What a brilliant video! Felt very much 'from the heart'. This is what I love about you guys- you can tell that you're genuine. Really looking forward to signing up in January and upping my licensing skill level by a 1000%!

@inventRight

6 жыл бұрын

Thank you Fran! Looking forward to it as well!

I have actually been on the other side of this licensing subject working for a very large gift company. Our product development dept. was 80 people strong with 12 artist and 8 graphic/package designers and we would always brainstorm ideas for products for specific markets. The president of the company was ALWAYS open to outside unsolicited submissions and 3 specific outside submissions brought MILLIONS to the company. So it REALLY Surprises me, actually SHOCKS me when I've spoken to some companies and can't even get past the receptionist who explains "I'm sorry but we have our own staff of designers and don't accept outside unsolicited submissions". I even emailed a high level director to another company who's response was a "Legal" letter of how their company does not accept unsolicited submissions. Even at the company I worked for, in that very large department, we all knew, as did the president of the company know, that just because you have a large staff like that in in the New Product and development dept. does NOT MEAN we have a "Monopoly" on Great Ideas! So coming from that back round I am frankly astounded when these other companies that I am trying to pitch an idea to slam the "Unsolicited" door on your face! Amazing!

@inventRight

6 жыл бұрын

Hi Robert! That's an amazing story! It's a testament to how internal design can work in conjunction with open innovation to create great products. We are also surprised that some companies close the door on so many potentially great ideas that might com from outside innovators. Sadly, some of those companies stop receiving submissions because they receive too many ideas that do not go their product lines. That's why we constantly tell our students to research the companies before pitching to them, to make sure that their concepts are a right fit. The good news is that, in general, open innovation is a growing trend. Thank you for watching!

@robertcamachojr.1304

6 жыл бұрын

Would you have any insight or analysis that you've noticed in your years of experience as to why so many of these companies close their doors outright to any outside submissions? It's completely baffling to me, even toy companies are open to outside submissions, even though most use other companies that they trust in to refer to, they still at least provide some means to showing your ideas to them. Or are these other companies simply as Stephen has mentioned so often, a "Bunch of Dinosaurs"?

@inventRight

6 жыл бұрын

Hey Robert! Many small companies don't have the resources to go through all the potential submissions, and some manufacture very specific or very niche products. The good news is that Open Innovation is a rising trend: www.inc.com/stephen-key/ordinary-people-will-be-responsible-for-future-creative-breakthroughs-says-this-harvard-biz-school-professor.html The onus is on us to make sure we are submitting ideas to the right companies: kzread.info/dash/bejne/q5yjy6dmnd2egtI.html.

Thanks 🙏 a million!!!

@inventRight

Жыл бұрын

Your welcome. Keep Inventing! - Andrew Krauss, inventRight Co-Founder ( Call, email, book an appointment or request more info about how we can help by visiting us here. inventright.com/contact/ )

Thank you 💞

Super informative, thank you so very much!!!!!!!!!

great! thanks!

Thanks Andrew!

@inventRight

6 жыл бұрын

Glad to help!

Ty sir💪

Andrew, what size should a sell sheet be ? A ) 8.5 X 11 or B ) 11 X 17

Does InventRight have a podcast? They could be used for quick topics and much quicker to make over KZread videos. I enjoy all of your content though, hope it never ends.

Who do you ask for when you make that first phone call?

Thanks for the good content. Question: Is it normal for a licensing contract negotiation consultant to ask for a percentage of royalties as part of their compensation?

@inventRight

4 ай бұрын

I don't know what a " licensing contract negotiation consultant " is. If it's just a licensing attorney... no that's not normal. - Andrew Krauss, inventRight Co-Founder ( Call, email, book an appointment or request more info about how we can help by visiting us here. inventright.com/contact/ )

Hi Stephen, hi Andrew, I do have a few more licnesing questions and hope that you can answer them :) Im currently in an apprenticeship and I'm not allowed to run a business on the side, which means that i can't communicate with corporate identety and would have to license as a private person. Is this a major disadvantage and should be avoided or can I do it this way too? Secondly, if I have the idea to use an already existing thing, say a toothbrush, for a new application, say stirring tea (great example there), would that be patentable? Just wondering, as the toothbrush already exists. Thanks for you help guys, and keep it up! :)

@inventRight

6 жыл бұрын

Hello again Crit4in! To answer your first question, Stephen usually signs agreements under an LLC. Keep in mind that we are not a law firm and cannot provide legal advice, so you should probably talk to an attorney about the best way of handling your particular situation. Here is an article from our Online Licensing Library about how to work with an Attorney: www.inventright.com/component/k2/how-to-save-money-working-with-a-patent-attorney. The answer to your second question is yes, although it is always up to a patent examiner. There are many examples of products jumping from one use to another. The frisbee comes to mind. It was originally the pie container used by William Russell Frisbie's Pie Company, but Walter Frederick Morrison discovered a market for "flying disks". The most important thing for licensing is that the idea has to have a market. To learn more about how to evaluate a product idea, check out this Inc. article by Stephen: www.inc.com/stephen-key/how-to-effectively-evaluate-your-new-product-idea.html. Thanks for your question!

@crit4in991

6 жыл бұрын

Thanks for your advice! Thats great news as I have an idea on how to use an existing product in a new way (entirely new application). I am also pretty sure it has a market :)

How can I take your courses

@inventRight

5 жыл бұрын

Find out more about inventRight Academy and our bootcamp coaching program: www.inventright.com/what-we-offer Or get in touch to learn more and sign up: www.inventright.com/contact

First!

@inventRight

Жыл бұрын

Thanks. Keep Inventing! - Andrew Krauss, inventRight Co-Founder ( Call, email, book an appointment or request more info about how we can help by visiting us here. inventright.com/contact/ )

Confusing not a clear example given generalizations

@inventRight

4 жыл бұрын

Thank you for your feedback.

Thanks 🙏 a million!!!

@inventRight

Жыл бұрын

Thank you so much for watching and commenting!

@inventRight

Жыл бұрын

Your so welcome. Keep Inventing! - Andrew Krauss, inventRight Co-Founder ( Call, email, book an appointment or request more info about how we can help by visiting us here. inventright.com/contact/ )