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Louis Foreman is founder and Chief Executive of Enventys (, an integrated product design and engineering firm. He is also CEO of Edison Nation ( and Edison Nation Medical ( Louis graduated from The University of Illinois with a Bachelors of Science degree in Economics. His interest in starting businesses and developing innovative products began while a sophomore with his first company founded in his fraternity room. Over the past 20 years Louis has created 9 successful start-ups and has been directly responsible for the creation of over 20 others. A prolific inventor, he is the inventor on 10 registered US patents, and his firm is responsible for the development and filing of well over 600 more. The recipient of numerous awards for his entrepreneurial achievements, his passion for small business extends beyond his own companies. Louis is an adjunct professor of Entrepreneurship and Innovation, at Queens University. He received the Instructor Achievement Award for his teaching at Central Piedmont Community College, and was recognized by the National Museum of Education for his Distinguished Contributions to Education. Louis is an adjunct professor and the Entrepreneur in Residence at the McColl School of Business, and was the 2013 Distinguished Visiting Professor at Johnson and Wales University. He is a frequent lecturer and radio/TV guest on the topics of small business creation and innovation and is frequently invited by the United States Patent and Trademark Office and national trade associations to be a featured speaker on the topic of innovation. In addition to being an inventor, Louis is also committed to inspiring others to be innovative. Louis is the creator of the Emmy® Award Winning PBS TV Show, Everyday Edisons, and serves as the Executive Producer and lead judge. The show is in its Fifth season and appears nationally on PBS. In 2007,Louis became the publisher of Inventors Digest, a 32 year old publication devoted to the topic of American Innovation. In 2009, his first book, The Independent Inventor’s Handbook , was published by Workman Publishing. In 2015, Louis was awarded the IP Champion Award by the US Chamber of Commerce. Louis currently serves as Chairman of the Board of Directors of the James Dyson Foundation, the Intellectual Property Owners Association (IPO), Ventureprise, New Dominion Bank, and is President of the Intellectual Property Owners Educational Foundation (IPOEF). In 2013, Louis was appointed by the SBA Administrator, Karen Mills, to serve a three year term on the National SBDC Advisory Board. In 2008, Louis was appointed by United States Secretary of Commerce, Carlos M. Gutierrez to serve a three year term on the nine person Patent Public Advisory Committee (PPAC) of the United States Patent and Trademark Office. In 2011, he was appointed by Secretary Gary Locke to serve an additional three year term. The Committee was created by Congress in 1999 to advise the Under Secretary of Commerce for Intellectual Property and Director of the United States Patent and Trademark Office on matters relating to the policies, goals, performance, budget and user fees of the patent operation. In 2013 he was asked to serve as Chairman of PPAC until the end of his term in December, 2014. In 2011, Louis was called upon, multiple times, to brief the House and Senate Judiciary Committees on legislation related to the US Patent system and its impact on independent inventors. On September 16, 2011, Louis joined the President on-stage for the signing of the America Invents Act into law. This bi-partisan effort represented the most comprehensive overhaul to the US Patent System in over 60 years.

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Podcast Notes

1You Tube generated podcast notes, please excuse any typos.
0:00hi everyone welcome to inventors
0:04launchpad roadmap to success i am your
0:07host carmine denisco and today we have a
0:10real special guest on the launchpad
0:13today this gentleman has done so much in
0:17the world of not only innovation what
0:19entrepreneurs business startups he has
0:22got his footprint on so many things that
0:25is so widespread that I was so excited
0:27to have him on the show today
0:29his name is Louis Foreman and back in
0:312000-2001 he started a company that I'm
0:34sure that you heard of called inventus
0:37and this company has really grown over
0:39the years the great part about what this
0:42does is that he does business the right
0:44way and in this day and age you all know
0:47that if you want to last and you do
0:49business right where you will
0:51he's really grown his company
0:53exponentially he's broken out into other
0:55things and I am so happy to have him on
0:57the show today to talk about what he's
0:59done in the past
1:00what do you got going on and I can
1:01guarantee that he's got some good stuff
1:03in the future so let's bring them on and
1:06let's hear what you got to going on and
1:08what he has to say he would go there i
1:10am trying it's wonderful to be with you
1:13thank you thank you so much i know
1:15you're busy guy and when I hear that
1:17you're going to come on the show today I
1:19was so happy because again I've been
1:21following your company following what
1:23you guys do what you say and I really
1:25think that inventors innovation is
1:28really you're doing it the right way and
1:30so proud that you can come on well it's
1:32always great to support other
1:34like-minded individuals people who
1:36support entrepreneurship people who have
1:38a passion for innovation and understand
1:41it's really difficult to start a
1:43business to launch a product so anything
1:46you can do from an educational
1:47standpoint provides assistance is well
1:50correct a I i totally green and like
1:55let's go back a little bit from when you
1:57started in ventus and i know you have a
2:00you have a degree in economics you went
2:04to college obviously with with that when
2:06you kind of really started that you want
2:08to be an entrepreneur and being an
2:10innovation getting more with it
2:12yeah well I actually
2:13started my first business wall in
2:15college sophomore at the University of
2:18Illinois i was taking econ 101 I learned
2:21about supply and demand and i realized
2:23that when there's demand for a product
2:25or service and when the marketplace is
2:27not satisfying that demands there's a
2:29business opportunity rather than just
2:31take notes i figured let's take action
2:33so out of my fraternity room i started
2:35my first business my sophomore year in
2:38well that's great that's a great place
2:41card and everybody was probably
2:42wondering what you're doing the city
2:44when you weren't out taking classes
2:47well it was a great lesson and you know
2:50one of the great things about starting a
2:51business in college she got a built-in
2:53safety net is if you know you fail if
2:56things don't work out you can always get
2:58a real job like everybody else so i
3:00always encourage my students I liked
3:02each other to university that you're now
3:04is a great time just be looking for
3:06opportunities look for in efficiencies
3:09in the marketplace question why things
3:11are being done the way they are being
3:12done and keep asking yourself is there a
3:15better way I i agree again you know when
3:19starting a company or doing anything
3:21even word failure i don't like that much
3:23but you have to really embrace failure
3:25and and obviously the things that you've
3:27done you pivoted so many times utilizing
3:29that word pivot failure but it's not
3:31really a failure with you learn from the
3:33things that didn't go right and you keep
3:35moving forward and obviously you've done
3:37probably hundreds and thousands of
3:39things not everyone has worked out
3:40exactly how you wanted but i'm sure
3:42you've learned from each thing that
3:43didn't go right
3:44the failure is just a 5 products of
3:47innovation and if you're not failing
3:48you're not making a mistake
3:50you're not reaching out far enough to
3:52really disrupt an industry or come up
3:55with some game-changing products or
3:57server failure can be terrible but if
4:00you learn from that failure than it is
4:02instructional and it will eventually
4:04lead you to a better way of doing
4:06something degrees holy moly agree
4:09look let's go to when you started
4:12inventing this is something that just
4:16came kind of kinky you came to you and
4:17said you know this is what I want to do
4:20or did you get interested in it because
4:22those school or inventions are you an
4:25adventure at heart
4:26how did you start the
4:27Vincent Kompany yeah well i started
4:28invented in 2001 and quite honestly it
4:32was out of frustration a serial
4:35entrepreneur as an innovator I had great
4:38ideas for products that i wanted to
4:39bring to market but the marketplace the
4:42service providers in the marketplace
4:44want to get paid for the work that they
4:46did they didn't want to hide any you
4:49know performance-based incentives to a
4:52deal they didn't want to put skin in the
4:54game and so when I would work with
4:55product design firms of our confirms our
4:58branding firms web design firms or
5:00videographers all those companies wanted
5:03to get paid and more importantly if
5:06product wasn't successful they blamed
5:09everybody else rather than themselves
5:11and so there's a lot of finger-pointing
5:13in this process and i thought it was an
5:14inefficient way to work with a company
5:17to launch your product so in 2001 said
5:20you know what there's a better way to do
5:22it so i went out night tired industrial
5:24designers mechanical engineers
5:26prototyping experts branding and
5:29marketing professional videographers web
5:32developers PR expert lot of building in
5:36charlotte 30,000 purpose facility
5:38I staff the building of give them all
5:41the tools they need to do their job and
5:44most importantly we hide our success to
5:47our client success so we have real skin
5:50in the game that our client was
5:51successful we would be six of culture
5:54wow that was probably so groundbreaking
5:57back then as you said being able to put
6:00everyone under one roof and went an
6:02innovator or an inventor came in they
6:05were probably just taken back by your
6:06commitment to their products but it sign
6:09it was scary but what we believe is that
6:12if we were going to get pasted on
6:15success and we would be focused on
6:17delivering results versus creating
6:20excuses and so it also created
6:23discipline with these types of science
6:25we would take on we will take a client
6:27on just because they were paying us we
6:29would take a client on because we
6:30believe our efforts would move the
6:33needle correct as you said it was
6:36performing space which is one of the
6:37most important things that an inventor
6:41I ask you when he brings a product or
6:43bring to your team is you know how is
6:45this going to do in the market or you
6:47know is this my idea is it original and
6:50you know you you just can't take every
6:51product because you know obviously some
6:53of them are going to have trouble making
6:55the market and and some of them might
6:56not be originally is that some of the
6:58things that you guys encountered at
7:00first when you had did you must had tons
7:02of the vendors coming to you with their
7:04oh sure we kiss a lot of frogs before we
7:07find your friends and the reality is
7:10that everyone thinks their babies
7:11beautiful everyone thinks that their
7:13idea it's going to be the next
7:14million-dollar idea but part of it is
7:18you're really doing the diligence and
7:20defining what is unique about that
7:22product or service and if they're
7:25actually demand in many cases what we'll
7:27find is that someone comes up with an
7:29idea that they don't spend five minutes
7:32the two hours the week really searching
7:35prior art to determine whether or not
7:37their ideas truly innovative correct
7:41correct and and with the admin I mean
7:44back when you started a company the
7:47internet was there but it wasn't as a
7:49full of information as it is now and
7:52people doing searches back then and as
7:55to now how the internet and that type of
7:59technology being available to you has
8:01the house to change know your business
8:02model but actually the event is comin to
8:04get sure well it makes it easier for
8:06investors to find us
8:08it makes it easier for inventors to
8:10search the uniqueness of her idea
8:13it makes it easier to launch your
8:15product using things like crowdfunding
8:17and it makes it easier to fulfill orders
8:19just selling your product direction
8:21tumors online versus trying to get a
8:23retailer to curator products so all in
8:26all I would say now is the best time in
8:30no humanity to be an innovator be an
8:33entrepreneur because the resources are
8:36available the world horrible there more
8:39of abundance and consumers today are
8:42willing to try new products they taste
8:44are looking for products you know and he
8:49said exactly what I think it leads me
8:51into another question and this might be
8:53something that
8:54that your team London to here at the
8:57launchpad we we bring in people bring
8:59this product that they've been thinking
9:00about for years I mean they have been
9:03contemplating and talking about these
9:04products for years and years and years
9:06and they're just got that they're very
9:08they're fearful they're fearful of the
9:10unknown to feel for their fearful if
9:13their product is good
9:14they're fearful if it's not good it and
9:16and with the internet and what you just
9:18were talking about as being the best
9:19time I totally agree that this is
9:22intended to do it in their way to really
9:25wanna when a client comes in and they're
9:26really without you know you're not
9:27trying to be sales you're trying to help
9:29them in their way for that client to
9:31really decide should I do this or
9:33shouldn't I and just get done with it
9:36yeah you know the marketplace is not
9:39going to reward you for just coming up
9:41with the ICS the marketplace torches for
9:43the execution of follow-through doing
9:46something with that idea and doing
9:48something maybe becoming an entrepreneur
9:50and starting a company around your idea
9:53or doing something maybe just reducing
9:56your idea to practice trading a
9:58prototype filing a passenger even a
10:00provisional application and finding
10:02someone who's interested in licensing
10:04the product but you gotta do something
10:07you either need you to go to the path of
10:09becoming an entrepreneur starting a
10:11company or you need to go down the path
10:13of Licensing the invention but just
10:15coming up with the idea is not agree
10:19no there's no doubt about it now leg
10:20again leading into that your your kind
10:22of bringing me right across so when
10:24someone comes to say your you guys and
10:26they say hey I got this idea how often
10:29when they come with the idea whether
10:31it's on the drawing / napkin as they say
10:33a drawing
10:34how often is that end result kind of
10:37exactly what they their idea was so much
10:41it happens that way especially if they
10:44put a lot of thought and effort into the
10:46idea and have gone through you know a
10:48number of iterations before coming to us
10:50but the important thing is to innovation
10:53is an iterative process and even learn
10:56from your customer very seldom does the
11:00final product that she launched you know
11:02not change we look at look at most
11:05products we live in a society where were
11:08always looking for a new and improved
11:09version of what we have before walking
11:12around with an iphone 7 because there's
11:15been multiple iterations to the product
11:17that continuously make that product
11:20yeah then we have to use the iphone 7
11:24also we say this Apple waited to this 7
11:27version they waited for it to be perfect
11:29it wouldn't have sold the other six
11:30version its price you know at some point
11:33you have to actually bring your product
11:36out there and then he learned from
11:37higher customer interacts with that
11:39product you get feedback from that and
11:42technology changes so you always want to
11:44be you thinking about how do you satisfy
11:46the current needs different chambers
11:48today with an eye out in the future how
11:51you're going to continue to create
11:52products that are gonna want a future
11:55very good now is there a size is there a
12:00specific and I know that all products
12:01are different
12:02is there like a specific if I just came
12:04up with an idea and this is for the
12:06other people listen to the show that
12:08they just got an idea they did a quick
12:09search invention help when your help
12:12with my invention or I need help
12:14is there like a specific one or two
12:17steps that they should do first before
12:19they even contact the company like
12:20yourself which I know can help them but
12:22again maybe to do you probably guys get
12:24a hundred calls a day with tell me just
12:26thinking of an idea
12:28yeah well the first thing that every
12:30investor every innovator should do
12:32before they go any further is determined
12:35what is it about their idea that makes
12:38it unique to what is novel about the
12:40idea so if you built a better mousetrap
12:43what is it about that improvement that's
12:45better than what's out there because
12:47let's face it all the basic needs that
12:51we as consumers have are already being
12:53met by products that are already out
12:55there so to introduce a new product in
12:58the marketplace it's not about coming up
13:00with something new it's not from dissing
13:02consumers that what you've developed is
13:05better than what they're already five so
13:07there's already this built-in obstacle
13:10because consumers are buying grams
13:11whether buying products that satisfy
13:13their date you've got to convince
13:16consumer to stop buying something else
13:18and to buy your product instead and
13:21that's a big obstacle so the first thing
13:23you need to do is figure out what is
13:25unique about your product and then he
13:27started to find you your perfect
13:28customers so it's not everyone in the
13:31world who is the perfect customer
13:33how old are they how much money do they
13:34may geographically where are they
13:37located because if you can search of
13:38quantified who that perfect customer is
13:41and it's a lot easier that really answer
13:44the third question and that is is their
13:46demands because you've got to try to
13:48quantify how many people would buy it
13:51what they would be willing to pay for
13:52where they expected is from how often
13:55with a diet that's will help you do the
13:58financial modeling to determine if
14:00there's a return on investment
14:03yeah that's great advice again it's the
14:06first time investors out there when used
14:08to movement that's exactly the process
14:10that you should follow the blue is just
14:13just talked about as he said everyone
14:15thinks that everyone in the world wants
14:18their product as we said we can go back
14:20to Apple the iphone is everyone in the
14:22world wanted the iphone they couldn't
14:24supply so that is not the answer the
14:26answer is to drill down as was just said
14:28find out who your target market is
14:30whether they're small and this nice
14:32tight market or not but getting the
14:34product of the right place is probably
14:36one of the most important things that
14:37probably products that you have seen
14:38Luis that they just probably went to the
14:41wrong market they thought the market was
14:43the wrong one and they just weren't
14:45yeah you know the reality carmine is
14:47that there's no secret sauce
14:49there's there's no secrets to be
14:51successful if it's just hard work and is
14:55it's the basic blocking and tackling
14:56that you need to do to get the ball down
14:59field what happens a lot of times with
15:02entrepreneurs and inventors it gets like
15:04it they get so excited about the idea
15:06that they want the shortcut instead of
15:08putting in the time and the effort to
15:10really just find the product in the
15:12market and 15 Adam and they think watch
15:15that this great idea i need to meet with
15:16a patent attorney i need to start hiring
15:18people to do development of the product
15:21and he take the next flight to china
15:22factory and those shortcuts typically
15:26you leave you some sort of failure so
15:29it's not that they don't always happen
15:31that way but the best advice I can offer
15:34is do your homework and if the numbers
15:37that off move forward and face don't
15:39wait until there's a better opportunity
15:43agree i totally green again if again for
15:46all your adventures out their new people
15:47out there if you can't do that
15:49all were correctly you find a company
15:52like lucious companies who are going to
15:54give you the new information if they're
15:56going to get you all so excited and get
15:58you all hyped up on your product without
16:00even know what it is
16:01you may want to stay away from those
16:02guys you have to go with the company
16:04that is reputable I mean these guys have
16:05been around since 2001 that doesn't
16:08happen in the invention industry so look
16:11around talk to somebody who really give
16:13you the real deal is real quick and you
16:17just touched on something I was going to
16:18ask you about when one again we get a
16:21lot of clients that come in and I'm sure
16:22you do they believe that their first
16:24step is to put affect their ideal with
16:28the patents and i know you probably
16:29can't give that advice or anything like
16:31that over the air but what it is is that
16:33something that they should do right away
16:35well before you protect you got to
16:37determine whether or not it's protect
16:40the ball and that starts with doing a
16:42prior-art search so you need to go
16:44online and you need to see is there
16:46anything out there that similar to what
16:49your idea is assess what the competitive
16:52landscape looks like so you can figure
16:54out what you're actually going to try to
16:56protect if you order the past but before
17:00you start spending money to protect
17:02something you've got to make sure that
17:04what your protection protecting actually
17:06as value if you'd like taking insurance
17:08on fucking that it has no value
17:10why would you pay a premium on something
17:12that has no value and so once you've
17:15determined that there's no prior art and
17:17that the acid actually protectable then
17:20you have to determine whether or not
17:21it's valuable and that's why doing
17:23market research and figuring up is the
17:26demand for my product if the answer to
17:29one and two are yes then it makes sense
17:31to sit down with a reputable patent
17:33attorney to build the right strategy to
17:37protect your assets
17:38agreed agreed and and again you
17:42inventors out there we between your
17:45question with what do I do next
17:47this is what you do not have to with
17:49Luis is what he does for a living been
17:52doing it
17:52I mean he is recognized throughout the
17:54world for for working with events
17:56working with innovation it was real
17:58quick I'll kinda want to change gears
18:00and and I believe that you're putting
18:02your money where your mouth is
18:03I know that you started a show to
18:05actually help inventors the everyday
18:08Edison how is that going and it's just
18:11exciting sure I follow it all the time
18:12so it was just a pleasure for me to even
18:14talk to talk about it
18:16what we found in our business that
18:17invents this is that we actually work
18:19having a lot of people coming to us who
18:22have great ideas but they didn't
18:24necessarily want to hire us they didn't
18:26want to quit their job to become
18:28entrepreneurs they just wanted to
18:30express some value of a great idea and
18:33we would provide you know one-on-one
18:37occasionally we were two groups seven
18:40hours maybe speak at that convention but
18:43we needed a much more stable platform to
18:47educate and banners and also inspire
18:49people to be creative and so back in
18:522007 we partnered up with PBS in the US
18:55Patent Office to produce the show called
18:57everyday Addison is once in 2007 on PBS
19:02so if we weren't throwing people off
19:04island we were humiliating people we
19:07didn't you give anyone a rose or or send
19:10them off you know what we're trying to
19:11do is really show the process of how do
19:14you go from that Eureka moment just
19:17seeing your baby on a store shelf and so
19:20we produce for season 2 episode of
19:23everyday Edison we want to enemies for
19:25the show and then after the show was
19:28done after four seasons we transitioned
19:30into an online marketplace call
19:32destination where we basically do this
19:35every single day every single day we get
19:38ideas from investors around the world
19:40we've collected ideas now create better
19:42200 study two countries they submit
19:45their ideas confidentially to a
19:47destination com we review those ideas
19:50what we did have a casting call for a TV
19:52show and then we take the best ideas
19:55we've done our resources our time we
19:58never asking better to pay for any of
20:00the development work and if we're
20:02successful we share the Royal use within
20:05better so they have zero downsides and
20:08sharing the upside
20:09there is so much upside to that and I
20:12know that you guys experienced all the
20:13time not only the show is is awesome but
20:16i love the show just watching the
20:17inventors and and you know you see it
20:21firsthand just watching their eyes and
20:23their face when you show their product
20:25or when they get to see their products
20:27for the first time I mean that's
20:28probably such an amazing feeling it was
20:31show what was great about the whole
20:33experience is that we got to make dreams
20:35come true and there were no victims you
20:38know one was humiliated no one lost
20:41their life savings
20:42no one you for Wednesday's you know a
20:45family vacation or or the ability to put
20:48their kids through college because they
20:50have a great idea and we invested
20:52millions of dollars to develop the sizes
20:54and if they're successful in veterans
20:56benefits and if they weren't successful
20:58the only one that failed were off the
21:02great part about that whole story is
21:05really everyone benefited is even if
21:07their product wasn't successful inventor
21:10you in their mind that the product they
21:13gave it their best shot which is so
21:15important to me stay in a tease because
21:17as you probably witness you probably
21:19hear from adventures I've been talking
21:21about this for seven years 10 years and
21:23even if the product wasn't successful
21:24you're actually giving them a reprieve
21:26either move on you know and it's just
21:28probably so important to do that
21:31yeah I think you can't store you don't
21:33take a shot and so what we wanted to do
21:36was make it as simple as possible for
21:38someone at least average shot and
21:40intellectually doesn't work you know you
21:42learn from the mistakes and you just
21:44come up with a better idea or at least
21:46you go to bed at night knowing that at
21:48least took a chance no so important in
21:51the industry there's no doubt about it
21:53is there a product that was on the show
21:55that and I know you don't want to pick
21:57one out and not mention the others is
21:59there one that stands out in your mind
22:01that was particularly exciting to to
22:04really bring to market
22:05well you know I think all the products
22:07that we are involved it has wonderful
22:09stories one of the great stories about
22:12our first season was the gyro bowl with
22:15fran and Melinda Shepherd brought to us
22:17they have two little kids that time
22:19their kids were constant
22:20be spilling snacks on the floor and just
22:23right there was a bowl that would be
22:24still resistance and so we developed
22:27that product on the TV show we launched
22:29it at the end of the show and it
22:32initially launched in every bed bath and
22:34beyond store and it was successful but
22:38not overly successful and one of the
22:41great things about our team is that we
22:43don't give up we're very diligent and we
22:45realize that just because you didn't
22:47work today doesn't mean more work
22:49two years after the show was done after
22:52continuous tweaking and kind of
22:54remarketing the product launch the
22:57product on MTB on a as seen on TV spot
23:01and then the hardest blew off mean it
23:04sold millions and millions of units and
23:06so you must understand that your success
23:10does not happen overnight that you've
23:12gotta be patient because you know it's
23:14going to take longer than you ever
23:16there's going to be all sorts of
23:17obstacles that are you know throwing up
23:20in front of your crap but if you really
23:23believe in your idea you're willing to
23:25put the time and effort but eventually
23:27you'll succeed
23:28yes some exactly perfect explanation for
23:32most of the event is out there they
23:34believe that if they don't hit it on the
23:35head that first shot and is they don't
23:38take that step that chance and that's
23:40probably what holds a lot of the
23:42innovators the inventors back with
23:43taking that product that perfect example
23:45two years now that is you know again
23:48it's not a long time 20 but it's a long
23:50time for an inventor's for two years and
23:53that product blew up I've actually seen
23:54that product it's awesome I think it's a
23:56great innovation and like you said it is
23:59filled such a need right now is you
24:03can't give up if you really believe in
24:04what you're doing is just gotta hang in
24:06no I alright i totally agree so that's a
24:10show anybody's listen to the show
24:11go ahead and go back and enough can they
24:13can they watch the can they watch the
24:15episodes online anywhere you can have
24:18all seasons all four seasons of everyday
24:21essence are available online for free i
24:24believe you can watch them all for free
24:25on hulu absolute calm you don't need to
24:28be expanded subscription you can you can
24:32watch those
24:33great i think there's some episodes on
24:35the estimation website to find someone
24:37used to but the show is with this
24:41it was designed the educational and
24:43inspirational is there's no there's no
24:45celebrities other than the great
24:46inventors we interviewed guys like Jamie
24:49Stice ended and just Bezos you every
24:53every episode we would interview with
24:55successful inventor entrepreneur tell
24:57their story and and their path to
24:59success and and to show that it doesn't
25:01happen overnight so yeah it education in
25:04the innovation game is important
25:07I stress that to every event let's
25:08listen to this in educating yourself
25:11don't stop searching don't stop
25:13researching he gets there there's so
25:15much good information out there you know
25:17whether its top cast that you put out
25:19there whether it's information that
25:21comes from various state dinner
25:22Association you know what we publish and
25:25better digestion which is around for 33
25:28years and all the information on in
25:31better scientist is available free
25:32online so you can even have to subscribe
25:35to the magazine want to read it online
25:37you reason online for free or you can
25:39get a subscription to it there's great
25:42information out there is just past the
25:45well yeah it brought me right into the
25:47invented itís magazine which I love I
25:49we get every month invented I just
25:50magazine we actually had a few products
25:53on the inside the inside the magazine
25:55which I thought was awesome so the
25:57magazine itself is again it seems to me
25:59that you took that magazine and you just
26:01made it an informative typing it seems
26:04to me that you spent your time trying to
26:06educate the inventors well I felt like
26:09the community needed a good consistent
26:13source of information and so when the
26:15publisher of inventors digest was
26:17looking to retire a number of years back
26:19in 2007 you know she was going to either
26:22shut that magazine down or you know it
26:25could have ended up in the hands of
26:27fraudulent invention scam company and so
26:30we took the magazine / and for the last
26:32you know nine years we've been
26:35publishing it we took it from what was a
26:37quarterly newsletter to a monthly
26:39publication he took it from what was a
26:41black-and-white you know magazine you
26:43know with the color of her to apply
26:45virtual color you man
26:47accuracy and we created online content
26:50as well so we're really proud of what
26:52the team is created with the magazine
26:54and like its helped the stories of
26:56success and failure invention industry
26:59and so hopefully people have been
27:01inspired by the stories and also learned
27:04some lessons that prevented their
27:07yes and again I applaud you for taking
27:09an hour when he was just just as you
27:11were saying you didn't want to be taken
27:13over by a fraudulent invention company
27:16it was so important and i am so glad
27:19that you took it over to you're exactly
27:21right there are so many smoking mirrors
27:23so much smoke and mirrors in this
27:24industry that people really really not
27:27to say that they really really need to
27:29educate themselves and be alert and work
27:31with reputable companies and it's just
27:34like I was talking from the euro you
27:36have really put together such an
27:38excellent way of walking people through
27:41the system making sure that they know
27:43what they're doing and and really to me
27:45they can feel assured that they're
27:47working with a reputable company when
27:50they're working with you that well I
27:52appreciate that and there are many cases
27:54companies out there who have the best
27:57interest of the inventor in mind but
27:59there's also companies out there that
28:00really are more concerned about getting
28:02paid and care less whether outer product
28:05is successful or not you just have to do
28:07your homework get references check their
28:09track record get comfortable with them
28:12if it sounds too good to be true it just
28:14might be
28:15yeah that's good that's perfect you're
28:17exactly right now I want to switch back
28:21to you back to yourself and you've done
28:23so much throughout the years and there
28:25was one thing that stood out when i was
28:27reading about you doing some research
28:28and I know you served on the patent
28:30public Advisory Committee it's kind of a
28:32long thing to say they call the ppac can
28:34you tell us about that and I know that
28:36you have even probably spend some time
28:38with the president i know that you were
28:41on stage when when when when the patent
28:43laws when they change the sign maybe
28:45just give us some background on that
28:47sure well you know it was it was an
28:48honor to be an independent adventure
28:52survey asked the past office on PSAC the
28:56past public advisory committee I
28:58actually served an initial three-year
29:00term appointed by the bush
29:02administration and then at the end of my
29:04three year term i was asked to serve an
29:07additional four year term by the Obama
29:09administration and then actually a bonus
29:13here so get technically you can serve
29:15more than six years because of technical
29:18Corrections bill that was sent through
29:21through Congress it is see me an extra
29:24here but seven years at ppac enabled me
29:27first to be an advocate and a voice for
29:30his betters to make sure that the
29:32independence center was being heard from
29:34you by Congress by the President and
29:37Vice path office but then secondly it
29:39was really interesting to learn the
29:41inner workings of the patent system
29:43works and you for the four people who
29:45aren't really familiar with the patent
29:47system this is a very dedicated
29:49organization that wants innovation to
29:52not only 16 but to thrive they want you
29:56to get a patent this information is
29:58trying to take something away they want
30:00to grab something to you all you have to
30:03do is bring them something that's not
30:04whole not obvious and useful as long as
30:07you meet that threshold they're there to
30:10help you get that property right and so
30:13you there are a number of you know
30:16agencies and government that are trying
30:18to maybe things away or enforce this is
30:21a great organization that's trying to
30:23help agree i agree i have nothing but
30:27applause for the US Patent Office AI
30:31think they're awesome every time I spoke
30:33with someone there they've been super
30:34super helpful and I think that is a
30:37needed system there's there's no doubt
30:39in my mind you the event act that they
30:42put into law
30:43I know you you worked on work on that
30:45how was it working with other people it
30:47was probably kind of kind of fun to be
30:49involved in that it was interesting i
30:51know sometimes they say that you don't
30:54want to see how the sausage is made and
30:57it is a very time-consuming process of
31:01walking the halls of Congress meeting
31:03with a congressman and sharing your
31:06story back in your 2011-2012 America
31:12and it's actually going through Congress
31:14do this was a interesting opportunity
31:17for all organizations to come together
31:19whether your University's consumer
31:23product companies biopharma hi jack or
31:26even the inventor community it was an
31:28opportunity for there to be a certain
31:30amount of a giver case to come up with a
31:34way to overhaul the patent system that
31:36provided greater certain g2 whether or
31:38not a patent issue and obviously you
31:41know there are always ways to make it
31:43better and there's been some may be
31:45unintended consequences of aia but
31:48overall by harmonizing our system with
31:50the rest of the world were much closer
31:52to getting to a situation where you'll
31:55file in one you know one office and
31:58events to be able to get patents
31:59globally but you can't do that until we
32:02start every use the same rules
32:04yeah no I agree and you are busy guy who
32:08is a shame there's no telling about it
32:10for everybody that's listening out there
32:12you know during all these things i'm
32:14luis also has a book out he doesn't use
32:16a published author of the independent
32:18inventors handbook if you want to go out
32:20there and get loose his book is
32:23available probably on amazon and in
32:26yeah it's been a number of years since
32:28since I produce a box so you know
32:31unfortunately just produced wire today
32:33is some of the information is it has
32:35changed but you know that there's no
32:37secret out there you know whether you
32:40fire plug for your Reason magazine or
32:42just take her with what you find online
32:45the most important thing you need to do
32:46is just make sure you do your homework
32:48to be the inventor jambox the
32:51independence better but you can probably
32:53pick up for less than ten dollars on
32:55amazon but more importantly just make
32:59sure you stay abreast of everything
33:00that's happening out there
33:01what I totally agree and I didn't want
33:04to sound salesy i just find a phenomenal
33:07all of the things you've done we kind of
33:08a kind of work through the years and you
33:11know again I I commend you for so much
33:13that you've done for the inventor and i
33:16think that you know you're very
33:18successful person but i think that
33:20because you have done so much to help
33:24not even really looking at the
33:25successfulness you constantly trying to
33:27find something that the next thing that
33:29you can do to help and I did read about
33:32trying to think of the information a
33:35joint venture or adventure that you
33:36started with command partners and maybe
33:39you could tell us a little bit about
33:42sure well you know the natural evolution
33:44of our business is to find new ways to
33:47help people get their products to market
33:49and so that inventors we help people who
33:52want to start businesses around their
33:54ideas at estimation we hope you can just
33:57have great ideas that don't want to
33:59start companies want to see value from
34:01their idea there was kind of a gap in
34:03between where people have a great idea
34:06but maybe they want to test the market
34:09or they become an entrepreneur and so
34:12the emergence of crowd funding has been
34:14growing where people are using
34:16Kickstarter or IndieGoGo or other
34:18marketplaces to validate a market to
34:22determine whether or not there's demand
34:23before investing and so we went out and
34:26merged with a company called command
34:28markers which is it's not the largest
34:30company in the space the second-largest
34:32healthy depending on what metrics you
34:35use but they have done over a hundred
34:37million dollars successful crowdfunding
34:39campaign in the last couple years so
34:43what this company does command harvest
34:45now as part of invensys partners were
34:48able to develop a product build a
34:50prototype shoot the video watch it on
34:53indiegogo or Kickstarter to validate the
34:56market in theaters demand and then if
34:59it's successful we can help with these
35:01products sourcing for the license plate
35:03of the product that allows us to provide
35:05the full suite of services for any
35:08inventor or will be entrepreneur wants
35:10to get their product to market boy that
35:13is so important that could be able to do
35:17that it sounds like you know like you
35:19said there was a little bit of a gap
35:21you not only went and got just any
35:22company to do it but it sounds like
35:24you've got the company you know I mean
35:27that's no joke a hundred million dollars
35:29and with the with the crowdfunding
35:32market the way it is you have a lot of
35:34eyeballs on there so it's a very diverse
35:36market and be able to testify
35:38product is it's probably pretty quickly
35:39found out it's the product of the go and
35:42yeah i'm just going to use crowdfunding
35:44campaign last 30 days man in 30 days you
35:47can be very successful or can be simply
35:50spa just putting up a Kickstarter
35:53campaign is not enough if you don't have
35:55someone generating the traffic to that
35:58site you're not going to hit the gold
36:00and you're certainly not gonna raise a
36:02million dollars and so what we've been
36:04able to do is really gonna build a
36:07successful eatable are reliable model
36:11for generating traffic to product
36:13funding sites into one of the campaign
36:15that close to a month ago was a product
36:18called polygon and it was a measuring
36:20spoon that was brought to us by an
36:23adventuring india launched a campaign 30
36:27days later if generated 1020630 and now
36:33this and better not only has enough
36:35money to make this product delivers
36:37product to customers but he has interest
36:39from international distributors us
36:42retailers he's got a real business now
36:45and without using the resources of
36:48inventors partners he would just be an
36:50India with a great idea that is exactly
36:54how it's supposed to happen I movies I
36:57mean do it right there you'd be you're
36:59able to get an idea take individual
37:01without putting out it really any
37:02resources prove prove that there was a
37:04market for it within 30 days I mean that
37:07is phenomenal
37:08yeah it's a great success stories and we
37:10got more and more about you know every
37:12single week from these campaigns that we
37:15launched but you're being an
37:16entrepreneur is about managing the
37:18relationship between risk and reward
37:20obviously starting a business launching
37:23a product is very risky if you can
37:25mitigate some of that risk through
37:27market research through using
37:29crowdfunding as a way to validate a
37:31market by working with professionals who
37:34have done it be four so they're not
37:35there's no learning curve then you're
37:38lowering the risk and thus increasing
37:41the likelihood of a successful ah well
37:43well most sound collected again it's no
37:47easy task I mean it sounds like you have
37:49it all covered but there's been time
37:51onion making I mean you've really done
37:52it at the right time it's not like you
37:54just go and promised somebody hey we can
37:56do it all
37:57you know it's not like that i mean
37:58you're proving that you could just fall
38:00and you took your time you're putting in
38:02the right people the right resources at
38:05the right time so again I i really am
38:08excited to be able to send people and
38:10let them know that you guys are out
38:12well I appreciate all that you do for
38:14the innovator community just sharing
38:17this information was casta that all
38:19people have to listen to it as well and
38:21hopefully they take it to heart
38:23hopefully they'll learn something from
38:24these lessons that you deliver and
38:26ultimately we have more success stories
38:28that we call it celebrates with you sure
38:31i hear that my friend down real quick i
38:33know where we're basically running out
38:35of time you're just I do want to be able
38:38to tell somebody what is the best way
38:39for an inventor difficult to invent this
38:42website and what's the best way to go
38:44get to touch with somebody on your team
38:48yeah so inventive spelled he and b c and
38:51c ys inventors dot-com or you can go to
38:55a destination that pop pretty easy to
38:58find us
38:59it's free to join us the nation so
39:01everyone at the very least join
39:02destination just so they didn't stay
39:04abreast of new searches new resources
39:08are being launched two are better
39:10you can also check out inventors digest
39:13com you can reach every issue of the
39:15magazine great
39:16it doesn't cost anything you can learn
39:18from those resources but if you want to
39:20reach out to me is louis at invensys not
39:23release it back
39:25well that's great and and and again
39:27thank you so much for being on the show
39:29louis but also thank you from all those
39:31investors out there for what you're
39:33doing for the community we really
39:34appreciate what I sincerely appreciate
39:36that and I appreciate all that you do
39:38for investors as well thank you my
39:40friend you take care and hopefully will
39:42be on the show soon
39:43that's great I welcome the opportunity
39:44take care i take care