Protecting Your Great Idea; J.D. Houvener From Bold IP Talks Protecting Your Idea While Taking it to The Next Step

The One Pitch
Invention Success Story; Listen to the Hang-O-Matic Story
December 19, 2017
Inventors and 3D Printing; Fri Reider Explains The Revolution of 3D Printing And How it Helps Inventors
December 27, 2017

Bold IP is an agile law firm whose main focus is to help inventors, entrepreneurs and business owners with their Intellectual Property. Specifically, Bold IP focuses on patent law. For many inventors and emerging businesses, protecting patents is a big deal and often causes a lot of stress and anxiety. Therefore, our goal at Bold IP is to take the stress and worry off your shoulders and put it squarely on ours! So do the shopping. You deserve the best patent lawyer!
www.boldip.com
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 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.

Watch the podcast here!

 

Podcast Notes

1YouTube Transcription
hi everyone and welcome back to the
0:04
inventor's launchpad Network I am glad
0:07
you made it to join our show today and
0:10
we have a special treat we have one of
0:12
my favorite shows I love that song by
0:14
the way every time I hear it gets me
0:16
psyched up the licensing jungle with my
0:19
good friend and the king of the jungle
0:22
mr. Jeffrey mangas how you doing out
0:25
there hey I'm doing great these intros
0:27
are getting better and better but
0:28
they're there they're rockin with the
0:31
actual intro song I like it yeah well
0:34
it's funny man you know we we always
0:36
talk about how we're kind of in sync on
0:38
how we think about things and by the way
0:40
for listeners out there you know Jeff
0:42
and I don't live close together he's way
0:44
up in the West Virginia area I'm in the
0:45
Tampa area but we always seem to have
0:47
ideas that kind of coincide and it's
0:50
pretty funny when we talk about and even
0:52
the licensed jungle stuff and we talk
0:54
about it but you know we're both in
0:57
agreement that licensing is huge and we
1:01
really love to show because it's really
1:02
reaching a lot of people right Jeff I
1:05
mean you're getting a lot of questions
1:06
out there I really it really is a show
1:09
is really starting to gain traction I'm
1:11
really excited about it you know and
1:13
what I love I think the reason the main
1:15
reason the show is gaining so much
1:17
traction is because we're we you and I
1:20
are striving to talk to the nation's top
1:24
innovators and leaders in the industry
1:26
and giving real information we're not
1:29
sugarcoating anything here in the jungle
1:31
that's why we're here it's the jungle
1:33
man and we got it we got gotta got to
1:35
help some people you know that's what
1:37
we're here about it is it is man I mean
1:39
yeah you know I know you get it on I was
1:41
doing the talk the other day and you
1:43
hear some here's some sad stories I mean
1:46
you hear we love hearing about ideas and
1:48
we how great they are
1:49
but you do hear about ideas and that
1:51
could have made it but the people got it
1:54
rejected or they got the wrong advice
1:55
and I think that's why both you and I
1:58
are so passionate about these shows and
2:00
and all the shows on our network because
2:03
it really gives real-world stuff like
2:05
we're not pretending to know this we do
2:07
this every day and I know you do that
2:09
and I'm sure you get a lot of people
2:11
that connect with you
2:13
and either talk about being rejected by
2:15
the wrong person if somebody may not
2:17
have known even about the industry but
2:19
they didn't like a product or just that
2:20
people have made missteps and they feel
2:23
rejected well that is correct you know
2:25
honestly and I'm not we're not going to
2:28
we're not trying to cast a negative
2:29
thing on the show today
2:30
but we rejection is a very very
2:32
important part of this business and you
2:36
get a lot of it but but what I see a lot
2:39
is in when I talk to inventors I
2:41
interview a lot of inventors I talk to
2:43
them and they send emails and and
2:45
honestly what I see is it is missteps
2:49
and it's it's not even their fault they
2:51
it's just a lot of bad information out
2:54
there that has is given by people who
2:57
haven't done it by people who do not
3:00
know what they're doing or they and and
3:02
that's a real problem when you know you
3:05
you can't lead if you if you can't if
3:07
you haven't done it if you don't you
3:09
it's so hard to explain but I hear it
3:12
all the time from inventors they they oh
3:14
no one's like my product because you
3:17
know and my first question is well why
3:19
you know how did you present it how did
3:22
you pitch it you know there's a big
3:23
difference and they go well I do this
3:26
well that tells me they've got some bad
3:29
information out there and and and that's
3:32
my job as a coach and what I love to do
3:35
is help them get them finely-tuned hone
3:38
them in tark get it get it focused and
3:40
shine them up and let's get this product
3:43
set out there because the world needs
3:44
these products and that's the thing we
3:46
don't want inventors to give up we don't
3:48
want to be just disheartened and in
3:50
products I'll make it that's yeah well
3:53
it's exactly you know the thing about it
3:56
is is that rejection I tell a Nelvana
3:58
listeners out there they're gonna be
4:00
people that love your product is gonna
4:01
be people that don't like your product I
4:02
mean just think about products that you
4:04
buy personally all your listeners and
4:06
yet you go in a store this products you
4:08
don't like and this products you like
4:10
it's okay to to not like a product and
4:13
not everyone has to like yours you have
4:15
to just find that niche that target
4:17
market and those are the people you sell
4:20
to now you are gonna you are gonna get
4:23
rejections there's no other you wouldn't
4:24
be an entrepreneur you wouldn't be
4:26
Venter if you're gonna allow those
4:28
rejections to stop you from moving
4:30
forward right I mean just it's gonna
4:32
happen
4:32
it absolutely is going to happen you're
4:35
going to get you're definitely get more
4:36
more of the word no then you are a yes
4:39
but you know what those yeses you know
4:42
those those are the those are the best
4:44
of good stuff you know and that's what
4:45
you want and but the thing about getting
4:48
knows even you know again you can send
4:53
out your product out to as many people
4:55
as you possibly can but if you're
4:57
sending to the wrong people or companies
4:58
you're not interested in your product I
5:00
mean if you're just put it out there
5:01
you're not learning the skills of the
5:03
processes to know how to wear who to
5:05
send it to how to send it and get
5:07
yourself ready to go then you are gonna
5:09
get those and you're going to get
5:10
rejected and then you're gonna get this
5:12
false sense of no one likes my product
5:15
well maybe they haven't seen your
5:17
product in the best light that's that's
5:19
important you know and that's what I see
5:22
a lot this is no process we just I mean
5:24
and I and I kind of know what you're
5:26
saying so there's a certain process
5:28
there is a process yes and when I say I
5:31
say that word a lot because there are
5:34
steps involved and they are specific
5:38
okay you can't skip one step and move to
5:41
the another step you just can't and and
5:44
they're simple steps and ER and all of
5:47
these steps can be done by by you okay
5:50
by an inventor they can do it themselves
5:53
you know yes you're going it now let me
5:57
throw that little disclaimer in here
5:58
guys you can do this on your own but you
6:02
are eventually going to have a team
6:05
around you whether you build it yourself
6:07
or your people that you've meet along
6:10
the way you're going to get people that
6:11
are going to help you you no one does
6:14
this alone
6:15
no one at the end of the day okay
6:18
you're going to have people I mean just
6:20
like me and you we met and you're to me
6:23
you're a great friend and we're a team
6:25
and but you know we still help each
6:27
other you know it no one does this all
6:30
love so but but yes
6:34
you know learn this the processes you
6:36
know there's specific things to know too
6:39
to know how to study the marketplace how
6:41
to you know put together the actual nuts
6:45
and bolts of a sell sheet to know what
6:47
goes into a sell sheet that's gonna make
6:49
it make it successful to hone in on your
6:53
benefit of your product okay
6:55
and the little analogy that I heard
6:57
yesterday from a student which was great
6:59
is she says she said I pretend that I
7:02
have the cure for cancer and I try to
7:05
put that into a benefit statement and
7:07
that makes sense you know if you have a
7:09
product
7:10
what makes that cure for cancer what
7:13
makes part that part of your product
7:15
make it stand out and make it shine what
7:18
is the you know these are all things
7:19
that a student must learn an inventor
7:22
must learn to do things right you know
7:25
and you know at the end of the day you
7:27
can used to you can still have a great
7:30
sale sheet and a great video and a great
7:33
you have everything in place but it just
7:35
it's just not good a good fit for a
7:38
company that's okay because at least
7:40
you've gotten it in front of them at
7:42
least you've done something yeah you
7:44
know we're entrepreneurs that's what we
7:47
do you're right entrepreneur
7:49
entrepreneurialship should say
7:51
entrepreneurship the the king or the
7:54
ship - no I mean it is what it is the
7:56
word no will you get them a lot you get
7:58
it but hey it's worth it in the end when
8:02
you when you do get it yes yes know that
8:04
and there's no doubt about it and you
8:07
know those yeses they wouldn't mean so
8:10
much if you didn't get some nose so
8:13
people wouldn't realize how hard it is
8:15
if all they did was get yeses all the
8:18
time then everyone would do this it
8:19
would be so easy so those those nose up
8:23
to something I say that all the time if
8:26
this was easy everyone everyone would be
8:29
yeah yeah question for you wanna go back
8:32
to you mentioned features
8:34
I mean benefits what's the difference
8:36
with the features and benefits why just
8:38
talk about the benefits well benefits
8:41
are what sells a product a benefit is
8:44
what sells a product to a potential
8:47
licensee and because let's let's look it
8:50
this way a potential license ease
8:52
concern is
8:53
how much is it going to cost to make it
8:55
and how is it going to benefit their
8:56
their customers okay they can't sell
9:00
product if it doesn't if their customers
9:02
don't see any benefit in okay and the
9:04
difference in that and and that is
9:07
another mistake I see probably daily is
9:11
inventors mix-up features from benefits
9:15
oh okay
9:16
okay like I'll see a sell sheet in a
9:18
sell sheet it'll say you know easily
9:21
remove stains I'm just throwing that out
9:23
there or then it then that same sell
9:27
sheet will say you know comes in various
9:30
colors with a you know descriptive mesh
9:32
cloth well again I'm just trying to
9:36
throw something out there but you know a
9:39
feature is not a benefit okay now there
9:44
are some times that a feature could be a
9:48
benefit okay
9:50
and I can't really give you an example
9:51
because if they come and they don't come
9:54
very often but features sometimes but I
9:56
never always try to stare an inventor to
10:00
stay away from features that make up a
10:02
product stay with the benefits because
10:05
that's what you know features can be
10:07
just can be talked about to a potential
10:09
licensee later on in a conversation over
10:12
the phone once you've got their
10:14
attention
10:15
but benefits are what's going to get
10:18
their attention
10:19
okay and if the product doesn't have
10:23
that wow factor or that oh my gosh I got
10:25
to learn more about it you're probably
10:27
going to get a no okay because if they
10:30
can't see it in there if they if
10:32
potential Isis a sees a sell sheet and
10:34
they instantly you know within 30
10:37
seconds can't see it in their product
10:39
mix that's probably where it's gonna
10:41
land this corner it's gonna hit yeah
10:45
yeah I told you so and that's something
10:48
that you would put on to a sell sell
10:50
sheet right I mean you would you put
10:53
some of the features or mostly you're
10:54
gonna put your benefits on there
10:55
I tell an inventor and I'm I tell
10:58
students never put features on a sell
11:01
sheet okay what I normally coach carmine
11:06
is that if
11:07
the features are very very important to
11:09
a product for for potential license need
11:11
to understand I them to create a
11:14
separate sheet which I know goes against
11:17
the grain but have a actual feature
11:20
description sheet okay and another
11:23
separate sheet that describes the actual
11:25
features so it'll put the light on the
11:28
features themselves okay if there are
11:30
that important right now but the
11:33
benefits are what is going to make
11:35
someone open their wallet to buy you
11:38
know because when you when I walk into a
11:39
grocery store or I walk into Walmart and
11:42
I need something I'm going for that
11:44
product because why it helps me it helps
11:48
me mmm it's gonna benefit me alright
11:51
whether it's a fingernail clipper over
11:53
its shoes it doesn't matter
11:55
I need that product to help me to do
11:58
something benefit me and again a sell
12:01
sheet should be loaded with benefits now
12:03
and I get this all the time to inventors
12:06
will say well how many benefits should I
12:08
have I can't tell you that
12:10
it's up to you how many benefits can you
12:13
create can you think of you know how
12:16
many benefits does your product actually
12:17
provide whether it's one two three or
12:20
ten it doesn't matter as long as those
12:22
benefits are big enough that's gonna
12:25
make someone go I'd like to have that
12:28
pretty here yeah yeah that's it so so I
12:33
have done this size I've sent sales
12:36
sheets out to to multiple parties and a
12:41
lot of times I don't even get a response
12:42
and you know you definitely even though
12:46
it doesn't bother you and you're an
12:47
entrepreneur and you'd like at least I
12:50
wish they would at least get back to me
12:51
or say hey and you know you feel
12:53
rejected I mean what do you do if you
12:55
don't hear from a company is there
12:57
something that you should just start
12:58
callin or annoying them well there's a
13:02
fine line my students they love this
13:05
analogy there's a fine line between
13:09
being aggressive and being a pest okay
13:13
and I encourage you in the inventing
13:16
world if you're listening out there as
13:17
an inventor do not go
13:20
and be a pest okay now there is a magic
13:24
rule of thumb if someone's not getting
13:27
back to you and I deal with it all the
13:29
time - some people just they just don't
13:31
look through they don't you still hear
13:32
from them I say keep sending emails or
13:38
call okay and if you still keep getting
13:41
voicemail keep leaving voicemail but
13:44
here's one strategic thing that I say
13:46
and even in a voicemail or an email and
13:50
this is a absolute coaching tip in the
13:55
email or or the voicemail give them a
13:57
give them kind of an ultimatum but make
13:59
it easy you know here's what you say say
14:02
if you're not interested in my product
14:03
please just respond yes or no in an
14:09
email say if you do not want to hear
14:11
from me and are not interested in my
14:12
product can you please just let me know
14:14
by saying not interested or yes I'd like
14:17
to learn more give them just a couple
14:20
choices you know why because these
14:23
people as you know Carmen are very busy
14:25
and these companies and sometimes they
14:28
might not have gotten back to you
14:29
because maybe they've been in Japan or
14:31
maybe they've been somewhere and they
14:32
you they're just not read or thousands
14:35
of emails that they get and but if they
14:38
get an email and it says give them two
14:40
choices either if it's gonna alleviate
14:42
your day by saying no I don't hear from
14:44
you no more go away then they'll do that
14:47
okay so it will generate a response even
14:50
so listen on the phone and a voicemail
14:52
and you hear someone say you know tell
14:55
me yes or no then call back and say not
14:58
interested thank you and then they're
15:00
off the hook and they're done at least
15:02
then you have closure you know as an
15:04
inventor would have closure but I would
15:06
say do not give up keep going there's
15:09
one other tactic and other licensing
15:12
jungle coaching tip is if you can't get
15:15
a hold of that one person key person
15:17
that you're trying to contact there's
15:20
nothing wrong with that person's not
15:21
answering your phone calls or emails to
15:23
fight locate another person in that
15:25
company and go back and talk to someone
15:27
else there that's a good right now
15:29
that's a good that's definitely a good
15:31
tip and if they aren't the right person
15:33
and are not getting back
15:34
you give them that out it can it can not
15:37
only help them I you know like you said
15:39
a lot of these buyers or licensing
15:41
business professional there they are
15:43
busy and they could be out of country if
15:45
you start sending emails that are slowly
15:47
you're getting madder and madder and
15:50
then you start being annoying
15:51
you definitely are gonna blow the deal
15:53
let me address that right there that I
15:55
was on with a student yesterday and she
15:57
was very frustrated at a company that
16:01
she had been talking to they weren't
16:03
suddenly talking to her anymore they you
16:05
know and she was getting mad and getting
16:07
and I told her I said here's what you
16:10
had in the inventing world and if you're
16:13
going to do anything is learn the word
16:15
patience okay
16:18
licensing takes time it takes patience
16:22
and because and you've you've been on
16:25
the show how many times shows we've done
16:27
so far you've heard you know some top
16:30
name guys tell us that being a
16:32
professional goes a long way as soon as
16:36
you cross the line and not become a
16:39
professional and you bust your patience
16:41
you start getting aggressive and getting
16:43
getting mad and everything
16:45
it blows chances it blows it because you
16:48
want those doors to remain open for
16:51
future innovations you got to look at
16:52
that and then if you're listening take
16:55
that little tip always think of the out
16:59
you've got to think of what if I have
17:00
another project that's going to fit this
17:02
company right and then what if that
17:04
product is absolutely a true fit in that
17:07
company loves it but they remember you
17:09
oh my gosh that's that crazy lunatic
17:12
Jeff mangas are you kidding me I'm not
17:15
gonna deal with that guy right I
17:17
wouldn't I wouldn't want that and you
17:20
don't want that you don't want that you
17:22
don't to close any doors no matter what
17:23
yeah yeah and and you know as large as
17:28
this world is it's a small world it's a
17:32
real small world especially believe it
17:33
or not yeah innovations global but man
17:36
the industry is just I don't care what
17:38
industry this weeders kitchen or toys
17:40
whatever it's a very close-knit when you
17:42
start when you when you be start
17:44
becoming a pest and being aggressive but
17:46
yeah back to the impatient
17:48
real quick though you know here's an
17:49
example I'm gonna tell him myself
17:52
and I learned it but I learned it to an
17:55
advantage you know when I was really
17:57
pitching chess lock my medical product
17:59
and you know the companies I was talking
18:02
to I was talking to them over three
18:04
months of emails and phone calls okay
18:08
and then some of you went Creek cricket
18:11
quiet chirp chirp chirp nothing no hay
18:15
no emails nothing and I started to panic
18:20
I'm like what in the what in the heck
18:23
did I do wrong what what I started to
18:26
think you know I mean I was seriously
18:28
like really having a hard time with it
18:30
and then but I remain patient you know
18:34
stayed true right to what I've always
18:37
known and and what and what I coach the
18:40
whole thing and it um you know and
18:44
suddenly I kept sending emails
18:46
religiously saying hey just doing a
18:48
friendly follow up just being just
18:51
checking in let me know if you need have
18:53
any questions and and even though I
18:57
thought it was going to ghost town I
18:58
thought the emails are going to a ghost
18:59
town but I still believed in it and you
19:02
know what next thing I know about a
19:03
month later a whole month went by this
19:05
okay
19:06
and suddenly I got an email hey sorry I
19:09
we were in Japan your product stuffer
19:12
list let's get back on track
19:13
boom boom boom bang Dennis win it but
19:16
they were gone okay now if I would have
19:18
been aggressive
19:19
I've been nasty if I woulda lost that
19:23
deal yeah perfect example perfect
19:26
example one percent and you're exactly
19:30
you just don't know it's happening some
19:32
of these big companies I mean there's a
19:33
lot going on they have a lot of products
19:34
they have a lot of things happening they
19:36
could be moving you know people around
19:38
and it happens a lot so you're really
19:41
I'm very impatient and but you have to
19:44
learn to be patient I I totally agree
19:45
yeah you know this that that's what I
19:48
tell inventors all the time and I coach
19:50
my students that these companies again
19:54
no one works alone anymore these there's
19:56
not one guy there's not one guy named
19:58
Harvey who can write up write a check
20:00
for a prod
20:01
they have teams of people and they and
20:04
we're talking about buyers we're talking
20:06
about marketing departments we're
20:07
talking about research and development
20:08
you know everything everybody has to
20:10
kind of come and come into line and so
20:14
um they're busy so when you send a
20:17
product in someone has agreed to look at
20:18
your sales sheet which is great that's
20:21
that's great that's the one of the first
20:23
steps you know that you've conquered but
20:25
that's where you really gotta learn to
20:27
be patient just know that that it's
20:29
going to go through the channels but
20:31
it's up to you now I don't know I'm not
20:33
telling it better send a sell sheet and
20:35
walk off and forget it don't do that you
20:38
got to still be again that fine line
20:41
between being aggressive and being a
20:42
pest be aggressive be but be a
20:45
professional aggressive you know stay in
20:47
contact be the cordial be kind and be
20:50
professional and it works and that's
20:53
what that's how to make strides in this
20:55
business yeah all right I agree they're
20:57
there most of the bars we deal with the
20:59
most of the most of the licensing agents
21:01
there they're good people they're just
21:02
overworked they're busy and they they
21:04
want to take every project every product
21:06
but they you know they have to be very
21:08
um I guess precise because their jobs on
21:11
the line you know they need to pick the
21:12
right products and take the right time
21:14
they got a dot every I and cross every T
21:16
just a quick example we had a product
21:19
that we sent to a retailer I won't name
21:21
the retailer and the buyer turned the
21:23
product down I mean he was a nice guy it
21:25
took several months and I was I was kind
21:28
of mad because it took months of working
21:30
and and finally they said hey listen
21:31
it's just not gonna fit and then he
21:35
moved he went to another retailer and
21:36
guess what after he got settled in he
21:38
called us well there you go because you
21:40
were you were professional you work on
21:43
you didn't blow your cool and there you
21:45
go and there's another great example and
21:48
that's kind of what I mean by it's just
21:50
it's a large industry but it is small
21:53
those buyers they move around a lot
21:54
they're always looking for good products
21:56
and if you have a product that's good
21:58
and it doesn't fit in their category it
22:00
stays in their mind though and you have
22:02
it happenss you are absolutely right a
22:04
matter of fact I'm right now I have a
22:06
product as we speak that I'm pitching to
22:09
another medical company another medical
22:11
product and yeah I'm a glutton for
22:13
punishment when it comes
22:15
but it's you know it was my wheelhouse
22:18
for many years working in cardiovascular
22:20
surgery so I love to do that develop
22:22
products for that and guitar products
22:25
were you know but uh but anyway but I'm
22:28
you know been pitching a product and
22:30
been talking to this one in you know one
22:32
person with this company and it's a
22:33
global medical company global and so I
22:37
was able to get through the doors and
22:38
talk to one person but then she went
22:40
quiet on me and I was again it still
22:45
sometimes no matter how professional you
22:47
are you still think yeah in the world
22:49
right but at the end of the day I got an
22:52
email from her and she said I'm changing
22:54
positions and you're now gonna be in the
22:57
hands of another person okay so and
23:00
that's fun and she gave me that person's
23:03
name I introduced myself and now we're
23:04
rolling with this new person and but
23:06
that's how that works
23:08
you know again so guys when you're out
23:10
there our advice is when you're pitching
23:12
your products and you're getting
23:14
yourself out there learning that
23:17
learning that people are busy and to
23:19
know that you're not the only game in
23:21
town they have many things on their
23:23
table that they're looking at existing
23:25
projects existing products and the
23:27
influx of new products so just be
23:29
patient but play the game but play it
23:32
the right way and that's where I come
23:34
into play as a coach is those processes
23:38
come into play that I'm talking about
23:39
that you can't skip yeah I agree and
23:42
there's one thing to any listeners that
23:44
are that are getting frustrated or
23:47
whatever and do something that Jeff
23:48
taught me was if you're mad about
23:50
something you're frustrated don't send
23:52
the email don't send an email until
23:54
you've relaxed you've waited you don't
23:56
have to answer back as soon as an email
23:59
comes in that's exactly right you do not
24:02:00
have to answer them all my gosh right
24:04:00
now okay that's the that's the human
24:07:00
part of us it wants to do that
24:08:00
okay hear a funny story about that last
24:12:00
night I had a long day I was wanting to
24:15:00
make some popcorn to sit down from the
24:17:00
TV well my wife was cooking on the stove
24:19:00
and I didn't know she was cooking on the
24:21:00
stove and I said a bag of popcorn on a
24:23:00
hot burner and guess what happened the
24:26:00
bag ripped open right and she jerk
24:28:00
and popcorn went everywhere my immediate
24:32:00
reaction was to get mad get mad but I
24:35:00
didn't I did not get mad cuz I don't get
24:38:00
mad I just don't
24:40:00
but the reaction so I stood there for a
24:42:00
second and caught my breath kept my cool
24:47:00
she's like you're not mad I said and but
24:51:00
that's exactly right so when you get an
24:53:00
email from a company and that's another
24:55:00
thing too if you get an email from a
24:56:00
company that has already seen your cell
24:58:00
sheet or they want to see yourself sheet
25:00:00
and you know you don't think you have to
25:04:00
answer that email that very second you
25:06:00
don't okay you know I don't encourage
25:08:00
anyone to pitch a product and not have a
25:11:00
sell sheet ready to go okay you
25:13:00
definitely don't want to be caught with
25:15:00
your pants down you don't want you you
25:18:00
want to be ready to go but if someone is
25:20:00
asking for a prototype and you're like
25:23:00
oh my gosh I don't know if I have my
25:25:00
firm's like I don't think it's ready
25:26:00
well then just relax you know it's and
25:30:00
don't answer them but don't wait two
25:33:00
weeks but get back to them within a day
25:34:00
or so but then you can I even be honest
25:37:00
and say you know I'm working I'm
25:39:00
finishing touches on my prototype
25:41:00
whatever it is just be honest with them
25:43:00
tell them the situation and then tell
25:46:00
them that when they can expect it okay
25:48:00
and and I guarantee you every single
25:52:00
time that will work you know yeah and
25:55:00
yeah I hoping that the listeners out
25:59:00
there are listening to this is 100% you
26:01:00
don't have to trick them you don't have
26:03:00
to worry about it
26:03:00
they had dealing with inventors and
26:06:00
product developers they know how it
26:08:00
works if you're truthful with them you
26:09:00
say hey listen I'm finishing on my
26:11:00
prototype we had to get it to you in a
26:12:00
week or two or whatever the time is or
26:14:00
my cell sheet I'll get that out to you
26:16:00
first
26:16:00
just tell them they're super busy and if
26:18:00
you give them a week or two they'll be
26:20:00
happy you're giving them more time
26:21:00
that's exactly right a matter of fact
26:23:00
I'll give you another example on myself
26:26:00
and this is exactly what we're talking
26:28:00
about you know I have a product another
26:31:00
it's a diabetic product that I've
26:33:00
developed and I've been talking to a
26:34:00
major corporation on it and the the
26:38:00
prototype that I did I had a 3d printed
26:40:00
and different things and it was
26:42:00
working it wasn't working and so I you
26:44:00
know the guy said listen I know you're
26:46:00
you know looking for this we've been
26:48:00
talking about it but I said I'm gonna
26:49:00
have to be honest this thing's just not
26:51:00
working on my end I want to make it the
26:54:00
where it's gonna be you know and you
26:56:00
know what he's like Jeff take your time
26:58:00
we just wanted to be you know so being
27:00:00
upfront being honest and saying hey you
27:03:00
know and not again not panicking and
27:05:00
like I got to get this to him got to
27:06:00
give this to him has paid off they're
27:09:00
they're working with me and they
27:10:00
understand you know I've even told them
27:12:00
the problems that I'm having with the
27:13:00
prototype so you know just again being
27:18:00
upfront it goes it goes thousand miles
27:21:00
no one ever since so I did want to I did
27:26:00
get a couple questions from our last
27:29:00
podcast and from a talk I did over at
27:32:00
University of Tampa I have a couple
27:36:00
question about license I don't know if
27:37:00
you want to go over those now or you
27:39:00
want to kind of cover some other stuff I
27:40:00
know oh no that'd be great I love
27:41:00
questions
27:42:00
rejection stuff but I think we kind of
27:45:00
kind of covered that in a way the main
27:47:00
goal that is just how patience people
27:51:00
are not going to like your product they
27:52:00
don't all have to just look at Apple
27:56:00
right don't like Apple products well the
28:00:00
other takeaway from what we've just
28:01:00
talked about is is getting yourself
28:04:00
ready you know learning how to do things
28:06:00
the proper way to give yourself the best
28:10:00
chance you know put your product in the
28:12:00
best light and don't skimp on things and
28:15:00
just and don't skips just don't skip
28:18:00
steps you know learn what truly needs to
28:20:00
be done and then do it and you'll find
28:22:00
you'll find more success not guarantee
28:26:00
success but definitely more positive
28:28:00
results you sure it's 20 seconds the
28:30:00
first you know and I know we'll get into
28:32:00
these questions the first couple
28:33:00
products that I tried to license I got
28:35:00
beat up and I kind of gave up with that
28:36:00
as I progress and learn after I got
28:39:00
about three to four rejections I asked
28:42:00
them what the issues were why they were
28:44:00
rejecting me and I actually was happy to
28:46:00
get those rejections that they were
28:47:00
giving me feedback and after that three
28:49:00
or four I can tell you that the next
28:51:00
couple that I sent that sales sheet to
28:53:00
was a prototype - they were very
28:54:00
interested in it
28:55:00
progressed from there so I actually
28:57:00
looked for the rejections to help me
28:59:00
develop the product better wow that's a
29:01:00
that is absolutely amazing advice and I
29:04:00
totally agree with you 110% on that and
29:06:00
I encourage students to to do that take
29:10:00
that feedback that you get and don't be
29:12:00
afraid to ask for feedback don't be
29:14:00
afraid to ask if they don't give it to
29:16:00
you then then least you've asked but if
29:19:00
you don't ask you're not going to get it
29:21:00
right now
29:22:00
some companies will volunteer they'll
29:24:00
say you know we didn't find it to be a
29:26:00
fit for because of that some companies
29:29:00
will say not interested sorry's I'm not
29:31:00
gonna make it you know have a nice day
29:33:00
and that's when you can say do you mind
29:35:00
telling me what you have found okay
29:39:00
and if they do give you that kind of
29:42:00
information just like you said take it
29:43:00
run with it and make your product better
29:45:00
you know that's all that's golden that's
29:47:00
golden nuggets it's funny you said
29:50:00
because they actually some of them some
29:51:00
of the buyers or licensing agent they
29:53:00
think they want to tell you that you
29:55:00
know if you can it was funny I had one
29:57:00
product and I know we keep going on
29:59:00
these tangents but it's such important
30:01:00
information that I actually asked well
30:03:00
what what's the issues if you can just
30:06:00
let me know the issues for you know the
30:08:00
next next people I talked and we
30:09:00
actually worked through the issues and
30:12:00
what he realized is that I could fix
30:14:00
them or update them to what their
30:15:00
rejections were and we progressed
30:17:00
further onto the on to the License
30:19:00
Agreement I love it I asked that that's
30:22:00
exactly see if you didn't ask you
30:24:00
wouldn't have got right that's exactly
30:26:00
again much more golden nuggets man this
30:29:00
this is a this is great stuff I was
30:32:00
listening to this as an inventor I'd
30:34:00
because this is real world information
30:37:00
yes and again all you know that it's
30:40:00
again we've done this and so so I'll
30:42:00
stop talking about so so one of the
30:44:00
questions I had Jeff come up was I had
30:47:00
inventor to ask me when should they
30:49:00
really decide like is there a drop-dead
30:51:00
time we have to decide when they want to
30:54:00
license their product I mean some of
30:56:00
them want to be inventors forever so I'm
30:57:00
gonna want to be business owners but is
30:59:00
there it is there one of those points
31:01:00
that which they should really decide
31:03:00
before they spend money before they do
31:05:00
patents before whatever is there that
31:06:00
point
31:08:00
I think there is you know because I'll
31:11:00
be on city I think most inventors when
31:12:00
they get started I mean myself included
31:16:00
think about I'm gonna take this to
31:18:00
market myself you know they think that's
31:21:00
the initial intention and they because
31:23:00
they see others doing it and six NCOs
31:26:00
doing it obviously successful all around
31:28:00
the world and there's nothing wrong with
31:30:00
that if you have that's what you're you
31:32:00
want to own your own business you want
31:34:00
to have all the fruits of the labor as
31:36:00
long as you know what's entailed you
31:38:00
know the work that's entailed if that's
31:40:00
what you want to do but but yeah they're
31:43:00
if if you're wanting to monetize your
31:47:00
your up your product learn about
31:49:00
licensing a lot of inventors don't even
31:51:00
know about licensing or don't educate
31:53:00
themselves enough about that side of it
31:55:00
as well so yeah if you don't want to
31:58:00
spend any money at all and you're just
32:00:00
getting started anew with it with a new
32:03:00
idea then then really soul search and
32:06:00
think about what your goals are you know
32:08:00
if um if you just want if you have a
32:11:00
great job and you have a great income
32:13:00
and but you want to you know make some
32:15:00
passive income then licensing is your
32:18:00
route you know it's the lowest lowest
32:22:00
risk high return business that you can
32:24:00
get into right but if you want to you
32:28:00
know quit your nine to five and go all
32:31:00
out and have a product that's you know
32:33:00
on the market and you want to get it out
32:35:00
there to yourself and have your name on
32:36:00
the on the label then and I say go for
32:38:00
that that's your dream but you really I
32:40:00
think there's really no tall-tale time
32:42:00
to do that but I'd say as early on as
32:45:00
possible because you don't want to spend
32:48:00
a whole lot of money going to
32:49:00
manufacture going to market yourself
32:51:00
because again we're our shows geared to
32:54:00
not sugarcoat it because you will spend
32:56:00
money guys if you're going with you're
32:59:00
going to specially taking it to market
33:00:00
you're gonna spend money there so before
33:02:00
you do all of that for you patent please
33:05:00
don't even think about utility patent
33:07:00
don't think of that stuff at first okay
33:10:00
that's one of the first places inventors
33:12:00
run to I gotta get a patent guy get a
33:14:00
patent no you do not guys please take my
33:17:00
advice on anything that you hear today
33:19:00
take that advice you don't have to do
33:21:00
that okay
33:22:00
yeah early on soul-search figure out
33:24:00
what you really want to do and then go
33:26:00
for it
33:26:00
you know but if you are if you if you're
33:29:00
an inventor out there that you have
33:30:00
found yourself have tried to get a
33:32:00
product to market you've beat the horse
33:34:00
and the horse is just about dead on the
33:36:00
ground and you you think there's no
33:39:00
other way then look at license look at
33:41:00
look at that you know and because it's a
33:43:00
great business licensing she runs it
33:45:00
works it works it does it really does
33:49:00
and and there's also you know I've heard
33:51:00
of inventors we've had someone or show
33:53:00
that even have sold out right this
33:55:00
called assignment signing their products
33:57:00
if that's what you want to do if you
33:59:00
just want to think of ideas and selling
34:00:00
the companies that's a possibility but
34:02:00
then there's also a risk in that as far
34:04:00
as you know you could sell a product for
34:06:00
a hundred thousand dollars and it might
34:08:00
sell a million you know you never know
34:10:00
how that's going to go but there's all
34:12:00
that's other options yeah but if it sold
34:15:00
a million that company put a lot of
34:17:00
money into it was good one of the
34:23:00
questions one of the other questions and
34:24:00
I kind of answered some of this stuff
34:26:00
but I had a brand-new inventor in the
34:30:00
talk I was doing and she said what are
34:34:00
that like I she had just an idea I mean
34:37:00
basically he's a sketch and she said
34:40:00
what would be she didn't have a lot of
34:41:00
money what would be like the top three
34:43:00
things that she should do that would get
34:45:00
her the most out of like you know like
34:49:00
what should if she had limited resources
34:50:00
or limited time what would be like a top
34:53:00
3 things that you should do that would
34:54:00
move her along if she has a napkin
34:57:00
sketch just brand new number one the
35:02:00
first place I would go if I was her if I
35:06:00
and I personally would do it myself
35:07:00
again is to get on that get on the
35:10:00
computer and study that market that
35:13:00
specific market I know we talked about
35:16:00
that all of the time but that is such
35:19:00
that is the crucial step because that's
35:23:00
going to tell you if there is a market
35:25:00
it's also going to tell you how big the
35:27:00
market is that if there is a market it's
35:30:00
also going to show you products that are
35:32:00
similar to yours or you might even find
35:34:00
a product that is
35:36:00
yours okay that's going to that that's
35:39:00
going to make you and help you make that
35:41:00
decision on whether you move forward
35:43:00
that's that's one the first steps I
35:45:00
would do okay and then I would look at
35:48:00
the you know as I'm doing that the
35:51:00
second step falls into place first from
35:54:00
the first step and that's when you're
35:56:00
studying the market is look at how
35:58:00
products are made what type of materials
36:00:00
they're made out of okay what kind of
36:02:00
packaging what kind of shelf space
36:05:00
retail costs on these con these products
36:08:00
that will also help you in the next step
36:10:00
as far as developing you know are you
36:13:00
gonna what kind of images you're gonna
36:15:00
have or kind of what kind of prototypes
36:16:00
you're looking at later on these are the
36:19:00
kind of things you that I would
36:20:00
encourage a person to go towards next
36:23:00
because that's gonna lead them into the
36:25:00
third phase which is the marketing
36:27:00
materials getting cells ready as far as
36:30:00
you know 3d renders patent drawings
36:33:00
provisional patents you know protection
36:36:00
that's where I encourage that's
36:38:00
everything falls into place as far as
36:40:00
steps and that's fewer new inventor with
36:41:00
a napkin sketch that's first three
36:44:00
things I would do but it starts with
36:46:00
studying the marketplace hmm I know we
36:48:00
mentioned the market a lot you really
36:50:00
got to know the market right whatever
36:52:00
category you are in right you have to
36:54:00
know it I mean no don't don't get me
36:56:00
wrong you don't have to become a you
36:58:00
know historian and a you know you know
37:00:00
but to be able I mean with the use of
37:03:00
the Internet and you know again I don't
37:05:00
encourage you just to sit at your desk
37:07:00
and and look up a few pages of products
37:09:00
and hey I studied the market man it's
37:11:00
all great I'm telling my dick again and
37:14:00
really getting data and then going out
37:16:00
into the stores and actually looking at
37:19:00
similar products in that category walk
37:21:00
you know I we all heard the term walking
37:23:00
the aisles walk in the stores it is it's
37:26:00
important as well
37:27:00
you know but when you do it from an
37:28:00
inventor's mind and not just a shoppers
37:30:00
mind it's it's a whole new thing right
37:32:00
you're going to look at how are things
37:34:00
packaged is that product made out of
37:37:00
plastic rubber silicone foam styrofoam
37:39:00
what is it made of right that's going to
37:42:00
also help you and determine what you're
37:46:00
going to need because if it's made out
37:48:00
of plastic you probably could 3d
37:49:00
printers
37:50:00
to be a get a prototype mate or if it's
37:52:00
made out of rubber you probably could do
37:53:00
it you know from home if it's made out
37:55:00
of whatever these are all important
37:57:00
aspects that you have to take into play
37:59:00
take into consideration cool yeah I find
38:02:00
myself doing that I get in trouble a lot
38:04:00
whenever we go to stores with the family
38:05:00
I'm walking through the aisles looking
38:07:00
at all the products in the packaging and
38:09:00
I do the same exact thing I mean I'll be
38:13:00
honest with you I'm telling you I think
38:15:00
I've told your story once a week and
38:17:00
usually on Fridays I go and I go I go
38:20:00
looking at products that's I love it you
38:23:00
know I'm looking for companies I'm
38:25:00
looking for just ideas and I'm also
38:27:00
brainstorming you know and I had a
38:30:00
question in the jungle someone said I
38:32:00
posted a question in the jungle about
38:34:00
you know how many products are is any
38:37:00
one individual working on at one time
38:38:00
and I've had some say I'm working on 70
38:41:00
products at the same time that's great
38:45:00
you know but I do the same thing I love
38:47:00
brainstorming but I think the day you
38:49:00
know one two one two files probably good
38:53:00
I'll be driving into work and you know
38:56:00
we can make stuff here at the launch pad
38:59:00
but I get in trouble all the time when I
39:00:00
walk in I'm like hey I got an idea let's
39:02:00
make this and everybody's like no well
39:06:00
you know and I'll tell all myself and I
39:08:00
know it's been a long show today that's
39:10:00
been great though but I've told myself
39:11:00
I'm the same way so if you're an
39:13:00
inventor out there you've got a busy
39:15:00
mind there's nothing wrong with that
39:16:00
please go for it but because I taught
39:20:00
myself how to do 3d CAD rendering and
39:22:00
and drawing and cell she designed and I
39:27:00
did that I'm not bragging I did that
39:28:00
because of just cost feasibility I got
39:31:00
you know kind of tired of you know
39:33:00
leaving all this stuff up to other
39:36:00
people when I figured like why can't I
39:39:00
do myself my cell that's how I've always
39:42:00
did things but my wife she'll have an
39:45:00
idea I'll have an idea next thing I know
39:47:00
man I'm on I'm drawing this thing up
39:49:00
right I'm I mean I say drawn up I'm 3d
39:52:00
and I'm rendering it I'm like getting it
39:54:00
ready right and my brain never shuts
39:56:00
down and she had she come up with an
39:58:00
idea last night it was like brilliant my
40:00:00
wife did I'm like where did you think of
40:02:00
that
40:03:00
she's like key child up that's it yeah
40:05:00
sure can
40:07:00
but anyway we ever going to try to pitch
40:09:00
this thing it's pretty cool it's a
40:11:00
kitchen it's of course it's a kitchen
40:12:00
accessory she was great I mean that's
40:15:00
awesome
40:15:00
and you being able to do the CAD
40:17:00
renderings really helps you know again
40:20:00
you're you're keeping those those
40:22:00
resources and those funds they'll only
40:24:00
be used when they needed to be don't
40:27:00
yeah I don't encourage I mean if someone
40:30:00
wants to do that great you know you just
40:32:00
take it just took time to do that but
40:34:00
but there's you know freelancers out
40:36:00
there of course you can do it for you
40:38:00
know find people do it fairly cheaply
40:39:00
but I just yeah myself personally it was
40:43:00
just a challenge that I wanted to do you
40:45:00
know and I do like the fact that I have
40:47:00
an idea
40:48:00
I can sit down and draw it up yeah yeah
40:51:00
it is good no doubt I have to I have to
40:54:00
get somebody to do it for me frustrated
40:56:00
oh we have our CAD guys in our sketch
41:02:00
artist here within a facility but
41:04:00
they're always busy you never have an
41:06:00
idea I say here I made this day but it
41:08:00
never gets done because they're working
41:09:00
on real work not mine all right man
41:14:00
we'll listen it's been it's been a great
41:16:00
show it really has I'm glad that we
41:18:00
talked a little about the rejection and
41:20:00
and how to turn it into a pond I think
41:22:00
it's really good you do that because I
41:23:00
notice inventors feeling down and you
41:27:00
know when they get rejected and they
41:28:00
could turn into a positive so I'm kind
41:30:00
of glad you cleared that up how to do
41:32:00
that so I appreciate that yeah you know
41:34:00
again and we'll temel in the show and I
41:37:00
really appreciate it karma it's been
41:38:00
great today I wanted to talk about
41:40:00
rejection because it you know obviously
41:42:00
is such an important part of the
41:43:00
business and but again rejections should
41:48:00
not get you discouraged they should get
41:49:00
you encouraged okay you can learn from
41:51:00
them and this is a takeaway you can
41:53:00
learn from them by getting feedback you
41:55:00
can also know that you're doing
41:56:00
something with your product you're
41:58:00
moving forward whether it's you know to
42:00:00
find out that you've you've run every
42:03:00
channel you can and put your shirt ID on
42:05:00
the shelf for a while that's okay long
42:07:00
as you're doing something but if you're
42:09:00
if you're not making calls you're not
42:10:00
pitching product you're not getting nose
42:12:00
you're not doing anything you know okay
42:16:00
1% my friend all right we're gonna we're
42:19:00
gonna say goodbye for today's show if
42:22:00
you have any questions specifically for
42:25:00
Jeff or any of our other shows please go
42:27:00
to product coach usa.com or you can find
42:31:00
them on facebook at the licensing jungle
42:34:00
all right Jeff that's that's the best
42:36:00
places to get you and specially post a
42:38:00
question right on right on the site it
42:40:00
would be awesome yeah the licensing
42:41:00
jungle the Facebook group also
42:43:00
correspondent Coach USA has a Facebook
42:45:00
page and if you want to get ahold of me
42:48:00
product coach usa.com and you can also
42:50:00
email me anytime any questions at
42:52:00
product coach USA at gmail.com awesome
42:56:00
and for me I'm calling to disco if you
42:59:00
have anything that you would like to
43:00:00
reach out to you us here at the
43:02:00
inventors launch pad go to our website
43:04:00
which is inventors Launchpad com you
43:06:00
could find us on Facebook and LinkedIn
43:07:00
and if you know anyone or if you're new
43:10:00
to the show that that can use this
43:12:00
information please pass along our
43:15:00
podcast to them if you like the show or
43:19:00
don't like the show please go out to
43:20:00
iTunes or Google Play leave us a review
43:22:00
leave us our ranking and let us know
43:24:00
what we could do better or what you
43:26:00
liked about the show that would be
43:27:00
awesome too so for the license in Jungle
43:30:00
for the inventors Launchpad Network I
43:33:00
thank you for listening and we'll see
43:35:00
you next time
43:36:00
on our show take care