the good part and that's how
4:05
a business sustains is when they're out
4:07
there to help and that's what this
4:08
podcast is all about just giving some
4:10
knowledge experience and giving back to
4:11
the inventor community so let's uh let's
4:14
start talking up with Eddie and get get
4:17
to get some information about what he's
4:18
up to where he's been and how he ended
4:21
up on this crazy show yeah great well
4:23
Eddie young Eddie yeah well as a full
4:26
disclosure Eddie
4:27
one of my students and he has just
4:28
really stuck out he's a he's a rising
4:32
star you know he really is he's doing
4:34
great and so any real quick how did you
4:37
get started in the inventing business
4:39
just let us let's talk about that well I
4:43
started by you making stuff that I use
4:47
okay and I'm like well you know maybe
4:50
somebody else would like to use this as
4:53
well since it works so well for me in
4:55
what I do and then I started doing some
4:58
research and and found out that this is
5:00
this is this is not an easy business
5:04
this is you you know this is this is
5:09
very hard
5:10
don't don't think it's gonna be easy
5:12
don't ever think it's gonna be easy
5:14
there you're you know the the fidgets
5:19
spinner do a little research on how long
5:21
it took them to get that and where that
5:23
came from and you know and then you hear
5:25
things about like the inline skate guy
5:27
you know what happened with him it's not
5:32
an easy business there's so many turns
5:34
and there's so many so many people out
5:37
there that are trying to to take take
5:40
your money and that's yet so if you do a
5:45
Google search for invention you you see
5:47
what comes up the first ten are our
5:50
people it's that's actually going to
5:52
take your money if it's if there's not
5:54
more than that but that's I got started
5:59
just just by taking what I do and making
6:04
it easier and then figuring out that
6:07
others may may want that as well so
6:10
ideas that these are products in your
6:12
business that you've taken that you make
6:14
yourself make things easier on you and
6:16
then you kind of take it to the next
6:19
level because you realize that that
6:21
inventions could make other lives easier
6:23
and that's exactly what inventing is and
6:25
that's the beautiful part and you're
6:26
right about you know there's a lot of
6:29
people there's and carmine knows as well
6:32
there's a lot of a lot of sharks out
6:33
there and that's honestly the the
6:37
foundation of my business which is here
6:39
to save inventor
6:41
from going through the hardship of
6:43
losing a lot of money too you know so
6:46
these companies or just anyone out there
6:48
that it's not doesn't have their best
6:50
interests at heart and you know like
6:52
Carmen said in the very beginning of the
6:53
show we're here to help and we truly are
6:56
here to help inventors that's the whole
6:57
thing
6:58
that's the whole thing in a nutshell you
7:01
know it I love to hear you say that's
7:04
not easy and I'm glad you didn't
7:05
sugarcoat it I mean this is what this
7:07
program is about it's about being real
7:09
and and we talk about it all the time
7:13
that you know this business is not a
7:16
get-rich-quick thing it's just not it's
7:20
a lot of hard work involved a lot of
7:22
Drive and I'm glad you said that because
7:24
that's it's important for other
7:25
inventors to hear that it's not going to
7:27
be easy guys it's going to be work toast
7:29
like anything else but the fruits of
7:31
your labor will pay off if you keep
7:33
being persistent that's correct so like
7:38
right now any real quick how many when
7:42
you I mean did you get started like a
7:44
long time ago or does it just kind of a
7:46
recent thing or the one I'm working on
7:48
now I've used for probably 10 to 12
7:52
years maybe long yeah I'm pretty fluent
7:57
in using what up what I make and it's
8:02
you know if you if you've got a drawing
8:05
on a napkin and you want to hand it off
8:07
to somebody you you just as well play
8:09
the lottery I think you've got more
8:13
chance of winning the big one on the
8:15
lottery then then then doing that
8:19
because it's even when I made mine
8:23
I had to tweak it so many times and that
8:27
prototype I didn't like it so I don't
8:29
you know I've made 15 or 20 different
8:31
types of prototypes trying to get the
8:34
one that I like the best and and from a
8:38
napkin drawing it's just not even close
8:41
so well that was one of my questions I
8:44
want to ask you I know you I know you
8:46
build prototypes and I know most
8:47
inventors do build prototypes did you
8:50
build your prototypes early on and how
8:53
did you do it that you
8:54
you go to the store and find parts how
8:57
did you do that how did you build your
8:58
first place well my first prototype was
9:03
was very basic but it did work my
9:08
father's got it right now and he he he
9:10
was using it the other day and he's like
9:12
I just can't believe how much easier it
9:15
is to do what I need to do it's it's a
9:21
it's it's an object that it's it's a
9:23
dolly atop a dolly and he's like I can't
9:25
believe how much easier it is to use
9:27
this he said last year we tried he said
9:30
last year I try to not something else
9:31
and he said we we beat up the walls we
9:35
you know we strained ourselves it was
9:38
you know he's like and then I just use
9:40
your you know I used this thing that you
9:42
had and and he's like was one hand I
9:45
could move it anywhere I wanted to go
9:46
and and that was the first prototype I
9:49
made that I gave him and and it's
9:51
nothing like the one I've got now so
9:53
well you know what that said and this is
9:56
a good point for our listeners out there
9:59
when you're building prototypes which is
10:01
great you know I encourage you to do
10:04
build prototypes definitely and as you
10:06
said as you heard Eddie say he's built
10:09
quite a few prototypes to get to where
10:10
he's at today we're the one he's one
10:13
he's pretty happy with right now but as
10:16
you're you know realizing that
10:18
prototypes are only concept prototypes
10:20
they are it's you know long as it
10:23
functions that's the key it might be
10:25
ugly it may not be pretty but as long as
10:28
it works and if you can show how it
10:30
works through a video or a video sales
10:32
sheet show your prototype working that's
10:35
that's an important step all of them in
10:37
general and you don't have to spend a
10:38
ton of money to do that is that right
10:40
Eddie no I didn't I'm I'm as I'm
10:45
bootstrap does anybody out I'll take it
10:48
and go to the flea markets and find odds
10:50
and ends and go to Goodwill and go
10:53
through the aisles and look for stuff
10:54
that you know that meets the criteria of
10:57
what I'm doing and and try to cobble
11:00
everything together
11:02
that's that way you get you know you're
11:07
solving a problem and
11:08
that way you get to find out if you're
11:09
really you know if it really does solve
11:10
the problem does it help the problem but
11:14
you know again you're you're you're you
11:16
said the word bootstrap that's exactly
11:18
what I've got coach but bootstrapping
11:20
your ideas where you don't have to spend
11:23
a lot of money I encourage inventors
11:25
don't go out and spend and carmine will
11:27
I'm sure will will back me up on this
11:30
spending thousands and thousands of
11:32
dollars on fully functional prototypes
11:34
when you don't need to and you know you
11:38
know having building a concept prototype
11:39
out of you know Frankenstein parts is
11:42
this the best place to start that's what
11:45
you're going to do building a prototype
11:46
and I also encouraged not to run out and
11:48
spend thousands of dollars on on getting
11:51
the patent mmm now Eddie I know you've
11:55
filed for a patent which is great you
11:56
know a lot of bidders it's the first
11:58
thing they do is run out and get a
12:00
patent and try to file they file for one
12:02
without improving any kind of market
12:04
they don't even know where their market
12:06
is and they're spending a lot of money
12:07
on something they don't know if people
12:08
even want I encourage not to do that so
12:12
um but with your inventing business I
12:16
know at some point where I know you you
12:19
had to decide whether you wanted to
12:21
license it or manufacture were you
12:24
thinking about manufacturing it at first
12:26
I was until I found out how much it cost
12:30
to manufacture you know and I see people
12:36
and we went to an invention thing down
12:38
in Tampa the Tampa Bay or Tampa
12:42
inventors council we went to that once
12:43
or twice and and I seen a man that that
12:46
had a device that measured out medicine
12:51
that you used it was eye medicine and
12:53
and you know he had it in a pretty box
12:55
everything was great and he had spent
13:03
sixty five thousand dollars on it I'll
13:06
get on getting and had a you know I had
13:09
a whole garage full of okay and I just
13:15
couldn't understand why he was an older
13:17
man why he would why would you
13:21
borrow and I mean and do all this and
13:24
and put your family in debt and then
13:27
have $65,000 worth of stuff that you
13:31
really don't have an idea on if anybody
13:34
else is gonna want it and then I watched
13:39
him and he he dispensed medicine to
13:44
himself while we were sitting there
13:45
listening to another speaker and I was
13:47
sitting where I could see him he didn't
13:49
use his product to dispense his medicine
13:51
I mean that I use my product every day
13:57
and I mean and and I've got several but
14:01
I mean I use things I made every day
14:04
every day and if I you know and I'm
14:08
always constantly thinking how can I do
14:10
this better what you know that that's
14:13
their curse you just can't stop thinking
14:16
you're sometimes you're like oh please
14:18
just go to sleep please just let me go
14:20
to sleep
14:22
you know hey Eddie Eddie had question
14:26
for you and I know the feeling I've seen
14:31
inventors that have spent their whole
14:33
life on a single invention and it's
14:35
never perfect it's never right or they
14:38
just jump the gun and on their first
14:40
idea they manufactured hundreds of
14:42
thousands of units and thinking everyone
14:44
else loved it they just they're always
14:45
just skipping the process that's what I
14:47
love about what Jeffrey does kind of
14:48
what we do here we've been is launch but
14:50
we have a process that you know at some
14:52
point if the idea is I'm right they're
14:54
not going to the next step and until
14:57
they make sure that they've done the
14:58
research and so that's why having having
15:01
people help is it a bad thing the main
15:04
thing is to choose the right people but
15:06
a question for you so the television
15:09
shows and the way that inventors are
15:12
portrayed on television you think that
15:13
it's making inventors think that the
15:16
process is easier yes I do
15:19
I mean you know they they watch Shark
15:22
Tank they don't they don't see the years
15:24
and most of shark tank and stuff like
15:27
that are people that went out and spent
15:29
a lot of money to have the product ready
15:31
and they want they want
15:32
how many you sold how much you've done
15:34
what are you making this is a business
15:36
for us why are you you know don't even
15:38
come in here with the you know a napkin
15:40
drawing don't be you know we're looking
15:43
that's the easy part
15:44
we're the ones that are going to get you
15:46
connected with people to sell the stuff
15:48
and they don't they don't go the the
15:52
years and the people that are you know
15:53
that have lived out of their lived in
15:55
their moms basements and stuff like that
15:57
to try to do this and and bankrupted
16:00
their whole family I mean to try to get
16:03
this thing done I've we went to impacts
16:06
here this last one to 2017 and we were
16:10
next to a guy that had had an
16:14
intervention well he had had several and
16:18
one of them was a life jacket that was
16:21
like a shirt that you put on a kid that
16:23
if he if he's around water and falls in
16:25
then it beeps and it lets you know your
16:28
cell phone or whatever if you've got a
16:29
child but I'm like most people just
16:33
going to watch their kids and and spend
16:35
a hundred and eighty dollars on a shirt
16:36
that a kid's not going to want to wear
16:38
anyway and of course I didn't tell him
16:41
that but he spent I mean he's like he's
16:43
lost his house he's got almost a million
16:45
or you know a million dollars in this he
16:47
and and he's got I mean I'm like it just
16:53
breaks my heart
16:56
first they care your family first and
17:00
and treat this as a hobby and just like
17:04
any other hobby you spend you know
17:06
you'll spend money on hobbies but you
17:07
don't break you know it's you don't
17:11
don't break your family don't ruin your
17:13
life well you know like what carmine was
17:17
saying about the shows on TV and the
17:20
things that I think it does glamorize
17:22
you know Lambert our eyes are aware of
17:24
the work his you know inventing process
17:28
oh you can make millions and you know
17:30
that's all great but you know you're
17:33
right people don't see behind the scene
17:35
behind the scenes that people in the
17:37
trenches like carmine and what they do
17:39
over there what we you know what I do
17:41
and coaching inventors and and what
17:43
inventors go through and you're right it
17:45
breaks my heart to honestly
17:46
when I talk to new bender and I hear the
17:48
first thing they say is I've spent
17:49
$50,000 on my product so far and they
17:54
don't have anything to show for it
17:56
it's and they give it to her they can't
17:59
not spend money on right it's hard to
18:02
you know it's hard to throw it down when
18:04
you get to that point I mean but the
18:06
proofs in the pudding I mean if they're
18:08
not gonna hit just like ya'll said on
18:09
one of your podcasts if they're not
18:10
gonna spend their money to purchase what
18:13
you have then then you have nothing
18:17
that's that's exactly true you know if
18:20
there's not a market for your product
18:21
you no matter how much you spend on it
18:24
it's not going to go anywhere and again
18:26
I don't want to be I don't want it like
18:28
completely be negative on the show here
18:31
I mean I know we've talked about some
18:33
deep subjects today and it's it's tough
18:34
it doesn't need to be talked about but
18:37
inventing is fun oh no but as long as
18:40
you learn the process I think that's the
18:43
key it's learning the process and I'm
18:44
sure you know you guys will agree with
18:46
me learning the process is can actually
18:49
free you up and actually where you can
18:51
have fun and protect yourself protect
18:53
your family not lose your business and
18:55
not lose your you know your family's
18:57
equity in your home and all the stuff
18:59
but you know on all inventing is fun but
19:03
it is a business that's where I totally
19:06
coach one treating yourself as a
19:08
business and that's why I wanted to have
19:09
you on the show today because you've
19:12
been Presley so much because you are a
19:14
businessman and you but your approach to
19:17
this business inventing with your
19:20
attitude is is really commendable and I
19:24
wanted to bring that to light to our
19:26
listeners you know I want to talk about
19:29
that you know you your approach to
19:31
bidding tell us about that your how you
19:34
have your attitude well I my business I
19:38
install appliances and of course you
19:42
know I do
19:42
odds and ends as I say I always say I'll
19:45
pick up roadkill if I can make money on
19:47
it anyway
19:52
we install mainly we install appliances
19:55
microwaves dishwashers built-in ovens
20:00
because stuff like that so it was I've
20:06
used my dolly for a long time and and I
20:09
thought why not try to do this but I've
20:13
learned a lot of patience and I think a
20:18
lot of inventors need to learn patience
20:20
and and I've learned this from my
20:22
customers just seeing what they are I've
20:25
got people that will call me 20 times
20:29
for a job and I'm like man this is a
20:31
great you're wearing me down I don't
20:33
even want to come to your house now
20:35
because you you know I'm on another job
20:38
and here I've got you know I'm trying to
20:41
take care of this customer and you've
20:42
aggravated me to death to where I can't
20:45
I can't even function to do what I'm
20:48
doing now and I'm like what you know
20:52
you're living inside your little bubble
20:54
where all you think you think all you're
20:56
doing isn't I was important in the whole
20:58
world and there is so much more out
21:01
there that's going on that you're that
21:03
you're missing you don't touch I don't I
21:08
don't want you to call me 40 times a day
21:11
to do a little job and I know a lot of
21:15
my elderly people I love them to death
21:17
and I don't charge them much because I
21:19
know a lot of them can't afford it and
21:20
that's just how I am but I really hate
21:24
going to some of them's house because I
21:26
can't get out I can't go in get out and
21:28
get my thing done and go and that's
21:30
that's what they've got to realize I'm
21:32
running a business when I get there I've
21:34
got a certain amount of time to do what
21:36
I'm doing or it's going to put me behind
21:38
on the next job it's gonna there
21:40
everything runs in a step and you know
21:42
step by step process and when when they
21:45
wear me out like that oh you know it's 9
21:48
or 10 o'clock before I get home today
21:50
that day sometimes and people need to
21:54
remember to respect people's time and
21:57
and and realize that you're not the only
21:59
ball or you're not the only game in town
22:01
well you know you're right especially I
22:04
know you're referencing talking about
22:06
reaching out to companies and you know
22:09
there is I mean being there's a fine
22:11
line then I don't know if Carmine's ever
22:13
heard me say
22:13
there's a fine line between being
22:15
aggressive and being a pest and I've
22:19
coaching ministers and not not yet not
22:21
be delighted you know and this business
22:24
is you know takes patience and that's
22:27
you know we've heard more than one guest
22:30
talk about patience and how much it
22:32
takes in in licensing and even in the
22:36
manufacturing if you're going to if
22:37
you're going to take it to to market
22:39
yourself it takes a lot of patience a
22:41
lot of Drive a lot of persistence and a
22:44
lot of know-how to do this and and and
22:47
you can get that knowledge you know with
22:49
today's technology with everything out
22:51
there with YouTube videos with books you
22:55
coaches like myself I mean the whole
22:58
thing you can get that information and
23:00
to be able to educate yourself to do
23:01
this and learn the ropes and be able to
23:04
be patient and how to be professional
23:06
and not not not bother a dental license
23:09
needs the point where they don't want to
23:10
work not even in the licensees I mean
23:14
even like carmine here you know or you I
23:16
mean you you know what I mean you've got
23:18
people constantly you know you've got
23:20
some some people that will constantly
23:22
just aggravate you know all the ways
23:24
email and always this always that I mean
23:26
you know and it's it's a it's it's work
23:32
to you all
23:32
I mean you when you're sitting there
23:34
wanting to you know play music or or
23:37
Carmine's one to ride a bike he does not
23:39
want to deal with you know with somebody
23:41
saying what do you mean what do you mean
23:43
my product won't sail or or I mean you
23:46
know that you just don't that doesn't
23:48
and just runs you don't want to deal
23:50
with that person again
23:52
and yeah well you know we're in our
23:55
business honestly you know I and as you
23:58
and you're my student and you can verify
23:59
this I'm always available they answer
24:02:00
calls or questions that you messages you
24:05:00
know if that's that's what it's all
24:07:00
about you know it's being being there
24:08:00
for you know and no one's ever a past or
24:11:00
a bother so I will say I want to just
24:13:00
lay that out there on the line but story
24:16:00
you stick to it go ahead yeah I like
24:19:00
that but when you're Gilmer to licensees
24:22:00
when you're doing with licensees it's a
24:23:00
different ballgame so you definitely
24:26:00
gotta approach
24:27:00
a certain way so a question I want to
24:31:00
ask you so early so early on you decided
24:35:00
you wanted to license it this is how
24:36:00
long ago was that before you decided
24:39:00
decide you want to license villa
24:41:00
knowledge is the key there if you think
24:46:00
licensing and license means a lot of
24:49:00
work don't get me wrong but starting a
24:52:00
business and and dealing with a dealing
24:55:00
with manufacturers dealing with I mean
24:58:00
from what I've read and understand the
25:01:00
license names a piece of cake I mean and
25:05:00
then the the hats that Jeffery talks
25:07:00
about hats ifs you gotta wear all the
25:09:00
time well not only do you have to try to
25:12:00
have your product created to a standard
25:14:00
that you that you accept and it may be
25:18:00
created in a different place to where
25:20:00
you know you've got a thousand of these
25:22:00
and and you don't like them so you're
25:24:00
gonna have to order another thousand or
25:25:00
or try to sell them and if you say you
25:28:00
know you've got so many decisions to
25:29:00
make and then you've got advertising
25:31:00
you've got getting them where you want
25:35:00
them to you you want to sell them online
25:37:00
and and you want to sell them just like
25:39:00
you said in stores because you know the
25:41:00
stores still get eighty percent of you
25:44:00
know products are sold in stores now
25:47:00
still yet and with the internet but you
25:49:00
want both pieces so you you've got a
25:51:00
you've got to learn to navigate all this
25:54:00
stuff and if you license it you can turn
25:58:00
it over and let somebody else that's
25:59:00
already set up to navigate it do it
26:01:00
that's correct you know that I call
26:04:00
licensing the low risk high return
26:07:00
business but it's not an easy thing
26:11:00
because it was easy everyone would be
26:13:00
doing it but you're right you know
26:15:00
licensing a product compared to going to
26:19:00
manufacture and all this cost you you're
26:21:00
talking about you know for me I choose
26:24:00
the license inside now it's up to the
26:26:00
individual you know what you're out they
26:28:00
want to take it you know if they want to
26:30:00
be a business owner I'm all for that too
26:32:00
you know if you want to run a business
26:34:00
you want to take the product to market
26:35:00
then you know I encourage you to do that
26:38:00
that's that's your dream but if you want
26:40:00
to license it
26:41:00
someone who already handled already has
26:43:00
a distribution already has employees who
26:45:00
already has warehousing already has a
26:47:00
set up and let them roll with the ball
26:49:00
and yeah that's the route you should
26:51:00
gather no thanks
26:52:00
that's the job they do that's their
26:53:00
business no Hey hey Eddie real quick
26:57:00
question for you obviously you you have
26:59:00
designed I would think
27:01:00
many products some of them you put on
27:03:00
the shelf um um some of them you thought
27:06:00
to move forward with where is that that
27:08:00
point as which you say this product is
27:12:00
one I'm going to work on this is the
27:14:00
product on the shelf how do you make
27:16:00
that decision as you're developing or
27:17:00
come up with ideas I go into probably
27:24:00
five or six homes a day a lot of times
27:26:00
and and one out of 20 people that I go
27:29:00
in lock the dolly
27:30:00
that I mean I don't I don't ever I don't
27:33:00
ever ask or say what do you think about
27:35:00
this I'm not I'm not gonna do that but
27:38:00
about one out of 20 people that I go in
27:41:00
or hey honey you know talkin honey what
27:44:00
do you think look at that we need to get
27:45:00
one of those you know and it's that led
27:50:00
me to believe that you know if one out
27:53:00
of twenty says something I would say
27:55:00
maybe three out of twenty think about
27:58:00
saying something and don't say something
28:00:00
or or like it but that that made me
28:06:00
because you're getting it's so hard to
28:08:00
get feedback that's honest I mean I've
28:12:00
got people you know when you go into a
28:13:00
house and the people are like man I like
28:15:00
the look you know they're just where did
28:17:00
you get that I need to get one of those
28:18:00
or or this or that and that makes me
28:21:00
think that those people probably would
28:24:00
spend money on on this product and and
28:28:00
they're just seeing me use it they're
28:30:00
not they're not thinking about well I'm
28:32:00
70 years old and I can use it so other
28:39:00
ideas that you've had I'm sorry farm
28:41:00
iron or up to you alright so going back
28:43:00
to that question so any what he was
28:45:00
asking is other ideas that you have how
28:48:00
do you how do you decide whether to put
28:51:00
them on the shelf or move forward with
28:53:00
I'm sure you've had other ideas in the
28:54:00
past
28:55:00
you know and it's prototypes if I can
28:57:00
more easily I mean you know I'm not a I
28:59:00
don't have a big machine shop and I
29:02:00
don't I'm not I'm not gonna spend $5,000
29:06:00
on a prototype that I'm gonna probably
29:08:00
end up having to alter anyway so I've
29:13:00
got to be able to prove function and
29:16:00
that's as you taught us I a lot of I've
29:20:00
got a lot of ideas but I don't have the
29:22:00
knowledge as of yet to build prototypes
29:24:00
for them I mean I know that there I know
29:26:00
the knowledge is there I know that I
29:28:00
know that they can be made easy enough
29:31:00
but I don't have the knowledge to put
29:34:00
together like I mean I've got a pro I've
29:39:00
got an idea for a new type of
29:40:00
screwdriver but how in the world would I
29:44:00
manufacture a screwdriver you know and I
29:47:00
mean you have to have a machine shop and
29:49:00
I'd have to you know
29:52:00
there's kind of a barrier between func
29:55:00
you know being able to develop an idea
29:57:00
yourself and then test it the good part
29:58:00
about it is I think what you're saying
30:00:00
is there are some ideas you have but
30:02:00
they're kind of out of reach until you
30:04:00
have those funds and things but being
30:06:00
able to come up with an idea prototype
30:07:00
it and test it on your own and then
30:10:00
having to trust in that in that
30:11:00
prototype and then being able to show it
30:14:00
to people as you go into their homes or
30:15:00
trust it's kind of a process that you're
30:18:00
going through and that's how you choose
30:19:00
yeah yeah I like to have the wow effect
30:22:00
I like to you know I like for people to
30:25:00
say wow that works good you know so
30:31:00
that's that's where I'm at if I don't
30:32:00
and if I can't make it and improve it
30:35:00
myself yeah not gonna ever expect
30:37:00
anybody else to take my word no that's
30:39:00
good I mean and you do you need to have
30:41:00
that process and everybody's process as
30:43:00
as Jeffery knows and you know we'll be
30:44:00
different but if you don't have a set
30:46:00
process to start with you're just all
30:48:00
over the place and and that's when
30:50:00
people do you know we've either run out
30:52:00
of money they just get sidetracked
30:54:00
because they have six projects going on
30:56:00
at once you know you have to have an
30:58:00
idea in the direction a goal and you
31:05:00
need to you need to have a goal but you
31:07:00
need to be very flow
31:08:00
with the time that you set your goals
31:10:00
and I mean that's like well my goal for
31:14:00
the next year is to make a prototype for
31:17:00
this unit I need you know I don't need
31:21:00
to take so much time away from my family
31:22:00
I don't need to take I don't need to
31:24:00
borrow a bunch of money from my family I
31:26:00
need to just try to get a prototype that
31:28:00
works that I'm happy with mm-hmm and
31:31:00
then when we you know if that works out
31:36:00
then we'll go to the next step then I'll
31:38:00
you know well hopefully you've done some
31:40:00
market research and make sure that
31:41:00
there's not one that you can't go to a
31:43:00
sand by one already you know or Home
31:46:00
Depot and because there's nothing worse
31:49:00
than you know I come up with a wood
31:53:00
splitter one time that instead of you
31:57:00
know hitting it with a hammer hmm I
31:59:00
thought why not use something like I
32:00:00
stopped yeah like a post driver and put
32:03:00
it over it and split it that way so you
32:05:00
don't have to worry about to jump an
32:06:00
offer or metal or anything like well
32:08:00
they've gotten out there but you learn
32:13:00
mine as you go and always make sure that
32:15:00
that what you've come up with isn't
32:17:00
isn't there already hmm
32:20:00
that's part of the process that's good
32:22:00
time I mean I was Jeffrey noted and he
32:25:00
said at the beginning you've obviously
32:25:00
been doing this and I think that's great
32:27:00
this little it doesn't sound like a lot
32:29:00
to you because you've been doing this so
32:31:00
long but to an inventor that's listening
32:33:00
in I mean I hope they're realizing that
32:35:00
the information and experience that
32:36:00
you're giving these little tidbits it's
32:39:00
a super important and and having that
32:41:00
process before they spend a lot of money
32:43:00
and time and even finding out if your
32:45:00
products out there or your ideas out
32:47:00
there is super important yeah I mean
32:51:00
honestly what I coach and what I teach
32:53:00
students and I teach myself is this if I
32:57:00
have a product idea no matter how good I
32:59:00
think it is if I can't if I start doing
33:02:00
the market research that's the first
33:04:00
thing I do I do patent search and all
33:06:00
that in the beginning but if I can't
33:08:00
find at least 30 to 40 or even 50
33:11:00
companies that I can approach with that
33:13:00
idea I usually shelf the idea because if
33:17:00
you can't find a company to buy it it's
33:19:00
obviously going to be something you know
33:22:00
is there a market for it probably not
33:23:00
you know in all that initial research
33:26:00
will tell you you know so I see you are
33:29:00
Eddie's approaches building prototyping
33:31:00
so that's his approach building a
33:33:00
prototype and seeing if people can see
33:36:00
it and want it then he builds from there
33:38:00
I see that that's that's a that's a very
33:40:00
approaches grow so I still encourage
33:43:00
Marta you know definitely study the
33:44:00
marketplace first and seeing where your
33:46:00
product fits in the marketplace
33:47:00
absolutely don't get emotional about
33:50:00
your product
33:51:00
nah really no it's not what with your
33:56:00
own idea exactly because the worst thing
34:00:00
about it is you're the only one in love
34:02:00
with it then you're biased when you're
34:04:00
trying to explain to somebody in and
34:06:00
they're more apt to say oh well yeah
34:08:00
that's great that's great and then and
34:10:00
then shake their head and walk off and
34:12:00
not give you the honest answer which is
34:15:00
it's what you desperately need it this
34:17:00
time I agree Jeff Jeffrey actually had a
34:20:00
guest on our show a few episodes ago
34:23:00
right Jeffrey who actually paid someone
34:26:00
yes dude to look at their idea and give
34:29:00
feedback and look around for it like
34:30:00
somebody external that it wasn't a
34:32:00
mostly attached to it which I don't want
34:34:00
idea brilliant these families kids he's
34:41:00
like hey you could find it you know I
34:44:00
mean my family I have an idea I swear my
34:47:00
wife jumps on the phone she's like she
34:49:00
knows what to do she jumps on she's like
34:51:00
she's looking right and immediately
34:53:00
she'll find something should go you know
34:55:00
so you know I have this great process
34:58:00
involved but I was something you said
35:02:00
earlier on Eddie in the show you talked
35:04:00
about you know building working on ideas
35:06:00
and keep working on them and keep
35:08:00
working on them you know I know that at
35:12:00
some point sometimes you know and this
35:14:00
is not a negative statement sometimes
35:16:00
the bigger they learn when to stop and
35:18:00
Bentley okay take a product that you
35:21:00
have if it proves the concept and then
35:24:00
take their product and quit tinkering
35:27:00
with it and get and start pitching start
35:29:00
getting it out to the market you know
35:31:00
I'm sure you guys agree with me on that
35:33:00
you know at some point I mean a lot of
35:35:00
inventors don't
35:36:00
learn I think we got to keep on in min
35:37:00
you got to keep on keep on keep on keep
35:39:00
on which is fine if it's if it's not if
35:42:00
you're out he is not proving concept or
35:43:00
if you know you can make it better but
35:45:00
at some point you just need to just get
35:47:00
off the fence and then go go ahead and
35:50:00
ride that horse well it's like that one
35:51:00
guy said that I think it was on your own
35:54:00
past podcast he said he had an older man
35:56:00
that had passed away all he did was come
35:58:00
in on every year every every week I
36:00:00
think it was the Kentucky Knox
36:02:00
Louisville inventors association he's in
36:04:00
every every month he would come in with
36:06:00
a different neat prototype but that's
36:09:00
all he wanted to do and that's I mean
36:11:00
you know that's all he enjoyed to do
36:14:00
that's where you know and there's
36:16:00
nothing wrong with that as we've all
36:17:00
spoken about but that's where you have
36:19:00
to either bring somebody on that likes
36:21:00
the business side and they'll take it
36:23:00
from there or you know just realize that
36:25:00
you know that's what you want to do but
36:28:00
there's also a point as Geoffrey said
36:29:00
where you can keep on inventing right
36:32:00
Geoffrey but you have to draw a line and
36:33:00
say this is the product there this is
36:36:00
the version that I'm gonna show to get
36:38:00
it license but if they ask hey do you
36:41:00
have any updates or any changes you
36:43:00
could say yes but this is the version
36:44:00
that we're starting with them what we
36:46:00
call here at inventors launchpad the
36:47:00
most viable product the the most viable
36:50:00
version that you can get out to market
36:52:00
you could keep thinking of updates and
36:54:00
changes
36:54:00
I mean look and we talked about all time
36:56:00
the iPhone there's seven versions of the
36:59:00
iPhone that we know about imagine how
37:01:00
many they've tested and tried but that
37:03:00
first version they got out to market and
37:05:00
who and who updates and it changes that
37:07:00
we all do we give them feedback so if
37:09:00
they waited till the the product was
37:11:00
perfect they wouldn't have so billions
37:14:00
and billions of dollars out there and
37:17:00
let the public tell you what they want
37:20:00
updates and changes don't think that you
37:21:00
know everything we had a client here and
37:24:00
I know we've run at a time we had a
37:25:00
client here that had an awesome product
37:27:00
unbelievable idea but they wanted to be
37:30:00
green and I'm just making up a color it
37:33:00
was really different color I don't want
37:34:00
to get mad at me some and they wanted
37:36:00
green but after we manufactured their
37:38:00
product
37:38:00
everybody wanted an orange one they
37:41:00
didn't allow the they didn't allow the
37:43:00
public to decide they were so in love
37:45:00
with it that they said it's gotta be
37:47:00
green and I said
37:48:00
you know so you know get that product
37:51:00
out there most viable product and if
37:54:00
products gonna get better but get that
37:56:00
first version out there that's that's
37:58:00
definitely kind of what Eddie's talking
38:00:00
about what Jeffrey's talking about keep
38:02:00
on inventing but you got to make money
38:04:00
to get a coach and make sure that you're
ready to put that product out there
38:09:00
because these doors only open I mean
38:12:00
you've got one chance with a lot of
38:14:00
companies you don't get a second chance
38:16:00
make sure you're ready for the game
38:18:00
before you step on the field because
38:22:00
you'll you'll you'll end up going to the
38:25:00
locker room hurt yes that's great advice
38:28:00
and thank you yeah you're right I mean
38:30:00
not just my coaching if you as other
38:32:00
coaches out there you know if you have a
38:34:00
mentor or someone in your area that you
38:36:00
feel you could trust get somebody to
38:38:00
help absolutely that's that's what's all
38:40:00
about so I know we're coming down the
38:42:00
last minute here
38:44:00
just one last quick question what advice
38:48:00
do you give it betters out there you're
38:49:00
just starting out you know in getting in
38:52:00
the game that's listening to the show
38:53:00
what what advice would you give them
38:55:00
Eddie well learn how long how valuable
39:00:00
criticism is learn that criticism is
39:04:00
valuable and you need it and and take it
39:10:00
then and learn from it
39:13:00
criticism is very valuable and you won't
39:15:00
get it from a lot of people but the
39:18:00
people you do get it from you you need
39:20:00
to cherish them and you know nan much in
39:24:00
most situations
39:26:00
good advice good advice that's great
39:29:00
well thank you so much Andy for being on
39:30:00
the show we really appreciate all your
39:32:00
insight and you know you're from the
39:35:00
heart you know testimony and what you're
39:37:00
doing and that really means a lot that
39:38:00
you're you know you just you put it out
39:40:00
there and then that's what I wanted I
39:41:00
wanted you to just tell it the way it is
39:43:00
I really appreciate you doing that so
39:46:00
thanks so much karma is there any other
39:49:00
question here for Eddie or anything no
39:51:00
no I thought it was great Eddie I do
39:53:00
appreciate your your experience and
39:55:00
knowledge I mean very truthful very from
39:57:00
the heart and I think that anyone
39:59:00
listening to the show is going to
40:01:00
realize that you
40:02:00
you have been doing this for a long time
40:04:00
and the information that that you gave
40:06:00
out I could see anybody that watched the
40:08:00
video you mean you're getting emotional
40:09:00
about this because you've been through
40:10:00
it and I think that was some some great
40:13:00
advice some great information so you
40:15:00
know thanks for being on the show today
40:17:00
I hope that some of our inventors you
40:19:00
know Heath your warnings but also look
40:21:00
at inventing as fun yeah knowledge and
40:26:00
fun yeah it's true very true my friend
40:32:00
very true so again this is a common
40:36:00
disco with Jeffrey mangas from Prada
40:39:00
coach USA you can find this addition to
40:43:00
our show Licensing jungle on the
40:46:00
inventors Launchpad Network go ahead and
40:49:00
subscribe and get all of our episodes
40:51:00
also you can go out to inventors
40:54:00
launchpad comm to find this show and
40:57:00
also the show notes and go on out to
41:00:00
prada coach USA if you have any
41:02:00
questions for Jeffrey he'll hopefully
41:04:00
get them on the show otherwise just
41:05:00
contact them if you do have something
41:06:00
you want to speak with him directly
41:08:00
again thank you for listening and we'll
41:10:00
see you next time on a licensing jungle
41:14:00
thanks everybody