The Licensing Jungle Discusses Protecting Your Idea with Intellectual Property

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

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

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Podcast Notes

1You Tube Transcription
man I love that song how you doing
0:04
everybody out there this is Carmine
0:06
disco with you from the inventors
0:09
Launchpad Network I have the honor of
0:12
staging up a new episode of the
0:16
licensing jungle with my friend co-host
0:20
mr. Jeffrey mangas hey Jeff how you
0:22
doing over there buddy I'm doing awesome
0:27
man I know I said this on the podcast a
0:29
lot but you know that song just gets me
0:31
all psyched up every time I hear it I
0:34
know that we're gonna be talking about
0:35
some cool stuff and helping people
0:37
listen in to what's going on I mean I
0:40
know you got some other things going on
0:42
too I've been seeing on Facebook that
0:43
that your band is uh is getting ready to
0:46
do a show we are we got two shows this
0:49
weekend and got some stuff booked out
0:51
yeah we're really it's a new band and
0:54
you know it's what I do on the side hey
0:56
this is what I've been playing guitar
0:57
since I was six years old you know so
0:59
hey I love to play and no it's good
1:03
that's awesome you know you know you
1:05
need an outlet this business that we're
1:07
in and and and all you listeners out
1:09
there we all know that everyone gets
1:10
frustrated and things don't happen as
1:12
quickly or like we plan and you need an
1:15
outlet you need to get out there and
1:16
have fun your whole life cannot revolve
1:19
around your product your idea your
1:21
invention that's correct that's correct
1:24
you got to have an Allen you know
1:25
because even the spur creativity or even
1:28
push your idea forward you got clear
1:29
your mind sometimes you have to just get
1:31
out and forget about it for a little
1:33
while you know don't forget about it for
1:34
a month but you know take a day or so
1:39
and take a break you know and just rest
1:41
on it well that's why you're here you're
1:43
not gonna let them forget about it for
1:44
that long well you know what I found is
1:48
sometimes when I when I have an issue or
1:50
or some of our clients have an issue you
1:52
know you you go out there you do some
1:53
exercise you go for a walk you know you
1:55
talked to some people about things and
1:57
then you know the the problems or issues
1:59
that you're having see they're the
2:00
solutions seem to come come a little
2:02
easier than when you're just
2:04
concentrated and burn your brain out you
2:06
know it just that's that's how it works
2:08
for me sometimes when I'll go on a bike
2:09
ride or I'll go walk on the beach or
2:11
we'll go do something with
2:13
family and then while I'm not thinking
2:15
about it that solution comes to me or
2:18
that issue of that answer comes my you
2:20
know and hopefully that that's how it is
2:22
for a lot of people well that's you know
2:24
I totally believe that 100% I believe in
2:27
but I believe in the science of
2:29
creativity and how your brain is the
2:32
world's best biggest computer and and so
2:37
yeah just sitting and sitting around the
2:39
same four walls you're not you know if
2:40
you're beating yourself up over a
2:41
problem it's not going to happen if you
2:43
let your brain just systematically rest
2:46
go do something go for a walk I you know
2:49
I've personally do love going for walks
2:51
and you're right driving in a car for me
2:54
I don't care if it's even one of the
2:56
going to the market or on a long trip
2:59
ideas come and then something like that
3:01
seem like the channel is open so yeah
3:03
doing things different we're out of the
3:05
norm you know set your brain in motion
3:07
and things will and the answers will
3:08
come they certainly do no yeah no that's
3:11
good and and you have to I mean that's
3:13
one thing about this invention industry
3:15
is that it's constantly changing you
3:16
know your idea as you you know as you
3:18
teach from the beginning of your idea
3:21
all the way through to the end the
3:22
products are constantly changing and you
3:24
have to be ready for that
3:25
you you can't be too stiff about it you
3:29
know you have to be able to pivot and I
3:31
know you teach that with all of your
3:32
clients to be open-minded I do I really
3:34
do I teach my students to not only study
3:37
the market but watch the market you know
3:39
watch things watch trends watch what's
3:41
happening but also to invent in your in
3:44
areas that you're interested in don't
3:46
try to you know force an idea out of you
3:50
know some weren't something that you
3:51
don't understand and it's okay sometimes
3:53
just to go to a you know to walk the
3:55
store aisles and go look at product and
3:57
to generate ideas you know and to fresh
3:59
new ideas but you know when you're
4:02
inventing in categories that you're
4:04
interested in that you truly care about
4:06
like for example me you just said I play
4:08
in a band love guitar I love inventing
4:11
for the guitar industry you know I love
4:15
developing products and I have you know
4:17
relationships with some of the major
4:19
guitar accessory manufacturers in the
4:21
world and and I've developed those
4:24
relationships through being professional
4:26
and but I'll
4:27
so you know just coming with as many
4:29
ideas as I possibly can to them and they
4:31
know when I you know write them and
4:33
that's what I coached my students to
4:34
that you know you're gonna develop
4:36
relationships you're gonna create ideas
4:38
that especially in the areas that you're
4:39
interested in and there's there's
4:42
nothing like the fun creating ideas in
4:45
an area that you just truly love to do
4:47
with it's hunting fishing guitars golf I
4:51
don't care what it is if you're in it
4:52
and you're interested in it you're gonna
4:54
develop great ideas of that industry no
4:57
doubt no doubt if you can hear the user
4:59
of your invention it's even better
5:02
absolutely if you're using if you see a
5:06
need that you had this is something I'd
5:08
like to see and those are the best
5:10
inventions that I mean inventions our
5:12
problems are solutions to problems
5:15
that's what they are yeah yeah exactly
5:18
hey listen I know that we're kind of
5:20
strapped for time and I know we're gonna
5:21
get into some discussions on IP
5:24
intellectual property I did have a
5:27
question that came in through our
5:28
website for you and we don't have to
5:31
answer it you know on air if you want
5:33
unless you want to you can always get
5:34
back to the person or it came in from a
5:36
woman named Nancy out west
5:38
I think Las Vegas area talking about
5:42
licensing for the sports industry she
5:46
has a product and she's looking to
5:48
license it to two sports industries like
5:50
professional sporting like football and
5:53
baseball and soccer is there anything
5:55
different in that type of industry when
5:58
you're looking for licensing or st. and
6:00
look out for is it kind of all the same
6:02
well you know that that's a great
6:05
question and to answer that question
6:06
more answer Donaire was I think this is
6:08
the assistance that I love you know to
6:10
do this for industry really is it is a
6:13
different industry but all in all every
6:15
industries is safe when it comes down to
6:18
locating companies locating who the who
6:20
the key people are in these industries
6:22
now if you're looking at you know
6:24
different with this football basketball
6:26
soccer whatever that industry is and
6:29
whether the product is a you know
6:31
whatever the product is an accessory or
6:33
is it something you know whatever that
6:35
is there are companies that feed into
6:37
these into these different sports that
6:40
you
6:40
you know like for example I have a
6:42
student who had a golf accessory you
6:44
know and then we realized that you know
6:46
there was he didn't realize he could
6:48
contact the major corporations in the
6:50
golf industry and he realized that I
6:52
mean we niche down and I showed him how
6:54
to focus and that's what I would tell
6:55
Nancy is to really fine-tune and your
6:59
idea as far as you know looking at it
7:02
and first keywords like you know where
7:05
can you search for companies you know is
7:07
it is it made for is it made for you
7:09
know soccer bags there's a made for gym
7:12
whatever the I don't know what the
7:13
product is so that's kind of I'm just
7:15
letting your noted to really think about
7:17
you know where her product would fit the
7:19
benefits and then find where those
7:22
companies are by really doing certain
7:24
research on that you know so yeah the
7:26
sports industry adds a little tougher as
7:29
far as if you talk about NFL and those
7:31
kind of things but you still can get
7:34
into those in those corporations you
7:35
can't but not say it's easy I'm not
7:38
gonna say that
7:39
it would be a definite hurdle but you
7:43
can't you know I for example the medical
7:46
industry with me it's a tough industry
7:48
very tough I banged on doors I banged I
7:51
banged and I kept going and I didn't
7:53
give up and so that's the sports same
7:55
thing but you can do it absolutely very
7:58
good yeah and I don't think there's
8:00
anyone that's gonna that's out there
8:01
listening is gonna say that this
8:03
industry is easy that's not a word that
8:05
we usually utilize one when we're
8:07
talking about this stuff is easy the
8:09
word easy and licensing they don't
8:13
spectrum serve two different spectrums
8:15
yeah but you know I had I had a sense
8:18
for a note back that you know we'll
8:20
we're gonna get you to answer that
8:21
question and also to contact you I'm
8:23
sure you know that that at some point
8:26
she'll be she'll be giving you a shout
8:28
to to help her with with moving that
8:30
phone I'd be great but let's uh let's uh
8:32
let's get started on our today's show on
8:34
a subject of intellectual property and I
8:38
wasn't sure if you wanted to talk about
8:39
patents copyrights intellectual property
8:43
in general provisional patents there is
8:46
so much to go so you're gonna pick one
8:47
topic or what we're gonna do yeah I like
8:51
to talk about provisional patent
8:52
applications I think it's
8:54
you know even though they we hear that
8:55
term a lot I think you still think it's
8:58
miss it's misunderstood and I think
9:01
maybe we could really fine-tune and
9:03
clarify some things about a provisional
9:05
patent application that's what I think
9:06
that's perfect yeah I mean a provisional
9:09
patent is huge because it's basically a
9:10
tool people aren't utilizing provisional
9:13
patents they are they're leaving a real
9:17
weapon in a tool box
9:19
yeah you're right you know it is a
9:21
absolute the weapon it is it's a
9:24
strategic weapon to have in your in your
9:26
toolbox but this is what I see every day
9:29
and this is why I wanted to address
9:30
provisional patent applications I talked
9:32
to a lot of inventors every day you know
9:36
I mean every single day I get messages I
9:38
get emails and calls and I love those
9:40
calls and emails but but one of the main
9:43
questions and one of the main things
9:45
that I see is inventors going out and
9:48
spending thousands of dollars on patents
9:51
on a product Anderson again if you've
9:53
done that guys if you're listening this
9:54
to the podcast
9:55
I'm not saying that's a bad thing what
9:58
I'm saying is there are there is a
10:00
easier way to do it and a more
10:03
cost-effective way to do this than
10:05
spending thousands with a patent
10:07
attorney especially on a product that
10:09
you do not have any determination of the
10:13
market value of the you know if the
10:16
market even wants your idea if you know
10:18
if it's even a big enough problem so
10:21
this is the thing that I see every day
10:22
and I hear inventors it's one the first
10:25
thing they tell me Wow I went out and
10:26
got I found for a patent and I've spent
10:29
five thousand dollars and I've spent ten
10:31
thousand dollars and geysers I want to
10:33
dress this day there is an easier way
10:36
and that's the provisional patent
10:37
application that's why I want to talk
10:39
about that today yeah yeah I mean that's
10:42
exactly exactly 1 million percent right
10:44
you know years ago you know the
10:48
provisional patent was and didn't exist
10:50
I mean I think that it was brought early
10:53
early 90s that he brought the
10:54
provisional and what you know what we
10:58
have is as an advantage to the two
11:01
people who have to file full patents we
11:04
had that advantage to file this
11:06
provisional patent claim patent pen
11:08
test our product go after the market
11:10
prove or prove the if the Protestant
11:13
work I mean we can we can utilize this
11:15
provisional patent for so many things
11:17
for such a low cost absolutely for you
11:20
know I don't know why anyone would not
11:22
want to do it any other way you filed
11:24
provisional patent application for $65
11:27
Micro unity status and getting get
11:30
yourself 12 months of protection 12
11:32
months of patent pending protection and
11:34
be able to really dig in and find
11:37
companies and find interest what I want
11:40
to talk about is something that you know
11:42
I did a video on Facebook a while ago
11:44
about the I call it the provisional
11:47
patent trap and what that is I'm sure
11:50
you've heard of a car mine maybe you
11:52
haven't but it's where a lot of
11:54
inventors will they'll fight they they
11:56
actually go to them to the point of
11:58
filing a provisional patent application
11:59
which is great but then they take all
12:01
this time to get their materials
12:03
together to get their prototypes
12:05
together get whatever together before
12:07
they ever start reaching out to
12:08
companies and by the time they get
12:10
everything together
12:11
they're six months into it and they've
12:13
already lost six months right so then
12:15
they're rushed and then you know and and
12:18
the really the rule is you know after
12:20
the before the year you need to file for
12:22
an on utility application but you know
12:26
you can't find another provisional
12:27
patent application just long as you
12:29
understand that you lose that initial
12:31
date that you've initially filed and
12:32
your new date will take place now with
12:35
the patent system we know that Obama
12:36
changed it went from basically first to
12:40
invent to first to file you know so that
12:42
that's one thing about the provisional
12:44
provisional patent application is being
12:47
able to put your stake in the ground you
12:49
know at that date and this is you know
12:51
to have that proof of your of your
12:54
invention so it's really important but
12:56
you know what I want to talk about and I
12:59
want to give true value here today okay
13:01
I mean we do a lot of we'll give a lot
13:03
of great knowledge in our pockets but I
13:05
want to get down to get down to the
13:07
rubber on the road provisional patent
13:09
applications anyone can write them
13:12
there's it also a myth there that oh I
13:14
can't write it you know a patent
13:16
attorneys got to write it now the only
13:18
be wrong if you feel more comfortable
13:19
pad an attorney writing a provisional
13:21
patent application
13:22
that by all means okay but just long as
13:24
you understand it's going to cost you
13:26
but with a little studying little
13:30
knowledge and the little research you
13:31
can write your own patent application
13:33
but there is a formal way to write one
13:35
there's a another misnomer about there
13:38
that that you can just you put some
13:41
words on some paper put some drawings in
13:42
there and hey and file it yes you can't
13:45
do that but honestly if you're licensing
13:48
your product this is what I coach my
13:49
students if you're licensing a product
13:52
and you go to the negotiation table and
13:55
they then that company asks may we see
13:57
your provisional patent application all
14:00
right would you be nervous to show them
14:03
a bunch of gobbledygook that you filed
14:05
or would you rather have a formal
14:06
application written it correctly as or
14:09
as correct as you can write it it makes
14:11
it stronger you know - I personally if I
14:15
was a company looking to license a
14:17
product and I saw someone's a bunch of
14:19
you know silly little drawings and you
14:21
know a couple words in a paragraph I
14:22
would be kind of skeptical on what I'm
14:24
really gonna be licensing so that's why
14:27
that's really one that I wanted to
14:28
address about that today well yes I mean
14:31
they're going to make a big investment
14:33
and in the investment isn't just in your
14:35
product it's you know the investment is
14:37
in you and if if you're one of these
14:40
people I mean I I've been I want to say
14:44
cause for it I have filed some quick
14:47
provisional patents with some basic
14:49
drawings and things like that but if I'm
14:51
looking and I have a product that I know
14:52
I'm gonna be pushing for licensing or
14:54
for retail sale I really spend some
14:56
extra time on those drawings a lot of
14:58
times I have those drawings anyway there
15:00
are CAD files you know space these
15:02
sketches are professional 3d rendering I
15:04
have those anyway so there's no reason
15:07
not to not to put those in right
15:08
absolutely you I put I would put every
15:11
single drawing that you have in a
15:13
provisional patent application I mean if
15:15
you have CAD drawings if you do have
15:17
sketches if you have line drawings I
15:20
mean everything you have drawings are
15:23
probably more more important than the
15:25
actual wording I mean I'm not because
15:27
wording can be you know read and and
15:31
kind of understood but a drawing really
15:33
shows what's going on okay
15:36
and with today's technology there is no
15:39
excuse to not have a you know something
15:41
you know even if it's photoshopped I
15:43
don't care long as it shows even if it's
15:46
a picture of your concept prototype that
15:47
you Frankenstein from the Home Depot
15:50
right if you put it together and put a
15:52
picture of it and then really dig dug in
15:54
and describe that concept prototype you
15:57
know it was a drawing and those kind of
16:00
things and it's really going to help you
16:02
but writing a provisional patent
16:04
application this is what I coach you
16:06
know if anyone's looked at patents and
16:08
I'm sure any inventor out there if you
16:10
have not looked at a patent please go
16:12
look at patents study patents go to
16:15
Google patents study their format study
16:18
study how they're written you're not
16:20
going to write in because you're not an
16:21
attorney but I mean you can use the
16:24
format of a patent to write your
16:27
provisional patent application
16:28
everything from your abstract to your
16:31
brief description of your of the problem
16:33
to the how your product solves the
16:37
problem the solution and then really dig
16:40
into the drawings and don't leave any
16:41
detail out it's really important because
16:44
again if you're in a licensing situation
16:47
and you're at an in a negotiation and
16:49
they act because that's one thing I want
16:52
to dress you really quick I've had a lot
16:54
of coffee to carmine so please forgive
16:56
me but what I want to address is the
17:02
provisional patent applications the gosh
17:08
I lost my train of thought
17:09
because I had this really what I wanted
17:12
to say the when they're bigger than a
17:16
breadbox like we might want to pause the
17:22
show for a second that's okay so but as
17:25
you're thinking about that you know one
17:28
of the things that I and I liked what
17:30
you said earlier he's using it as a tool
17:31
because I mean I've had occasions where
17:34
I've had all my paperwork gray ready to
17:36
go I have it in a file I've got it going
17:38
and the day before and it could be six
17:41
months it could be nine months before
17:42
I'm ready to show this product anyway
17:44
the day before is when I file a
17:46
provisional I don't file it until I am
17:49
action
17:49
going to show someone utilizing NDA's or
17:52
whatever but when I'm actually gonna
17:54
show somebody the product that I think
17:55
I'm just gonna build a retail or
17:57
licensing that is when I file a
17:59
provisional so I get a full year because
18:01
that year goes by real quick yes it does
18:04
go by quick and I do apologize I lost my
18:06
train of thought earlier but the you
18:08
know talking about writing and
18:10
describing the drawings and but that
18:12
year does go by so fast you know I have
18:15
students I had one I had one student he
18:17
absolutely he waited till the very
18:19
second he was ready to start pitching
18:21
yeah literally he would call me and say
18:23
man I'm getting ready to file today like
18:26
now and then I'm going to start pitching
18:27
and he did that and and he's because he
18:30
won his full year and he had a great
18:31
product and he's been jamming out there
18:33
Wow
18:34
you know and I wish him all the best you
18:36
know so but he graduated from my program
18:38
and you know but he still contacts me
18:41
about things but anyway but you know
18:43
again he did not know how to file one
18:45
you know and that's the other thing too
18:47
if you don't know how to file a
18:49
provisional patent application then I
18:51
encourage you to get some help
18:53
the USPTO is very helpful in that or a
18:56
coach or someone to guide you through
18:58
you know took you through that because
18:59
he does kind of get kind of hairy in
19:01
there there's a lot of information in
19:02
the USPTO and you can get lost if you
19:04
don't know what you're doing but back to
19:06
writing it back to writing one a lot of
19:09
inventors don't believe that they can
19:10
and and I totally believe that anyone
19:12
could write one but again studying
19:14
studying the patent studying the
19:16
format's studying how they're written
19:18
you know and you know I would not even
19:22
hesitate to write it as formally as I
19:26
possibly could as if as if it was going
19:29
to be utility patent application okay
19:31
but one thing I want people to
19:33
understand is the USPTO never examines a
19:37
provisional patent application that's
19:38
where the thought I was going to earlier
19:40
that I got sidetracked they and a lot of
19:43
people don't believe that but it's true
19:44
they don't examine them
19:46
no one examines him but don't put
19:49
anything in a provisional patent
19:50
application that you don't want to go
19:52
public later on goes after that
19:53
provisional after the year it could
19:55
again actually go public you could
19:57
actually be disclosed you know so but
20:01
and with that said though
20:03
be afraid to file one I don't want
20:05
anybody to get that get the wrong
20:06
message here that's what you've got to
20:08
do but having those you know great you
20:11
know great description and this is where
20:12
use the inventor really really need to
20:15
know your product okay then and of
20:18
course licensing is a numbers game you
20:19
want to have as many products as you
20:21
possibly can work that's my rule of
20:24
thumb some people want to work on one
20:26
idea or some you know I personally work
20:29
on 78 ideas at a time usually but you
20:34
know you want to file each one every
20:36
time and you want but you want to know
20:37
your products you want to know inside it
20:40
out and by studying the marketplace and
20:42
studying other patents and your category
20:45
it's going to help you understand your
20:47
product better to be able to write a
20:49
provisional patent application that's my
20:51
thought in theory I don't if you agree
20:53
with that a carmine you know I'm just I
20:56
really want to give some some value here
20:57
today I really want people to understand
20:59
that this can be done yourself so Oh
21:02
certainly with the amount of information
21:04
not just by these podcasts that we're
21:07
doing but the amount of information that
21:08
is out on the internet videos books
21:12
they're you know again unless you don't
21:15
have the time you can file your own
21:17
provisional patent there is no doubt
21:19
about it actually you really should file
21:22
your first provisional patent whether
21:24
you think you're going to convert it
21:25
into a non provisional down the road or
21:29
if you're not and you just want to get
21:31
that date of filing or you want to just
21:33
say you patent pending and and have the
21:35
ability to tell your friends that your
21:37
products fatten pending whatever it is
21:38
you can do it the information that's out
21:42
there so so yes it should be a part of
21:45
your strategy though I don't want you to
21:46
think a I'm just gonna go there you hit
21:48
you know the USPTO site today and and
21:50
file you know you should be a party
21:52
strategy you should gather up all your
21:54
documents see which one you want to file
21:56
and you know as Jeffrey said just just
21:58
go and learn you know surf around on
22:01
them on the USPTO website for a few days
22:03
you know click on things I mean you're
22:04
not gonna break a website click on
22:06
things just you know good to the point
22:08
where you know they're asking to choose
22:09
to file or they're updating this or is
22:11
updating that just get to those points
22:13
we didn't see what they're really asking
22:14
for but the information is out there
22:17
if you have the time I would recommend
22:19
just to see what it entails it's very
22:22
important absolutely and then the other
22:25
thing I talk about with my students and
22:27
with inventors writing provisional a
22:29
strong provisional patent application is
22:31
I mean yes
22:33
it'll net application will never be a
22:35
utility patent but it could be a very
22:37
great launchpad to a utility patent and
22:40
especially when you're in negotiation
22:42
with a company that if the company is
22:44
going if you can negotiate the deal and
22:47
they and get the company to pay for the
22:48
utility patent it's gonna be a lot
22:50
stronger having a really strong
22:52
provisional patent application it's
22:53
going to help them the plus you know to
22:55
be able to do that and you know pay for
22:57
that utility patent and you still own
22:59
the electrical property you know a lot
23:01
of inventors don't know that little tip
23:02
but it's absolutely can happen and it
23:05
does happen so hey Jeff did you just and
23:08
again I you just say that the the
23:11
potential license II may pay for the non
23:15
provisional absolutely absolutely that
23:17
can be negotiated in an agreement you
23:21
know again it's part of this whatever
23:23
the vendor and the and the companies
23:25
deal but it happens all the time
23:28
happens all the time they'll pay for it
23:30
and yeah you still only electrical
23:31
property and a lot of things that where
23:34
a lot of inventors get stuck here they
23:36
say they say oh I want control I want
23:39
control I want I want to know what it
23:41
looks like I'm gonna I want to make sure
23:42
it looks like this I want to make sure
23:44
it works trust me at the end of the day
23:46
your products gonna change okay they
23:48
want to change it you know to be more
23:51
cost effective to if they're gonna make
23:53
it they're gonna make it cheaply you
23:55
know me not chiefly but I mean more
23:56
cost-effective they're gonna make it at
23:58
a cost and it's gonna change they're
24:00:00
gonna alter it but yeah you as the
24:02:00
inventor would still only intellectual
24:03:00
property and hey what do you care if how
24:07:00
your product really looks long as you
24:08:00
got checks coming in them yeah yeah I
24:15:00
mean there's no doubt about hey listen
24:18:00
everybody wants to hear their product to
24:20:00
make it on a market they want those
24:21:00
bragging rights everybody wants that if
24:24:00
your product is out there and is selling
24:25:00
and it had to be changed a little bit
24:26:00
because as Jeffrey said it is going to
24:29:00
change I mean look at the iPhone I use
24:30:00
it as an example
24:31:00
time that first iPhone is totally
24:34:00
different than the iPhone 7 I have in my
24:35:00
hand right now and they're making money
24:37:00
for each version so just be open mind
24:40:00
your product is gonna change and if this
24:41:00
company is going to pay you to make
24:44:00
those changes then definitely fall in
24:48:00
line and agree with them obviously you
24:50:00
you you want it to resemble your idea
24:53:00
whatever but in long run
24:55:00
it is gonna change a little bit real
24:56:00
quick Geoffrey a question for you if a
25:01:00
company is is going to file the
25:04:00
non-provisional for the fight or file
25:06:00
any kind of intellectual property
25:08:00
documentation from what I've heard is
25:11:00
they they really can't be listed on the
25:14:00
patent as an inventor because that's the
25:16:00
only person that's listed on a patent is
25:17:00
the inventors of it right because
25:20:00
legally if you're the only inventor they
25:22:00
can't listen but you can assign it to
25:24:00
the to the company that's Gary's say
25:26:00
yeah you the inventors listed but you
25:28:00
can't assign it to the company and then
25:30:00
that would be publicly disclosed as well
25:31:00
that's correct yes that's that's how
25:34:00
they do it they they say the inventor
25:36:00
sign a sign a document that assigns an
25:39:00
invention or that patent the rights to
25:42:00
use it that's exactly one of the reasons
25:44:00
you know people this is a little tidbit
25:47:00
here I'm gonna give a really a coaching
25:49:00
insight well if you're out there guys
25:52:00
just to show you there's always little
25:56:00
tricks and to the trade and studying you
25:59:00
heard me talk about this few minutes ago
26:00:00
Google studying patent studying their
26:02:00
format well what better way to find
26:05:00
companies is by looking at patents
26:07:00
looking at the assignee looking at who
26:09:00
who actually has been that has been
26:11:00
assigned to if that product has been
26:13:00
assigned to a company the odds are you
26:16:00
know 60/40 that that company is someone
26:20:00
who licensed products that means
26:22:00
something that it's really worth a shot
26:23:00
to get to get inside there and to get
26:26:00
get them on your list
26:27:00
and then you can start doing your
26:29:00
research on that company to find out if
26:30:00
they you know what where they sit and
26:32:00
what they do with products ah very good
26:35:00
see that little little tidbit bro hey
26:45:00
this
26:45:00
you know provisional patents I am all
26:48:00
for it and I know that you said they're
26:50:00
not gonna be looked at
26:52:00
most likely even if you go for a non
26:55:00
provisional patent and you bring on an
26:57:00
attorney or whatever they're probably
26:59:00
not going to use your provisional I
27:01:00
would think they may if they have to for
27:03:00
some reason you know somebody came right
27:05:00
behind you and filed something that's
27:06:00
super close to yours and you can't back
27:08:00
out of that date but in most cases uh an
27:11:00
attorney or IP attorneys gonna want to
27:13:00
file something clean
27:16:00
but that non-provisional boy it is so
27:18:00
powerful it really is well I want to
27:21:00
talk about really quick - about
27:23:00
provisional patent applications is you
27:25:00
can file as many times as you want and
27:27:00
this is the reason why it goes back to
27:30:00
you know do you really want to have a
27:32:00
fully functioning prototype the answer
27:35:00
is no because again you're going to get
27:38:00
feedback from companies when you're
27:39:00
pitching it they're going to tell you
27:40:00
some things about your prototype we're
27:42:00
going to tell you about your product
27:43:00
that you can utilize and then if you
27:45:00
file if you go right off and file a
27:46:00
utility patent application you can't
27:48:00
change that yes sir there's a paragraph
27:50:00
in there about embodiments and changes
27:52:00
yes that that's there and it should be
27:54:00
there but this is why as you progress
27:56:00
and with your idea you know you're gonna
27:59:00
add changes to that so it's easily what
28:03:00
better way you can file five provisional
28:05:00
patent applications you know with all
28:07:00
your changes and be current and still be
28:09:00
less than 300 bucks you know four
28:11:00
hundred dollars compared to ten grand or
28:13:00
five grants so it's really one of the
28:16:00
best tools in your toolbox like you said
28:18:00
it's a weapon you know and I definitely
28:19:00
would utilize it and and there are books
28:22:00
that an inventor can study there's a guy
28:25:00
named David Pressman as a book called
28:27:00
patent it yourself
28:28:00
and it has a lot of a lot of information
28:30:00
in that book
28:31:00
it's about a nolo press you can find it
28:33:00
on Amazon so they probably get it for
28:34:00
about ten bucks but it's a great book it
28:37:00
talks about writing your own patent yes
28:39:00
it does but you know you could take that
28:42:00
information in that book and utilize it
28:44:00
to write a provisional patent
28:45:00
application really easy and it really
28:46:00
goes into detail about drawings and how
28:49:00
to how to write details on those
28:51:00
drawings and how to do it the right way
28:53:00
so it's great great information to have
28:55:00
it is that's that is good information
28:57:00
quick question for ya we won't get about
28:59:00
five minutes but I have you um in your
29:02:00
experience if someone is gonna go for
29:05:00
licensing should they even you know go
29:09:00
after doing a full non-provisional I
29:12:00
mean is is it really worth the money
29:14:00
doing it themselves I mean or should you
29:17:00
really just try to license a product and
29:19:00
say hey I have a provisional patent
29:20:00
because I mean if you do a full
29:24:00
non-provisional patent yourself will the
29:29:00
company be kind of skeptical well no I
29:33:00
mean yes I mean if you're in a situation
29:34:00
I mean yes if you did file a utility
29:37:00
patent or not you know not provisional
29:39:00
and you do you file that it does make
29:42:00
your negotiations stronger oh yeah that
29:45:00
it would make it stronger but at the end
29:48:00
of the day you matter of fact you know
29:49:00
I've I've heard inventors even licensing
29:52:00
deals without even a provisional I don't
29:53:00
encourage it you know I definitely
29:56:00
courage protecting yourself at least
29:59:00
that you know but the you can do with a
30:02:00
provisional patent application and I
30:04:00
don't I think you don't need to if
30:07:00
you're going after licensing I would say
30:09:00
not go after utility patent up don't
30:12:00
spend the money my coaching program and
30:14:00
I and even if you're just listening to
30:16:00
this just you know it's about saving
30:18:00
money guys about bootstrapping your
30:20:00
ideas okay
30:21:00
this business can get you caught up in
30:24:00
spending a lot of money and that's
30:27:00
that's why I'm here and you're here
30:29:00
karma to help inventors but save them
30:32:00
money you know you totally can do it and
30:35:00
and how you do that is education books
30:38:00
studying research getting a coach
30:40:00
whatever it takes that's going to help
30:42:00
you if you just go into a blind you're
30:44:00
going to lose money and you're gonna be
30:46:00
desperate and you're gonna be just
30:47:00
discouraged it's going to get you and
30:49:00
broke and you don't want to tell your
30:51:00
spouse hey I just spent 50 grand on my
30:53:00
patent gonna look nice on the wall don't
30:57:00
tell anybody that I would want to do
31:01:00
that and you know real quick I mean I
31:05:00
and this is a little-known fact that I
31:07:00
you know found out that you can actually
31:10:00
within the first year of filing a
31:13:00
provisional or a full patent you can
31:15:00
actually turn that back under certain
31:17:00
circumstances into a provisional patent
31:19:00
if if first again under certain
31:22:00
circumstances and I found that out yeah
31:24:00
well you did it I I found that out from
31:26:00
our patent attorney here at the launch
31:28:00
pad because there was a there was an
31:31:00
issue with the product and you know they
31:34:00
had filed all the paperwork did
31:35:00
everything and they did it quickly and
31:38:00
then we found an issue with the product
31:40:00
and we turned it back to a to a
31:43:00
provisional which was great because
31:45:00
afterwards you get that you know he
31:48:00
wanted to keep those 20 years obvious
31:50:00
absolutely yeah absolutely that's I do
31:52:00
not know that's great that's great
31:54:00
information man yeah yeah and again I
31:55:00
was like wow that's it's awesome so and
31:57:00
then the other question is does the
31:59:00
patent does the mandate I don't want to
32:01:00
even confuse myself sometimes when
32:05:00
filing the provisional patent that year
32:07:00
that doesn't affect the 20 years when
32:09:00
you're when you're hot no it does not it
32:12:00
does not from my from what I know that
32:16:00
that year does not go toward the 20
32:19:00
years no your 20 years to my mind and
32:22:00
what I've what I've researched basically
32:26:00
starts after it's actually you know
32:28:00
filed and and actually you know publish
32:33:00
yet
32:33:00
okay good and a question for you does
32:35:00
that affect so I publish my utility
32:38:00
patent gets published and I don't do
32:41:00
anything with it for 10 years and then I
32:43:00
say I'm gonna license this product does
32:45:00
that affect how much I can really get
32:47:00
from the license 'yes I would say yes
32:51:00
and I'll tell you why in my mind you
32:54:00
know if you've had a product and you've
32:56:00
had a patent for 10 years
32:59:00
whatever that market that product was
33:01:00
made for probably has changed in 10 you
33:05:00
know
33:06:00
guaranteed that that category has
33:08:00
changed and would your product fit in at
33:12:00
that time now you might have fit when
33:13:00
you filed but after 10 years I would say
33:17:00
there's gonna be a change there's gonna
33:19:00
be a change to your product that's what
33:20:00
I say now
33:22:00
you not saying hey if you got a patent
33:24:00
and it's been 10 years old and you want
33:26:00
to
33:26:00
want to try at least you could say hey
33:29:00
I've had this you know it's been
33:31:00
protected I got ten more years on my on
33:33:00
this you know is this something that you
33:35:00
could pitch to companies and see what
33:37:00
what interest you know that you can find
33:39:00
absolutely awesome well we're running
33:42:00
out of time I had so many other
33:43:00
questions about fees and regulations and
33:45:00
things like that and we'll cover on
33:46:00
another on another show they'll be
33:49:00
running out of time quick because it's
33:50:00
so it's so interesting I mean the whole
33:52:00
time we I know we can we can talk about
33:54:00
so many things but I'm hoping that a lot
33:57:00
of people got some information if you're
33:59:00
looking and you have some questions
34:00:00
please you know contact mr. mangas there
34:03:00
at product coach usa.com you can get us
34:06:00
on inventors launchpad com leave us a
34:09:00
question and we'll try to get it on the
34:11:00
air for you if we don't get it on the
34:12:00
air of course we will certainly get back
34:15:00
to you and and you know right away and
34:18:00
again if you have questions reach out to
34:19:00
us if you have an idea for a show right
34:21:00
Jeff
34:21:00
absolutely reach out to us we'd love to
34:23:00
talk about any ideas for shows any
34:26:00
topics we'd love to hear from you and we
34:28:00
would definitely definitely I get it on
34:29:00
send us questions we'd love to answer
34:31:00
those questions for you absolutely
34:33:00
yeah the questions always are great we
34:35:00
can we can do a whole show usually on
34:36:00
just one question coming in okay folks
34:40:00
until next time I appreciate you
34:42:00
listening to the licensing jungle listen
34:45:00
to a little podcasts on inventors
34:47:00
launchpad Network and again thank you
34:49:00
and we'll see you soon take