Quirky is Back, Let’s Start Inventing!

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Got an Invention Idea, Whats Next? Start a Business or License, We Break it Down!
September 20, 2017
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The Do’s and Don’t When Approaching a Company
September 29, 2017

Quirky’s back and ready to make invention accessible again. Listen to meet Quirky’s new President Gina Waldhorn and find out about Quirky’s comeback, how their new business plan works and how it’s different from the old one. Quirky is a community-led invention platform dedicated to developing innovative products through collaboration and partnership. Anyone can participate on Quirky.com either by submitting their own product idea, or by collaborating to enhance existing ideas. Quirky pays a royalty to all community members who help bring inventions to market.
https://www.quirky.com

www.inventorslaunchpad.com

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Podcast Notes

1You Tube Transcription
hi everyone this is carmine disco coming
0:04
to you on the inventors Launchpad
0:06
Network and I'm pretty excited today
0:10
because we had the ability to help out a
0:13
company relaunch that has been basically
0:17
helping inventors we know the inventor
0:20
world is crazy
0:21
everyone seems like they're in a vacuum
0:23
all inventors unless they're out there
0:25
talking about their product they feel
0:27
like they're by themselves and this
0:30
company has been helping people get
0:33
their ideas out helping people develop
0:35
their ideas information and actually
0:38
selling them and bringing them to market
0:39
and it's my privilege to bring on the
0:43
president of quirky and Gina Walt Horne
0:47
is gonna be on with us and we're gonna
0:48
go over the relaunch of quirky hey genie
0:51
over there oh thank you so much for
0:55
being on the show today no and I this
0:57
morning I do the shows all the time
0:59
they're not scripted and I was actually
1:01
nervous coming on the show talking about
1:04
quirky which is something I'm really
1:06
passionate about this is a company that
1:09
I didn't want to mess up to launch
1:10
because it's so important to the
1:12
International inventor community and I
1:16
just want to make sure that we do quirky
1:18
justice and I'm so happy that we're
1:20
gonna get to talk about it with you on
1:22
the show oh thank you we feel the same
1:24
way about great great I see that you
1:35
know you're sitting there and you have
1:36
some products in the background and
1:38
we're gonna get all into that as we
1:40
progress and I know that quirky you know
1:42
they were really going to town launching
1:44
a lot of products and you know they did
1:45
a lot of good out there but before we do
1:47
it I want to I want to talk a little bit
1:49
about you and and how you got into this
1:52
craziness that we call the invention
1:54
community and maybe give us a little bit
1:55
of your background sure so I actually
1:59
started my career in the advertising
2:03
world so working at big ad agencies
2:06
working for fortune 500 brands like
2:09
Procter & Gamble for
2:12
whatever for UPS helping them with
2:15
communications marketing strategy and
2:17
really I started my career right in the
2:19
midst of the digital advertising
2:21
revolution in 2005 so really helping
2:25
them navigate the new world that is
2:27
digital and digital advertising I did
2:30
that for probably about six seven years
2:34
um and then I felt like there was this
2:36
missed opportunity in the market for
2:39
baby brands to be more innovative by
2:43
working with inventors and entrepreneurs
2:47
so I actually left the agency world and
2:50
I started a company with a co-founder
2:51
called evolution and evolutions mission
2:54
was to connect the world of big brands
2:57
of early-stage tech startups
2:59
specifically more than a software space
3:01
so I worked with the likes of Nestle dr.
3:05
pepper Steelcase Mondelez international
3:08
and I hope these big brands to identify
3:12
startups early stage seed series a that
3:16
had technology and software that could
3:18
solve their business challenges so it
3:20
was kind of like a matchmaker between
3:21
the worlds of big brands and Madison
3:24
Avenue and the little guys over in
3:26
Silicon Valley meanwhile while I'm doing
3:29
all this I'm kind of back home tinkering
3:31
myself very involved in meetups and
3:33
inventor communities in New York I kind
3:36
of fancied myself a serial ideator who
3:39
could never really get any of my DEA's
3:41
any farther than poor sketches on
3:45
napkins I once fashioned
3:47
a better chicken wing dipping Bowl metal
3:50
plate it's still sitting on my coffee
3:53
table I own about 20 URLs for products
3:58
that I've never done anything but by the
4:00
URL for I'm a year RL quarter I was an
4:05
avid cookie fan during this time so here
4:07
I am running this other company
4:09
connecting the worlds of big brands and
4:11
tech startups spending some of my own
4:13
free time on Corky collaborating on the
4:15
community and just checking out all the
4:17
cool inventions that are out there when
4:20
I really you know I watched
4:22
the bankruptcy and I saw what happened
4:24
to perky and as a user and a fan of the
4:27
company I was pretty bummed and thought
4:30
how could something with such a
4:32
beautiful and brilliant vision that
4:34
meant so much to so many people not
4:37
being successful and you know that's
4:40
when I was really learning the hard
4:41
truths about profitability and what it
4:43
takes to run a business running my own
4:45
business software what happened to perky
4:48
and very serendipitously just through
4:51
the industry I was able to meet the
4:53
private investors that purchased worki
4:55
out of the auction after the bankruptcy
4:58
they saw what I was doing in this
5:00
matchmaking world between brands and
5:02
startups and said listen this is the
5:04
pivot we believe quirky needs to make in
5:07
their own business model we'd love you
5:09
to come on board and help break the ship
5:11
and make it work II as successful as it
5:14
can and should be and so I left my
5:18
business and joined the team at the
5:20
beginning of 2017 and here we are today
5:23
well I tell you what you certainly spoke
5:26
about the ingredients needed in in
5:30
running the helm of it mean basically
5:33
quirky I mean it's a multi-million
5:35
dollar company that was just kind of
5:37
waiting there for somebody to jump in
5:39
and start it up again hey because it has
5:42
been I mean the community is still there
5:43
is that right that's absolutely right so
5:46
you know the website never never went
5:49
down perky as a shift towards new
5:52
ownership just really put the brakes on
5:54
producing any process so even though you
5:57
know the website is live but products
6:00
really weren't coming out of the core
6:01
key factor anymore which you may think
6:04
would leave a lot of community members
6:05
to you know scram and get out of here
6:08
but they didn't they stuck around
6:09
community didn't go anywhere
6:11
they kept inventing they kept new
6:13
community members kept joining this
6:15
whole time so you know since the
6:17
bankruptcy we've seen tens of thousands
6:19
of adventures get submitted and over a
6:22
hundred new registers a day because the
6:24
community is just that passionate so you
6:27
know we are community members ourselves
6:29
who just believe in bringing this thing
6:31
back Wow that's that is amazing you know
6:35
and you mention a few things
6:36
whilst I was preparing for the for the
6:38
show so now kind of stalking you around
6:41
the internet to find out things about
6:42
what you've been up to I found out
6:46
things you know great things you've been
6:47
doing and it seems like as I do research
6:49
you are a perfect fit for this
6:52
particular type of project and I say
6:54
that not just because you're on the show
6:56
with me it's like it to me I just one
6:58
working brand builder I mean to me it
7:00
sounds like you that's what you do I
7:03
mean there's a lot of other things that
7:04
fall into place but that's what
7:05
inventor's me I hope I'm able to bring
7:11
Corky in this new kind of business model
7:14
that we're pivoting towards it is that
7:16
insight into what big brands and big
7:19
corporates and big successful corporate
7:22
brands me and what they need is
7:25
innovation and they need inventors more
7:28
than a lot of them even know and so
7:30
coming from that background where I
7:32
understand how to sell into corporates
7:34
how to identify those gaps and their
7:38
pain points and identify opportunities
7:40
where they need product innovation they
7:42
need to tap into community and just
7:44
understanding you know what makes a
7:47
brand successful I hope I'm able to
7:49
bring all that insight to worki to help
7:52
them venture into this this new model
7:54
hmm well that's one thing that inventor
7:58
is need I'm an inventor it sounds like
7:59
you're an inventor and it's it's it
8:01
makes me laugh when you talk about you
8:03
know you know sketches on napkins and
8:06
you put things together and you're a
8:07
tinkerer because in reality everyone
8:10
that I speak with that you there they
8:12
love inventions they love innovation and
8:15
everything that you mentioned I'm saying
8:16
well that's exactly how we feel there at
8:18
the launch pad because you know
8:20
sometimes we would go to a party or out
8:21
in public you hesitate something
8:25
sometimes it's talking about what you do
8:26
for a living because if you do everyone
8:30
has an idea and it's gonna lock you in
8:33
you know for the rest of the day because
8:35
they call her friend over hey Jim's got
8:37
a product he's been talking about for
8:39
five years or and and you know those
8:41
things I'm sure are already happening to
8:43
you but it's amazing to me that the
8:45
invention industry is as vast as it is
8:48
but it's still a
8:49
a close-knit community yeah absolutely
8:53
I have a very long notepad in my you
8:59
know in my app store on my on my iOS the
9:03
Notes app I've got just tens of
9:06
thousands of notes where I capture every
9:08
idea that anyone spits my way and then
9:11
chances are they come up with an idea
9:13
and then I kind of spend 20 minutes
9:15
thinking about it coming up with 10
9:16
ancillary or line extensions for their
9:19
idea so it's you know it's what I love
9:21
to do but I think something interesting
9:23
you mentioned is about kind of the
9:27
inventors who come to Porky and and who
9:29
were so passionate about porky because I
9:31
think it's really important as we think
9:34
about the future success of this company
9:36
to understand what Corky is and what
9:37
it's not for inventor so I'd like to say
9:40
that perky is not for every inventors
9:44
invention every time right so there's a
9:47
whole ecosystem of players in this
9:49
invention space from you know the kick
9:52
started with the invent helps and each
9:54
one offers a different service for
9:56
adventures and so quirky is right for
9:59
all inventors I like to say but not
10:01
necessarily right for all inventions or
10:04
we're all on ventures are on the point
10:05
in life and their journey so what I mean
10:08
by that is quirky is a place where we
10:11
function on the licensing model we can
10:13
get into that a little bit but if you're
10:15
thinking about building in business and
10:17
you want to quit your day job and you
10:19
have an idea and you want to brand it
10:21
your brand and you want to start a store
10:23
and you want to run a business around
10:27
your product invention quirky is not the
10:29
place for you to bring your invention
10:31
we're not the right thing you probably
10:34
have ten other inventions that maybe you
10:36
want to put on Berkey because those
10:37
aren't the ones you're trying to run a
10:38
business around and that's okay so we
10:42
want to be open and honest about what we
10:44
wear we are the right channel for your
10:46
creativity and for your ideas and where
10:48
we're not and sometimes like I said you
10:50
might have a portfolio of inventions as
10:52
a serial
10:53
you might be just someone who was
10:55
driving to work one day and still your
10:57
coffee on your lap and came up with the
10:59
idea for a seat belt that absorbs coffee
11:02
spills but you're never gonna do
11:04
anything with that idea Cumbrian on
11:06
quirky or maybe you have built the seat
11:08
belt that absorbs spot these bills but
11:09
you're kind of just as far as you can go
11:12
and you're looking for another outlet or
11:14
you want to get it to a big auto brand
11:16
but you don't have the resources then
11:18
quirky is the right place for you so you
11:20
know hopefully as we move towards this
11:23
new site relaunch we're doing a lot to
11:26
educate the inventor community about
11:28
when Corky is the right channel and
11:32
partner for your idea it's great that
11:35
you say that because it is important too
11:39
for people to think about what they want
11:40
to do whether they want to leave their
11:42
day job where they don't want to you
11:44
know making a few thousand dollars a
11:45
month or a thousand dollars a month or
11:47
$50,000 and ones from your invention
11:48
idea why is Faust you're still working
11:50
isn't bad everyone where it thinks they
11:52
need to make millions and millions of
11:54
dollars and it doesn't have to be like
11:56
that I mean taking taking an idea and
11:59
allowing somebody like yourself and all
12:00
the partners and knowing what they're
12:02
doing taking those steps in the right
12:04
order it's so enough I mean a lot of
12:12
inventors don't want to hear that but
12:14
that's the truth so Corky allows you to
12:17
see your idea potentially come to
12:20
fruition become a real product on
12:22
shelves make you a royalty in perpetuity
12:25
and you do not need to invest assess we
12:28
do everything we have to overhead we
12:31
have staff we are going to help design
12:33
it mechanically engineer it render it
12:35
prototype it bring it out to
12:37
manufacturers and brands package it and
12:40
market it distributed off a customer
12:43
support for it there is a cost to each
12:46
one of those invention is hard an
12:48
invention is expensive and if you don't
12:50
have or don't want to make that
12:53
investment in an idea but you believe in
12:55
it and you think it's a great idea you
12:58
can bring it to perky and we will make
13:00
that investment on your behalf mm-hmm
13:02
and again it sounds like you know it
13:05
sounds like I'm selling the quirky
13:07
idea but the great part is is there's no
13:09
charge food you guys do so I'm not
13:11
selling it what I'm selling is that I'm
13:12
selling is that an inventor may be good
13:15
at one or two things and nothing great
13:17
is ever done by yourself I mean you need
13:20
a team around you and being able to just
13:22
log on to a website upload your
13:24
information and have people all around
13:26
the world have people in the backend
13:28
office such as yourself I mean it's
13:30
basically a dream come true for an
13:33
inventor that is educated it's those
13:35
inventors that think that they have to
13:37
do everything themselves they can't tell
13:39
everybody about three and they're
13:40
working in a vacuum those are the ones
13:41
that really they need to learn that that
13:43
is not the way to invent a product yeah
13:46
absolutely and the interesting thing
13:48
about the quirky community is because
13:50
it's so vast it really covers all
13:54
different sorts of people from just
13:56
creatives to designers to hardcore
13:59
inventors to like I said someone who
14:02
would never fancy themselves an inventor
14:04
and who would never use that vernacular
14:06
or call themselves an inventor but
14:08
they're someone who has really
14:10
interesting product ideas or maybe they
14:12
have insight and they recognize in
14:14
efficiencies in the products that they
14:16
use every day so it'd be as simple as
14:18
coming to the platform and saying
14:20
there's got to be a better way to do
14:22
this or to use that they may not have
14:25
the solution but they may have some sort
14:28
of you know loose idea of the efficiency
14:31
that needs to be solved and how it might
14:33
be solved and then therein lies the
14:35
beauty and the power of the community
14:37
because every idea that gets put on
14:39
quirky should you decide to make it
14:41
public because you have an option you
14:43
can keep your idea private and no one
14:44
will ever see it except the quirky team
14:46
and our manufacturing partners or you
14:49
make it public and that's in the
14:50
community all joined together to iterate
14:53
and enhance and evolve your idea by
14:55
applying their own insight than our own
14:57
skill set to really take that idea of
15:00
yours to the next level and really give
15:02
it a form factor that turns it from
15:04
concept into tangible product and then
15:07
we take it from there so whether you're
15:09
a hardcore inventor that does their own
15:11
prototyping and mechanical engineering
15:14
whether you're just someone who feels
15:15
like they always have a better way to do
15:17
things you're all welcome and there's a
15:19
role for each one of those individuals
15:22
yeah I actually zipped around the quirky
15:25
platform which is very intuitive by the
15:28
way but I saw all different just as you
15:29
mentioned I saw all different types of
15:31
people I saw designers I saw you know
15:34
intellectual properties I saw an idea
15:35
just with napkins and a drawing then I
15:37
saw full prototypes and it's so great
15:39
you can decide and decide how you want
15:42
to jump in and what you want to help
15:44
people with it is it being in the
15:47
invention industry as far as long as I
15:49
have and even yourself being in business
15:50
and invention industry when you see
15:52
something like that that makes it easy
15:53
it makes you feel better because you
15:56
know that when that person gets to the
15:58
point where they know they need help
15:59
that does actually help for them and
16:03
you're not going to charge them you know
16:05
fifteen twenty hundred thousand dollars
16:07
to help because that's not how inventing
16:10
is done yes oh that's great I mean it's
16:15
it's awesome I am so glad I said I just
16:17
had so many things that I want to get
16:19
going on these and I know we're gonna do
16:20
a series and it's so great that we're
16:24
able to do this in in pieces because as
16:27
inventors listen I'm you know we want to
16:29
send them over to the site we want them
16:30
to sign up we want them to zip around
16:31
and feel a trusting you know voice a
16:35
trusting sight because that's some of
16:37
the things that I run into and I don't
16:38
know if it's something that you run into
16:40
as you talk with inventors I know you've
16:42
been to a lot of shows and you know it's
16:44
that trust factor that you know if I
16:46
tell people about my idea they're gonna
16:47
steal and do you run into that or is
16:50
something that you haven't experienced
16:52
too much yet yeah no it absolutely is
16:54
and it's something that we work on every
16:58
day and that we probably will continue
16:59
to work on every day I think I see it
17:04
from a few different angles there's
17:05
first there's the perception that I
17:07
don't want to tell anyone my idea
17:10
because a big a big company is going to
17:13
come in and take it a big brand what I
17:16
hope my advice kind of any inventor that
17:18
feels that way I don't think that's a
17:21
legitimate concern for the most part and
17:24
the reason is because I've worked with
17:26
these
17:26
the corporates these fortune 500s for my
17:29
entire career and they move so slow
17:33
there were so many legal hurdles there
17:37
are you have to have meetings and
17:39
statuses and meetings about meetings and
17:41
statuses to talk about the meetings to
17:43
talk about the services you're gonna
17:44
have before you even get to pitch the
17:47
concept and you know ten other inventors
17:51
will come up with your idea and bring it
17:53
to market for any big brand ever does
17:56
and honestly a lot of them would rather
17:59
just work with you then even try to kind
18:02
of go and steal it and do it on their
18:04
own I'm sure there are examples and it
18:06
has happened and it will happen but it
18:09
rarely happens and if it's something
18:11
that you are actively pursuing I
18:14
guarantee you you are going to beat them
18:17
by several years in terms of timeline
18:19
and speed to market so I wouldn't let
18:22
that be a deterrent in sharing your idea
18:26
with the world or the community or with
18:27
the brands they certainly don't want to
18:30
lawsuit on their hands it's bad for PR
18:32
and now given you know they used to be
18:33
able to steal ideas and you didn't have
18:35
a microphone unless you could scrounge
18:37
up a lot of money to buy some TV time to
18:39
tell the world about your invention that
18:41
was stolen by so-and-so brand but today
18:43
they're terrified of social media and
18:46
the backlash they don't want to touch
18:47
that with a ten-foot pole so they're
18:49
really not looking to steal ideas now a
18:52
lot of companies are working on a lot of
18:55
ideas all the time and so you me
18:57
thinking you know I put it out there and
19:00
now I see P&G; just released this new I
19:02
came up with that trust me they have you
19:05
know dozens and dozens of scientists all
19:08
over the world trying every day to come
19:10
up with new product inventions it's
19:11
likely that they might have come up with
19:13
it already but my advice there is just
19:17
don't let that be a deterrent because
19:19
you think if the corporate is gonna
19:20
steal your idea now having another
19:22
inventor steal or copy your idea is a
19:26
very real concern and something that
19:29
because perky is a public platform you
19:31
have to log on you have to accept our
19:33
terms and service you have to become a
19:34
user and go on our platform
19:37
looking at the inventions in those terms
19:39
and service terms of service obviously
19:42
discourage any of that kind of copycat
19:45
activity but I'll be the first to admit
19:47
our terms and terms of service or a bit
19:50
tedious to say the leaves are legal
19:52
friends do a very good job at making
19:54
them you know almost illegible but with
19:58
that said we are doing everything we can
20:01
occur key to identify anytime there's
20:03
been some issues so we look at a time
20:07
stamping and we have deep analytics on
20:09
the backend that allow us to see when
20:11
did somebody submit an invention exactly
20:13
down to the second of the day did they
20:15
actually submit that idea we can see who
20:18
else looked at that idea participated
20:21
with that idea so we can very clearly
20:23
see if someone came up with invention a
20:25
and another user spent time on the
20:28
invention eight-page and then a week
20:30
later submitted invention B that looks
20:32
like invention a we can immediately flag
20:35
that in the system approach the
20:37
inventors and really try to work through
20:40
it and give credit to that original
20:42
inventor where credit is due so it's
20:45
certainly a concern but I find most of
20:47
the time the bigger the turn is going to
20:51
be your own fear and not bringing it to
20:54
market versus somebody stealing it and
20:55
doing it better faster than you can wow
20:59
that's it's it's an excellent way that
21:01
you explained it and I'm right on top of
21:03
that with you because again there
21:05
probably is somebody working on an idea
21:07
that's close to yours if you're an
21:08
inventor and you have had this idea for
21:11
five years eight years ten years I could
21:13
guarantee someone in the world is
21:15
working on the same idea it might not be
21:17
the exact way the exact mousetrap but
21:20
they're working on it and there's
21:20
nothing wrong with that that is done you
21:23
know Gina knows I mean you're you're a
21:26
business person you know that it happens
21:28
I mean here at the launch pad we get
21:30
products that are submitted that are
21:32
close to each other we talk to the
21:33
inventor and then they're not doing
21:35
anything wrong and the clean other part
21:37
about it is this I can almost guarantee
21:40
that if your product you all you
21:42
inventors out there if your product is
21:43
successful someone is going to copy it
21:46
they're not gonna do it exactly the same
21:47
way but if you're successful
21:49
so stop get that fear out of your mind
21:51
gonna copy you there's bicycles that are
21:53
out there there's cars that have four
21:54
wheels just like every other car they're
21:56
going copy you so don't worry about it
21:58
as you said get the fear out of your
22:01
head and move forward and that's what I
22:02
love about quirky it's such a
22:04
fast-moving community that something and
22:07
I put an idea up there and I have no
22:09
idea what the next step is somebody's
22:11
gonna jump in there and say this is what
22:13
we're doing next and it can quickly
22:15
someone we have a lot of for a lot of
22:21
people working so we have mechanical
22:24
engineers industrial designers spend
22:27
time on the platform and they is the
22:33
engine that powers and incentivizes the
22:36
community they're earning every time you
22:38
just contribute even an idea for a
22:41
feature or you take a market a market
22:44
research survey anytime you you know put
22:46
some effort towards helping somebody's
22:48
invention evolved you earn a royalty and
22:52
so we have industrial engineers and and
22:56
mechanical engineers and professionals
22:59
who do really top-notch renders and
23:02
prototypes on the platform essentially
23:05
doing it for free doing it for a
23:07
proportion of the potential future
23:09
royalty but not looking for any payment
23:11
right away and they do it because they
23:12
love it you will really it's a lot of
23:14
fun to see this idea that you had in
23:17
your head get turned into something that
23:20
you can really see how it would function
23:22
and what it might look like that's
23:25
someone that you've never even met
23:26
decided well something you mentioned
23:32
there and it's you know it's it's news
23:35
to you you know you've probably said it
23:36
a hundred times so you don't really
23:37
realize it that people are doing things
23:40
that they love on your site and they
23:42
could possibly make money for it and I
23:44
could guarantee that they've done a lot
23:46
of designing or whatever they did and
23:48
didn't make any money you know now they
23:51
have the chance to help people anywhere
23:53
in the world and that's what's great
23:54
about you're not just you know using
23:55
your town or going down the road and
23:57
finding an industrial engineer or
23:58
somebody do CAD files somebody in
24:00:00
Germany or somebody in Switzerland or
24:03:00
wherever they are can help you with your
24:05:00
product that
24:05:00
a fresh idea and they can actually make
24:07:00
money for it so it turns the fun into
24:11:00
actually turning into a business so it's
24:13:00
kind of so since rookies you know
24:16:00
inception in 2009 we paid back we paid
24:20:00
over 11 million dollars back to the
24:23:00
community in royalties and that number
24:26:00
just increases you know every every week
24:29:00
in every month so you earn royalties for
24:33:00
submitting the idea that you own royalty
24:35:00
for contributing and collaborating on
24:36:00
ideas every idea and submission on the
24:40:00
platform has a market research study
24:41:00
attached to it so that's critical
24:43:00
critical information that many captures
24:46:00
and retailers are looking for so these
24:48:00
market research studies ask how much
24:51:00
would you pay for this what store do you
24:53:00
we want to see this on the shelves of
24:55:00
and that information really goes a long
24:57:00
way even if you feel like you don't have
25:00:00
design skills and renderings don't
25:03:00
follow within your wheelhouse
25:04:00
just giving me back doing competitive
25:06:00
market intelligence research is
25:08:00
incredibly valuable and you deserve and
25:11:00
you will earn royalties just for that
25:13:00
level of participation and folks out
25:17:00
there that is why Gina is perfect for
25:19:00
this job I mean you you make it sound
25:21:00
like it's so easy what you just
25:23:00
mentioned is thousands and thousands of
25:25:00
dollars worth of what you're giving to
25:27:00
these potential investors and I mean
25:29:00
inventors these potential inventors I
25:31:00
mean just what you talked about they
25:33:00
have no clue on how to do that 99% of
25:36:00
them and it's so important to know if
25:37:00
your product is actually gonna be a
25:40:00
saleable product everybody thinks their
25:41:00
product is going to be the next
25:42:00
million-dollar product but to be able to
25:44:00
do that to be able to add that on is
25:46:00
insane it just it just shows to me as
25:49:00
you just and it just flows out like it's
25:51:00
nothing to you and that's what's so
25:52:00
great about what you're doing yeah I
25:55:00
mean I've been helping brands for a long
25:56:00
time it's also you know you might not
25:58:00
know that you have a product that
26:00:00
appeals to a certain target demographic
26:02:00
so you may be designing something for
26:05:00
kids and you may not realize that it's
26:09:00
also great before gyms
26:12:00
who have daycare centers and you may get
26:14:00
someone who logs on and says I run an
26:17:00
equinox or a Gold's Gym and this would
26:21:00
be fantastic to this type of day to use
26:25:00
in the daycare center whatever it might
26:26:00
be but you might start to learn about
26:28:00
different opportunities and markets and
26:31:00
channels for distribution or use cases
26:33:00
or form factors for your original idea
26:35:00
that you never thought of that might be
26:37:00
more viable and hold a greater market
26:39:00
opportunity to ultimately make your
26:41:00
product successful and make you and your
26:43:00
collaborators a lot of money ya know
26:46:00
that being able to say that you have a
26:47:00
team working on your product it just
26:49:00
gives you a sense of power you know I
26:51:00
have my team working on like it really
26:59:00
isn't so we're running a little bit low
27:01:00
on time I mean because I love this stuff
27:03:00
as you know and I know you do too can
27:05:00
you give us and I don't know if you can
27:07:00
can you give us a little bit on how the
27:08:00
the new model works with with quirky you
27:12:00
know and if you have changed too much
27:14:00
sure so originally worki was
27:19:00
manufacturing all of the products
27:21:00
directly that came off the platform so
27:24:00
they would hold these really fantastic
27:27:00
about the elation sessions they would
27:29:00
select the products to bring to market
27:30:00
and they would mend source and
27:32:00
manufacture those products on their own
27:35:00
and then distribute retail those through
27:38:00
all of the baked retailers masks and big
27:41:00
box etc so the big change is that we are
27:46:00
pivoting out of the manufacturing
27:48:00
business into a licensing model so
27:51:00
working no longer sources and
27:53:00
manufacturers the products we have
27:55:00
manufacturing and big brand partners who
27:58:00
come on and they represent different
28:00:00
categories of inventions so we have a
28:02:00
toy partner we have an electronics
28:04:00
partner we have a storage partner and
28:08:00
these partners are experts in
28:10:00
manufacturing sourcing distributing
28:13:00
pricing retailing marketing those kinds
28:18:00
of products that is all they do so they
28:20:00
are able now to source and menu
28:23:00
products with a high level of quality
28:26:00
assurance but at an efficient phrase
28:28:00
that's going to deliver the right price
28:30:00
point at shell so that we can move these
28:32:00
products at a high volume and a higher
28:34:00
volume in order to make our community a
28:37:00
lot more money we measure success based
28:40:00
on how much money we make our community
28:43:00
because working functions all license a
28:45:00
model so for every product that a
28:47:00
manufacturer decides to make off of the
28:50:00
perky product where he takes a royalty
28:52:00
porky then gives some of that royalty
28:55:00
back to the community so for every
28:58:00
product there is a 3% product royalty we
29:02:00
split that 3% product royalty 50/50 with
29:06:00
our community so that's one point five
29:08:00
percent paid back to the community and
29:11:00
that's paid on net royalties paid so net
29:15:00
worth is paid is after products been
29:17:00
purchased at wholesale you - out returns
29:20:00
and discounts and that that price that
29:24:00
amount that you're left with is what
29:25:00
gets paid to the inventor's Wow yeah and
29:30:00
again any inventors that are out there
29:31:00
what genius talking about is exactly how
29:33:00
business is done license your product or
29:35:00
even go into retail and trying to sell
29:36:00
yourself there's percentages on returns
29:38:00
there's some times we have to pay for
29:40:00
advertising they're shipping to the
29:42:00
distribution center so when quirky takes
29:45:00
it on in license the product that's why
29:46:00
licensing is such a great deal for most
29:48:00
inventors what gene is talking about
29:50:00
that 3% is a normal percentage II and I
29:53:00
mean you know that and you know a lot of
29:56:00
inventors get this big head or they
29:57:00
think I'm gonna get 12% I'm gonna twin
29:59:00
it does not happen today your major
30:05:00
consumer products companies if they're
30:08:00
lucky at the end of the day are taking
30:10:00
home a 10% profit margin that's after
30:14:00
they've invested millions in development
30:17:00
in packaging in marketing in a sales
30:20:00
team they're hoping to take home maybe
30:24:00
10% you are getting 1.5 percent as an
30:28:00
inventor in the community without
30:30:00
a single bar so we think it's a very
30:33:00
fair and a great opportunity for
30:36:00
inventors to really make some honey and
30:39:00
like I said we don't we pay the
30:41:00
invention community out of our own
30:43:00
loyalty so when the inventors and the
30:45:00
community makes money Corky makes money
30:47:00
so that's how we measure success the
30:49:00
more money here purely incentivized to
30:53:00
make money for our inventors and where
30:55:00
we make them the more we make so it's
30:58:00
really a win-win and I think it is the
31:00:00
right way to measure success of our
31:02:00
business yeah one 1,000 percent that's
31:05:00
why I love this model so much I'm after
31:07:00
we know we after we talked prior to to
31:10:00
starting the shows I love the models so
31:11:00
much because an educated inventor will
31:14:00
realize just the resources that you're
31:16:00
gonna throw out an idea itself is worth
31:19:00
hundreds of thousands of dollars and
31:21:00
then being able to put that distribution
31:23:00
that company that licensee in front of
31:26:00
the invention I mean in most cases even
31:29:00
if you get your product to the point
31:30:00
where you can license it getting in
31:32:00
touch with the person who's going to
31:33:00
take it on is even a hard part so you're
31:36:00
doing it all yeah it's not easy to
31:39:00
navigate and find someone to connect and
31:43:00
picture product to these big brands in
31:47:00
these manufacturers so the fact that we
31:49:00
have existing relationships and
31:51:00
committed manufacturing partners and
31:53:00
brands who said we want to take 10 or 20
31:57:00
products to market a year off of the
32:00:00
quirky platform they're you know they're
32:03:00
already open and excited and looking for
32:06:00
products to bring to market off of our
32:08:00
platform the other thing that's new
32:11:00
really about the business model with
32:12:00
this relaunch is the scale that this
32:15:00
licensing model can bring us so we get
32:18:00
inventions in toys impacts in auto
32:21:00
in-home in Fitness in sports and so by
32:25:00
having a breath and a network of
32:28:00
manufacturing partners across all of
32:30:00
these different categories we're now
32:32:00
able to bring you know hundreds of
32:34:00
products to market
32:36:00
rather than you know just if we were
32:38:00
doing it on the limited scale that we
32:42:00
would be able to achieve in yeah and the
32:45:00
good part is is that the partners that
32:47:00
you're bringing on are more apt to want
32:50:00
to work with you and your team then a
32:52:00
single inventor now I'm not saying
32:54:00
there's anything wrong with that single
32:55:00
inventor that person but that you're
32:57:00
working with the team of professionals
32:59:00
like yourself that are used to doing
33:01:00
this you have all your paperwork you
33:02:00
know what it's going to take to license
33:04:00
that product the paperwork's all in
33:05:00
place these big companies would rather
33:07:00
do that and you can streamline
33:09:00
absolutely so we a good analogy is we
33:13:00
build a moat essentially around these
33:16:00
big brands business so they get all the
33:18:00
benefit of working with inventors
33:21:00
without all of the kind of hassle I mean
33:25:00
let's be honest I had one so I can we're
33:28:00
not the easiest people to work with
33:30:00
right more creative thinkers but there's
33:33:00
a whole legal aspect of it and if you're
33:35:00
trying to work with dozens of inventors
33:37:00
at a time it can be a legal nightmare
33:39:00
not to mention on the brand side they're
33:41:00
really good at kind of crushing and
33:43:00
sucking out everything that is creative
33:46:00
and exciting about inventors and I
33:50:00
learned this a lot of my previous
33:52:00
business and startups you know you got a
33:54:00
big brand get ahold of amun just going
33:56:00
through legal and procurement kind of
33:58:00
bankrupt an inventor not to mention just
34:00:00
squeeze all the fun and the inspiration
34:03:00
out of it until you're left that's kind
34:05:00
of you know just the values and soleus
34:08:00
been so beaten down and that's not what
34:11:00
we want so you want to make sure that we
34:13:00
can treat inventors with respect that we
34:16:00
can make them feel part of the process
34:18:00
and keep them updated and involved as
34:22:00
their product moves through the design
34:24:00
process and we let the no listen your
34:26:00
products now been selected by a
34:30:00
manufacturing partner and by quirky for
34:32:00
further development so now it's in this
34:34:00
phase where we're going to be testing
34:35:00
for its viability we're going to be
34:37:00
doing some sketches here's what all that
34:38:00
looks like great it looks like we can
34:41:00
manufacture this and
34:42:00
do it at a you know an efficient price
34:45:00
where we can actually make some profit
34:47:00
off of it now I'm just going to move
34:48:00
into the production phase here's what's
34:50:00
that that looks like here's a snapshot
34:51:00
of a factory so we're going to bring
34:53:00
them through this whole process but
34:56:00
protect them from having to deal with
34:57:00
the legal nightmare that is big
35:00:00
corporate entities know that's exactly
35:03:00
I'm I'm I'm glad and I and again I know
35:06:00
the inventors are they're listening and
35:08:00
they're just not sure if it's something
35:09:00
they want to do and I'm just so glad
35:11:00
that you're diving into the explanations
35:13:00
of why you're doing each step because it
35:16:00
is important that they feel comfortable
35:17:00
and you know my suggestion is to it's
35:19:00
you know to just jump in log on to you
35:21:00
know quirky dot-com you don't have to
35:23:00
put your invention up there you can surf
35:24:00
around and and check it out by the way
35:26:00
though the website looks great it's very
35:27:00
intuitive very easy to use I don't
35:30:00
really working on doing more to educate
35:34:00
the inventor community about when an
35:36:00
importance right for you how does it
35:38:00
work how does this royalty structure
35:40:00
actually work you know it can be a
35:41:00
little confusing and really just make
35:45:00
sure that we're clear and inventors feel
35:48:00
like they understand exactly what the
35:50:00
benefit when work is not right for that
35:53:00
man you know recommend some other
35:55:00
partners because you may not right be
35:58:00
right as I said in the beginning for all
35:59:00
your inventors so how can we really
36:01:00
rising tide floats all boats but be just
36:05:00
another option and a good player within
36:09:00
this ecosystem know 100% I think it's
36:12:00
great I'm getting a big hook to get to
36:15:00
wrap up we're gonna have several other
36:17:00
shows and I want to dive into some more
36:19:00
of this and I want to listen to know
36:20:00
that this is just an overview we're
36:22:00
talking about these things and and gene
36:24:00
is getting into you know some details
36:26:00
but I know we're gonna get deeper into
36:27:00
these details and make people feel
36:28:00
better and talk about the best way to do
36:30:00
it you know the partners and how things
36:32:00
and timelines and you know my big issue
36:35:00
is I could talk about this stuff all day
36:36:00
it's really super exciting I know you
36:38:00
have things to do too Gina so I
36:40:00
appreciate you being on the show today
36:41:00
and again we'll we'll get the next show
36:44:00
going and you know keep listening in any
36:46:00
questions that the listeners have out
36:48:00
there you know please log on to
36:51:00
inventors launch pad or Gina is there is
36:53:00
there somebody that they can contact
36:54:00
that they have some questions directly
36:55:00
or said they just go
36:56:00
the quirky website yeah listen I'm an
36:58:00
open book so you can only social media
37:02:00
gee Walden or you can email me directly
37:05:00
at perky calm perfect thank you so much
37:09:00
and we'll be talking to you soon thanks
37:12:00
so much bye