The Licensing Jungle Interviews Warren Tuttle to Discuss Connecting Inventors with Large Corporations

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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.

www.productcoachusa.com

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

www.inventorslaunchpad.com

Watch the podcast here!

Podcast Notes

1You Tube Transcription
0:01
hi out there Licensing tribe this is
0:04
Carmine danesco join you for another
0:06
episode of the licensing jungle and with
0:10
me today I have my co-host the guide who
0:13
will take us through this craziness that
0:14
we call licensing we call it a jungle it
0:17
is a jungle out there with when you try
0:18
to license your product then we have a
0:20
lacing expert with us we also have a
0:22
special guest that will bring on in a
0:24
few minutes and Jeffrey mangas are you
0:26
out there I'm here thanks carmine how
0:29
are you doing today I'm doing good
0:30
Jeffrey in the background it actually
0:32
looks like you're in a jungle where are
0:34
you I'm actually I'm in the New York
0:36
jungle that's where I'm at yeah where as
0:41
ice freely would say the New York
0:42
grooves that's where I'm at
0:45
yeah I'm in New York that New York this
0:47
week but I'm able to work and be here
0:51
Plus enjoy some fans oh that's great
0:54
that's great you you out of New York on
0:56
business personal or a mixture it's all
0:59
personal but you know you know I'm able
1:01
to work it like I do my business from
1:03
here as well it's great so yeah well
1:05
that's good man I'm glad that we're
1:07
gonna get another episode I've been
1:09
getting a lot of feedback on the show I
1:11
have a few questions if we don't go
1:13
through those questions as the show
1:15
progresses I'll further than but I know
1:18
we have a guest on his name is Warren
1:20
tidal he is the president of the United
1:23
inventors Association they warn you on
1:26
with us I am good to see it and you
1:28
ingest hello hey what how are you I'm
1:31
doing great thank you little intro does
1:35
it look like Jeff's in the jungle well
1:38
he is but but he's only two hours for me
1:41
I'm in Connecticut and I hopped on my
1:43
motorcycle I'll probably be up there for
1:45
lunch so you probably could Warren I
1:48
know you've been you've been traveling I
1:50
kind of follow the United inventors
1:51
association I am a member and we push a
1:54
lot of our inventors to join you I know
1:57
you've been traveling a lot yourself
1:58
right a lot of international travel
2:00
yeah I was in Ireland Norway Sweden west
2:05
coast of Sweden Denmark Copenhagen and
2:08
in Iceland so
2:09
I was on the road for almost three weeks
2:12
so it was great question for you Lauren
2:16
and and I like to elect kind of just
2:18
take over in second is invention and
2:20
innovation as prevalent or as great but
2:26
how is it out in any other country that
2:28
do we hear about you know it's not as is
2:31
pervasive or prevalent as it is in the
2:34
United States I think there's only one
2:36
United States but there is certainly a
2:39
lot of interest I've spoken in Ireland
2:41
at conferences and a little smaller
2:43
scale but there's still a lot of
2:44
interest there it's been one of my
2:47
dreams to connect a little bit more with
2:48
Europe I actually grew up in Europe so I
2:51
I would love to tie-in but it's a little
2:54
bit different they're doing business
2:55
it's a little more regulated it's the
2:58
countries are much more divided than we
3:01
are it's not as expansive or as big or
3:04
as innovative as we are as a rule but
3:07
but they're still there's still some
3:09
some pockets and clubs over there so
3:11
it's fun to keep in touch and I do get
3:13
ideas from around the world wow that's
3:16
awesome
3:16
that's awesome at the launch pad here we
3:19
get emails and and ideas and drawings
3:22
and sketches from all the world and it
3:24
is it is amazing to me that the US is
3:28
huge electronics equipment of Industry
3:31
and innovation and I get a lot of
3:34
earth-type like electric electronics or
3:38
clean burning fuel a lot of different
3:41
types of battery power from other parts
3:43
of the world they always they all seem
3:45
like they're they're all trying to make
3:47
some kind of power device or like losing
3:50
the left hour or saving the earth
3:52
product from around the world yeah
3:55
there's you know there's a there's a
3:58
connection between people around the
3:59
world today I'm with Skype and a cell
4:01
phone man you're in business selling
4:06
products with lifetime brands is food
4:08
huggers and they came from two gals that
4:09
live in Madrid and Amsterdam so i Skype
4:12
with them all the time that's great I'm
4:16
gonna hand over the reins to Geoffrey
4:18
for a second but real quick while you're
4:19
in Ireland did you get to play a few
4:21
rounds I did I did
4:22
I believe it or not I actually belong to
4:26
a golf club they're called the old head
4:27
so so check it out the old habits in
4:30
southern ireland near cork and a little
4:32
town called Kinsale it's one of the I
4:34
love going I go over there usually once
4:35
a year sometimes twice wow that's
4:38
amazing
4:38
that is really cool so good to know I
4:41
had to ask you that are you play V are
4:45
you player um I go out there I don't
4:47
know if you call playing but I do go out
4:49
there I love being on it's it's very
4:52
relaxing to me to be on just a lot of
4:55
these courses are just so beautiful and
4:57
try to not to pay attention to the game
4:59
just be out there and try to kind of
5:02
forget about the craziness of the world
5:03
that you and Jeff never want to go
5:05
around let me know very cool Jeff man I
5:13
know I've been hogging the mic here but
5:15
if you got some questions let's let's
5:17
roll with it man number one man you
5:19
never hog the mic you're you're you're
5:21
awesome yeah first off warning no we
5:24
have we have a vast audience here and
5:27
again we thank you for being here really
5:29
excited to have you on the show if you
5:34
don't care you know if you don't care
5:36
just tell it tell our listeners what you
5:38
know what you do overall in a way that
5:41
some folks out there maybe don't know
5:42
who what you do and everything it'd be
5:44
great to hear what what you have going
5:45
on well comment alluded to one thing one
5:48
part of my life is the United inventors
5:50
association that's the nonprofit effort
5:52
with inventors and clubs around the
5:55
country to to promote education to
5:58
inventors free at free education to give
6:00
them an alternative to you know going to
6:02
some of these larger companies for we
6:05
won't digress on who some of them are
6:07
but you know some of them don't
6:09
some of them charge a lot of money and
6:10
don't necessarily educate people so we
6:13
try to provide education we also do
6:15
trade shows we do inventor pavilions of
6:19
trade shows like the hardware show and
6:20
PGA golf show and response Expo we used
6:23
to do the hardware show but they took it
6:25
in-house but they use our model which is
6:27
great so anything that helps in Venice
6:28
is wonderful
6:30
we also are someone that I'll be down at
6:33
the USPTO next week talking it there
6:36
annual and vendors conference and we do
6:38
a lot of things to promote inventor
6:40
causes in Washington so that's all a
6:42
labor of love and and give back to a
6:45
community and an arena that's been very
6:47
good to me professionally though I run
6:51
open innovation programs for three
6:53
companies
6:54
my middle name is open innovation I'm
6:57
gonna officially change it I think
6:58
remember that basketball player will be
7:00
free you know I'm gonna change my name
7:02
you know open innovation I basically
7:05
what that means and I do it for the
7:07
largest house for his company the
7:09
largest power tool company and this
7:11
television company the other companies
7:15
but they would be I would typically try
7:16
to target one company per industry and
7:20
what I do is I work with management and
7:24
that company to take in all the leads I
7:26
look for products and I take in leads
7:28
from outside work with legal to do
7:31
contracts and licensing deals and I work
7:32
with all the division heads to make sure
7:35
we we get the product to market so I
7:36
just at the week last week for instance
7:38
at Tektronix industries which is TTI
7:40
group they own in the Power Co group
7:43
owns Ryobi rigid and Milwaukee power
7:45
tools so I spent all week with them and
7:48
I actually have a great story on how
7:49
much time we have have a phenomenal so I
7:50
would really love to hear it you love
7:53
this one job but I was there basically I
7:56
call you know leave tons of lead
7:58
hundreds if not thousands and then I I
8:00
put it into 20 presentations I made and
8:03
actually they loved ten of the products
8:05
so we have a good chance of doing some
8:07
lessons and deals with a number of Arc's
8:08
so that's what I do professionally but
8:10
here's the good story that you love so
8:12
I'm getting ready for the power to a
8:14
group and there's a an inventor has a
8:16
special product it's a it's a power
8:19
source that goes in sort of a bag and
8:22
and he's patented it and it allows
8:25
contractors and stuff to take things out
8:27
to the field and charge it and recharge
8:28
it so it's pretty cool it's pretty
8:30
unique I can't go into the details
8:31
because it's comfortable but it's so I
8:36
brought it in was one of the last
8:37
products I showed because just to the
8:38
nature of things and everybody in the
8:41
room went wild over it that they loved
8:42
it you know and this is I have the
8:44
president they had a development
8:45
innovation everything in the
8:47
they said can we get a sample in here
8:50
and I so I called the guy who's a
8:52
contractor he's literally in Chicago on
8:54
the job and I said if you can get me a
8:57
sample in here
8:58
overnight it you know this is this is a
9:01
big this is a big deal well he
9:03
overnighted if they got it they had a
9:04
meeting with depot they're the single
9:06
biggest supplier to depot they they had
9:08
a meeting with him on Friday the buyer
9:10
loved it took the sample it looks like
9:12
we're gonna put a deal together in the
9:13
next couple of weeks so you never know
9:15
on these things they just come out of
9:16
left field sometimes but they can be
9:18
they just take off you know that is an
9:22
awesome story I love I love to hear that
9:24
that mean that that's inspiring and any
9:25
listener out there should take that to
9:27
heart you never know where it's weird
9:29
ideas going to come from
9:30
how far it's going to go and how quick
9:32
it can go that way unfortunately you
9:35
know there's a lot of pain in this
9:37
business and there's a lot of nose and
9:39
and so when you get one that works it's
9:42
really it really makes your whole
9:43
weekend you know but at the same time
9:46
you know you got to keep your product
9:49
has to align with what the company is
9:51
looking for as well and when that
9:53
happens things can move quickly and when
9:55
it doesn't happen unfortunately you have
9:56
wall and you just have to have the
9:58
common sense and the awareness to know
10:01
when to push when to double-down want to
10:03
put more effort and when to kind of give
10:04
up and and look for the next girlfriend
10:06
you know I agree with you you know I was
10:08
just talking about that yesterday and I
10:11
did a little postpone rejection and
10:13
dealing with rejection and get licensing
10:15
business getting nose and and how to get
10:17
your administer get their mindset and in
10:20
that you know understand they're going
10:22
to get rejections because noes are going
10:24
to happen you know but everything comes
10:26
closer to a yes the more you do the more
10:28
you pitched and where you get out there
10:29
so with that said Warren one of the
10:32
questions I have is where do you find
10:35
most inventors fall short when bringing
10:37
products to you or some trying to submit
10:39
to you through the companies where do
10:41
you what do you think is their
10:42
shortcomings well okay that's a very
10:46
good question let me put it in order
10:48
before the product I think it's
10:51
important to let people know that I do
10:52
evaluate them as well as the products oh
10:55
very good
10:58
I enjoy working with people who are
11:01
polite I who are listening I because I
11:05
have been through this I probably have
11:07
received you know over 20,000
11:10
submissions if not more and so it's not
11:13
reinventing the wheel so so there is a
11:16
little bit of education that has to go
11:17
on sometimes in that phone call and I
11:20
can tell when people are listening women
11:22
are really good listeners by the way
11:24
what men tend to sometimes get into
11:28
their own world you know so I would is
11:30
it tip to men you know try to structure
11:33
it try to do an equal amount of talking
11:35
you know not all the talking and be
11:39
polite did not know at all ish and all
11:40
that I would say that so that's on the
11:45
human being part of it you know which is
11:47
easy enough for people to control that
11:49
that's something they have something in
11:50
control over it as far as the is the
11:52
product of because if I get the sense
11:54
you know I'm starting to get deeper and
11:56
deeper into this so if I get this sense
11:58
that people we can't get a deal done or
12:03
it's not going to happen and then my
12:05
interest is going to wane really quickly
12:07
and I don't have a lot of time so and
12:10
I'm sure I'm typical so you want to you
12:12
want to you're not going to make the
12:13
sale in the first minute after you it's
12:15
good but what you can do is make a great
12:18
first impression so I know I've gone on
12:19
a little bit more about this but I'm
12:20
putting my thoughts together a little
12:21
bit more because I want to be upfront
12:22
with people because I all say that most
12:24
of people I work with are great but
12:26
there are some that just take themselves
12:27
out of the picture in the first minute
12:29
you know it's too bad hmm but I think as
12:32
far as the product go really in the
12:33
companies I work with by and large the
12:35
the barriers to entry are functioning
12:37
prototype and typically some sort of
12:42
file path now let's talk about the
12:45
prototype first it doesn't have to be
12:46
perfect it doesn't have to be
12:48
professional
12:48
it could be cobbled together by
12:50
themselves in the basement but something
12:53
that number one shows that it functions
12:56
and works because if I guess get CAD
12:58
drawings or drawings I'm never sure if
13:01
it works you know and drawings are great
13:03
but just this elevates the conversation
13:05
the second thing is they they can take a
13:06
video of it and videos are really
13:08
important today
13:09
more and more especially the companies
13:11
that I go to I can't even show anything
13:13
at TTI if there's not a video we want to
13:16
put it up in the wall they want to see
13:17
it you know so even if it's a homemade
13:19
video that says hey I'm Jill I'm a
13:21
contractor from Des Moines and I've got
13:23
the new you know drill here that's fine
13:26
doesn't have to be professional so so I
13:28
like to see functioning prototypes that
13:31
also helps them to narrow down and
13:33
what's unique about the the offer the
13:35
product and as far as patents go
13:38
probably less important on my dr TV
13:41
company but still you know I least a in
13:45
what we call PPA a provisional patent
13:47
application for the first year which is
13:49
fairly inexpensive to apply for and
13:52
folks can do a lot of the work on their
13:54
own it tells me that they have a level
13:56
of interest that's more than just you
13:59
know what I don't want to see Jeff is
14:00
and I get this sometimes and people just
14:02
sending me 30 product ideas and I'm
14:04
supposed to go through and pick them
14:05
dinner you know it's like the music
14:06
industry you know I mean send me your
14:08
best song and and if it hits me we're
14:11
move on you know so so I don't know if
14:14
that answers the question but those are
14:15
some of the things that I look for what
14:16
absolutely does answer the question that
14:18
I really appreciate your insight because
14:20
everything you're you say is you know
14:22
it's what I coach and that's what I tell
14:23
inventors all the time number one being
14:26
professional being courteous being kind
14:28
is is the first step you know because
14:31
you're right if you come across as
14:32
arrogant or a know-it-all a lot of folks
14:36
a lot of potential Isley's will not do
14:38
business they will they'll shut you down
14:40
in the first five minutes you're correct
14:42
I mean it just happens so and then also
14:45
you you touched on prototypes I love
14:48
that information more than that you
14:50
everyone you know live inventors as you
14:52
know throughout the years make mistakes
14:53
of going out and doing fully functional
14:55
prototypes spending thousands of dollars
14:57
on something they have no really earthly
14:59
idea if there's a market for or even
15:01
there is a market for the things are
15:03
gonna change you know so this is great
15:05
information and I really appreciate you
15:07
well that's where the wisdom comes in
15:08
because you you you don't want it I I
15:12
also have met many people over the years
15:14
have spent the magical $250,000 I mean I
15:18
don't know why people come in I said 215
15:21
I don't know
15:22
the most common like if you were on you
15:25
know one of those talk shows I would be
15:27
the answer but I I don't want anyone to
15:29
spend $200,000 but but you do have to
15:31
spend enough of it to make an impression
15:34
which might be only a couple thousand
15:35
dollars right it's very manageable and
15:38
at least get yourself into the ballgame
15:40
and then and then you can then you can
15:43
see from there with the feedback you
15:45
know you touched on something as well
15:47
one of my questions because I've seen it
15:50
you know you know and I totally am a
15:51
prolific telly push as well as video the
15:55
importance of video in the industry have
15:57
you seen it really pushed towards the
15:59
true importance of video now you know no
16:02
question about it it used to be cell
16:03
sheets one page cell sheets a testing a
16:05
lot of my presentations telling people
16:08
how to craft a sell sheet and there's
16:09
nothing wrong with a sell sheet there
16:11
fine keep it to one page you know you
16:13
know get your benefits David out quickly
16:15
but the videos bring him to life and I
16:18
would just say that videos the
16:20
parameters are try to make it not more
16:22
than a minute you know you could maybe
16:25
go to two minutes do not make it seven
16:27
or eight minutes okay with you know with
16:30
Endicott and Evita
16:31
you know the III can't spend two or
16:36
three minutes getting to the point in
16:38
the video so try to keep it concise you
16:42
know also sometimes people do these
16:44
15-second videos which are so quick that
16:46
doesn't show I would say about a minute
16:47
30 seconds to a minutes the perfect
16:49
video and it should you know what
16:51
problem is solving and then a
16:54
demonstration of how it works there's
16:55
nothing better than actually showing a
16:57
live demo of the product I mean I get a
16:59
lot of written descriptions I have sort
17:01
of an application system on my
17:03
submission system on my websites and it
17:06
helps me a lot to pan down on things but
17:08
when I see a video I get it almost
17:10
instantly so it's good stuff you know
17:13
that's exactly that's what I guess what
17:15
I coach what I tell students keep it
17:17
between 30 seconds no longer than two
17:20
minutes two minutes is if you've gone
17:21
two minutes in 30 seconds you've gone
17:23
too long yeah does centralize disease
17:25
just do not have the time I mean you're
17:28
a busy man and your point proof that you
17:30
just don't have time to sit and watch a
17:32
15 minute video and then to our point of
17:35
what we were talking about
17:35
for what you already know and then
17:36
subliminally see the question is it's
17:39
not that that you don't like people or
17:41
that they don't you know you know they
17:43
rub you the wrong way it's more of it if
17:46
they don't have their act together now
17:47
or if they're rude now where are they
17:49
can I ever I do a deal with them you
17:51
know these people I can actually and
17:53
it's not easy to sign the deal you know
17:56
you have a lot of legal stuff going back
17:58
and forth it gets pretty heady and and
18:01
and so I don't want to go down that path
18:04
of you know keep being left at the altar
18:07
because you know the person's not right
18:11
so so that's another thing that the
18:13
video can help you present yourself in
18:16
the best possible light well you know
18:19
that is I mean this is exactly you know
18:23
what I'm all about and and you're going
18:25
to keep going back to being a
18:26
professional and going back to being
18:28
courteous and being kind and how far it
18:31
goes and I'm glad to hear I'm glad to
18:33
hear I want by the audience's hearing
18:35
you say it you know because coming from
18:37
me I mean even my students say because I
18:40
bang it over their head
18:41
you know you kept your you're a very
18:44
good example yourself and you lead by
18:47
example so you should just show them
18:49
what you do you're you're one of the
18:52
most polite people I know and I just
18:53
that's always cool so it leads to hey I
18:56
got all the time for Jeff Lee needs you
18:58
know even if it's a no you know even if
18:59
it's you know we're not doing some at
19:01
least well absolutely and I appreciate
19:03
that really means a lot because you I
19:05
mean you and I and professionally have
19:07
submitted products to you and I've
19:09
gotten knows but I've just moved on and
19:12
then keep keep pushing and I've really
19:13
appreciate that you know because I'm a
19:16
firm believer in in all aspects and that
19:19
in being professional in anyone
19:21
listening being professional is not just
19:23
you know the con words is putting
19:25
yourself in a position where your
19:26
marketing materials are right your
19:28
everything your video is how you want it
19:30
to be your you directed your project so
19:33
in all aspects here and you just said
19:36
the video will tell if someone's a
19:37
professional or not it does tell the
19:40
traveler then you're damn good coach
19:41
brother I appreciate that means a lot
19:47
yeah
19:49
and I know that you think a little bit
19:51
about how the products can you hear me
19:57
okay yeah yeah I you know and again we
20:00
all know inventors get mostly attached
20:03
to their product and I think it's a
20:05
great idea either training get training
20:08
either by any of you guys which is what
20:10
you're talking about it's so important
20:12
but I don't think people realize those
20:13
small amount of time that window that
20:16
you have or they have to actually catch
20:19
that license is job I mean and maybe you
20:23
could kind of explain how quickly it has
20:26
to be done well let's let's have fun
20:28
with that okay so so sometimes when I'm
20:30
gonna when I'm in a public setting you
20:32
know people you know can throw things at
20:34
me I'm more polite but you know let's
20:40
find out you know I I do I get a lot of
20:43
submissions I could get my house worse
20:46
company last year I had over 4500 you
20:49
know so that's just that company alone
20:51
so so you know now now what I would say
20:54
is this I would say at least half of
20:57
them come off the table right away right
20:58
away probably 70% because because
21:02
they're not ready they haven't vetted
21:04
the money you know how many people send
21:05
me things that are already on the market
21:08
you know all they have to do is look up
21:11
on Amazon you know it doesn't take any
21:12
effort you know and or go down to your
21:14
local dead bath and beyond or whatever
21:16
do your research or I've seen it before
21:19
or you know we've tried it you know I've
21:21
been through this my first rodeo I'd
21:23
like to say so so and then you pine in
21:27
on the on the on the ones that are you
21:29
know more interesting and you're but at
21:32
the end of the day there might be there
21:35
might be a hundred and fifty true
21:38
products that lifetime brands over the
21:40
course of the year really like now when
21:42
you do all these numbers with
21:45
statistica's tition like to do you know
21:48
you could say well there's 45 our
21:50
submissions there's only hundred 50s
21:51
that you like and all that what's the
21:53
odds of that and all that that's true
21:55
but that's a little bit like you know
21:57
you ever hear about the guy who drowned
21:58
walking across a lake that had an
21:59
average
22:00
three feet you know I mean it's not
22:03
really apples because you got to
22:04
understand I'm cutting the vast majority
22:07
of him out there like kids and applied
22:08
to Harvard who were like me I mean I
22:10
applied to Brown University I was in the
22:12
you know they took me off the table the
22:14
first minute you know they were doing I
22:15
wasn't you know I've had my you know
22:17
average student so but but I would say
22:20
that that that I need to get down to the
22:22
people were serious about and usually
22:25
those people are well served by being
22:26
well prepared in all the things that
22:28
Jeff was talking about so so you may not
22:31
make it but you improve your odds go
22:33
from you know one and a hundred to one
22:36
and ten by by knowing what you're doing
22:39
and advancing what's right and then from
22:42
there you know we get serious and then
22:45
we and then we go through a lot of a lot
22:46
of exercise and after that I mean can we
22:48
even build the product for the right
22:50
price I mean it can you know we had a
22:53
tremendous bagel cutter a couple of
22:55
years ago that it had this scissor
22:57
operation that was brilliant because you
22:59
know when you use the guillotines which
23:01
were the number one seller or bagel
23:03
fighters and I know the inventor of the
23:04
guillotine I love the guy but they can
23:06
squash the bagel sometimes so this was
23:08
like doing this and and and and we built
23:12
it and you know what we had a 20% return
23:14
rate because the blades never can work
23:16
properly and we we spent a year and a
23:18
hundred fifty thousand bucks on that so
23:20
there there are other reasons why
23:21
products don't make it besides so what
23:23
you want to do is get yourself into an
23:26
arena where where you're being seen
23:28
you're being taken seriously it gets
23:29
advanced but it never can be happy until
23:33
I'm going to tell you now the secret to
23:36
happiness don't get happy until you get
23:41
your first reorder because everything up
23:44
to that is a game you know it's it's
23:46
it's whether you get seen whether you
23:48
get noticed whether the company believes
23:49
in you whether they license when they
23:50
put it out they package it they build it
23:52
they put it the right price they put it
23:54
out in the market it could still sit on
23:56
the shelf and not sell in which case the
23:58
retailers are sending it back to you
23:59
unpaid and and and you know but when it
24:02:00
gets reordered and it starts to take off
24:04:00
that's the first time you can breathe a
24:07:00
sigh and say life is good you know
24:09:00
because that's what really it takes
24:11:00
consumers to buy the product in the
24:13:00
number sufficient enough to drive the
24:15:00
product and keep it on the shelf that's
24:17:00
what it's all about here and that's
24:18:00
that's a hard thing to get to that's an
24:21:00
awful lot of dates that's an awful lot
24:23:00
of whatever people do and they day to
24:26:00
get to to the altar you know that's
24:27:00
something yeah it's amazing in 365 days
24:33:00
in a year are you gonna stick with this
24:41:00
okay alright so what I have no clue
24:46:00
except that to me it's not a job
24:51:00
Chopra feels the same way it's an
24:52:00
adventure I love what I do
24:56:00
don't get me wrong I like to ride my
24:58:00
motorcycle - I like to go to concerts
24:59:00
and I like to you know have a life but I
25:03:00
I loved the arena and so and I can go
25:07:00
through things pretty quickly and get
25:09:00
back to people on a pretty good basis so
25:11:00
bottom line is my day has spent usually
25:16:00
I break down the companies and I'll
25:19:00
spend a couple hours on lifetime a
25:20:00
couple of hours on TTI a couple times a
25:22:00
couple hours I'm where to media a couple
25:24:00
hours on the uia a couple of hours
25:26:00
trying to reinvent my business and and
25:28:00
rebrand myself and you know all those
25:31:00
things you know keep going the great
25:33:00
thing is I should show you around I my
25:36:00
world headquarters is a gardening shed
25:39:00
here in Connecticut and it's it's a
25:43:00
lovely place I can come out here at
25:44:00
night which I know it sounds like oh you
25:47:00
work at night no I don't work at night I
25:49:00
come out to my computer and I and I have
25:51:00
fun doing what we're trying to do which
25:53:00
is which is get products on the market
25:56:00
and it's all made worthwhile when it one
25:58:00
actually succeeds and it makes in them
26:01:00
you you feel you feel good about life
26:03:00
and also I work somehow it works but but
26:06:00
I will tell you this my model is
26:08:00
somewhat inefficient and then I play a
26:10:00
hero role for the companies that I work
26:13:00
with which are 1 billion to two billion
26:15:00
dollar company so they're not small they
26:17:00
have a thousand to two thousand
26:19:00
employees so they're they're they're not
26:20:00
big by American standards are not
26:22:00
General Electric but they're but they're
26:24:00
pretty big and and
26:27:00
you know if I don't if I don't have
26:32:00
passion and help guide the park through
26:35:00
its not going anywhere I mean because
26:36:00
these things just sit you know and and
26:39:00
and nobody does anything because they
26:40:00
have other things to concentrate on so
26:41:00
so so I don't know how many more
26:44:00
companies I could pick up you know
26:45:00
without I used to have 65 employees when
26:48:00
I had my other business years ago and I
26:49:00
swore I would never have another
26:51:00
employee get to hate them after a while
26:55:00
you know they're wonderful but it just
26:58:00
gets a little over woman so I've tried
26:59:00
to do it all on my own
27:00:00
and it has one benefit of keeping me
27:03:00
much closer to the action and much more
27:06:00
real much more passionate and much more
27:10:00
integral to what people are doing
27:12:00
instead of like being in another office
27:14:00
in another room and dictating you know
27:16:00
it keeps me give me a hop and all the
27:18:00
sandwich which I actually like so that
27:22:00
answers it that's great you know
27:37:00
everything you're saying I'm sorry
27:38:00
carmine can hear me okay oh sorry I was
27:41:00
just gonna say that that you're talking
27:44:00
about everything you're talking about
27:45:00
I talked to mommy manners now too they
27:49:00
get on the phone with a lot and I
27:51:00
immediately can tell if they're
27:53:00
coachable if they're ready or if they're
27:55:00
stuck in their ways and they don't
27:57:00
they're not coachable you know and also
28:00:00
I hear it all the time hey I want to
28:02:00
license this thing and I want to do it
28:04:00
quick
28:04:00
I'm ready to ready I'm ready for the for
28:07:00
the for the check and I immediately I'm
28:10:00
not a dream Squasher but I tell them
28:12:00
right off the bat this is not a
28:13:00
get-rich-quick business no dope good for
28:17:00
you I mean that's that's that's pretty
28:19:00
important I the line I love is if
28:22:00
somebody sent me something and we've
28:23:00
been looking at for a couple weeks and
28:25:00
they call could I have another company's
28:27:00
interested if I don't hear back from you
28:28:00
you know by the end of the week and my
28:32:00
answer to them is do what you got to do
28:33:00
I mean do it's in your own business
28:35:00
always for inventors do what's in your
28:37:00
best interests the problem is that
28:38:00
inventors usually don't know what's in
28:40:00
their best
28:41:00
and if they pull it away from the
28:42:00
world's biggest power tool company to
28:44:00
take it to somebody else but it's in the
28:46:00
middle of evaluation they're probably
28:47:00
not doing themselves right you know but
28:50:00
if that's what they want to do you know
28:52:00
go ahead brother it's a free if it's a
28:54:00
free country and then usually I got a
28:55:00
call back the next day I didn't really
28:57:00
mean at the moment so so skip that line
28:59:00
only only deliver those lines when
29:02:00
you're when you're ready if somebody
29:03:00
else has a licensing deal on the table
29:04:00
and you're ready to go maybe use it then
29:07:00
if you want to leverage your position
29:08:00
but otherwise you got to your points if
29:11:00
you got to play the game out I mean I I
29:13:00
mentioned off the top of the show you
29:15:00
know an exciting product it might move
29:17:00
quickly but I'll tell you what even if
29:19:00
they love it it's going to take us
29:20:00
another two months to do all the legal
29:22:00
on it just to just to pull it together
29:23:00
back and forth you know I'm really glad
29:25:00
you said it that was one of the
29:26:00
questions I had you know because I was
29:29:00
going to ask you know what is the
29:31:00
average time frame from the time that
29:33:00
let's say you bring a product and then
29:35:00
the company loves it what is the average
29:37:00
time frame does it I think it's really
29:38:00
important of course it I'm sure it
29:40:00
depends on the product and what you know
29:42:00
the excitement but there's still time
29:44:00
that has to come into play tyrannic it
29:46:00
is words that you said once the company
29:50:00
loves it so just very quickly on the
29:53:00
point up to when they love it that that
29:56:00
that portion could take months you know
29:58:00
just to get it in front of them a full
29:59:00
review it could take a month it could
30:01:00
take two months could take three or four
30:02:00
months so so so don't feel take it
30:05:00
personally
30:06:00
these things sometimes get stretched out
30:08:00
their vacations there's travel schedules
30:10:00
I mean right now I have some of them
30:12:00
wants to fly in from LA on a product
30:14:00
that we're looking at very closely for a
30:15:00
lifetime brand next week because they're
30:16:00
going to be in New York and all the
30:18:00
people are away on vacation so what are
30:19:00
you gonna do you know it takes time but
30:21:00
once it clear that they love it and then
30:24:00
I start running you down you know I'm
30:25:00
and then your phone is lit up because
30:29:00
I've learned you know once they like
30:32:00
something you know I drop everything
30:33:00
else I'm doing and I good after it you
30:37:00
know it takes you know typically we go
30:40:00
through sort of a free licensing
30:45:00
non-binding term sheet which which can
30:48:00
take a week to to review you know a week
30:51:00
or two then that that turns eventually
30:54:00
into a life
30:54:00
in agreement which can take easily a
30:56:00
month if not six weeks you know you have
31:00:00
your chance to go through with your
31:01:00
lawyer redline it then it goes back the
31:03:00
company does it you know it takes two or
31:05:00
three back and forth to make it happen
31:07:00
I'd say from the time that the company
31:09:00
is flat out once to do it and is moving
31:12:00
full speed ahead you know it takes a
31:14:00
couple of months after that to finalize
31:16:00
the deal and it does depend upon the
31:18:00
industry and the company so they're all
31:20:00
a little bit different in the DR TV area
31:21:00
usually when we sign a deal we want a
31:23:00
120 day or four month period to test it
31:26:00
at several levels including a TV test so
31:29:00
they're there all but the point being
31:31:00
that from the time you first engage the
31:33:00
company to a successful products I mean
31:36:00
it could take you easy six to nine
31:38:00
months easily easily just realized to
31:42:00
say that that's exactly the answer I was
31:44:00
hoping you'd give because that's what I
31:46:00
tell people it's going to mean I mean
31:48:00
you got to be in it for the for the long
31:49:00
haul you got to be prepared mentally and
31:52:00
and also prepared you know with
31:55:00
everything that you want we got to know
31:57:00
the processes know what you're gonna be
31:59:00
facing you won't know that and you know
32:01:00
about timesheets you're gonna have to
32:03:00
understand it's really important to know
32:09:00
this well and the more the smarter the
32:11:00
people are they're on the other end of
32:13:00
the line from me yeah the easier it is
32:15:00
to put together so remember I don't know
32:17:00
if you had this down down where you are
32:18:00
but in New York area we had some stores
32:20:00
called Sims and their line was an
32:23:00
educated consumers our best customer you
32:26:00
know so you know you count on when you
32:29:00
put something on sale you want your
32:30:00
customers to understand that you're
32:31:00
putting it on sale and there's something
32:33:00
there so I think that was their point my
32:35:00
point is if you come in prepared just
32:38:00
like you say Jeff if you've coached them
32:39:00
well if they you know the worst thing in
32:42:00
the world is is you finally get down to
32:44:00
a deal and and then they go oh five
32:47:00
percent is that is that all you're gonna
32:49:00
pay and I'm like well interesting enough
32:51:00
that's the high end of the spectrum and
32:53:00
what did you want oh I want 20% of okay
32:57:00
well tell you what take another hit of
32:59:00
acid and then call me in a year you know
33:01:00
so I you know I mean that's what I'm
33:03:00
thinking man but you know so
33:07:00
so knowing the parameters knowing the
33:09:00
industry that you're trying to exploit
33:11:00
having a leg up
33:13:00
you know what the things that you
33:14:00
provide to people now once they've been
33:16:00
through the process a few times they
33:18:00
learn it and they get it down but the
33:20:00
invention world is is is complete it has
33:25:00
has a lot of people that come and go you
33:27:00
know they they come in for a year or two
33:28:00
and for whatever reason they leave it
33:30:00
you know membership to the UI is
33:32:00
continually changing you know and and
33:34:00
seems to be the nature of our business
33:36:00
so so to reach out get your help in
33:38:00
other people's health and come in
33:39:00
professionally and in though it's a big
33:41:00
it allows me to have a more complete
33:44:00
conversation with people because that's
33:45:00
the other thing if I sense I don't mind
33:47:00
people trying to drive a hard bargain
33:49:00
but if you if you know if I have my
33:51:00
house on the market for three hundred
33:53:00
thousand dollars and you come in and
33:54:00
offer me two hundred seventy thousand
33:57:00
dollars you know we're going to talk it
33:58:00
through but if I have my house on the
34:00:00
market for three hundred thousand you
34:01:00
and you offer me fifty thousand you know
34:03:00
we're done so you got it you got to know
34:04:00
your marketplace and you know that's
34:07:00
exactly right and that's what I do coach
34:09:00
you know I tell inventors you know I
34:11:00
prepare them from everything from you
34:14:00
know gaming number first getting
34:17:00
wholesale cost I mean really digging in
34:20:00
so they can help the potential licensee
34:22:00
in the end and plus again goes right
34:24:00
back to being a professional looking
34:26:00
like a professional and acting like one
34:27:00
and when they see that you're being a
34:29:00
helpful inventor and you're they're
34:30:00
going to do business with you faster or
34:32:00
easier than someone who's not sure yeah
34:36:00
I know you're short on time Warren I
34:39:00
really do appreciate you being here
34:40:00
you've been awesome today a lot of
34:42:00
information was given and and it's
34:45:00
almost like we scripted it exactly right
34:47:00
we didn't we did you give a little bit
34:58:00
about the UI a sure the United manners
35:02:00
Association is what we call a 501 C 3
35:05:00
non-profit non-profit we get our
35:10:00
revenues from a combination of corporate
35:12:00
donations and donations from individuals
35:14:00
and we also run industry trade show in
35:19:00
Bennifer billions where
35:21:00
we just got a nice check-in from the
35:22:00
hardware show we ran the hardware show
35:24:00
in in May early May and we finally got
35:27:00
paid but it's nice because we have
35:30:00
enough money now for the through the end
35:31:00
of the year in any event where you know
35:35:00
money doesn't drive us but obviously it
35:38:00
helps you know with resources and things
35:39:00
so we try to educate we have a website
35:47:00
www.un.org/webcast
36:00:00
you know - I hate you anyway but nobody
36:04:00
really knows what we're talking about
36:04:00
any event we try to stay in close
36:08:00
contact with the clubs actually that's
36:09:00
what I was talking to Steven about today
36:11:00
he's got an effort going out to the club
36:14:00
leaders around the country so we're
36:15:00
something i i love the local inventor
36:18:00
clubs and they close to my heart we try
36:20:00
do a lot of things i'm actually raising
36:22:00
a significant amount of money to do a
36:23:00
club presidents meeting whether all be
36:25:00
paid for climbing the san diego next
36:27:00
April so we want to do a lot of that
36:29:00
I'll be down in Washington next week
36:31:00
there's going to be some peaceful
36:32:00
protests at the USPTO I've been the
36:35:00
middleman between the PTO and the rabble
36:38:00
rousers who are great by the way they're
36:42:00
great people Josh Malone terrific guy
36:44:00
Adrian focus all these guys they're all
36:46:00
coming in so it's all wonderful so I try
36:48:00
to I try to do every number I can to
36:50:00
help the end of the day our role at the
36:52:00
uia is we were born out of the USPTO so
36:55:00
while there's going to be some
36:56:00
protesters out on the street I will be
36:58:00
inside the building speaking and
37:01:00
probably meeting with the next director
37:03:00
of the panel so I I don't want to give
37:05:00
up that role it took me too long to get
37:06:00
inside the building but god bless
37:08:00
everybody wants to burn their draft card
37:10:00
um but we we try to anything look here's
37:16:00
here's my funnel because a lot of stuff
37:18:00
goes on in this weird and mentor
37:20:00
community of ours you know and there's a
37:21:00
lot of different people running around
37:22:00
doing different things
37:23:00
my only litmus test is this is it good
37:26:00
for the inventor you know if it's good
37:28:00
for the inventor I'm with you and and if
37:31:00
it's not that I'm not as simple as that
37:33:00
so so that
37:34:00
we try to do but the uia is free to join
37:37:00
and we we are considering some premium
37:41:00
services for next year where does we do
37:44:00
we need to have money some money and we
37:47:00
don't have a big budget but it helps us
37:49:00
with other things that we're doing but
37:50:00
right now it's totally free and it will
37:52:00
always remain free
37:53:00
that was from Woodstock Jeff so I just
37:55:00
kid and it's 14 to 10 Woodstock and my
37:59:00
mom took one look at Jimi Hendrix said
38:00:00
there's not a chance you're going to
38:02:00
Woodstock but I made a lot of X I'm
38:05:00
going to Woodstock this weekend the see
38:07:00
Carlos abut but having said that I
38:09:00
remember very well when they knock
38:12:00
defenses down and they made it a free
38:13:00
concert so that's what I said when I
38:15:00
came in the uia we used to charge a
38:17:00
hundred bucks for membership I said just
38:18:00
a free concert from now if I'm going to
38:20:00
be involved in free concert so everybody
38:21:00
will get something and then we might we
38:23:00
might have some additional premium
38:25:00
things for like 25 bucks or some you
38:26:00
know something rare but we're not we're
38:29:00
not here to take people's money but we
38:30:00
just need to also fund some of things so
38:33:00
that's that's the that's the love of my
38:36:00
life.you I a so that's great that's
38:38:00
great great everybody it's a it's a free
38:41:00
membership a lot of information up there
38:44:00
on the website
38:48:00
go ahead and join there's nothing to
38:51:00
hold you back from going thanks Carmen
38:53:00
thanks for calling I appreciate it all
38:55:00
right grab free your your mic if you
38:57:00
want to
38:58:00
well first off yeah thank you so much
39:00:00
both of you for a wonderful show
39:03:00
Warren has been absolutely wonderful to
39:05:00
have you on and the the information you
39:07:00
gave today was priceless
39:08:00
honestly it's stuff that inventors need
39:10:00
to hear you know being prepared the
39:13:00
whole thing is just it's been great to
39:15:00
have you on and to hear from a prolific
39:17:00
person like you it's really important
39:20:00
well cool well we'll do it again so
39:22:00
sounds great thanks Warren take care you
39:25:00
guys