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Videos uploaded by user “Invention Licensing with David Fedewa”
How Much Money Will I Make Licensing My Ideas?
 
07:25
David Fedewa is inventRight's Advanced Negotiations Coach. In this video, he describes how royalty rates differ between industries and products, what a good royalty rate is, how to get a higher royalty rate, and how to calculate how much money you're going to make. It all depends on which company you license your idea to! And the nature of your idea. inventRight is a one-on-one coaching program that has helped people from more than 40 countries license their ideas for new products. It was founded by Andrew Krauss and Stephen Key in 2001. Visit http://www.inventright.com for more information and to become their student. Call #1-800-701-7993 to set up an appointment with Andrew or another member of the inventRight team to discuss how we can help you license your ideas. New to licensing? Read inventRight cofounder Stephen Key’s bestselling book “One Simple Idea: Turn Your Dreams Into a Licensing Goldmine While Letting Others Do the Work.” Find it here: http://amzn.to/1LGotjB. Want to learn how to license your product ideas without a patent? Stephen's book “Sell Your Ideas With or Without a Patent” explains exactly how. Find it here: http://amzn.to/1T1dOU2. inventRight, LLC. is not a law firm and does not provide legal, patent, trademark, or copyright advice. Please exercise caution when evaluating any information, including but not limited to business opportunities; links to news stories; links to services, products, or other websites. No endorsements are issued by inventRight, LLC., expressed or implied. Depiction of any trademarks/logos does not represent endorsement of inventRight, LLC, its services, or products by the trademark owner. All trademarks are registered trademarks of their respective companies.
Do I Send My Prototype? Should I Pitch Multiple Companies At Once?
 
10:01
David answers your inventing questions. Should you send your prototype when a company asks for it? Can you pitch your ideas to multiple companies at once? What if more than one company wants it?InventRight is a one-on-one coaching program that helps people license their ideas http://www.inventright.com Call #1-800-701-7993 to set up an appointment with Andrew or another member of the inventRight team to discuss how they can help you license your ideas. Stephen Key’s bestselling book “One Simple Idea: Turn Your Dreams Into a Licensing Goldmine While Letting Others Do the Work” (http://amzn.to/1LGotjB). inventRight, LLC. is not a law firm and does not provide legal, patent, trademark, or copyright advice. Please exercise caution when evaluating any information, including but not limited to business opportunities; links to news stories; links to services, products, or other websites. No endorsements are issued by inventRight, LLC., expressed or implied. Depiction of any trademarks/logos does not represent endorsement of inventRight, LLC, its services, or products by the trademark owner. All trademarks are registered trademarks of their respective companies. Hello and welcome to the ask David Fedewa Show I am your host David Fedewa and I am here to answer any one of your inventing questions. Here we are on episode four and I want to point out my new cool background I know I had it last time but I forgot about it. It was so excited to get into these questions, so do not wait any longer we got Ernie here. He posted a question. "Thank you David for sharing your time and knowledge. How do I know if the company is interested enough that I should send prototypes?" All right this is a cool question because I failed at this for a very long time. I would get so excited about companies asking me for a prototype. I was just like "Alright, you know this deal is coming together" and that is exactly where I would lose them. It was so interesting than now I am a coach, now I have been through this and I watch other people go through this and you can ask anyone of my students. That is something that I absolutely drill into their head as soon as they ask for prototypes you could not send them prototypes because they want to that just one person company saw your video store shelves she whatever it is they say "Hey, this is cool. I want to review it." I am going to ask this guy for prototypes inventors jump on the chance that prototype because they think is the opportunity before but it is not because one guy in the company wants to take a look at it see how it is going to work review it and basically rule out any chance that it could be successful so he can say “all right I did my due diligence, product did not work I moved on” and if we see later they made changes but that is not the case. When you work with the company. You develop a relationship with them, once you develop this relationship with the company and the way that you do that is as soon as you get that email you call them up. You call them up and say "Hey, you know I love to work with you on this and let us talk about how we can work together. Then, they will start asking about the product then you are going to hear and start saying, “This is where I am at. This is where I am developing it too” and you start developing this relationship. Once you have that back and forth and you have gone back and forth and you have developed it with them. You have started to go. I have got other people involved in the company in this process then it gets to be time to send the prototype because they need to test it as an organization and they are on board with you but when you send it too soon the deals fall apart and it is pretty consistent for myself for my students that you send it as soon as I asked for a deal will fall apart if you wait you develop a relationship and get that prototype at the right time then deals come together and so I am followed that one of the easiest ways to transition because it is very difficult to go to somebody that is asking for something and say “No, I want to develop a relationship which say Hey, thank you so much, I am very excited to start working with you and you company. I love this in your prototype but can we get on developing how we are going to work together in terms of a deal and understanding before I sent over the prototype because we are going to be wasting a lot of time and energy if we do not have a good understanding of how each other works." They always agree to that and it is very cool they say "Yeah! My board let us make sure we can work together before we review this prototype." because it will take time. It will take energy it will take our engineers. It will take our manufacturing people, their money, their time to review those prototypes and without having that understanding first then there is no reason to do it and so there is a second point to his question.
Should I Show Companies My Provisional Patent Application?
 
09:22
David Fedewa is inventRight's Advanced Negotiations Coach. He and inventRight coach Amy Jo Brogan tackle an important question: Should you show a potential licensee your provisional patent application? If so, when? Subscribe to Amy Jo's channel here: https://www.youtube.com/channel/UC18L-L4MpOdAZhc7Q30irbA. InventRight is a one-on-one coaching program that helps people license their ideas http://www.inventright.com Call #1-800-701-7993 to set up an appointment with Andrew or another member of the inventRight team to discuss how they can help you license your ideas. Stephen Key’s bestselling book “One Simple Idea: Turn Your Dreams Into a Licensing Goldmine While Letting Others Do the Work” (http://amzn.to/1LGotjB). inventRight, LLC. is not a law firm and does not provide legal, patent, trademark, or copyright advice. Please exercise caution when evaluating any information, including but not limited to business opportunities; links to news stories; links to services, products, or other websites. No endorsements are issued by inventRight, LLC., expressed or implied. Depiction of any trademarks/logos does not represent endorsement of inventRight, LLC, its services, or products by the trademark owner. All trademarks are registered trademarks of their respective companies. Welcome to the Ask David Fedewa Show, I am your host David Fedewa, and I am here to answer any one of your inventing questions. I want to get started today and welcome Amy-Jo straight to licensing with Amy-jo into the show today. Thank you so much everyone for coming on. Amy: Thank you David for having me, I appreciate it. David: Of course, of course. And this is an episode where we wanted to get to some inventors questions that have made comments below and one of the ones that I found was by Bill Ward and I am going to put you on this one and then we can discuss a little bit and see our solution. So, I am start off, he says, “Thanks for all the helpful information you share,” it is much appreciated, I have a question, “Let us, say I sent presentation material to a potential licensee and they have interest in the product idea and let us say I informed them that I have submitted a PPA. What is the best move if they asked to review that PPA?” Amy: Ok, that is a great question. And, do you want me to start, you want to start? David: I want to… What we got on this one? Amy: Okay. Well, when I usually do with that is, I would not show anybody my provisional patent application until it comes down to writing up the contract licensing, licensing contract. You know, a lot of companies from my experiences anyway that asked for provisional patent applications or patent applications or whatever right off the bat like right after senior marketing materials and not necessarily looking for your IP they want to move forward but they do not really know what questions asked and they were just assuming that that is the kind of next step to go and so, I mean basically you can find them ask them a few different questions. You know, you can set, you can be very clear with them that you are not comfortable disclosing the details of your provisional patent application at this point in time. If you have a working prototype then, you can talk about discussing that maybe ask them a few questions, “What is the reason for you, your company needing to review that right now?” And it just really try to get to them, what it is that they are looking for. What, you know what you guys can kind of start talking and the same language and get on the same page with moving forward with the process. David: Yeah, I love that answer, it is kind of like a deflect and let us move towards having an agreement and I love that approach. That is… Amy: What are your thoughts on that even? David: I mean that it is you are exactly right. Is it is like a date and they do not know how to start the conversation, and, so just saying whatever first, I mean I have seen so many silly things come out on first emails when you send the product and yeah, they come back with like royalty rate you want, “How much do you want, what is your patent status?” They ask whatever it is just so they can get some back-and-forth going, It is not like they seriously need to have that information right then and there to move forward and I see and this is one of the big faults of mine early on I lost a couple deals I know because, whatever the company would ask for I would send them because I was so excited somebody on the same page with me did you? You know that with the armor Steven tell me a story, this is when you are a student. He is like Amy Jo, like he was asked for patent and…
Upfront Money for Licensing Deals
 
06:38
Will get you upfront money for a licensing deal? As inventRight's Advanced Negotiations coach, David Fedewa helps inventors negotiate their licensing agreements. In this video, he describes why asking for a higher royalty rate is a better move than asking to be paid upfront for your product idea. Passive income is a beautiful thing. inventRight is a one-on-one coaching program that has helped people from more than 40 countries license their ideas for new products. It was founded by Andrew Krauss and Stephen Key in 2001. Visit http://www.inventright.com for more information and to become their student. Call #1-800-701-7993 to set up an appointment with Andrew or another member of the inventRight team to discuss how we can help you license your ideas. New to licensing? Read inventRight cofounder Stephen Key’s bestselling book “One Simple Idea: Turn Your Dreams Into a Licensing Goldmine While Letting Others Do the Work.” Find it here: http://amzn.to/1LGotjB. Want to learn how to license your product ideas without a patent? Stephen's book “Sell Your Ideas With or Without a Patent” explains exactly how. Find it here: http://amzn.to/1T1dOU2. inventRight, LLC. is not a law firm and does not provide legal, patent, trademark, or copyright advice. Please exercise caution when evaluating any information, including but not limited to business opportunities; links to news stories; links to services, products, or other websites. No endorsements are issued by inventRight, LLC., expressed or implied. Depiction of any trademarks/logos does not represent endorsement of inventRight, LLC, its services, or products by the trademark owner. All trademarks are registered trademarks of their respective companies.
How Many Products Do I Need to License to Make $100K/Year?
 
05:46
David answers your inventing questions. How many products do you have to license in order to make $100K a year? InventRight is a one-on-one coaching program that helps people license their ideas http://www.inventright.com Call #1-800-701-7993 to set up an appointment with Andrew or another member of the inventRight team to discuss how they can help you license your ideas. Stephen Key’s bestselling book “One Simple Idea: Turn Your Dreams Into a Licensing Goldmine While Letting Others Do the Work” (http://amzn.to/1LGotjB). inventRight, LLC. is not a law firm and does not provide legal, patent, trademark, or copyright advice. Please exercise caution when evaluating any information, including but not limited to business opportunities; links to news stories; links to services, products, or other websites. No endorsements are issued by inventRight, LLC., expressed or implied. Depiction of any trademarks/logos does not represent endorsement of inventRight, LLC, its services, or products by the trademark owner. All trademarks are registered trademarks of their respective companies. Hello welcome to the ask David Fedewa Show. I am your host David Fedewa and I am here to answer any one of your inventing questions. I want to get started today by answering just one question from James. It was one of these questions that hits home on multiple levels. It is a question, well I will skip right to it. James Spence says "Hi David great videos. I want to make a career out of developing and licensing products. I know it probably varies widely but is there an average number of products to shoot for inventing to make say a base of a hundred K". I want to get to the base of that question and that is you know goal-setting being realistic. I have students, myself included who set these lofty goals and never hit him. That is not what you want to do in this business because if you have no idea or no perception of what it takes to get your goal and you set this goal to say I want to license one product year or 10 products a year. You have no control over that you have no concept of time and what it will take and so inevitably you will fail but if you set goals that are realistic for what you can do personally and you crush those goals you become confident and what you do and I started out stacking failure on failure feeling horrible about myself because I would say you know this January and I would be been a good beginning of the year. I want to make four hundred thousand dollars by October not realistic and inventing are not inventing but licensing. So you cannot jump from zero to four hundred thousand dollars a year in 10 months. It just does not happen and so now what I do is I set realistic goals for myself my students so that you can stack success upon success upon the success and feel confident once you get to those later stages of this negotiation. You have this confidence is built in you that said I can do anything because I crushed myself she had crushed my video I crushed my PPA, I now crushed all my calls and I am getting in the companyies and I am pitching product with confidence or you can set these huge lofty goals to say I need the license product by one year and it is this mountain that you have to climb and you cannot get up it because you do not break it apart into little pieces. Yes having goals of making million dollar a year is awesome. I have those goals and you have to chunk them apart into realistic steps so that people will feel confident so you have to take yourself build confidence along the way. To get to James is more specific point of how many products is a take in a year to make a hundred K. There is it depends on so many different factors in this business what industry you are in the product, the price point, the deal you cut. There is way too many factors to play if you can get three, four products usually you are not going to knock your first product apart very unrealistic you first deal is just getting something together so you know you can do it. Second deal you are going to make some money off of third deal that is when you really start building a foundation of income that can change your life and so you know get into the business get one sign first. I mean it is a blast to do it and once you realize how simple the steps are to actually execute a licensing deal and once you have been done through it then you realize say you know I can do want a gear on the side and tell it does build the point where it covers me and when you have a product and it is an idea you license it to company still you and the company have no idea how much you are going to show how much going to make you can do estimates you can shoot from the hip but you are never going to know and so I always set small realistic goals we build that point we get one license.
Negotiate Your Licensing Contract Like You're Dating
 
07:46
David Fedewa is inventRight's Advanced Negotiations Coach. In this video, he breaks down his approach for negotiating licensing agreements. When should you reveal what information? What if they ask about your intellectual property? Or CAD files? You need a strategy! inventRight is a one-on-one coaching program that has helped people from more than 40 countries license their ideas for new products. It was founded by Andrew Krauss and Stephen Key in 2001. Visit http://www.inventright.com for more information and to become their student. Call #1-800-701-7993 to set up an appointment with Andrew or another member of the inventRight team to discuss how we can help you license your ideas. New to licensing? Read inventRight cofounder Stephen Key’s bestselling book “One Simple Idea: Turn Your Dreams Into a Licensing Goldmine While Letting Others Do the Work.” Find it here: http://amzn.to/1LGotjB. Want to learn how to license your product ideas without a patent? Stephen's book “Sell Your Ideas With or Without a Patent” explains exactly how. Find it here: http://amzn.to/1T1dOU2. inventRight, LLC. is not a law firm and does not provide legal, patent, trademark, or copyright advice. Please exercise caution when evaluating any information, including but not limited to business opportunities; links to news stories; links to services, products, or other websites. No endorsements are issued by inventRight, LLC., expressed or implied. Depiction of any trademarks/logos does not represent endorsement of inventRight, LLC, its services, or products by the trademark owner. All trademarks are registered trademarks of their respective companies.
How to Get in to Companies Looking for Ideas
 
04:06
What does David Fedewa, inventRight's Advanced Negotiations coach, do to get in to companies looking for ideas? He flexes his creative muscle. People prefer to communicate using different mediums. You need to meet them at their level! If you call, leave a voicemail, connect with them over LinkedIn, and then send an email... they'll have heard your voice, and seen your name and face. They'll realize you aren't going away! And that they might as well respond to you. David gives other tips related to getting in as well. inventRight is a one-on-one coaching program that has helped people from more than 40 countries license their ideas for new products. It was founded by Andrew Krauss and Stephen Key in 2001. Visit http://www.inventright.com for more information and to become their student. Call #1-800-701-7993 to set up an appointment with Andrew or another member of the inventRight team to discuss how we can help you license your ideas. New to licensing? Read inventRight cofounder Stephen Key’s bestselling book “One Simple Idea: Turn Your Dreams Into a Licensing Goldmine While Letting Others Do the Work.” Find it here: http://amzn.to/1LGotjB. Want to learn how to license your product ideas without a patent? Stephen's book “Sell Your Ideas With or Without a Patent” explains exactly how. Find it here: http://amzn.to/1T1dOU2. inventRight, LLC. is not a law firm and does not provide legal, patent, trademark, or copyright advice. Please exercise caution when evaluating any information, including but not limited to business opportunities; links to news stories; links to services, products, or other websites. No endorsements are issued by inventRight, LLC., expressed or implied. Depiction of any trademarks/logos does not represent endorsement of inventRight, LLC, its services, or products by the trademark owner. All trademarks are registered trademarks of their respective companies.
Determining the Wholesale Price of Your Product Idea (Royalties Part II)
 
06:45
Licensing is the fastest and least risky way of bringing your product ideas to market. To get an idea of how much you'll make from a licensing deal, you need to understand what your product will cost to make and retail for. Volume is also crucial! David Fedewa explains how to get the information you need to make a sound deal. David Fedewa is inventRight's Advanced Negotiations Coach. He has invented and licensed about six ideas now. inventRight is a one-on-one coaching program that has helped people from more than 40 countries license their ideas for new products. It was founded by Andrew Krauss and Stephen Key in 2001. Visit http://www.inventright.com for more information and to become their student. Call #1-800-701-7993 to set up an appointment with Andrew or another member of the inventRight team to discuss how we can help you license your ideas. New to licensing? Read inventRight cofounder Stephen Key’s bestselling book “One Simple Idea: Turn Your Dreams Into a Licensing Goldmine While Letting Others Do the Work.” Find it here: http://amzn.to/1LGotjB. Want to learn how to license your product ideas without a patent? Stephen's book “Sell Your Ideas With or Without a Patent” explains exactly how. Find it here: http://amzn.to/1T1dOU2. inventRight, LLC. is not a law firm and does not provide legal, patent, trademark, or copyright advice. Please exercise caution when evaluating any information, including but not limited to business opportunities; links to news stories; links to services, products, or other websites. No endorsements are issued by inventRight, LLC., expressed or implied. Depiction of any trademarks/logos does not represent endorsement of inventRight, LLC, its services, or products by the trademark owner. All trademarks are registered trademarks of their respective companies.
If I License Can I Still Make and Sell My Product Myself?
 
05:07
David Fedewa is inventRight's Advanced Negotiations Coach. inventRight is a one-on-one coaching program that has helped people from more than 40 countries license their ideas for new products. It was founded by Andrew Krauss and Stephen Key in 2001. Visit http://www.inventright.com for more information and to become their student. Call #1-800-701-7993 to set up an appointment with Andrew or another member of the inventRight team to discuss how we can help you license your ideas. New to licensing? Read inventRight cofounder Stephen Key’s bestselling book “One Simple Idea: Turn Your Dreams Into a Licensing Goldmine While Letting Others Do the Work.” Find it here: http://amzn.to/1LGotjB. Want to learn how to license your product ideas without a patent? Stephen's book “Sell Your Ideas With or Without a Patent” explains exactly how. Find it here: http://amzn.to/1T1dOU2. inventRight, LLC. is not a law firm and does not provide legal, patent, trademark, or copyright advice. Please exercise caution when evaluating any information, including but not limited to business opportunities; links to news stories; links to services, products, or other websites. No endorsements are issued by inventRight, LLC., expressed or implied. Depiction of any trademarks/logos does not represent endorsement of inventRight, LLC, its services, or products by the trademark owner. All trademarks are registered trademarks of their respective companies.
Will Someone Steal My Idea? Will They Pay Me a Lump Sum?
 
06:33
David answers your inventing questions. Will someone steal your idea? Will a company pay you a lump sum for your idea? inventRight is a one-on-one coaching program that helps people license their ideas http://www.inventright.com Call #1-800-701-7993 to set up an appointment with Andrew or another member of the inventRight team to discuss how they can help you license your ideas. Stephen Key’s bestselling book “One Simple Idea: Turn Your Dreams Into a Licensing Goldmine While Letting Others Do the Work” (http://amzn.to/1LGotjB). inventRight, LLC. is not a law firm and does not provide legal, patent, trademark, or copyright advice. Please exercise caution when evaluating any information, including but not limited to business opportunities; links to news stories; links to services, products, or other websites. No endorsements are issued by inventRight, LLC., expressed or implied. Depiction of any trademarks/logos does not represent endorsement of inventRight, LLC, its services, or products by the trademark owner. All trademarks are registered trademarks of their respective companies. Hello, and welcome to the third episode of the Ask David Fedewa Show. I am your host David Fedewa and I am here to answer any one of your Inventing Questions. I want to get started off today with Houma. And I am sorry for probably butchering your name but the question is "Should I share my concept of ideas, with friends, family, coaches, companies. Don't they copy it for themselves?" This is the question I get all the time and it is a great question because early in my career I was super afraid of, If I put my idea out there, I am going to lose it, because somebody is going to steal it. Somebody that is going to move forward without me. Does not happen. Ideas are a dime a dozen. It is the one's that make millions of dollars get knock off, get copied. And the reason that is because ideas when they are at that infancy stage, when they are at that, just an idea for somebody to steal it, they have lost it on their hands and they have, they do not know if they are going to make any money at it. And so, they have a better chance of knocking off something that is already successful because they know they were going to continue to sell it. So then, it is not very common that people will steal ideas but you as the inventor have to take precautions and have to disclose to the right people at the right time and the right circumstances. And so knowing when those are, when that is, what to do is very important for your success because if you are just telling the world disclosing, posting it everywhere, when there is no protection at it. You are posting the wrong people, it is not good. You want to put together a great presentation. You want to protect it with your provisional patent. You want to get in from the correct companies and disclosed to them under an understanding that you are doing this for royalties or a licensing agreement. And that is the appropriate time to disclose your idea. Along the way, you are going to disclose it to a designer to help you design a cell sheet. To friends and family to get their opinion. Their opinion is not always the most important thing, but the fact that they understand the idea is the most important thing for friends and family and that is a little bit of a side topic that I want to dive into and touch on because it is something that really, I had a difficult time of it, because I tell friends and family about my ideas and they would say they love it. They said they hate it and it was all the personal opinions and it did not matter because the only opinion matters is the ones of the individual that is going to write you a pay check. When I have students asked me my opinion of their product, I tell them “I cannot give it to you because I am not writing you a pay check.” I will help you through the process of pitching it. I will make sure that it is understandable but I will not say “this is a great product. You are going to make million” because it is not, you just spend all of your time chasing down something that is not going to happen. And so, it is your dream, it is your execution that you have to put together to get that product moving forward and so, to answer this question correctly. Disclose it to the right people at the right time and the right circumstances and that is how you get to be successful in this business. Question number 2, comes across from Patrick and Patrick says "Thank you for this great video! Do you think selling an idea to company for a whole lump sum at once is much more difficult than licensing?" I have never seen a lump sum deal come through. The companies will ask "Can we buy this for you for a lump sum" and they are hoping you will say $500 to a thousand dollars maybe and they say "Ok, Great!" But Inventors, have this perception that their idea is worth millions and so, when they get this idea of a lump sum they want millions of bucks up front and think about this.
Want a Licensing Deal? Change Your Thinking.
 
08:58
David Fedewa is inventRight's Advanced Negotiations Coach. In this video, he describes why creative people who want to license their ideas need to change your thinking from "if" to "when." He also answers questions from viewers, including: — How important is it that your artwork looks professional? — How much information should you gather before you dive in and start? InventRight is a one-on-one coaching program that helps people license their ideas http://www.inventright.com Call #1-800-701-7993 to set up an appointment with Andrew or another member of the inventRight team to discuss how they can help you license your ideas. Stephen Key’s bestselling book “One Simple Idea: Turn Your Dreams Into a Licensing Goldmine While Letting Others Do the Work” (http://amzn.to/1LGotjB). inventRight, LLC. is not a law firm and does not provide legal, patent, trademark, or copyright advice. Please exercise caution when evaluating any information, including but not limited to business opportunities; links to news stories; links to services, products, or other websites. No endorsements are issued by inventRight, LLC., expressed or implied. Depiction of any trademarks/logos does not represent endorsement of inventRight, LLC, its services, or products by the trademark owner. All trademarks are registered trademarks of their respective companies. Welcome to the Ask David Fedewa show. I am your host David Fedewa and I am here to answer any one of your inventing questions. I want to get started off today to talk about the emotional side of things and how you get your head and your body moving forward to get yourself a deal and that I think personally is the most difficult part. A lot of people have a difficulty with the nuts and bolts of how to put together a licensing deal. But, a lot of times they do not realize it is the motivation that slowing down and they feel I am so motivated get my product going but when it comes time to actually taking the steps and actually doing the action they do not have that confidence in themselves a certainty that they know that if I do this, this is my outcome and with that certainty I had that when I started in this business. I am working with my students. I start to in still that in them that it is not a matter of if your license a product but when and when you change your thinking and listen to the small terminology differences, if in your head you say, “Well you know if I license a product. If there is doubt there, you cannot have that doubt and so when I changed in my head you know as you start this business you say, “Well you know, if I licensed product that be great, I get royalties and all these great things would happen in. So as I move down the path of developing products and learning about myself and self-realization that I needed to change my mind to say it is going to be a matter of when I license my product not if and it was I said in my mind that “I was going to die trying this and so I might as well get it all done now”, and instilling that confidence and that certainty that it is a matter of when. It is not a matter of if anymore, it is just I am going to work my ass off until I get there type of attitude that really drives those people forward and those are my students that licensed product. That is the attitude I had and so if you in still that in yourself that when attitude and get rid of that if, then you start marching forward and start executing and start doing the things you need to do put together sell sheets getting your list of companies and brighten your PPA you start to just do them. And when that comes across and I see a student flip from that hazy picture of themselves to a clear-cut, I am going to license a product everything changes, and I know some of my students are out there listening right now and they know exactly what I am talking about when that switch happens and they turned on and they just cannot turn it off because they have that drive inside them. So make it a matter of when you are going to license a product not if and that certainty in yourself. You will start driving forward and start executing and you will bring a deal to the table for yourself. So, to get two questions from listeners, readers and people who tuned in. I want to get started off today with the Burnout. “How important is a professional-looking artwork for a sell sheet?” It is a two-part question so I will get to that first the how important professional artwork. It helps but, it is not mandatory. You see, you have to realize that all marketing is a way of communicating idea and so if you are communicating the idea with creamy artwork but you know not very good artwork but it gets people excited. You did your job, and so great artwork helps, but it is not mandatory. You know, I have had, and when you say artwork for sell sheets I also incorporate that into videos one of the videos I did, it was back when people could smoke cigarettes and bars
Patience is Crucial to License Your Ideas For Passive Income
 
08:59
David Fedewa is inventRight's Advanced Negotiations Coach. In this video, he and inventRight cofounder Stephen Key discuss the importance of patience when it comes to licensing your ideas. How often should you follow up with companies you have submitted an idea to? What are the tricks and tips you can use to keep the conversation going? InventRight is a one-on-one coaching program that helps people license their ideas http://www.inventright.com Call #1-800-701-7993 to set up an appointment with Andrew or another member of the inventRight team to discuss how they can help you license your ideas. Stephen Key’s bestselling book “One Simple Idea: Turn Your Dreams Into a Licensing Goldmine While Letting Others Do the Work” (http://amzn.to/1LGotjB). inventRight, LLC. is not a law firm and does not provide legal, patent, trademark, or copyright advice. Please exercise caution when evaluating any information, including but not limited to business opportunities; links to news stories; links to services, products, or other websites. No endorsements are issued by inventRight, LLC., expressed or implied. Depiction of any trademarks/logos does not represent endorsement of inventRight, LLC, its services, or products by the trademark owner. All trademarks are registered trademarks of their respective companies. Welcome to the Ask David Fedewa Show. I am your host David Fedewa and I am here to answer any one of your inventing questions. Stephen: And I am here too, this is Steven Key and thank you very much David. David: Alright, so today I want to talk about patience. Stephen: Yeah you know David, I just flew out here. I am on the plane and I am checking my emails of course and we have this student that he is been in this deal now for a while. Alright, and it is a big deal and he is very patient and he is doing a wonderful job, but it is taking a little bit longer. And they are not moving this quick. So he emails me back so you know “What should I do, it is been a couple of days and maybe it is been a week, what should I do”. So, this happens all the time and I have seen it happen more and more especially in the month of August although it is September now. During on December months things slow down. Alright, so we have quite a few students that have been right there in deals and David is watching, I am watching and we are talking back and forth. They are just so close waiting for licensing agreement but it is dragging out a little bit so you always want to move it forward, right? You are always looking for the next step but you have to realize, these are big companies and these are big decisions and they need to get all the people the same room to make that committee decision. That is why he is become buddies but the bottle hedges that is the way they work. So, what do we do? You know week goes by feels like eternity and if it two weeks go by I thing they are stealing my idea. Alright do not do that. So, I know we have talked about this before and probably some other ones but I just want to bring it up again. Be a professional, and have some patience. But how do you do it David, you follow weekly to do 10 days. I mean how do you keep? You do not be too much of a pest but we do not need keep your idea on the top of that stack? Stephen: So, the top of the stack is one of things once student get into a deal I told them all right we need to be top of stack and what that means, what I walk them through is their marketing manager. There are you know, marketing director whoever you are working directly with. He is got stack projects on top of his desk and even though he loves your project if the other ones are always on top and they are always moving forward. Then yours sinking down the bottom that is our network intrusion and you are gone. You disappear over time. And so, I say you know we need to keep top of pile but you do it professionally. So first thing is, attitude whenever you are interacting with them you never have that panicked and better feel that we all feel but you know your outward appearance from the company is you know I am calm, cool, collected, I am ready to work with you. One of the things that I really try to… Stephen: How often can you follow-up it? If I follow, I mean I do not want to do it every day, I know that. Can I do it every ten days? David: Well it is very situational and so the thing that I do is I tone is another like a little metaphor is I link the chain. And so, every conversation, every interaction is a link. Every time they interact, they need to link it to the next thing, so, when they close up the conversation it is you know we are getting CAD files to you by this date and you are doing this by this date and so we have a certain date in which things are supposed to be done so that know when to follow up and when to ask for what information.
How to Follow Up to Close a Licensing Deal
 
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When you're negotiating a licensing agreement, it can be difficult to know how often and when to follow up. In this video, licensing contract expert David Fedewa provides three general rules for engaging appropriately. Don't follow up too much! Or too little! Remember: Don't just check in, ask how you can help. These tips will help you move from interest to a deal. inventRight is a one-on-one coaching program that has helped people from more than 40 countries license their ideas for new products. It was founded by Andrew Krauss and Stephen Key in 2001. Visit http://www.inventright.com for more information and to become their student. Call #1-800-701-7993 to set up an appointment with Andrew or another member of the inventRight team to discuss how we can help you license your ideas. New to licensing? Read inventRight cofounder Stephen Key’s bestselling book “One Simple Idea: Turn Your Dreams Into a Licensing Goldmine While Letting Others Do the Work.” Find it here: http://amzn.to/1LGotjB. Want to learn how to license your product ideas without a patent? Stephen's book “Sell Your Ideas With or Without a Patent” explains exactly how. Find it here: http://amzn.to/1T1dOU2. inventRight, LLC. is not a law firm and does not provide legal, patent, trademark, or copyright advice. Please exercise caution when evaluating any information, including but not limited to business opportunities; links to news stories; links to services, products, or other websites. No endorsements are issued by inventRight, LLC., expressed or implied. Depiction of any trademarks/logos does not represent endorsement of inventRight, LLC, its services, or products by the trademark owner. All trademarks are registered trademarks of their respective companies.
How Royalties Are Calculated (Licensing)
 
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David Fedewa is inventRight's Advanced Negotiations Coach. He provides some extremely useful information in this video about royalty rates, including the figures they are most commonly based off of and what to look out for. Net sales? Net profit? Retail? Manufacturing price? Cost? This is crucial information for product developers who are licensing their ideas! inventRight is a one-on-one coaching program that has helped people from more than 40 countries license their ideas for new products. It was founded by Andrew Krauss and Stephen Key in 2001. Visit http://www.inventright.com for more information and to become their student. Call #1-800-701-7993 to set up an appointment with Andrew or another member of the inventRight team to discuss how we can help you license your ideas. New to licensing? Read inventRight cofounder Stephen Key’s bestselling book “One Simple Idea: Turn Your Dreams Into a Licensing Goldmine While Letting Others Do the Work.” Find it here: http://amzn.to/1LGotjB. Want to learn how to license your product ideas without a patent? Stephen's book “Sell Your Ideas With or Without a Patent” explains exactly how. Find it here: http://amzn.to/1T1dOU2. inventRight, LLC. is not a law firm and does not provide legal, patent, trademark, or copyright advice. Please exercise caution when evaluating any information, including but not limited to business opportunities; links to news stories; links to services, products, or other websites. No endorsements are issued by inventRight, LLC., expressed or implied. Depiction of any trademarks/logos does not represent endorsement of inventRight, LLC, its services, or products by the trademark owner. All trademarks are registered trademarks of their respective companies.
The Secret to Becoming a Successful Inventor Entrepreneur
 
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David Fedewa is inventRight's Advanced Negotiations Coach. In this video, he and inventRight cofounder Stephen Key discuss the one thing all successful product developers do. inventRight is a one-on-one coaching program that has helped people from more than 40 countries license their ideas for new products. It was founded by Andrew Krauss and Stephen Key in 2001. Visit http://www.inventright.com for more information and to become their student. Call #1-800-701-7993 to set up an appointment with Andrew or another member of the inventRight team to discuss how we can help you license your ideas. New to licensing? Read inventRight cofounder Stephen Key’s bestselling book “One Simple Idea: Turn Your Dreams Into a Licensing Goldmine While Letting Others Do the Work.” Find it here: http://amzn.to/1LGotjB. Want to learn how to license your product ideas without a patent? Stephen's book “Sell Your Ideas With or Without a Patent” explains exactly how. Find it here: http://amzn.to/1T1dOU2. inventRight, LLC. is not a law firm and does not provide legal, patent, trademark, or copyright advice. Please exercise caution when evaluating any information, including but not limited to business opportunities; links to news stories; links to services, products, or other websites. No endorsements are issued by inventRight, LLC., expressed or implied. Depiction of any trademarks/logos does not represent endorsement of inventRight, LLC, its services, or products by the trademark owner. All trademarks are registered trademarks of their respective companies.
How to Turn Your Day Job Into Passive Income
 
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Read about David and his invention the Perfect Pitcher in Entrepreneur! https://www.entrepreneur.com/article/301014 David Fedewa is inventRight's Advanced Negotiations Coach. In this video, he explains how he licensed his idea for a better kind of pitcher, which is now in bars and restaurants all over the United States. Congratulations David! inventRight is a one-on-one coaching program that has helped people from more than 40 countries license their ideas for new products. It was founded by Andrew Krauss and Stephen Key in 2001. Visit http://www.inventright.com for more information and to become their student. Call #1-800-701-7993 to set up an appointment with Andrew or another member of the inventRight team to discuss how we can help you license your ideas. New to licensing? Read inventRight cofounder Stephen Key’s bestselling book “One Simple Idea: Turn Your Dreams Into a Licensing Goldmine While Letting Others Do the Work.” Find it here: http://amzn.to/1LGotjB. Want to learn how to license your product ideas without a patent? Stephen's book “Sell Your Ideas With or Without a Patent” explains exactly how. Find it here: http://amzn.to/1T1dOU2. inventRight, LLC. is not a law firm and does not provide legal, patent, trademark, or copyright advice. Please exercise caution when evaluating any information, including but not limited to business opportunities; links to news stories; links to services, products, or other websites. No endorsements are issued by inventRight, LLC., expressed or implied. Depiction of any trademarks/logos does not represent endorsement of inventRight, LLC, its services, or products by the trademark owner. All trademarks are registered trademarks of their respective companies.
Welcome to Invention Licensing with David Fedewa
 
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David Fedewa is a successful inventor who has licensed many ideas. At inventRight, he coaches product developers and helps negotiate licensing agreements. Each week David will answer your inventing and licensing related questions. https://www.entrepreneur.com/article/301014 inventRight is a one-on-one coaching program that helps people license their ideas founded by Andrew Krauss and Stephen Key in 2001. Visit http://www.inventright.com for more information and to become their student. Call #1-800-701-7993 to set up an appointment with Andrew or another member of the inventRight team to discuss how they can help you license your ideas. New to licensing? Read inventRight cofounder Stephen Key’s bestselling book “One Simple Idea: Turn Your Dreams Into a Licensing Goldmine While Letting Others Do the Work” (http://amzn.to/1LGotjB). Want to learn how to license your product ideas without a patent? Stephen's book “Sell Your Ideas With or Without a Patent” explains exactly how (http://amzn.to/1T1dOU2). inventRight, LLC. is not a law firm and does not provide legal, patent, trademark, or copyright advice. Please exercise caution when evaluating any information, including but not limited to business opportunities; links to news stories; links to services, products, or other websites. No endorsements are issued by inventRight, LLC., expressed or implied. Depiction of any trademarks/logos does not represent endorsement of inventRight, LLC, its services, or products by the trademark owner. All trademarks are registered trademarks of their respective companies.
Inventors, This is Your Venn Diagram For Success
 
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Why are some inventors successful and others aren't? David Fedewa, inventRight's Advanced Negotiations Coach, has worked with hundreds of inventors and product developers on their projects. You need to be able to ideate AND execute — take it from David. inventRight is a one-on-one coaching program that has helped people from more than 40 countries license their ideas for new products. It was founded by Andrew Krauss and Stephen Key in 2001. Visit http://www.inventright.com for more information and to become their student. Call #1-800-701-7993 to set up an appointment with Andrew or another member of the inventRight team to discuss how we can help you license your ideas. New to licensing? Read inventRight cofounder Stephen Key’s bestselling book “One Simple Idea: Turn Your Dreams Into a Licensing Goldmine While Letting Others Do the Work.” Find it here: http://amzn.to/1LGotjB. Want to learn how to license your product ideas without a patent? Stephen's book “Sell Your Ideas With or Without a Patent” explains exactly how. Find it here: http://amzn.to/1T1dOU2. inventRight, LLC. is not a law firm and does not provide legal, patent, trademark, or copyright advice. Please exercise caution when evaluating any information, including but not limited to business opportunities; links to news stories; links to services, products, or other websites. No endorsements are issued by inventRight, LLC., expressed or implied. Depiction of any trademarks/logos does not represent endorsement of inventRight, LLC, its services, or products by the trademark owner. All trademarks are registered trademarks of their respective companies.
Which Product Idea Should You Pitch First for Licensing?
 
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Read How to Negotiate Your Own Licensing Agreement on Core77: http://www.core77.com/posts/61520/How-to-Negotiate-Your-Own-Licensing-Agreement If you're a creative person who has a lot of ideas for new products, which one should you pitch first? David Fedewa has licensed six of his inventions to companies including Corkcickle. Here he explains to get your foot in the door. David Fedewa negotiates licensing agreements professionally for inventRight and is the creator of inventRight Connect. inventRight is a one-on-one coaching program that has helped people from more than 40 countries license their ideas for new products. It was founded by Andrew Krauss and Stephen Key in 2001. Visit http://www.inventright.com for more information and to become their student. Call #1-800-701-7993 to set up an appointment with Andrew or another member of the inventRight team to discuss how we can help you license your ideas. New to licensing? Read inventRight cofounder Stephen Key’s bestselling book “One Simple Idea: Turn Your Dreams Into a Licensing Goldmine While Letting Others Do the Work.” Find it here: http://amzn.to/1LGotjB. Want to learn how to license your product ideas without a patent? Stephen's book “Sell Your Ideas With or Without a Patent” explains exactly how. Find it here: http://amzn.to/1T1dOU2. inventRight, LLC. is not a law firm and does not provide legal, patent, trademark, or copyright advice. Please exercise caution when evaluating any information, including but not limited to business opportunities; links to news stories; links to services, products, or other websites. No endorsements are issued by inventRight, LLC., expressed or implied. Depiction of any trademarks/logos does not represent endorsement of inventRight, LLC, its services, or products by the trademark owner. All trademarks are registered trademarks of their respective companies.
Calculating What You'll Get Paid For Your Idea (Royalties Part I)
 
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If you come up with an idea that adds to an existing product, what should you expect as far as calculating your royalty rate? Will be it based on the wholesale cost of the entire product or just the aspect you contributed to? David Fedewa, inventRight's Advanced Negotiations Coach, sheds light on earning passive income from your invention ideas. The big takeaway? Every product is different. It's all about how you negotiate! inventRight is a one-on-one coaching program that has helped people from more than 40 countries license their ideas for new products. It was founded by Andrew Krauss and Stephen Key in 2001. Visit http://www.inventright.com for more information and to become their student. Call #1-800-701-7993 to set up an appointment with Andrew or another member of the inventRight team to discuss how we can help you license your ideas. New to licensing? Read inventRight cofounder Stephen Key’s bestselling book “One Simple Idea: Turn Your Dreams Into a Licensing Goldmine While Letting Others Do the Work.” Find it here: http://amzn.to/1LGotjB. Want to learn how to license your product ideas without a patent? Stephen's book “Sell Your Ideas With or Without a Patent” explains exactly how. Find it here: http://amzn.to/1T1dOU2. inventRight, LLC. is not a law firm and does not provide legal, patent, trademark, or copyright advice. Please exercise caution when evaluating any information, including but not limited to business opportunities; links to news stories; links to services, products, or other websites. No endorsements are issued by inventRight, LLC., expressed or implied. Depiction of any trademarks/logos does not represent endorsement of inventRight, LLC, its services, or products by the trademark owner. All trademarks are registered trademarks of their respective companies.
When Should You Ask to Sign a Non-Disclosure Agreement?
 
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inventRight coach David Fedewa explains how he approaches companies looking for ideas in regards to filing a provisional patent application and asking to sign a non-disclosure agreement. When is best? Can a non-disclosure agreement be used in place of a provisional patent application? InventRight is a one-on-one coaching program that helps people license their ideas http://www.inventright.com Call #1-800-701-7993 to set up an appointment with Andrew or another member of the inventRight team to discuss how they can help you license your ideas. Stephen Key’s bestselling book “One Simple Idea: Turn Your Dreams Into a Licensing Goldmine While Letting Others Do the Work” (http://amzn.to/1LGotjB). inventRight, LLC. is not a law firm and does not provide legal, patent, trademark, or copyright advice. Please exercise caution when evaluating any information, including but not limited to business opportunities; links to news stories; links to services, products, or other websites. No endorsements are issued by inventRight, LLC., expressed or implied. Depiction of any trademarks/logos does not represent endorsement of inventRight, LLC, its services, or products by the trademark owner. All trademarks are registered trademarks of their respective companies. Welcome to the ask David Fedewa Show. I am your host David Fedewa and I am here to answer in one of your inventing questions. I want to get started off today with Tyrone King, this is one of my old students. I am so glad you are still in the game. He is from Australia and crushing it. Question “PPA is preferred but if it is a smaller idea and you just want to get rolling then as an NDA essential or will it kill the vibe.” Super question. Second part, “How is the best way to propose an idea and at what time has not to kill the deal before it begins.” So let's knock out the first part of that question. PPA is preferred. Ok so, when you get started in this business, PPAs I am not only for you but there for the company. When you are pitching a product to a company, they come back and they ask you, to have some file before you present to us because, they want to know that you have a date, in which you say that I claim to have this idea, and if you do not have that date, then there is this big gray area, and companies as your pitching products to them, they are working on something similar possibly. If they make hammers are thinking about hammers, they are trying to figure out a new innovative hammer and so, they have products coming down the pipeline, so, they put PPAs as they develop products so they have points in time in which they know that they have developed this product and they want you to have something similar and so, going out to a company without that PPA does not give you that timeline, so, the protection is not only for you but it is actually even though you file it is for the companies that they know and understand when you have put that on the timeline. Smaller ideas, I have always been posed with this question to file or not to file and it depends on you as an inventor, how comfortable are you with that legally speaking, I always recommend and provisional patent applications filing them and then pitching the companies but it is not always necessary, in terms of once you have gotten a relationship built with a company. You know, you pitch from three or four ideas, they know you when your emails come in and then, you know, you reach out to him and say, "hey you know, I am working on a hammer with the new cloth that removes nails easily and they say great will send as something over, we are working on some, once you develop that back and forth of the company then you can have that opportunity to present without the provisional patent applications. NDA's are tough, because NDA’s usually are created by the company for the company and to protect their company and making it tough for inventors to get in there and say "hey sign my document when it is there to protect them. I do find mutual NBA's one is there to protect the inventor, protect their idea and also protect the company but remember legal teams usually make these documents to protect them and so when you bring up an NDA they want you to sign. There is and there is a most time to protect them and it does it kills the vibe and so my optimal use our optimal way to get into companies find my provisional patent application get in pitch without the NDA that was created by the company and then once you started working on the project once cat documents go back and forth once contract start going back and forth say, "Hey we are starting to really get into each other's personal business information let us get a nondisclosure agreement sign that we know and understand they are both safe here” so Tyrone to give you something short and sweet.
The #1 Thing You Must Do to Succeed at Licensing
 
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Do you have ideas for new products? You should consider licensing them. David Fedewa is inventRight's Advanced Negotiations Coach. He has licensed six of his ideas and helped countless others secure deals. In this video, he explains what you should focus on using the 80/20 rule. inventRight is a one-on-one coaching program that has helped people from more than 40 countries license their ideas for new products. It was founded by Andrew Krauss and Stephen Key in 2001. Visit http://www.inventright.com for more information and to become their student. Call #1-800-701-7993 to set up an appointment with Andrew or another member of the inventRight team to discuss how we can help you license your ideas. New to licensing? Read inventRight cofounder Stephen Key’s bestselling book “One Simple Idea: Turn Your Dreams Into a Licensing Goldmine While Letting Others Do the Work.” Find it here: http://amzn.to/1LGotjB. Want to learn how to license your product ideas without a patent? Stephen's book “Sell Your Ideas With or Without a Patent” explains exactly how. Find it here: http://amzn.to/1T1dOU2. inventRight, LLC. is not a law firm and does not provide legal, patent, trademark, or copyright advice. Please exercise caution when evaluating any information, including but not limited to business opportunities; links to news stories; links to services, products, or other websites. No endorsements are issued by inventRight, LLC., expressed or implied. Depiction of any trademarks/logos does not represent endorsement of inventRight, LLC, its services, or products by the trademark owner. All trademarks are registered trademarks of their respective companies.
Cold Calling a Potential Licensee (Example)
 
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Watch David Fedewa, inventRight's Advanced Negotiations Coach, make a follow up call to a company he wants to license his product idea. Don't be intimidated! David also provides some insight as far as tone, word choice, and more. inventRight is a one-on-one coaching program that has helped people from more than 40 countries license their ideas for new products. It was founded by Andrew Krauss and Stephen Key in 2001. Visit http://www.inventright.com for more information and to become their student. Call #1-800-701-7993 to set up an appointment with Andrew or another member of the inventRight team to discuss how we can help you license your ideas. New to licensing? Read inventRight cofounder Stephen Key’s bestselling book “One Simple Idea: Turn Your Dreams Into a Licensing Goldmine While Letting Others Do the Work.” Find it here: http://amzn.to/1LGotjB. Want to learn how to license your product ideas without a patent? Stephen's book “Sell Your Ideas With or Without a Patent” explains exactly how. Find it here: http://amzn.to/1T1dOU2. inventRight, LLC. is not a law firm and does not provide legal, patent, trademark, or copyright advice. Please exercise caution when evaluating any information, including but not limited to business opportunities; links to news stories; links to services, products, or other websites. No endorsements are issued by inventRight, LLC., expressed or implied. Depiction of any trademarks/logos does not represent endorsement of inventRight, LLC, its services, or products by the trademark owner. All trademarks are registered trademarks of their respective companies.
The Right Way to Follow Up With Companies About Your Idea
 
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David Fedewa is inventRight's Advanced Negotiations Coach. In this video, he explains how he alternates between calling and emailing companies that have expressed interest in his ideas for new products. He asks questions like, ''How can I help?" If you're a pest, potential licensees won't want to work with you. But if you offer them a helping hand.... inventRight is a one-on-one coaching program that has helped people from more than 40 countries license their ideas for new products. It was founded by Andrew Krauss and Stephen Key in 2001. Visit http://www.inventright.com for more information and to become their student. Call #1-800-701-7993 to set up an appointment with Andrew or another member of the inventRight team to discuss how we can help you license your ideas. New to licensing? Read inventRight cofounder Stephen Key’s bestselling book “One Simple Idea: Turn Your Dreams Into a Licensing Goldmine While Letting Others Do the Work.” Find it here: http://amzn.to/1LGotjB. Want to learn how to license your product ideas without a patent? Stephen's book “Sell Your Ideas With or Without a Patent” explains exactly how. Find it here: http://amzn.to/1T1dOU2. inventRight, LLC. is not a law firm and does not provide legal, patent, trademark, or copyright advice. Please exercise caution when evaluating any information, including but not limited to business opportunities; links to news stories; links to services, products, or other websites. No endorsements are issued by inventRight, LLC., expressed or implied. Depiction of any trademarks/logos does not represent endorsement of inventRight, LLC, its services, or products by the trademark owner. All trademarks are registered trademarks of their respective companies.
Will Companies You Pitch for Licensing Knock You Off?
 
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If you've protected your idea for a new product with a provisional patent application, will the companies you pitch simply wait to knock you off? David Fedewa, inventRight's Advanced Negotiations Coach, explains how products get knocked off and what you should and should not fear when it comes to disclosure, licensing, and pitching your ideas for passive income. inventRight is a one-on-one coaching program that has helped people from more than 40 countries license their ideas for new products. It was founded by Andrew Krauss and Stephen Key in 2001. Visit http://www.inventright.com for more information and to become their student. Call #1-800-701-7993 to set up an appointment with Andrew or another member of the inventRight team to discuss how we can help you license your ideas. New to licensing? Read inventRight cofounder Stephen Key’s bestselling book “One Simple Idea: Turn Your Dreams Into a Licensing Goldmine While Letting Others Do the Work.” Find it here: http://amzn.to/1LGotjB. Want to learn how to license your product ideas without a patent? Stephen's book “Sell Your Ideas With or Without a Patent” explains exactly how. Find it here: http://amzn.to/1T1dOU2. inventRight, LLC. is not a law firm and does not provide legal, patent, trademark, or copyright advice. Please exercise caution when evaluating any information, including but not limited to business opportunities; links to news stories; links to services, products, or other websites. No endorsements are issued by inventRight, LLC., expressed or implied. Depiction of any trademarks/logos does not represent endorsement of inventRight, LLC, its services, or products by the trademark owner. All trademarks are registered trademarks of their respective companies.
Will Your Licensee Pay for Your Patents?
 
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Will companies pay for your patents? Yes! It all depends on the deal you negotiate. David Fedewa, inventRight's senior coach and chief negotiator, has had several companies pay for patents to be filed in his name. He also knows it's possible because he helps inventRight students do the same thing day in and day out! It all depends on how you structure your deal. David outlines what to be aware of before you begin negotiating. David Fedewa is inventRight's Advanced Negotiations Coach. inventRight is a one-on-one coaching program that has helped people from more than 40 countries license their ideas for new products. It was founded by Andrew Krauss and Stephen Key in 2001. Visit http://www.inventright.com for more information and to become their student. Call #1-800-701-7993 to set up an appointment with Andrew or another member of the inventRight team to discuss how we can help you license your ideas. New to licensing? Read inventRight cofounder Stephen Key’s bestselling book “One Simple Idea: Turn Your Dreams Into a Licensing Goldmine While Letting Others Do the Work.” Find it here: http://amzn.to/1LGotjB. Want to learn how to license your product ideas without a patent? Stephen's book “Sell Your Ideas With or Without a Patent” explains exactly how. Find it here: http://amzn.to/1T1dOU2. inventRight, LLC. is not a law firm and does not provide legal, patent, trademark, or copyright advice. Please exercise caution when evaluating any information, including but not limited to business opportunities; links to news stories; links to services, products, or other websites. No endorsements are issued by inventRight, LLC., expressed or implied. Depiction of any trademarks/logos does not represent endorsement of inventRight, LLC, its services, or products by the trademark owner. All trademarks are registered trademarks of their respective companies.
How to Get Your Idea Into a Mega Corporation
 
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David Fedewa is inventRight's Advanced Negotiations Coach. inventRight is a one-on-one coaching program that has helped people from more than 40 countries license their ideas for new products. It was founded by Andrew Krauss and Stephen Key in 2001. Visit http://www.inventright.com for more information and to become their student. Call #1-800-701-7993 to set up an appointment with Andrew or another member of the inventRight team to discuss how we can help you license your ideas. New to licensing? Read inventRight cofounder Stephen Key’s bestselling book “One Simple Idea: Turn Your Dreams Into a Licensing Goldmine While Letting Others Do the Work.” Find it here: http://amzn.to/1LGotjB. Want to learn how to license your product ideas without a patent? Stephen's book “Sell Your Ideas With or Without a Patent” explains exactly how. Find it here: http://amzn.to/1T1dOU2. inventRight, LLC. is not a law firm and does not provide legal, patent, trademark, or copyright advice. Please exercise caution when evaluating any information, including but not limited to business opportunities; links to news stories; links to services, products, or other websites. No endorsements are issued by inventRight, LLC., expressed or implied. Depiction of any trademarks/logos does not represent endorsement of inventRight, LLC, its services, or products by the trademark owner. All trademarks are registered trademarks of their respective companies.
The True Value of Royalties and Licensing Agreements
 
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David Fedewa is inventRight's Advanced Negotiations Coach. inventRight is a one-on-one coaching program that has helped people from more than 40 countries license their ideas for new products. It was founded by Andrew Krauss and Stephen Key in 2001. Visit http://www.inventright.com for more information and to become their student. Call #1-800-701-7993 to set up an appointment with Andrew or another member of the inventRight team to discuss how we can help you license your ideas. New to licensing? Read inventRight cofounder Stephen Key’s bestselling book “One Simple Idea: Turn Your Dreams Into a Licensing Goldmine While Letting Others Do the Work.” Find it here: http://amzn.to/1LGotjB. Want to learn how to license your product ideas without a patent? Stephen's book “Sell Your Ideas With or Without a Patent” explains exactly how. Find it here: http://amzn.to/1T1dOU2. inventRight, LLC. is not a law firm and does not provide legal, patent, trademark, or copyright advice. Please exercise caution when evaluating any information, including but not limited to business opportunities; links to news stories; links to services, products, or other websites. No endorsements are issued by inventRight, LLC., expressed or implied. Depiction of any trademarks/logos does not represent endorsement of inventRight, LLC, its services, or products by the trademark owner. All trademarks are registered trademarks of their respective companies.
Should I License to a Company That Can Manufacture But Not Sell?
 
04:11
Should you license your idea to a company that can manufacture it but not sell? One of the biggest benefits of licensing is working with a partner that already has distribution! David Fedewa, inventRight's Advanced Negotiations coach, lays out several different scenarios for product developers who are wondering if they should license their idea to a company that cannot sell. inventRight is a one-on-one coaching program that has helped people from more than 40 countries license their ideas for new products. It was founded by Andrew Krauss and Stephen Key in 2001. Visit http://www.inventright.com for more information and to become their student. Call #1-800-701-7993 to set up an appointment with Andrew or another member of the inventRight team to discuss how we can help you license your ideas. New to licensing? Read inventRight cofounder Stephen Key’s bestselling book “One Simple Idea: Turn Your Dreams Into a Licensing Goldmine While Letting Others Do the Work.” Find it here: http://amzn.to/1LGotjB. Want to learn how to license your product ideas without a patent? Stephen's book “Sell Your Ideas With or Without a Patent” explains exactly how. Find it here: http://amzn.to/1T1dOU2. inventRight, LLC. is not a law firm and does not provide legal, patent, trademark, or copyright advice. Please exercise caution when evaluating any information, including but not limited to business opportunities; links to news stories; links to services, products, or other websites. No endorsements are issued by inventRight, LLC., expressed or implied. Depiction of any trademarks/logos does not represent endorsement of inventRight, LLC, its services, or products by the trademark owner. All trademarks are registered trademarks of their respective companies.
Getting Your Licensee to Pay for Your Prototype
 
03:10
Should you pay for a prototype to be made? Should your licensee? David Fedewa, inventRight's Advanced Negotiations Coach, describes what to expect as far as getting companies to pay for prototyping. Isn't it always about how you ask? Learn how to use the licensing business model to bring your ideas to market with less risk and far less capital than starting a business. inventRight is a one-on-one coaching program that has helped people from more than 40 countries license their ideas for new products. It was founded by Andrew Krauss and Stephen Key in 2001. Visit http://www.inventright.com for more information and to become their student. Call #1-800-701-7993 to set up an appointment with Andrew or another member of the inventRight team to discuss how we can help you license your ideas. New to licensing? Read inventRight cofounder Stephen Key’s bestselling book “One Simple Idea: Turn Your Dreams Into a Licensing Goldmine While Letting Others Do the Work.” Find it here: http://amzn.to/1LGotjB. Want to learn how to license your product ideas without a patent? Stephen's book “Sell Your Ideas With or Without a Patent” explains exactly how. Find it here: http://amzn.to/1T1dOU2. inventRight, LLC. is not a law firm and does not provide legal, patent, trademark, or copyright advice. Please exercise caution when evaluating any information, including but not limited to business opportunities; links to news stories; links to services, products, or other websites. No endorsements are issued by inventRight, LLC., expressed or implied. Depiction of any trademarks/logos does not represent endorsement of inventRight, LLC, its services, or products by the trademark owner. All trademarks are registered trademarks of their respective companies.
Hate Rejection? Me Too. You Can Still License Your Ideas.
 
08:47
inventRight coach David Fedewa describes how hard he used to take it when companies rejected his ideas for new products. He thinks about rejection differently today. InventRight is a one-on-one coaching program that helps people license their ideas http://www.inventright.com Call #1-800-701-7993 to set up an appointment with Andrew or another member of the inventRight team to discuss how they can help you license your ideas. Stephen Key’s bestselling book “One Simple Idea: Turn Your Dreams Into a Licensing Goldmine While Letting Others Do the Work” (http://amzn.to/1LGotjB). inventRight, LLC. is not a law firm and does not provide legal, patent, trademark, or copyright advice. Please exercise caution when evaluating any information, including but not limited to business opportunities; links to news stories; links to services, products, or other websites. No endorsements are issued by inventRight, LLC., expressed or implied. Depiction of any trademarks/logos does not represent endorsement of inventRight, LLC, its services, or products by the trademark owner. All trademarks are registered trademarks of their respective companies. Welcome to the ask David Fedewa Show. I am your host David Fedewa and I am here to answer any one of your inventing questions. I want to get started off today and I want to reach out to everybody out there and talk about a topic that is not brought up in the questions and that is the emotional state that we all go through as we move through this process. It is, I would say eighty percent emotional twenty percent the nuts and both questions that I get and I know it is not something that somebody's going to post “Hey, and all this and this.” I am having a rough time just calling companies are having a tough time with my family, they are not going to post that and so I want to start off every one of my videos from here on out and start to talk about a little bit of the emotional journey that you all go through and I went through personally I am very emotional person everybody says you have got to have thick skin to be an inventor, because you got a call and got to take rejection I am awful at rejection. I used to take it very personally and used to shut down for two to four weeks at a time I get one no close the door, closed the book and so I want to get started off talk a little bit about rejection and what it means to inventors and what it meant to me as I went through the process and build to a point where I became successful in this business. Rejection, at first meant to me that they did not like me or my ideas, it was very tough I would not call companies I would not do sell sheets, I would just not move my project forward because I got that no. It was very difficult because I was waiting tables. I never heard the words NO because all I did was go get people things and so going out and trying to turn myself into a salesperson where I had the deal through rejection and deal through these hard difficult things that you know it was my idea, it came from me and it was I felt like it personified me and so when it got rejected it was very detrimental to not only my motivation but my emotional state you know, there is “Oh, my God how does this work,” how can I get this thing to work everybody is always rejecting me and as I started to realize that if you change the meaning of what no means you personally because at first that is why I was explaining it meant personal rejection of my who I am and as soon as I change that to, that is one stepping stone on my way to success and that I read you know the movie Rocky, well he went out to hundreds of studios to direct try to get his movie made and kept getting no on different levels they would say yes we take it but we do not want you as an individual to star in the movie, that is another no for him because he had to be in it and so he went through all these no’s and book publishers Chicken Soup for the Soul joke jack canfield he did the same thing no, no, no, and as he built those no’s and what it turned into for me was the more “No’s” I get the more successful I am going to be when I get that “Yes” and it was true. I took on so many “No’s” but I stack those “No’s” on top of each other to make my tower to get up to my mountain. And so you have to change what it means to you when you are going out there calling realized that that “No” is just “No” tool that idea at that moment from that one individual it is their opinion on my Arctic can, I probably got a handful of “No’s” even from big professionals in the industry before cortical company took it on launch that thing and maybe the success that it is and so you have to look at your idea and realize that you have something of value and you got to push it through you got make it happen take those “No’s” turn them into “Yes, fair, how and why” people are saying no and build on that, change your product evolve and you will get your “Yes” to keep climbing that mountain and you will get there.
Should I Start a Business or License My Idea?
 
04:35
What does success look like to you? That's really the first question you need to ask yourself when you have an idea for a new product. Then work backwards! Starting a business to bring your idea to market takes far more time and money. On the other hand, you also maintain more control. Or would you really rather keep coming up with many ideas and receive royalty checks? David Fedewa is inventRight's Advanced Negotiations Coach. inventRight is a one-on-one coaching program that has helped people from more than 40 countries license their ideas for new products. It was founded by Andrew Krauss and Stephen Key in 2001. Visit http://www.inventright.com for more information and to become their student. Call #1-800-701-7993 to set up an appointment with Andrew or another member of the inventRight team to discuss how we can help you license your ideas. New to licensing? Read inventRight cofounder Stephen Key’s bestselling book “One Simple Idea: Turn Your Dreams Into a Licensing Goldmine While Letting Others Do the Work.” Find it here: http://amzn.to/1LGotjB. Want to learn how to license your product ideas without a patent? Stephen's book “Sell Your Ideas With or Without a Patent” explains exactly how. Find it here: http://amzn.to/1T1dOU2. inventRight, LLC. is not a law firm and does not provide legal, patent, trademark, or copyright advice. Please exercise caution when evaluating any information, including but not limited to business opportunities; links to news stories; links to services, products, or other websites. No endorsements are issued by inventRight, LLC., expressed or implied. Depiction of any trademarks/logos does not represent endorsement of inventRight, LLC, its services, or products by the trademark owner. All trademarks are registered trademarks of their respective companies.
Why I Love Being an inventRight Coach
 
04:51
David Fedewa, inventRight's Advanced Negotiations Coach, reflects on what it means to coach inventors and product developers for a living. He gets to relive the excitement of learning and progress every day! The newness of breaking through barriers is never very far from him. Its also international. Its about developing as a person as much as it is inventing. inventRight is a one-on-one coaching program that has helped people from more than 40 countries license their ideas for new products. It was founded by Andrew Krauss and Stephen Key in 2001. Visit http://www.inventright.com for more information and to become their student. Call #1-800-701-7993 to set up an appointment with Andrew or another member of the inventRight team to discuss how we can help you license your ideas. New to licensing? Read inventRight cofounder Stephen Key’s bestselling book “One Simple Idea: Turn Your Dreams Into a Licensing Goldmine While Letting Others Do the Work.” Find it here: http://amzn.to/1LGotjB. Want to learn how to license your product ideas without a patent? Stephen's book “Sell Your Ideas With or Without a Patent” explains exactly how. Find it here: http://amzn.to/1T1dOU2. inventRight, LLC. is not a law firm and does not provide legal, patent, trademark, or copyright advice. Please exercise caution when evaluating any information, including but not limited to business opportunities; links to news stories; links to services, products, or other websites. No endorsements are issued by inventRight, LLC., expressed or implied. Depiction of any trademarks/logos does not represent endorsement of inventRight, LLC, its services, or products by the trademark owner. All trademarks are registered trademarks of their respective companies.
Licensing to Big Companies vs. Small Companies
 
04:18
David Fedewa is inventRight's Advanced Negotiations Coach. How does licensing your idea to a big company differ from licensing to a small company? There are minuses and pluses to each side, honestly. Big companies don't need you. When small companies make an investment in your product, they need it to work. David shares what he has learned after licensing his ideas for years. inventRight is a one-on-one coaching program that has helped people from more than 40 countries license their ideas for new products. It was founded by Andrew Krauss and Stephen Key in 2001. Visit http://www.inventright.com for more information and to become their student. Call #1-800-701-7993 to set up an appointment with Andrew or another member of the inventRight team to discuss how we can help you license your ideas. New to licensing? Read inventRight cofounder Stephen Key’s bestselling book “One Simple Idea: Turn Your Dreams Into a Licensing Goldmine While Letting Others Do the Work.” Find it here: http://amzn.to/1LGotjB. Want to learn how to license your product ideas without a patent? Stephen's book “Sell Your Ideas With or Without a Patent” explains exactly how. Find it here: http://amzn.to/1T1dOU2. inventRight, LLC. is not a law firm and does not provide legal, patent, trademark, or copyright advice. Please exercise caution when evaluating any information, including but not limited to business opportunities; links to news stories; links to services, products, or other websites. No endorsements are issued by inventRight, LLC., expressed or implied. Depiction of any trademarks/logos does not represent endorsement of inventRight, LLC, its services, or products by the trademark owner. All trademarks are registered trademarks of their respective companies.
Collect Royalties By Modifying Existing Products!
 
05:46
A lot of people are confused about what kinds of ideas are a good fit for licensing. Don't overlook simple improvements! Modifying an existing product is a fantastic way of generating passive income. The company has already established a sales channel, after all. David Fedewa is inventRight's Advanced Negotiations Coach. inventRight is a one-on-one coaching program that has helped people from more than 40 countries license their ideas for new products. It was founded by Andrew Krauss and Stephen Key in 2001. Visit http://www.inventright.com for more information and to become their student. Call #1-800-701-7993 to set up an appointment with Andrew or another member of the inventRight team to discuss how we can help you license your ideas. New to licensing? Read inventRight cofounder Stephen Key’s bestselling book “One Simple Idea: Turn Your Dreams Into a Licensing Goldmine While Letting Others Do the Work.” Find it here: http://amzn.to/1LGotjB. Want to learn how to license your product ideas without a patent? Stephen's book “Sell Your Ideas With or Without a Patent” explains exactly how. Find it here: http://amzn.to/1T1dOU2. inventRight, LLC. is not a law firm and does not provide legal, patent, trademark, or copyright advice. Please exercise caution when evaluating any information, including but not limited to business opportunities; links to news stories; links to services, products, or other websites. No endorsements are issued by inventRight, LLC., expressed or implied. Depiction of any trademarks/logos does not represent endorsement of inventRight, LLC, its services, or products by the trademark owner. All trademarks are registered trademarks of their respective companies.
Licensing Your Idea to More Than One Company
 
05:13
Is it possible to license your idea to more than one company? Yes, but it doesn't happen that often. David Fedewa, inventRight coach and licensing agreement expert, explains why. He also describes the scenarios in which it's possible to license your idea to more than one company. inventRight is a one-on-one coaching program that has helped people from more than 40 countries license their ideas for new products. It was founded by Andrew Krauss and Stephen Key in 2001. Visit http://www.inventright.com for more information and to become their student. Call #1-800-701-7993 to set up an appointment with Andrew or another member of the inventRight team to discuss how we can help you license your ideas. New to licensing? Read inventRight cofounder Stephen Key’s bestselling book “One Simple Idea: Turn Your Dreams Into a Licensing Goldmine While Letting Others Do the Work.” Find it here: http://amzn.to/1LGotjB. Want to learn how to license your product ideas without a patent? Stephen's book “Sell Your Ideas With or Without a Patent” explains exactly how. Find it here: http://amzn.to/1T1dOU2. inventRight, LLC. is not a law firm and does not provide legal, patent, trademark, or copyright advice. Please exercise caution when evaluating any information, including but not limited to business opportunities; links to news stories; links to services, products, or other websites. No endorsements are issued by inventRight, LLC., expressed or implied. Depiction of any trademarks/logos does not represent endorsement of inventRight, LLC, its services, or products by the trademark owner. All trademarks are registered trademarks of their respective companies.
Pitching Companies On Improvements to Their Products
 
04:53
How do you pitch a company an improvement to a product it already manufactures and sells? A lot of the time, when you're trying to pitch a company on an invention for which they already own patents, the question they will ask is: Will this improve our sales position? But maybe they're looking to freshen things up. Most of the licensing deals David Fedewa — inventRight's negotiation expert — helps secure are improvements to existing products. So this is a very common scenario. Don't overthink it! Find out if they're interested! David Fedewa is inventRight's Advanced Negotiations Coach. inventRight is a one-on-one coaching program that has helped people from more than 40 countries license their ideas for new products. It was founded by Andrew Krauss and Stephen Key in 2001. Visit http://www.inventright.com for more information and to become their student. Call #1-800-701-7993 to set up an appointment with Andrew or another member of the inventRight team to discuss how we can help you license your ideas. New to licensing? Read inventRight cofounder Stephen Key’s bestselling book “One Simple Idea: Turn Your Dreams Into a Licensing Goldmine While Letting Others Do the Work.” Find it here: http://amzn.to/1LGotjB. Want to learn how to license your product ideas without a patent? Stephen's book “Sell Your Ideas With or Without a Patent” explains exactly how. Find it here: http://amzn.to/1T1dOU2. inventRight, LLC. is not a law firm and does not provide legal, patent, trademark, or copyright advice. Please exercise caution when evaluating any information, including but not limited to business opportunities; links to news stories; links to services, products, or other websites. No endorsements are issued by inventRight, LLC., expressed or implied. Depiction of any trademarks/logos does not represent endorsement of inventRight, LLC, its services, or products by the trademark owner. All trademarks are registered trademarks of their respective companies.
Test Your Marketing Materials Like This
 
05:03
The best marketing materials evoke emotion! When you're creating your marketing materials for product licensing, like your sell sheet and/or a video, you need to make sure they're effective. Successful inventor and licensing expert David Fedewa explains how to test your marketing materials on your friends and family — in a way that will actually be useful to you. David Fedewa is inventRight's Advanced Negotiations Coach. inventRight is a one-on-one coaching program that has helped people from more than 40 countries license their ideas for new products. It was founded by Andrew Krauss and Stephen Key in 2001. Visit http://www.inventright.com for more information and to become their student. Call #1-800-701-7993 to set up an appointment with Andrew or another member of the inventRight team to discuss how we can help you license your ideas. New to licensing? Read inventRight cofounder Stephen Key’s bestselling book “One Simple Idea: Turn Your Dreams Into a Licensing Goldmine While Letting Others Do the Work.” Find it here: http://amzn.to/1LGotjB. Want to learn how to license your product ideas without a patent? Stephen's book “Sell Your Ideas With or Without a Patent” explains exactly how. Find it here: http://amzn.to/1T1dOU2. inventRight, LLC. is not a law firm and does not provide legal, patent, trademark, or copyright advice. Please exercise caution when evaluating any information, including but not limited to business opportunities; links to news stories; links to services, products, or other websites. No endorsements are issued by inventRight, LLC., expressed or implied. Depiction of any trademarks/logos does not represent endorsement of inventRight, LLC, its services, or products by the trademark owner. All trademarks are registered trademarks of their respective companies.
Submitting Multiple Invention Ideas at Once (Licensing)
 
03:03
If you have a lot of ideas you want to pitch for licensing consideration, should you submit them one at a time? A few at a time? Or all at once? David Fedewa, inventRight's Advanced Negotiations Coach, answers this question and breaks down his strategy for working with companies. inventRight is a one-on-one coaching program that has helped people from more than 40 countries license their ideas for new products. It was founded by Andrew Krauss and Stephen Key in 2001. Visit http://www.inventright.com for more information and to become their student. Call #1-800-701-7993 to set up an appointment with Andrew or another member of the inventRight team to discuss how we can help you license your ideas. New to licensing? Read inventRight cofounder Stephen Key’s bestselling book “One Simple Idea: Turn Your Dreams Into a Licensing Goldmine While Letting Others Do the Work.” Find it here: http://amzn.to/1LGotjB. Want to learn how to license your product ideas without a patent? Stephen's book “Sell Your Ideas With or Without a Patent” explains exactly how. Find it here: http://amzn.to/1T1dOU2. inventRight, LLC. is not a law firm and does not provide legal, patent, trademark, or copyright advice. Please exercise caution when evaluating any information, including but not limited to business opportunities; links to news stories; links to services, products, or other websites. No endorsements are issued by inventRight, LLC., expressed or implied. Depiction of any trademarks/logos does not represent endorsement of inventRight, LLC, its services, or products by the trademark owner. All trademarks are registered trademarks of their respective companies.
Exclusive vs. Non-Exclusive Licenses
 
05:48
What are the differences between an exclusive and a non-exclusive licensing agreement? David Fedewa, inventRight's Advanced Negotiations Coach, explains. inventRight is a one-on-one coaching program that has helped people from more than 40 countries license their ideas for new products. It was founded by Andrew Krauss and Stephen Key in 2001. Visit http://www.inventright.com for more information and to become their student. Call #1-800-701-7993 to set up an appointment with Andrew or another member of the inventRight team to discuss how we can help you license your ideas. New to licensing? Read inventRight cofounder Stephen Key’s bestselling book “One Simple Idea: Turn Your Dreams Into a Licensing Goldmine While Letting Others Do the Work.” Find it here: http://amzn.to/1LGotjB. Want to learn how to license your product ideas without a patent? Stephen's book “Sell Your Ideas With or Without a Patent” explains exactly how. Find it here: http://amzn.to/1T1dOU2. inventRight, LLC. is not a law firm and does not provide legal, patent, trademark, or copyright advice. Please exercise caution when evaluating any information, including but not limited to business opportunities; links to news stories; links to services, products, or other websites. No endorsements are issued by inventRight, LLC., expressed or implied. Depiction of any trademarks/logos does not represent endorsement of inventRight, LLC, its services, or products by the trademark owner. All trademarks are registered trademarks of their respective companies.
Dealing With Friends and Family When You're an Entrepreneur
 
10:26
David Fedewa is inventRight's Advanced Negotiations Coach. In this video, he describes the strategy he used to deal with friends and family who were less than supportive of his desire to become an entrepreneur and his license his ideas for new products. — I have a list of ideas I want to bring to market. What do I do next?! — Should I use an NDA when I want to share my ideas for new products with third parties? InventRight is a one-on-one coaching program that helps people license their ideas http://www.inventright.com Call #1-800-701-7993 to set up an appointment with Andrew or another member of the inventRight team to discuss how they can help you license your ideas. Stephen Key’s bestselling book “One Simple Idea: Turn Your Dreams Into a Licensing Goldmine While Letting Others Do the Work” (http://amzn.to/1LGotjB). inventRight, LLC. is not a law firm and does not provide legal, patent, trademark, or copyright advice. Please exercise caution when evaluating any information, including but not limited to business opportunities; links to news stories; links to services, products, or other websites. No endorsements are issued by inventRight, LLC., expressed or implied. Depiction of any trademarks/logos does not represent endorsement of inventRight, LLC, its services, or products by the trademark owner. All trademarks are registered trademarks of their respective companies. Welcome to the Ask David Fedewa show. I am your host David Fedewa and I am here to answer any one of your inventing questions. I want to get started off today with the emotional side of things and how to get well, I guess that the topic I want to hit on today was friends and family because every entrepreneur or anybody that wants to break out of the mold and do so something that is different than the norm has family and friends that either support or push you down and it is dealing with that is somewhat of a difficult thing to do because you want your friends, your family to support you in. When I was getting started in this business, my closest friends and family knew about what I was doing but nobody outside of that because it was something that I did not want to hear about it because, you know, I have waited tables and I had a college degree but you know, it was not getting me anywhere and this is what I want to do, it just sound crazy. I want to make invention, take into a company and have them pay me for a long time. I want to tell people that they would, they would may say me. They would shoot me down. You know, you can do that, that is silly, and so, when the closest friends and family start to shoot you down in your dreams, it is not that you are cutting out of your life. It is just you are not telling them just be quiet about it. Do not let him know and this is the funny part is, I just kept it under the radar and my friends and family, you know, my mom, my dad, they were supportive, my brothers, they were supportive, and it was outside that bubble that you know, it was one of these things where if you come from the same place you get the same degrees, you know, you do the same thing and if you start to break out of that mold and do better that means that the people of your past, they could do better to but they choose not to and they do not want to see that and so when they start to say, it is not, you know, you cannot do that because they want you to stay where you are at because you are on even playing field with them, but you do not want to be there. And so, you know what I did was, I kept quiet, did not say anything and you know, when I started licensing products and you know, Steven, wrote an article about me featured in an inked magazine and posted on my Facebook wall and it was funny because the friends and family outside of my inner circle or like, “Oh my gosh, you are an overnight success.” And I was like if you consider like three years of working after work on overnight success and I was like if you consider like three years of working after work on overnight success, then yeah of course that is an overnight success but they had no idea and that is the perception that people have is, they think that all you know once you become successful was overnight reality, they do not see those nights, those days that you are just working through and beyond what other people work and once you get over that mountain you deserve every moment of that success and so, to deal with friends and family that are being difficult just zip the lip, put your head down focus on what you are going to do what you can execute and do it and then once you do then you can be an overnight success in their mind. So, I want to get started off with some questions. Ivan, thank you so much for bringing this question on I am going to kind of zip through a little bit. “David, thanks for being a real inspiration, have a question for you. I have developed this
The Best Time to Call Potential Licensees
 
07:50
David Fedewa is inventRight's Advanced Negotiations Coach. In this video, he explains why making the effort to call just one company you think may be interested in bringing your idea to market a day can make a huge difference in your life. The short answer? Call whenever you can! Make. It. Happen. inventRight is a one-on-one coaching program that has helped people from more than 40 countries license their ideas for new products. It was founded by Andrew Krauss and Stephen Key in 2001. Visit http://www.inventright.com for more information and to become their student. Call #1-800-701-7993 to set up an appointment with Andrew or another member of the inventRight team to discuss how we can help you license your ideas. New to licensing? Read inventRight cofounder Stephen Key’s bestselling book “One Simple Idea: Turn Your Dreams Into a Licensing Goldmine While Letting Others Do the Work.” Find it here: http://amzn.to/1LGotjB. Want to learn how to license your product ideas without a patent? Stephen's book “Sell Your Ideas With or Without a Patent” explains exactly how. Find it here: http://amzn.to/1T1dOU2. inventRight, LLC. is not a law firm and does not provide legal, patent, trademark, or copyright advice. Please exercise caution when evaluating any information, including but not limited to business opportunities; links to news stories; links to services, products, or other websites. No endorsements are issued by inventRight, LLC., expressed or implied. Depiction of any trademarks/logos does not represent endorsement of inventRight, LLC, its services, or products by the trademark owner. All trademarks are registered trademarks of their respective companies.
How Long Should I Wait Before Getting Back to a Company?
 
05:44
David discusses the right way of following up with companies after submitting one of your product ideas for licensing consideration. He also talks about how to develop a one-sentence benefit statement for your idea. inventRight is a one-on-one coaching program that helps people license their ideas http://www.inventright.com “One Simple Idea: Turn Your Dreams Into a Licensing Goldmine While Letting Others Do the Work” (http://amzn.to/1LGotjB). inventRight, LLC. is not a law firm and does not provide legal, patent, trademark, or copyright advice. Please exercise caution when evaluating any information, including but not limited to business opportunities; links to news stories; links to services, products, or other websites. No endorsements are issued by inventRight, LLC., expressed or implied. Depiction of any trademarks/logos does not represent endorsement of inventRight, LLC, its services, or products by the trademark owner. All trademarks are registered trademarks of their respective companies. Welcome to another ask David Fedewa show. I am your host David Fedewa and I am here to answer anyone of your inventing questions. I want to get started of today. I was reading through the YouTube channel right underneath my last video, and I have got the first question here. And it is, and I am sorry if I mispronounced your name. Yaseen and she is from Morocco, or he, and the question is. "I have a revolutionary idea and I have already done homework and contacted this really big company and they seem to really like it. However, when I tried to follow up after a week and a half, I do not get an answer. My emails have been read multiple times but no answer so far. What is the right approach in this case?" Okay. What is happening right now is, the company loves your idea. I cannot say that. They have to do some research. They are looking at your email. They are checking out your marketing. They have to compile an answer internally before they reach out to you. And so, they have to talk to their manufacturing. They have to talk to their legal team because a lot of things can happened in them responding to you, by them responding to you, their saying, "We have received your Idea. We know about it so there is legal ramifications. So they are checking things out internally. This process, I have got responses back 3 months later because in certain large organizations, that can take a while, and so that is internally what is happening so stick with them every 7-10 days you want to follow up. I would do email, and then call. Give them a call on the phone on your contact, say "Hey! This is so and so. I am here, I pitched a product a couple of weeks ago and I am seeing if there is anything I can help you with or you have any questions.” You are not looking for an exact answer of yes or no right after that. You are looking for, how can I help you, because you need to be a resource to them before they are going to start writing a check. So, I hope that helps you out. Persistence is the name of the game here. So stick with it and you will get there especially if there is interest. Keep building upon that. Back to YouTube storyline of questions. I have got Tiamen, T Fella. "Hey David looking forward to your channel. What is a good one line benefit statement for product licensing?" Very interesting question. I love that question because it is all about emotion. You see your marketing is a drive with people when you have emotions inside you. Well let me actually take it back a step and give you the foundation basically how my mind works to get to a benefit statement. You have an idea. The idea gives you an emotional charge. The emotional charge that you have personally it is someone that gets you excited right not only excited you. You wake up in the morning and you go out and do things for. You do research, you compile this company’s, you build a prototype, you will pay for books, you buy courses, to learn and understand how to move this things forward or how to do it. So, that motivation inside you is ready to do things. Well, all marketing is, is communicating that emotion to somebody else. As soon as you put that emotion into somebody else then they then have that desire to go out because they see the value in it. They see the value in your product that they can make millions of dollars or get a promotion or whatever it is that motivates them they see something in your product. So the one line benefit statement is something that communicates that well. For example with my Arctic can product. It was one that keep a beer refrigerator cold for 3 hours. That motivated people because right now beer, soda whatever you are drinking it is lukewarm within 20-25 minutes. If you are talking 3 hours of ice cold beverage that is amazing.
What Scares Even Experts About the Inventing Process
 
09:56
David Fedewa is inventRight's Advanced Negotiations Coach. He and inventRight coach Amy Jo Brogan discusses their fears about inventing and licensing. Subscribe to Amy Jo's channel, Straight 2 Licensing, here: https://www.youtube.com/channel/UC18L-L4MpOdAZhc7Q30irbA. InventRight is a one-on-one coaching program that helps people license their ideas http://www.inventright.com Call #1-800-701-7993 to set up an appointment with Andrew or another member of the inventRight team to discuss how they can help you license your ideas. Stephen Key’s bestselling book “One Simple Idea: Turn Your Dreams Into a Licensing Goldmine While Letting Others Do the Work” (http://amzn.to/1LGotjB). inventRight, LLC. is not a law firm and does not provide legal, patent, trademark, or copyright advice. Please exercise caution when evaluating any information, including but not limited to business opportunities; links to news stories; links to services, products, or other websites. No endorsements are issued by inventRight, LLC., expressed or implied. Depiction of any trademarks/logos does not represent endorsement of inventRight, LLC, its services, or products by the trademark owner. All trademarks are registered trademarks of their respective companies. Welcome to the Ask David Fedewa Show. I am your host David Fedewa and I am here to answer any one of your inventing questions. Today I have got Amy Jo straight to licensing with Amy Jo on the line today and it is her Q&A show. So, I get to ask her questions and she gets to answer. So Amy Jo thank you so much. Amy: Great! Hi thank you, thank you for having me. I am so excited. David: Of course, so the first question I wanted to get started with was the inventing process is daunting it is a mountain it is the unknown adventure that you are going to be on and I want to know for you. What is the scariest thing that got you when you got started on this process? Amy: Oh, that is a good one. Uhmm.. I would have to say this is the scariest moment to me was prior to find an Inventright actually, it was actually my coffee, my spill-proof coffee tumbler late idea. I come up with years ago. That was one of those things that I just wanted to bring to the market but I had no idea how to do it and when I started speaking the manufacturers they all wanted to charge me $45,000 plus to create a prototype that was not guaranteed to work which I spoke about this a little bit on my first show and scariest part about that was like for me was, I only have to invest hundreds of thousands of dollars in order to make this product and I want to bring it to market but I do not want to spend that kind of money on it. So that was the scariest part and then I continue doing research and found you know Steven Keys book and Inventright and all of that and actually kind of lightens the whole eight you know process I guess for lack of a better term. In going through the steps that you need to bring your product to a market so I mean it. Inventor is truly have been the blessing in my life across the board. David: Oh yeah I mean me too it absolutely changed my life you know in... Amy: Yeah. Can you tell me, I mean what was the scariest thing for you? David: I mean the scariest thing for me when I was getting started you know it was kind of funny. It was actually like every step the way whatever was in front of me at the time I was like freaked out about because it was like. Alright, I got to go out and reach out to a designer across the world and share my idea like I am just like palms are sweating, like are they going to steal my idea like this is whole thing is going to fall apart. Amy: Tell it! David: And then like, Alright, now I got that done. Now is it, am I going to be able to write a PPA. I said that and I read through patterns in the beginning and it was just like “Oh, my Gosh” like it was so overwhelm. It was it that way mountain. It was just an absolute mountain in front of me, and then, I mean you are right it was when I found Inventright, it was now broken down into a sequence of events that all I had to do the thing in front of me and do that. Amy: And that is the thing to like even with the Inventright process or find adventure product that yourself you know a lot of people think, “Oh, I am going to be an inventor.” It is all being creative and building things and there is so much more that goes into it you know kind of like an the administrative side when you know doing your research you know making sure that you marketing materials they are put together properly writing that provisional patent application. All things that a lot of us do not refer to do but it is really beneficial to learn how to do it and in order to be successful.
Your Demo Could Mean Life or Death to Your Product!
 
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David Fedewa is inventRight's Advanced Negotiations Coach. In this video, he explains how the movie 'Joy' inspired him to get better at demoing his product ideas. We all know how important your product marketing video is! Without a confident demo, yours could leave viewers uninspired. inventRight is a one-on-one coaching program that has helped people from more than 40 countries license their ideas for new products. It was founded by Andrew Krauss and Stephen Key in 2001. Visit http://www.inventright.com for more information and to become their student. Call #1-800-701-7993 to set up an appointment with Andrew or another member of the inventRight team to discuss how we can help you license your ideas. New to licensing? Read inventRight cofounder Stephen Key’s bestselling book “One Simple Idea: Turn Your Dreams Into a Licensing Goldmine While Letting Others Do the Work.” Find it here: http://amzn.to/1LGotjB. Want to learn how to license your product ideas without a patent? Stephen's book “Sell Your Ideas With or Without a Patent” explains exactly how. Find it here: http://amzn.to/1T1dOU2. inventRight, LLC. is not a law firm and does not provide legal, patent, trademark, or copyright advice. Please exercise caution when evaluating any information, including but not limited to business opportunities; links to news stories; links to services, products, or other websites. No endorsements are issued by inventRight, LLC., expressed or implied. Depiction of any trademarks/logos does not represent endorsement of inventRight, LLC, its services, or products by the trademark owner. All trademarks are registered trademarks of their respective companies.
Use What You Already Know to Invent Better Products!
 
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Want to be an inventor? Focus on everything around you in your day job. There are so many products that could be made better! When inventors approach David Fedewa, inventRight's Advanced Negotiations coach, with ideas for products they don't really understand, it's so much harder. Stay within your skill set! inventRight is a one-on-one coaching program that has helped people from more than 40 countries license their ideas for new products. It was founded by Andrew Krauss and Stephen Key in 2001. Visit http://www.inventright.com for more information and to become their student. Call #1-800-701-7993 to set up an appointment with Andrew or another member of the inventRight team to discuss how we can help you license your ideas. New to licensing? Read inventRight cofounder Stephen Key’s bestselling book “One Simple Idea: Turn Your Dreams Into a Licensing Goldmine While Letting Others Do the Work.” Find it here: http://amzn.to/1LGotjB. Want to learn how to license your product ideas without a patent? Stephen's book “Sell Your Ideas With or Without a Patent” explains exactly how. Find it here: http://amzn.to/1T1dOU2. inventRight, LLC. is not a law firm and does not provide legal, patent, trademark, or copyright advice. Please exercise caution when evaluating any information, including but not limited to business opportunities; links to news stories; links to services, products, or other websites. No endorsements are issued by inventRight, LLC., expressed or implied. Depiction of any trademarks/logos does not represent endorsement of inventRight, LLC, its services, or products by the trademark owner. All trademarks are registered trademarks of their respective companies.
Are Videos Important for Product Licensing?
 
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Should you make a video to showcase your product idea for licensing? Are videos important for product licensing? inventRight's Advanced Negotiations coach David Fedewa explains the value of product pitch videos and when you should consider creating a video. inventRight is a one-on-one coaching program that has helped people from more than 40 countries license their ideas for new products. It was founded by Andrew Krauss and Stephen Key in 2001. Visit http://www.inventright.com for more information and to become their student. Call #1-800-701-7993 to set up an appointment with Andrew or another member of the inventRight team to discuss how we can help you license your ideas. New to licensing? Read inventRight cofounder Stephen Key’s bestselling book “One Simple Idea: Turn Your Dreams Into a Licensing Goldmine While Letting Others Do the Work.” Find it here: http://amzn.to/1LGotjB. Want to learn how to license your product ideas without a patent? Stephen's book “Sell Your Ideas With or Without a Patent” explains exactly how. Find it here: http://amzn.to/1T1dOU2. inventRight, LLC. is not a law firm and does not provide legal, patent, trademark, or copyright advice. Please exercise caution when evaluating any information, including but not limited to business opportunities; links to news stories; links to services, products, or other websites. No endorsements are issued by inventRight, LLC., expressed or implied. Depiction of any trademarks/logos does not represent endorsement of inventRight, LLC, its services, or products by the trademark owner. All trademarks are registered trademarks of their respective companies.
Focus On Inventing Products Like This
 
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Before David Fedewa became a husband and a father, he loved to invent products related to beer. It was an obvious choice! He worked in a restaurant and enjoyed drinking beer. These days, he can't stop thinking about baby-related products. His point being? Focus your inventing efforts on industries and categories that directly relate to your life. After all, you already know these products! You're more likely to become successful at inventing and licensing this way. Check out David's successful inventions: https://corkcicle.com/products/classic-arctican https://www.entrepreneur.com/article/301014 David Fedewa is inventRight's Advanced Negotiations Coach. inventRight is a one-on-one coaching program that has helped people from more than 40 countries license their ideas for new products. It was founded by Andrew Krauss and Stephen Key in 2001. Visit http://www.inventright.com for more information and to become their student. Call #1-800-701-7993 to set up an appointment with Andrew or another member of the inventRight team to discuss how we can help you license your ideas. New to licensing? Read inventRight cofounder Stephen Key’s bestselling book “One Simple Idea: Turn Your Dreams Into a Licensing Goldmine While Letting Others Do the Work.” Find it here: http://amzn.to/1LGotjB. Want to learn how to license your product ideas without a patent? Stephen's book “Sell Your Ideas With or Without a Patent” explains exactly how. Find it here: http://amzn.to/1T1dOU2. inventRight, LLC. is not a law firm and does not provide legal, patent, trademark, or copyright advice. Please exercise caution when evaluating any information, including but not limited to business opportunities; links to news stories; links to services, products, or other websites. No endorsements are issued by inventRight, LLC., expressed or implied. Depiction of any trademarks/logos does not represent endorsement of inventRight, LLC, its services, or products by the trademark owner. All trademarks are registered trademarks of their respective companies.
How Often Should You Follow Up With Your Licensee?
 
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inventRight coach David Fedewa explains why staying in touch with your licensees is essential. If you want your product idea to make it to market, it's a must! He also explains how to keep expanding your list of potential licensees. And finally, he explains how he licensed his first idea. InventRight is a one-on-one coaching program that helps people license their ideas http://www.inventright.com Call #1-800-701-7993 to set up an appointment with Andrew or another member of the inventRight team to discuss how they can help you license your ideas. Stephen Key’s bestselling book “One Simple Idea: Turn Your Dreams Into a Licensing Goldmine While Letting Others Do the Work” (http://amzn.to/1LGotjB). inventRight, LLC. is not a law firm and does not provide legal, patent, trademark, or copyright advice. Please exercise caution when evaluating any information, including but not limited to business opportunities; links to news stories; links to services, products, or other websites. No endorsements are issued by inventRight, LLC., expressed or implied. Depiction of any trademarks/logos does not represent endorsement of inventRight, LLC, its services, or products by the trademark owner. All trademarks are registered trademarks of their respective companies. Welcome to the ask David Fedewa show, I am your host David Fedewa and I am here to answer any one of your inventing questions. Cool, I want to get started out today with Maria. Maria has got a great question here, I am going to follow up with Bando Helium cannot pronounce your screen name but, we will get to that question second. So, “thank you for sharing your expertise I am an interested licensee we met. They have tested my prototype, cool, not very common. I have only met one of my potential licensees after we really carved out a deal so, it is not very common. So all those people that worried about flying somewhere that is not something you have to do. So, they proposed keeping in touch every couple weeks as they formed a new company. Alright, Maria, this puts me on the rocks are they doing a start-up where that if you could post a follow-up question underneath here to let me know like is this a start-up wear that because licensing a new innovation to a start-up is a difficult proposition you can lose your electrical property lose your intellectual property rights but if you assign them to them and you know start upstairs there are so many things that can happen to be very careful as you move forward with somebody that is forming a company. Now if it is a company a major, major company that is forming something to handle your product specifically because they are branching out awesome, love it. Sometimes I am not hit back from them for more than four weeks. Maria, it is common, I had a potential licensees working on them contact twice a week at least calls emails going back and forth. One day, did not even say a word disappeared. I call them when we gone two weeks could not get a hold of them, called the secretary. “Hey, you know leave me a voice message I will get back to you three weeks, four weeks, five weeks, six weeks”. You finally shoots me an email and says, "hey, we are at a trade show, we knocked it out of the park, we are back on our A game working on your project let us get moving it forward”. That was it, that was the only thing that he said about being gone for six weeks and that is what happens when you are Licensing vs. Venture. Adventuring you have more control over that time licensing, you do not because you are relying on another company to move your project forward and so realize that. Be calm within but move things forward as your project progresses. When I reach out to them they respond back by email with brief updates perfect there in correspondence with you there they are making that interaction a lot easier. I do not want to be a pain but I also do not want to ignore their initial proposal by monthly updates. So, Maria, it happens they fall off the map they come back people switch so just stick with them this is mine, my idea of what happens you have got a marketing manager you got whoever that individual is within that company and he is got a stack of projects on his desk, and as he moves through those projects you working I want getting stuff done and passes it off to somebody else and your project starts to sink down in that pile and when you call them and you contact them you follow up and even just a simple email, “Hey, how's it going? Is there anything I can help out with”, Oh! Here, let me pull that project out, let me see where it is at. Let me contact my manufacturing got, let me reach out to marketing see where they built this thing and where we are going with it. Okay, perfect, that is where it is at. Let me get back to you Maria, let you know, let that put you right back on top of the pile.
How to Invent When You Can't Draw
 
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If you love to invent but can't draw, you can still take action on your ideas! Successful inventor David Fedewa explains how he improved his ability to draw. At the end of the day, it's about your ability to communicate — not draw. Don't despair. Use these solutions to keep moving forward with your product ideas. David Fedewa is inventRight's Advanced Negotiations Coach. inventRight is a one-on-one coaching program that has helped people from more than 40 countries license their ideas for new products. It was founded by Andrew Krauss and Stephen Key in 2001. Visit http://www.inventright.com for more information and to become their student. Call #1-800-701-7993 to set up an appointment with Andrew or another member of the inventRight team to discuss how we can help you license your ideas. New to licensing? Read inventRight cofounder Stephen Key’s bestselling book “One Simple Idea: Turn Your Dreams Into a Licensing Goldmine While Letting Others Do the Work.” Find it here: http://amzn.to/1LGotjB. Want to learn how to license your product ideas without a patent? Stephen's book “Sell Your Ideas With or Without a Patent” explains exactly how. Find it here: http://amzn.to/1T1dOU2. inventRight, LLC. is not a law firm and does not provide legal, patent, trademark, or copyright advice. Please exercise caution when evaluating any information, including but not limited to business opportunities; links to news stories; links to services, products, or other websites. No endorsements are issued by inventRight, LLC., expressed or implied. Depiction of any trademarks/logos does not represent endorsement of inventRight, LLC, its services, or products by the trademark owner. All trademarks are registered trademarks of their respective companies.

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