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Patents Explained - How to make money from a patent

355 ratings | 23206 views
http://www.evancarmichael.com/support/ - SUPPORT ME :) Like this video? Please give it a thumbs up below and/or leave a comment - Thank you!!! Help me caption & translate this video! http://www.amara.org/en/profiles/videos/Evan%20Carmichael/ "Hi Evan, recently discovered your You Tube, video's giving help to young entrepreneurs. Must say they hit the mark. I myself have developed a patent, It went through all the Patenting etc. The thing is though that to make my product work, I need to do a mass manufacture and hit the market as hard as possible, my product is not expensive, but to purchase/manufacture that many units is very expensive. And to only purchase low quantities would not be cost effective. What would you suggest is the best solution: Sell my patented product (With working samples and proven concepts) or try to get more investors or Try to franchise to reduce capital needed to start the business. I just want to know if I do sell, what would be the best approach sell it to an already existing company in the same industry? Frans Jaco Willemse"
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Text Comments (45)
URHO TM (5 months ago)
Thank you. You're on my list of top channels on YouTube. We love you.
Evan Carmichael (5 months ago)
Thanks for the love and support :) #BTA1084 Luka
Mohamed Ghareb Atia (5 months ago)
Thanks for explaining it. There are somethings I wanna know, Do I need to publish the patent first? If the patent can be applied in different aspects of applications, Can I license it to different companies? Also, can I still use this idea in my future research? Thanks again!
Evan Carmichael (5 months ago)
Thank you for reaching out. Evan is doing the premieres on YouTube every night at 8pm EST so that would be the best way to reach out to him directly. Much love! #BelieveNation #BTA1068 Luka
Aireisor simracing (1 year ago)
Hi. I have an idea which requires electrical, engineering & programming skills, all of which I don't have. Basically I'm not capable of building my product idea. How can I make it happen & get a patent?
Akshay Mathapati (1 year ago)
Aireisor simracing hey! I think i can help you! I am starting a prototyping company. so currently freelancing for Design and prototyping work.
J R (1 year ago)
Hyyyy, just one question....can a company licence it's patent to more than one company???if so then how many?
Evan Carmichael (1 year ago)
Thank you very much for your question and it would be great if you could post it under the comments of this video #7 Ways - What Topic Should I Cover Next? https://youtu.be/sXgcP79xrNQ so Evan might be able to answer it doing a #7Ways video for it or in another video especially if more people will vote or like your question or you could ask it to Evan live on his next Live Stream on November 23 - Thursday at 11:00am EST: https://www.youtube.com/watch?v=4Gv2tS4Zsck and hopefully it will be answered by him. Much love. #Believe :) #BTA673 Shine
Diwakar Dey (1 year ago)
Sir thanks for the opinion. Right now my water purification system design is under patent but the main problem is finding a right enterprise whose can license for my product. I have send documents regarding my design to the companies but the never reply me back. Can u suggest what can I do about it?
Evan Carmichael (1 year ago)
Evan is focused on making a bigger impact through creating videos so more people can learn but if you have any question, it would be great if you could post it under the comments of this video #7 Ways - What Topic Should I Cover Next? https://youtu.be/sXgcP79xrNQ so Evan might be able to answer it doing a #7Ways video for it or in another video especially if more people will vote or like your question. You could also catch Evan via YouTube live streaming and ask him question via live chat - the next "Entrepreneur AMA - Ask Evan Anything" is on November 9th, at 08:00am EST - https://youtu.be/N90nRAGNjUo There is also a live stream with Tom Bilyeu on October 19th, at 08:00am EST - https://youtu.be/TrsQGZQN-rU - And also a live stream with Stephen Kelly on October 26th, at 09:00am EST - https://youtu.be/OWwFBoDSlBk Thank you very much for the love and support. Much love. #Believe :) #BTA655 Luka
abu hamza (1 year ago)
Thank you so much , very informative
Evan Carmichael (1 year ago)
Thank you very much for the appreciation and for watching abu. :) #BelieveNation #BTA646 Shine
Awakened Anhedonic (2 years ago)
What about when there's a patent for something, then you use that idea for a different invention? For example when previous patents are referred to so an entirely new invention is made? How does that work? Do you have to pay money to use those concepts?
Evan Carmichael (2 years ago)
If you're using someone's patent then yes, you need to licence it. #BTA453
Eshu Manohare (2 years ago)
Sir just one question, I am just a 16 years old Indian boy and yeah I have my own design regarding a new technology but the problem is that no one is paying attention to it. No one is ready to believe in my work, so what should I do. I've tried contacting the Cambridge Professors only till yet
Evan Carmichael (2 years ago)
Keep doing what you love and keep believing in yourself. #Never give up. Also, if you are interested you could catch Evan live by following him/believeteam on Twitch: https://www.twitch.tv/believeteam He is usually live every Friday at 9:15AM EST so you can ask questions there via live chat. All the best to you! Always #Believe. :) #BTA435 Shine
Invention Therapy (2 years ago)
How much does an average patent cost?
Invention Therapy (2 years ago)
What are the advantages to a patent over just going straight to building and marketing your product?
Aireisor simracing (1 year ago)
Protection from competition
Hector Ramirez (2 years ago)
l got a deal for you contact me pls Hector Ramirez Chicago figbt team
Evan Carmichael (2 years ago)
You can catch Evan live where he answers business question every Friday at 9:15AM (EST) https://www.twitch.tv/believeteam and ask him questions there via chat and/or join his newsletter: http://evancarmichael.com/newsletter/ All the best to you! Always #Believe :) #BTA346 Shine
Shubham Sharma (2 years ago)
I Love it !!!!!!!!!!!!!!!!!!!!!! Thankyouuuu soooo Muchhh Bro!
Evan Carmichael (2 years ago)
You are very welcome. Thank you for expressing your appreciation. #BTA328 GT :)
Dan Mimis (2 years ago)
Hi Evan. Good stuff, but there's more to it. Since you chose the auto industry now the question is: how do you get the best deal? I.e., how do you make them (hey, there's more than one car manufacturer!) bid for your stuff? I remember reading that negotiators often mess up otherwise decent deals. What would your approach be?
Evan Carmichael (2 years ago)
Good luck with that attitude Dan #BTA289
Dan Mimis (2 years ago)
+Evan Carmichael So you have no clue. Good to know so we can look somewhere else for answers ...
Evan Carmichael (2 years ago)
Through FOMO = Fear Of Missing Out :) #BTA287
Mason Newitt (2 years ago)
Should be titled "How to be a bitch"
Evan Carmichael (2 years ago)
Thanks for watching. #BTA260 Shine
Anthony (2 years ago)
quick question for you, I have a few prototypes of ideas that I've came up with. But I live in a small rural town in Washington. Would I need to go to a big city, say Seattle, to set any of this up? Or can I do it over the internet or something. Thank you for the amazing videos by the way! :)
Evan Carmichael (2 years ago)
A patent covers the country so you can do it from where you are :) #BTA257
Shubham Bahir (2 years ago)
Thank you Evan!! i really wanted to know this stuff ..
Evan Carmichael (2 years ago)
Glad you liked it. :) Thanks for watching! #BelieveNation #BTA237 Shine
Tyrone Halbert (3 years ago)
type new toy invention z tag and check out my new game
Hannes Grebin (3 years ago)
Thanks Evan for putting this so clear and entertaining. gold as always!
Evan Carmichael (3 years ago)
+Hannes Grebin Thanks for watching. :) Glad you like it. #BTA131 Ivan
omozoje ojehomon (3 years ago)
Sorry my last question.. am an economist I hv this amazing idea of an app and software but I do not have any experience in building apps etc. .wat are the steps to be taken to build it with an app and soft ware developer in other not to be ripped off. Also Should I pay him to build or mk him a part of my team..just need good advice so I don't mess this up because it's my idea and I want to be in control
Evan Carmichael (3 years ago)
+omozoje ojehomon If you want to build a successful app company and you're not an app developer then it's worth spending the time to get the right CTO to build with.
omozoje ojehomon (3 years ago)
Thank you very much for your swift response I really appreciate..i have a campaign idea for coca cola that can take off from where share a coke left off,and really take the world. do u think I can sell the campaign idea to a soda company like coke? And if I can what are your advice to do this trade and to be successful? And do soda companies like coca cola even buy ideas like that from people
Evan Carmichael (3 years ago)
+omozoje ojehomon I've never heard of them doing it. You could be the first but it's a big longshot.
omozoje ojehomon (3 years ago)
Can patent and sell a campaign idea to a big brand that will enable them sell more and trend..for example share a coke campaign,if it was my idea can I patent and sell it..
Evan Carmichael (3 years ago)
+omozoje ojehomon short answer is yes... but highly unlikely
Frans Jaco Willemse (5 years ago)
Hi Evan, Thank you for your insight and the great video! It does make more sense to license out the patent, The Patent was done by a large lawyer firm, so I will approach them and see if they can help me with the licensing. I will let you know how it went. Thanks again!
Guy Daniels (5 years ago)
Sex toys aren't my thing. I would like to produce a low cost high influx way to keep oil drillers in North Dakota in a warmer safer environment. This could potentially lower labor costs and ultimately lead to higher morale of employees, which will ultimately lead to a great return on investors investing in the Bakkan. I love investing.
Michael Lemons (5 years ago)
Ok great, what if you have sex toy? I have a provisional patent on a sex toy I finalizing the utility patent as we speak, my question is how do you prevent them from stealing taking your idea? The reason I’m asking I have a wife that doesn’t work and two daughters 6  y/and 3 months, and finishing up my computer science bachelor’s degree, I lost retirement and I had to start over again job wise. In American it’s the guy with the biggest pocket book that wins over the little guy. I don’t have a enough money to get a patent lawyer nor an accountant. I can’t get loan for the backing, maybe 120k what‘s wrong with crowd funding? I ‘m looking into indiegogo, and kick-starter, however, kickstarters frowns upon sex toys. Indiegogo is a bit loser in there terms and agreement. At all possible how do I connect you, and I fight a battle that I can’t when. And all super possible who should I contact is that adult toy industry J :P

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