What Get’s a Product Licensed; We Talk The Components of an Effective Sell Sheet

The One Pitch
How to Pitch Your Product; The Pitch to Get Rich Pilot Show
January 22, 2018
patents
Patents, Trademarks and Copyrights are Assets; We Discuss How to Make Certain Your Idea is Patentable.
January 29, 2018

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

www.productcoachusa.com

This Podcast is brought to you by the Inventors Launchpad Network.

www.inventorslaunchpad.com

Watch the podcast here!

 

Podcast Notes

1YouTube Transcription
0:01
hi everyone and welcome to the inventors
0:04
Launchpad Network
0:06
I am carmine danesco your co-host for
0:09
today's show of the licensing jungle and
0:12
with me is my guide the man that will
0:15
walk us through this craziness that we
0:17
call licensing the man of the hour the
0:20
king of the jungle mr. Geoffrey mangas
0:22
say Geoffrey over there I'm doing good
0:27
man going good glad to see you I know
0:29
that you're up there in the great white
0:31
north getting snowed on huh what do you
0:38
do when it snows I mean you really gotta
0:40
just buckle down and and just kind of
0:42
wait for it to blow out or you like
0:44
they're like the crazy guys that go out
0:46
there in the snow well I used to be the
0:48
crazy guy go out in the snow but not
0:49
anymore man I'm pretty much down that's
0:53
good that's good hey you know I was
0:55
wondering - are you close to the the
0:57
West Virginia University and all over
0:59
there no no no it's big big football
1:07
town over there huh yeah yeah it's
1:17
always fun to to go to those but not to
1:20
stay in that town I mean to be to be a
1:22
few hours away is probably the best
1:24
thing I was traveling I was traveling
1:37
one time I was in Lincoln Nebraska at
1:41
the wrong time and I was saying to
1:43
myself I got at it off the airplane now
1:44
driving I was like what is going on in
1:47
this little town I was supposed to be
1:48
this small town I was going to see a
1:50
client and the place was insane and you
1:53
know the guy said yeah you came into
1:54
town for a football game is crazy man
2:02
and just I went to a small college so I
2:04
wasn't used to that and it is fun I mean
2:07
I could see you went to a big college
2:09
really getting into that craziness
2:13
me I am from West Virginia grew up in
2:15
West Virginia but went out as we all
2:17
know if my listeners or no our listeners
2:19
know I'm you know as a professional
2:21
musician here support the country and
2:23
but when I landed in Los Angeles
2:26
California the first time I looked out
2:29
and saw the buildings and the lights and
2:31
like little me old me from lush
2:33
communion I was doing just a total shock
2:36
you know how am I going to make it I got
2:38
scared of that I believe it I believe
2:41
that that is kind of kind of big big
2:43
city big-time big-time shock you know
2:47
but we drove across the country it was a
2:48
great time oh yeah no that's good that's
2:51
cool man so so yeah man I'm glad that
2:54
glad we get to do a show today you've
2:55
been getting a lot of in enquiries a lot
2:58
of questions and sent them over to you I
3:00
mean people love the last show talking
3:02
about the patenting side and I know we
3:05
talked about a lot of the invention
3:08
submission type things and stuff like
3:10
that and I had sent you over some some
3:13
questions that people had on provisional
3:15
patents and I don't know if you got
3:17
those or maybe we could talk a little
3:18
bit about your your idea on you know how
3:20
provisional patents really should be
3:23
done or your your thoughts on how you
3:25
teach it you know I'm glad you said that
3:27
get the questions so we'll just dress
3:31
this right on head on I am a firm
3:33
believer that there is a formal way to
3:36
write a provisional patent application
3:37
and we'll go into semantics of that but
3:41
one of the main reasons as a coach that
3:46
I coach my students and tell inventor
3:49
it's one of the main reasons you want to
3:51
write a formal provisional patent
3:53
application and you want to write it the
3:55
best way that you can because you are
3:58
licensing intellectual property so when
4:02
you talk to potential license E and you
4:05
are but let's just say you get into a
4:07
negotiation situation with potential
4:09
licensees and they want to see your
4:12
provisional patent now we'll go totally
4:15
talk about that to you and we'll talk
4:17
about showing your your information to
4:19
ventra licensee and win but let's say
4:22
you're at the table you're negotiating
4:23
and they want to they want to know what
4:25
their license
4:27
if you just have a couple sentences on a
4:30
piece of paper a couple little drawings
4:32
how strong is that it's not strong at
4:35
all he have a good strong formally
4:38
written provisional patent application
4:40
written to the best of your abilities
4:42
describing your invention how it works
4:45
how it solves a problem and what what
4:47
you know when you do that and you show
4:49
it in a very descriptive way with good
4:51
drawings and you know it just makes a
4:54
stronger case for it and and also
4:57
reduces even more risk when you're top
4:59
of the potential licensing you know I am
5:03
I am a person who who did that a few
5:07
times I I had a couple products and I I
5:10
you know as you know we're both
5:12
constantly inventing things and I had a
5:14
couple products that I wanted to say
5:15
patent pending on and I would just you
5:19
know just do a quick quick format and
5:22
send in a few pictures and and send it
5:24
in and after speaking with you and going
5:27
through that I knew that kind of you
5:29
know it was a mistake I mean if in case
5:31
one of those ideas ever really took off
5:34
it could set me back a few steps right
5:43
yeah it takes a little more time and
5:45
you're right I mean you and I I mean I'm
5:48
sure there's we got listeners out there
5:50
everywhere that think up a lot of ideas
5:52
and and I definitely understand that if
5:56
you can't financially follow through a
5:59
patent application on every single idea
6:01
that you had so with that said that's
6:04
where the research of the marketplace
6:06
comes into play first you know find out
6:09
where your where your product sits find
6:11
out if there is a market for it you know
6:13
and then and then really dig in and to
6:16
to basically then head towards writing
6:19
for visual patent application because
6:21
doing that research those going back to
6:23
the last show we talked about searching
6:25
patents you're going to during that
6:27
research period you're going to search
6:29
pad you're going to see what's out there
6:30
and you're going to be able to see
6:32
products that are close to yours it's
6:33
going to help you write your provisional
6:36
patent application yeah that makes sense
6:39
here exactly see and you
6:40
you're teaching in your classes before I
6:43
would have filed that I would have done
6:46
all the research and there would have
6:47
been a reason for me to file I would
6:49
have had taken those steps and or I
6:52
would have said hey there's no reason to
6:53
file I'm not going to move forward on
6:54
this so you know I'm all about saving
6:58
money and bootstrapping especially in
7:00
the in the innovation business you know
7:03
that's what you want to do you know we
7:06
here of course again we talked about
7:08
here I hear horror stories all the time
7:10
people just throwing money here and
7:12
there left and right like spaghetti on a
7:14
wall and see what sticks but what what
7:16
ends up being is you broke you know so
7:18
you know if you don't have to file you
7:21
know if you find out that your product
7:23
does not have a big market for it
7:24
it's not a big need for or it's already
7:26
been done if you find a patent that
7:28
that's exactly like your idea and we
7:30
talked about that to you there's ways
7:32
around that but if you find a product
7:35
that's out there that's been it's been
7:37
patented and there's no market then then
7:40
why would you pursue it you know so why
7:41
why spend there's sixty five dollars on
7:43
a yeah yeah even though sixty five
7:48
dollars in the big scheme of thing and
7:51
it's not a lot but it is I mean for some
7:53
of us 65 bucks is is that is either
7:56
another hour of working with somebody
7:58
buying something moving forward but that
8:00
six about hours if you do it several
8:01
times yeah it's that stuff could start
8:03
adding up and it's the time to I mean
8:06
obviously I have so many ideas every
8:10
single idea it would be impossible I
8:14
mean really just being flat out you know
8:16
because I know when I have an idea I
8:19
mean you know my wife I told my wife my
8:21
ideas and then we heard I love my wife
8:24
the first thing she does is she grabs
8:26
her phone she's like let's see if it's
8:27
out there boom she starts looking and
8:30
she knows where to look you know I've
8:31
taught her where where to look and you
8:34
know and and start to start the ball
8:35
rolling in you know and that starts the
8:38
research hearing for me on every single
8:40
idea yes I take the time and I coach I I
8:43
walk the walk and talk the talk that I
8:45
coach I start every we're in the same
8:48
place you know because I want to I know
8:50
the process I know where I want to go
8:52
and if the idea is successful
8:54
I'm gonna have a good I want to be able
8:56
to write a strong provisional patent
8:58
application follow that and have one
9:00
year to pitch it yeah
9:03
the in and I know it mean it comes up a
9:06
lot of you always talk about research
9:08
checking the market loot all that it
9:10
seems like that is one of the most
9:12
important things because I mean you
9:14
mentioned it in almost every sentence I
9:16
can't even describe how important that
9:20
step in and what I find and it's
9:24
shocking how many inventors miss respect
9:27
they miss the step and and honestly some
9:32
of them on purpose why would you ignore
9:35
the fact okay yes I get it you love your
9:39
idea and you believe that it's going to
9:41
believe it's something that everyone
9:44
will love okay
9:45
and that's think there's nothing wrong
9:47
with that absolutely I want you to
9:48
believe in your product once you believe
9:50
in yourself but again you have to look
9:53
at this as a business if inventors look
9:55
at this the innovation world as a
9:58
business and treat yourself as a
10:00
business and go to the first step and
10:01
see what's out there really dig in learn
10:05
the steps and this is where I come into
10:07
play as a coach I teach the exact steps
10:11
on how to research the marketplace
10:14
everything that you need every step you
10:17
need to take and then you can repeat
10:19
those steps over and over and over
10:21
because once you know it and then you're
10:23
gonna feel comfortable knowing what
10:25
you're doing it makes sense and then you
10:27
get you get somewhere faster than trying
10:29
to guess where you're trying to go you
10:32
know if you're going to go on a trip and
10:33
you want to get somewhere do you look at
10:36
a map or and find it find the way to go
10:38
or do you just start driving down the
10:39
road and what happens get lost
10:42
right that's the same thing with
10:43
innovation yes but it also saves on so
10:49
many resources that happens to do with
10:51
they're so important to do that planning
10:54
to do that research because you know you
10:56
might only have enough funds and time
10:57
and resources for one idea but if you go
11:01
down the wrong path so quickly it might
11:05
kill everything on you you could
11:08
you can I see it every day I talking
11:09
unfortunately I hate that I see it every
11:12
day I hear the stories about pumpkin
11:14
manners and I see him that they run into
11:16
walls and they run out of money because
11:18
of missteps or not understanding the
11:22
processes but yeah researching the
11:25
market you know again it starts with Pat
11:28
and searching starts with you know
11:30
looking at the marketplace online and
11:32
getting out in the field into being out
11:34
there and walk in the store aisles and
11:36
all of this is going to help you
11:38
number one develop your product to be to
11:41
add the biggest benefit and value right
11:44
and it's also want to help you write
11:47
your provisional patent application now
11:49
there's a lot of vendors out there that
11:52
might be some I could say well I'm
11:53
afraid to write it you know I'm gonna
11:55
miss something there's nothing wrong
11:57
with that either but the thing about a
11:59
provisional patent application is it's
12:01
never examined by someone the USPTO
12:04
okay it is filed and it's as we all know
12:07
it's now first to file not first to
12:09
inventors
12:10
so it's filed so it's your stake in the
12:12
ground saying hey I did this on this day
12:15
now the other misnomer of people don't
12:19
understand you can file as many
12:20
provisional patent applications as you
12:22
need to keep that going okay yeah you've
12:26
got one year when you come when you file
12:28
but you know during that year if you
12:30
make a change you can refile it yes
12:32
you'll get a new filing date and another
12:34
12 months but that initial dates gone
12:36
but that's the only thing that's the
12:39
catch but if you're making changes and
12:42
you're making alterations and you're
12:43
making addition that's going to improve
12:45
the product then it's easily done um but
12:48
you're not going to file ten provisional
12:50
patent applications and spend $650 you
12:52
know you're not gonna do that you're you
12:54
know you're going to spend maybe follow
12:56
twice maybe three times but again you're
13:00
going to teach yourself how to write is
13:03
how to write these applications the
13:05
proper way and you don't need an
13:07
attorney to write that at first now but
13:11
if you're you know if you're not
13:12
comfortable there's books you can read
13:13
you know David Pressman nolo got a great
13:17
book called patenting yourself it's very
13:20
educational
13:21
yeah you can get on Amazon for 15 20
13:25
bucks or whatever it's definitely if you
13:27
don't have that in your book catalog you
13:29
want to have that as an inventor it's
13:31
great to read you know it'll teach you
13:32
now it focuses on writing your own
13:35
utility patent now do I encourage that
13:37
no I've definitely heard some attorney
13:40
to do that but it can be done I've heard
13:43
of in banners doing you know not a lot
13:47
of them do you know I would definitely
13:49
encourage you to be written about a
13:51
patent attorney but all the searches you
13:54
know patent searching and a provisional
13:56
patent application can be written by by
13:57
any inventor with a little bit of
13:59
research and a little bit of Education
14:01
that could be done yeah I agree I agree
14:04
about the utility pay you know it's
14:06
funny that you mention that I something
14:08
I I always would say yeah we can do
14:11
multiple Provisionals but you're right
14:14
in the sense because like most inventors
14:17
I'm constantly making changes to my idea
14:19
so if I file provisional and then as I
14:22
as time is passing on making changes
14:24
that provisional is no longer really
14:28
valid anyway because I've made changes
14:31
my invention may not even be the same as
14:32
what I would it would I you know filed
14:35
anyway in my provisional so there's no
14:37
sense of not really you know in you know
14:40
in putting in another provisional so so
14:43
I swear I can see you mean yeah what
14:45
also what I want to get to is when you
14:47
file your provisional and you have the
14:49
one year and you start pitching your
14:50
product let's say you get to that point
14:52
you catch your marketing toes together
14:54
and you're ready to go
14:55
what if you start talking to potential
14:57
licensees and they gave you valuable
14:59
feedback they give you feedback saying
15:01
hey if you did this this could make this
15:04
product better or hey if you took away
15:06
this or whatever
15:07
that's when wow you can make those
15:10
changes and then you're going to want to
15:12
file another prevent a patent
15:13
application with those new changes that
15:15
makes your product even more more
15:17
valuable you know to the next potential
15:19
licensing you know that the licensees
15:21
give me feedback you know they probably
15:23
have are passing on it but they think
15:25
they're trying to help you and there's
15:27
nothing wrong with that take that advice
15:28
take that feedback and make that change
15:30
and then file again and then make that
15:33
informational patent application
15:34
stronger right
15:35
again add it into your but a good well
15:37
strong written kind application when you
15:40
add those changes to that makes it even
15:43
makes it even stronger it's a good point
15:46
do you run into companies almost every
15:51
company does do they expect you to have
15:53
a provisional do they want you to our
15:54
provisional some of them say you know go
15:57
ahead and file it now we won't talk to
15:58
you yet I mean how does it how does it
16:00
work I mean well I see there's it's
16:02
variation you know of course some of the
16:04
the larger corporations we know they
16:08
want a utility patent filed and when
16:11
they want that usually they did they put
16:13
that as a disclaimer on their website
16:14
you know if you were going to submit a
16:16
product we want a utility application
16:20
where at least of your utility
16:21
application or a fully issued patent
16:25
okay these are some of the larger ones
16:27
now what I see a lot is they they just
16:31
encourage an inventor to protect
16:33
themselves okay and they say make sure
16:36
you file protection you know they don't
16:39
they don't necessarily say file
16:41
provisional they just want protection
16:43
they want to make sure that you're
16:44
protected and they're protect it's you
16:47
know that it's it's that simple so if
16:49
you if the inventor is out there
16:52
pitching and they're looking or get to
16:54
that point you know you have to follow
16:56
other than when a company wants them to
16:59
do follow their guidelines you know if
17:01
the guidelines say make sure you're
17:03
protected make sure you're you have
17:05
filed some kind of IP or intellectual
17:08
property protection they don't care what
17:10
you do when it's filed you with it or
17:11
utility or provisional they just wanna
17:13
make sure that you at least have some
17:15
form of protection on your it I see that
17:18
a lot
17:18
yeah and that's um that's that that's a
17:21
good point because really the the
17:22
company themselves are they're looking
17:25
that they have are protected to because
17:27
you know they probably get some of these
17:29
companies probably get a lot of idea
17:30
submitted to them we can talk all day
17:37
talk about at this point to talk about
17:39
non-disclosure agreements not that's a
17:41
big sticker with inventors to
17:43
non-disclosure agreements and yes so
17:44
they're very very important to your
17:47
business but you
17:49
a lot of companies a lot of the bigger
17:51
companies I see it every day I mean even
17:54
myself I'm not afraid of it anymore they
17:56
won't sign a nondisclosure agreement
17:57
cause of their influx of ideas coming in
17:59
they and the ideas that they're working
18:01
on inside they're built their walls
18:04
there they're not going to lock
18:06
themselves and paint themselves in a
18:07
corner by signing a nondisclosure
18:08
agreement that on something that they
18:11
potentially have already in the works
18:13
are healing a lot and then they suddenly
18:15
can't launch that product because of oh
18:17
wow we just signed non-disclosure
18:19
agreement about a product that's similar
18:20
that something we're working on now but
18:23
most companies do sound non-disclosure
18:26
agreements but you won't talk to a
18:28
company about a nondisclosure agreement
18:29
until you matter actually actually talk
18:31
to a company you actually talk to
18:33
someone and talk to potential licensee
18:36
or someone who's interested in your
18:37
product then you can talk about but
18:40
you're right I see yeah it's kind of
18:42
stuff every day - yeah I know that you
18:46
you know and and the invention industry
18:49
is so much fun and I I know you see a
18:51
lot of crazy stuff and and you know I
18:54
know that you want to help everyone so
18:55
the stories and things that you get it's
18:57
probably fun to to sit back and listen
18:59
and talk to people and M be able to help
19:01
them if you know when you give that
19:03
person that next step or you take them
19:05
you know over that over that fence it
19:07
must be such a great feeling because you
19:09
know they were stuck I mean we get
19:10
people here that then stuck for a year
19:12
and a half and it's such it's such an
19:13
easy fix for us but not for them it I
19:16
don't want them to feel better inventors
19:17
to feel bad you know we do this every
19:19
day
19:20
so sometimes they come to us and this
19:21
probably happens to you too that you
19:23
know they're just so stuck at something
19:25
and we say oh just do this and they just
19:27
it's amazing it is amazing they get
19:34
themselves worked up into a frenzy and
19:36
then once that once they they get a hold
19:39
of me and I say well here's what you
19:41
need to do and it's a simple fix and
19:43
you're right and they're like you can
19:45
hear the sweat start to pour off like
19:47
wow I was so worked up and it's you know
19:50
especially things like you know when
19:53
when you are pitching your product here
19:55
so here's something I run into every day
19:56
this will hopefully help someone if you
19:58
come across a website that does accept
20:01
ideas from outside up and in
20:03
they say that they have an online
20:04
submission portal what do you do do you
20:07
submit your product right and most
20:09
submitters they get locked up they lock
20:11
the breaks up like it like the bicycle
20:13
in the summertime they they lock it up
20:15
but whoa whoa what do I do here
20:17
what about a non-disclosure agreement
20:18
what about protection well this is where
20:20
you as an inventor if you've already
20:22
filed your provisional patent
20:24
application or a utility whatever
20:26
whatever you're doing at least you know
20:28
you've got your protection you can rely
20:29
on that and also know that followed
20:33
their guidelines but read their terms
20:35
and conditions don't glaze over it read
20:41
the terms and conditions because there's
20:42
terms and conditions yes it might be a
20:44
long read it might be a boring read but
20:46
also could be a very say free they'll
20:49
say the terms of conditions are honestly
20:51
probably going to be in their favor but
20:53
just fuck just read them make sure that
20:56
you're not going to give away your farm
20:58
by submitting to them okay but when you
21:01
file electronically on on an online
21:04
submission form remember it's electronic
21:06
so there's directly there's a record and
21:07
most of the legitimate companies are
21:10
going to send you an electronic
21:11
confirmation that you've submitted a
21:14
product of it and I also want to tell
21:16
you the duration of time right so that
21:19
you can expect a response which is two
21:21
to four weeks or whatever like that
21:24
that's where you can keep an email as a
21:26
hardcopy of record of what you've sent
21:28
Plus because remember to keep in your
21:30
mind as an inventor you filed your
21:32
protection you know that you submitted
21:34
to them so now now that there's a record
21:37
of it if something comes out and you
21:39
might have a case that later on things
21:41
to think about the online submission
21:43
forms read your terms and conditions and
21:45
submit those products internet get it in
21:47
there too long as it's legit I want to
21:49
talk good and you feel yeah and I would
21:51
suggest you know if you're worried about
21:53
the company itself do a search and if
21:55
you don't see anything out there that
21:58
people are complaining that they stole
22:00
their ideas or whatever and then you're
22:01
probably okay because I could guarantee
22:03
there's a lot of people submitting their
22:05
ideas to that company and if they did
22:07
something that wasn't right there would
22:09
be a lot of people complaining about it
22:11
that's correct you can check the FTC of
22:14
course USPTO
22:16
the Better Business Bureau you can do
22:17
research now and find where that
22:19
company's actual main office is in what
22:21
state and then go under the Better
22:23
Business Bureau now the one thing I want
22:26
to say about Better Business Bureau and
22:27
this is not a negative against them
22:29
Better Business Bureaus it's a business
22:31
as well so companies do pay you know but
22:34
their ratings and stuff you know if a
22:37
company's doing legitimate business yeah
22:39
if they should have an a a plus or B
22:42
rating which would be good but
22:43
definitely definitely check it out yeah
22:45
you can't you can't go wrong
22:47
extra steps yes I get it and you're in a
22:49
hurry you want to get your product to
22:50
the market I understand all that I mean
22:52
I know that ain't that inventors feel
22:55
I'm I'm in it I can say I'm in the
22:57
trenches with yeah I love some of the
22:59
products that come up with and I'm like
23:00
so excited but once I start doing the
23:02
research once I start doing all things I
23:04
need to do sometimes the glamour doesn't
23:06
last very long when I realized well I
23:08
don't think this is gonna fly and then
23:10
you just move on yeah well it's always
23:13
glamorous and you're gonna make millions
23:17
when someone else is going to do the
23:19
work for you but once like as you teach
23:21
once you have to start doing the work if
23:23
it's not worthwhile you're going to stop
23:26
fairly quickly but if your idea is
23:28
worthwhile after doing all this research
23:29
you don't mind moving forward but that's
23:32
what I love about you what you do with
23:33
your teaching is you make people decide
23:36
very quickly if they want to do it
23:38
themselves or not or if they want to
23:40
move forward or if the idea is even good
23:41
that's right again licensing is patience
23:51
licensing is a step-by-step process and
23:54
that's where you have to be patient
23:55
between steps you know to do it right
23:58
you're correct yes you can fly through
24:00:00
the steps and get it wrong
24:01:00
but when you doing this this way I got
24:09:00
so much on my head yeah I know no no no
24:12:00
I mean I know it that's what I'm
24:14:00
thinking of things too as we go through
24:16:00
but yeah just you know I was just
24:19:00
talking we're just talking about you
24:20:00
know when you I love the way that you
24:22:00
teach people they actually sometimes
24:25:00
find out on their own if the idea is a
24:27:00
good idea or not
24:29:00
obviously yeah what I was saying meant
24:30:00
to say was if you find yourself not
24:32:00
interested in the idea if it doesn't
24:34:00
interest you because it's going to take
24:36:00
a long way to get there then you need to
24:40:00
make sure that you're excited about the
24:43:00
product you know and that's we're
24:45:00
starting you know starting with an idea
24:48:00
that you know in a field that you love
24:50:00
whether it's fishing or tennis or golf
24:52:00
or guitars or whatever just luck if you
24:56:00
start to find ideas in something that
24:58:00
you truly are interested in it really
25:00:00
helps you go be in and work it that way
25:02:00
yeah you know when you when you become
25:05:00
you step out as an inventor and and find
25:08:00
yourself in a business of developing
25:10:00
products you want to start developing
25:12:00
products for all kinds of different
25:14:00
areas and categories and be on the hunt
25:16:00
and look you know keep your mind open to
25:19:00
you what's what the needs are out there
25:20:00
whether it's whatever it is you know
25:23:00
just make sure that you're excited about
25:24:00
the product to make sure that you know
25:26:00
for a fact that the product has a market
25:28:00
that the product is going to be able to
25:30:00
to make a difference happen and
25:32:00
someone's going to be able to want to
25:34:00
open their wallet and a licensee side of
25:36:00
the negotiation on agreement with you
25:38:00
and on the problem make sure you it's
25:41:00
something you feel it's going to happen
25:43:00
no year I agree on a percent and you
25:47:00
have to be excited about the product
25:48:00
yeah it's such a long road and it's a
25:51:00
lot of hard work that if you're not
25:52:00
excited about it it is just going to be
25:54:00
drag here's the rub right here here's
26:01:00
the there's nothing wrong with loving a
26:04:00
product and being excited about a
26:05:00
product there's nothing wrong with that
26:07:00
at all
26:07:00
and that's not what I'm saying I want
26:09:00
you to do that I wanted to be excited
26:11:00
and but separating a rookie and mentor
26:16:00
to from a professional is being able to
26:18:00
decide I love this product but you know
26:22:00
is it going to make it you know when you
26:24:00
ask yourself honest questions you know
26:28:00
truly in the heart thing you know when
26:31:00
you ask yourself these questions you
26:32:00
answer them honestly then you you can
26:35:00
decide hey I'm gonna put this product to
26:37:00
the side into the shelf in you you're a
26:40:00
professional when you can put it off
26:43:00
put your feelings aside and know it's
26:45:00
business and put it to put it away for a
26:46:00
while not and remember I'm not saying
26:48:00
throw it away I'm saying put it away
26:50:00
because later on you could come back to
26:52:00
it and maybe add something or maybe as
26:55:00
you're through your travels discover
26:57:00
something about your about another
26:59:00
product that you can help this product
27:01:00
please be better so there's always so
27:03:00
many avenues your brain in your body and
27:05:00
your way and your it's really great
27:08:00
policy no doubt I agree I agree with
27:12:00
that I love it's why I love about
27:13:00
talking like this our shows it's just
27:16:00
the information the basic mean we could
27:19:00
get deeply into information and steps
27:22:00
and process it but the main thing is the
27:24:00
beginning the beginning steps are the
27:26:00
most one of the most important to me
27:28:00
because you just like we talked about
27:30:00
you could spend all your resources all
27:31:00
your money on an idea that isn't really
27:34:00
you know where it's out there or it's
27:36:00
not really something that's gonna make
27:37:00
enough money to for the reasoning to
27:39:00
road through so those first few steps
27:40:00
and a lot of times we talk about it and
27:43:00
spend the time on it
27:44:00
because I think they're the most
27:46:00
important is that you know first several
27:47:00
steps they truly are and I was a new
27:55:00
student and he signed on and again and
27:59:00
he won't mind me telling the story
28:01:00
because you know it was a opening
28:03:00
experience for him and really helped him
28:05:00
but we we weren't on the phone 10
28:08:00
minutes and he told me about his product
28:10:00
and I i literally within within 60
28:13:00
seconds i found a product dislike kids
28:15:00
online and yeah the remorse set in and
28:20:00
unfortunately we learned a lesson that
28:23:00
hey and he do research and this is where
28:26:00
i come into play and now you know he's
28:29:00
on his way with a new product doing
28:30:00
research and things were going good they
28:32:00
look excuse me he learned a big lesson
28:34:00
there you know and that's where you know
28:37:00
again anyone listening the show you know
28:40:00
i know we started talking about
28:41:00
provisional patent applications and
28:42:00
writing it but we're here do it it goes
28:44:00
back to research all this goes back to
28:46:00
the starting point and that is you know
28:50:00
learning the steps on how to do proper
28:52:00
research really digging in okay and
28:56:00
and not just glazing over it and seeing
28:59:00
what you want to see you want to find
29:01:00
something that you're going your
29:02:00
research is to find something you don't
29:04:00
want you want to dis you're actually
29:07:00
we've had we know our special friend eat
29:11:00
one of the our guests in the past he
29:14:00
actually said his goal is to shoot his
29:16:00
ideas then his bowl is a research and
29:19:00
shoot his idea down that's his goal he
29:22:00
says he'd rather shoot it down in the
29:23:00
beginning than then to move forward and
29:27:00
not you know it just was about you yeah
29:31:00
yeah I agree i I think he actually gives
29:33:00
a bonus or pays his researchers if they
29:36:00
find something a great idea you know
29:42:00
what's amazing to me and I want to go
29:44:00
back I had a question on non-disclosure
29:45:00
ears but before that what's amazing to
29:48:00
me is 15 years ago ten years ago and
29:51:00
then beyond you know sixties thirties
29:54:00
forties seventies eighties what do
29:56:00
people do when they had an invention
29:58:00
idea I mean it's amazing to me we have
30:00:00
all this power in front of us right now
30:02:00
you know computers and databases and
30:05:00
Amazon all places sure it's a search and
30:08:00
people still aren't searching you know
30:10:00
there's you're still finding the ideas
30:12:00
within a minute but what the heck did
30:15:00
they do when the computer wasn't in
30:16:00
front of them who would own this
30:18:00
research you know I think you'd I mean
30:20:00
it goes back to just old school I mean
30:23:00
really you know digging into newspapers
30:28:00
and magazines and whatever I mean yeah
30:32:00
all this technology it's people still
30:35:00
don't research what did they do
30:37:00
I mean had to I think people had to make
30:40:00
trips on airplanes and talk to companies
30:42:00
and call and and find you know the old
30:44:00
school databases and buy leads and buy
30:47:00
lists of companies they'd have to call
30:49:00
and talk to I think it boils down to
30:51:00
that and searching patents I think
30:53:00
people people I think in the older days
30:57:00
if it was patented in there might assume
31:00:00
there was it had to be a success which
31:03:00
we all know that's not true
31:04:00
ninety-five percent of patents don't see
31:06:00
the light of day
31:07:00
exactly they don't
31:09:00
yeah and you know I've spoken with with
31:11:00
patent agents that used to you know that
31:13:00
are retired now and they said they would
31:15:00
have to go to the Patent Office and they
31:17:00
were going through the cards and they'd
31:19:00
have to search like they like the old
31:21:00
Dewey Decimal System which I know a lot
31:23:00
of our listeners might not even know
31:25:00
what that is but yeah I just I'm so
31:28:00
curious on how this was done in the past
31:31:00
with all the power that we have in front
31:33:00
of us it's just it amazes me that things
31:36:00
got done that are that are so intricate
31:40:00
and it is it's it's just amazing I think
31:44:00
also in dinners without all the
31:46:00
technology that we have today I think in
31:49:00
the older days they just believed in her
31:51:00
product and they just you know went
31:53:00
through what they thought everyone you
31:56:00
know we talk about this all the time you
31:58:00
know Uncle Joe says you've got to have a
32:00:00
patent and uncle you know aunt Fannie
32:02:00
Mae says oh you've got to have a
32:03:00
prototype everyone knows about patents
32:05:00
and prototyping when it comes inventions
32:07:00
but they really don't know right but
32:10:00
everyone's like oh yeah this and they
32:11:00
just went with her heart there's nothing
32:13:00
wrong with that I mean I think stuff
32:15:00
look at the products I mean that look
32:17:00
what we have everything around us isn't
32:18:00
an inch every single thing around us is
32:21:00
an invention at some point that was
32:22:00
someone's brain and that's amazing you
32:24:00
know people believed in their products
32:27:00
but they also I guarantee you at some
32:30:00
point learn the process we there it's
32:33:00
through the old-school hard knocks right
32:36:00
and then falling on themselves going
32:39:00
over the lumps and then realizing that
32:41:00
was a mistake I'm not gonna make that
32:43:00
mistake again I'm not gonna do that
32:44:00
so but now nowadays you don't have to go
32:47:00
through all those old-school hard knocks
32:49:00
learn the steps you know hire a coach we
32:53:00
read books look at video there's too
32:55:00
much out there to that to not teach
33:00:00
yourself up to a certain point you know
33:02:00
yes you're going to need you know
33:04:00
someone to help you guide you through
33:05:00
events you're gonna build a team but
33:07:00
there's too much out there too many too
33:09:00
too many books on the innovation I'm
33:11:00
healing Amazon right now and find you
33:13:00
know 500 books on innovation there's not
33:17:00
a lot on licensing you know I get that
33:19:00
but there's still a lot of books out
33:21:00
there on teaching yourself
33:23:00
to do this and you can do this that's
33:27:00
good good good yeah so we're kind of
33:31:00
coming to the end of the show I did have
33:32:00
one question about the nondisclosure
33:35:00
agreement so so I file this provisional
33:39:00
patent ok and it's you know I put a
33:41:00
stake in the ground or I have a utility
33:43:00
patent which is possible and I contact a
33:47:00
company what I've known is there I've
33:49:00
known inventors to still ask the
33:52:00
companies for a non-disclosure does that
33:55:00
make any sense
33:56:00
it at first in my mind if you're if you
34:01:00
contact a company and the first thing
34:03:00
out of your mouth is about a
34:04:00
non-disclosure it's a red flag to any
34:07:00
potential licensing
34:08:00
ok number one tells them that you're
34:11:00
you're possibly an amateur ok you're not
34:15:00
being professional
34:16:00
you don't want to waive your NDA flag at
34:18:00
first you want to make contact with the
34:20:00
potential Isis they find that person in
34:22:00
that company that you need to speak to
34:24:00
make contact with the through email or
34:26:00
by phone I encourage the phone
34:28:00
conversation first find the interest
34:31:00
find interest it determine their
34:34:00
interest level then if they are
34:36:00
interested in your product then that is
34:39:00
perfectly fine to ask a company about a
34:42:00
non-disclosure agreement now and I
34:45:00
encourage an inventor at that level at
34:47:00
that at that point to ask about a
34:49:00
non-disclosure agreement because their
34:52:00
tummies gonna probably 95 percent of the
34:55:00
time they're going to send you their
34:56:00
nagas but he knows there's over and they
34:59:00
feel comfy with it and as an inventor
35:02:00
again when that happens we the
35:05:00
non-disclosure dream don't be afraid I
35:08:00
mean it's probably gonna be really
35:10:00
closer to the on the company side yes
35:12:00
but I'll be honest with you most of them
35:15:00
are a pre mistake there's I mean look
35:18:00
I'm not saying don't read them read them
35:20:00
read those you never know what you're
35:21:00
gonna find
35:22:00
but when that happens just read it he'll
35:25:00
come about it if you have you want an
35:26:00
attorney look over to do that encourage
35:28:00
me that sign it and move on and get that
35:30:00
product in front of them it's that
35:31:00
simple
35:32:00
but don't immediately you know I know I
35:35:00
want a non-disclosure agreement
35:37:00
so afraid so afraid there that tells
35:39:00
them GRU protective it makes them doubt
35:41:00
if you have your protection in place
35:43:00
well you know you kind of throw some
35:45:00
things in the ranch no grave ice I mean
35:49:00
you know again from somebody that does
35:51:00
it you've license several products you
35:54:00
have several products in the in the
35:56:00
steps of being licensed so if anybody
35:58:00
has a question on anything you're
36:00:00
talking about I mean certainly reach out
36:02:00
to Jeffrey he's he's doing what he talks
36:04:00
about he's licensed products he's in you
36:06:00
I mean you're in in with a few companies
36:09:00
that are looking at some products now
36:11:00
for you right yeah yeah no doubt man hey
36:25:00
question for you know we were pretty
36:28:00
much a little over time as usual really
36:30:00
easy over time but what's up with the
36:32:00
book man what's happening I know I said
36:35:00
before but my editor has given me final
36:39:00
edits I worked on it almost all day
36:40:00
yesterday we are I should have done
36:45:00
hooking this week and then we're going
36:47:00
to go into the announcing book launch
36:50:00
and it's gonna be let me out there will
36:53:00
say this again I between myself and my
36:57:00
editor we have made sure that there is
37:00:00
nothing held back this book you know if
37:03:00
you're an adventurer out there I promise
37:05:00
you you buy my book you will get every
37:08:00
single thing you need their license of
37:10:00
product okay and I have and I'm not
37:13:00
afraid of you know that I want you to to
37:16:00
know this information and that's been my
37:17:00
goal from the onset I love being a coach
37:20:00
love me and you know coaching inventors
37:22:00
but I want this book to reach global I
37:25:00
want to help as many as active no no we
37:29:00
know man and and bloomie we know that
37:31:00
putting your book out takes time so
37:33:00
we're just glad you're working on it
37:35:00
we're all looking forward to seeing it
37:36:00
and reading it we know it takes multiple
37:38:00
edits and we know you don't want to do
37:40:00
it but you have to do it it's got to be
37:42:00
done
37:43:00
there's nothing worse I have I do not
37:45:00
want this book
37:46:00
they have a bunch of typos and all that
37:48:00
stuff but especially it's not just typos
37:51:00
that my editors been really great about
37:53:00
helping me format it and also help me
37:56:00
with more more content like pushing me
37:59:00
here you need to elaborate on this
38:01:00
section and add more and help it's
38:03:00
really and since made the book even more
38:06:00
better again just like a patent or
38:09:00
anything else and you're taking those
38:10:00
suggestions taking that feedback adding
38:13:00
more value to it more value to make it
38:15:00
better better better better
38:17:00
very good my friend that's awesome well
38:19:00
we're out of time we got anything else
38:22:00
to to add in I think we're good next
38:26:00
week I mean we'll talk about I like to
38:28:00
do I like to go into the semantics again
38:30:00
I love some sales sheets and video sales
38:32:00
sheets next week anyone wants to tune in
38:35:00
really get in for nuts and bolts of each
38:37:00
one and what makes them tick wow that's
38:40:00
a great that's a that is a great idea
38:43:00
because I know that's the next step and
38:46:00
they're so important these days
38:47:00
especially the video side to really go
38:49:00
to connect with the people who are
38:52:00
looking at your product cuz it's
38:53:00
important that they know like and trust
38:55:00
you they just don't want to get a
38:56:00
product from you you know just and if
38:59:00
they if they don't like you there it's
39:00:00
it's kind of like a marriage when you
39:01:00
sign a license agreement well we'll look
39:10:00
forward to talking about that we'll be
39:13:00
done for today's show I can tell you
39:15:00
that if you have some questions please
39:18:00
reach out to to Jeffery at product coach
39:21:00
usa.com he's on Facebook he's on
39:24:00
LinkedIn he's all over the place just
39:26:00
don't go into the jungle without him I
39:28:00
can tell you that you definitely want
39:29:00
his guidance if you're trying to license
39:31:00
so again let us know if you have any
39:34:00
questions you can find our shows you can
39:36:00
get in touch with myself if you would
39:38:00
like inventors Launchpad dot-com head on
39:42:00
out to iTunes or Google Play please
39:45:00
leave us a review or rating an honest
39:49:00
review would really help us to make the
39:52:00
show better and it also helps other
39:53:00
people find the show and know if it's
39:55:00
right for them so again it would be
39:57:00
great if you could do that for my
39:59:00
co-host
40:00:00
stur mangas and for myself carmine disco
40:03:00
I appreciate you for listening and we'll
40:05:00
catch you next time on the licensing
40:08:00
jungle

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