How Much Money Will You Make Licensing? (Royalties)
ฝัง
- เผยแพร่เมื่อ 30 ก.ย. 2024
- Royalties are passive income. Everyone wants to know, what's a fair royalty rate? What's a standard royalty rate? Stephen and Andrew answer that and more, including how to determine how much you should ask for when licensing your product. For more information: www.inventright.com.
I just want 5% royalties thats good enough for me
Cool. That's most common so you are being real. Keep Inventing! - Andrew Krauss, inventRight Co-Founder ( Call, email, book an appointment or request more info about how we can help by visiting us here. inventright.com/contact/ )
You guys are so inspirational. Thank you. I do have a question, is it possible to license your invention to more than one company even it they are competitors in the same market? For example, handbags.
Hello Cesar!
It's not typical, but it's not impossible. It all depends on the terms of the licensing agreement. For more on this, feel free to read Stephen's Inc. article on how to license your idea to more than one company: www.inc.com/stephen-key/how-to-license-an-idea-to-more-than-one-company.html
If you are really curious about licensing agreements, you can also read through some of the articles in our online Licensing Library: www.inventright.com/component/k2/content/negotiating-and-licensing-agreements.
hi i went with a company called invents company, they just dissapeared on me, now they have a class action lawsuit on them, I don't know if they patton my idea.. but i decided to go with a different company, do I still have a right? or if they patton my idea they have the right? please help..
For me, anyway! Yes you people are very inspeearional as you where years ago as if I was right here within the moment with you feeling safe! Weird, that says alot from what reaearch I had going on outside of this and I still don't like money! Freeing at the time and yet only to slap a child with worse! I'm 41 and have a daughter of my own! Nice to be able to pay at a cash without trasnactions being tampered with! No sales
I have a question. Could you fellows touch on Manufacturing? How to find them? How to negotiate and what to look for?
Did you find an answer yet? I would like to know this information to.
@@laurarance4352 mr key interviewed a company called klugonyx he brings ideas to life and i think he does manufacturing also so look at that
mr key interviewed a company called klugonyx he brings ideas to life and i think he does manufacturing also so look at that
No they will not talk about Manufacturing, because their about licensing! Company gets 95% of your product😐👎
I want to see Stephen jam on that guitar and have Andrew sing! Best show on TH-cam
+Michael Witt I want to see that too!
Hey Michael. Great to hear from you. We'll see if Stephen can pull it off. I am actually a heavy metal fan. But being one doesn't make me a singer eh? In my mind, it will sound good. ;-)
They're not here to entertain you, they're here to educate you morons. If you want entertainment go watch a music video. Learn something worthwhile that will challenge you and could potentially change your life style for the better.
Are royalty percentages based off of profit or net sales? Is this negotiable? If net sales, I understand the lower percentage. Some products can have some pretty small margins as it is and if a bigger chunk goes to material and fabrication, you can’t take a high percentage or the supplier will be making nothing!
Usually net. Makes sense basing your royalties on the amount your licensee get's from the retailer. Keep Inventing! - Andrew Krauss, inventRight Co-Founder ( Call, email, book an appointment or request more info about how we can help by visiting us here. inventright.com/contact/ )
I physically went to a company with all material ready to license my idea today but I couldn't even seem to speak anybody in power I have made numerous calls and emails and nothing I'm definitely not giving up but what advice can you give me ?
+Victor Ramos Visiting in person is not particularly recommended - and you don't necessarily need someone in power. Think of it like this: You need to find out if the company looks at outside ideas, and if they do, who is responsible for doing that. Have you reached out to the operator? What have they said? Someone in sales and marketing is usually a good bet. If the company is large, you will probably have to take a different route: www.inc.com/stephen-key/how-to-license-an-idea-to-a-big-company.html. Thanks for watching.
Don't put all your efforts into one company. Get a list of companies in the same space and research/call them all.
Look at Lambertinvent.com let me know what you think. I'm in the same boat... Surrounded by sharks in a shell company ^^^
I have an idea and I have a company that wonts to help me get my idea to the market to sail and thay are telling me that that would like 10%of what I would make off of this and how much can I look at make off of my idea
Run
hello andrew
how long teke to distribution film
on amazon prime video for a
licensing its 3 or 4 years
I don't know. We don't do film or book licensing. - Andrew Krauss, inventRight Co-Founder
Need a little inspiration to keep working on your ideas? Read about Erin Borges, creator of the patented award-winning GoGo Gift Bag. In less than 2 years, she got her reinvention into Target, Bed Bath & Beyond and Cost Plus stores nationwide. How she'd do it? By licensing to a market leader! www.entrepreneur.com/article/307875
Something to look into is a free royalty rate calculator branded via InventRight. Just a thought
Hello There!!!
I just received your book, “ One Simple Idea,” yesterday from Amazon.....
It is phenomenal.... it will arm me with more information/wisdom that I will use in communication with several players( design engineers, prototype engineer.patent attorney, potentially licensing companies)...
Exactly what I needed to navigate through the process....
I’m a nurse by background and knew nothing about the arena of bringing ideas to market... I do have a log of several ideas... one is patent pending and it’s somewhat a struggle to get a licensing deal so far because I’m told there are a few similar (except for my claim) products out there...just gonna trust my gut like your book suggest on this idea.
I won’t give up though.... I believe in my idea and hopefully get it prototyped or manufactured just to try a trial run of it somewhere over the rainbow 🙏🏾.
Thank you for writing such an informative & detailed book.
I’m on page 125 today(Oct 16th) just got the book Monday Oct 14th.... can’t seem to put it down except when it’s bedtime and even then I switch on my phone to your TH-cam channel which is how I discovered your book was out there.
🙌🏼🙌🏼🙌🏼🙌🏼🙌🏼🙌🏼🙌🏼🙌🏼
What if you own the idea and patents plus will be doing to product development, manufacturing, retail packaging and designs. The partner would be handling distribution into 50,000 locations and marketing and sales. Where should the royalties align?
One of our specialties is negotiating licensing agreements. Please reach out if you are looking for help: www.inventright.com/contact
This is great! Short and to the point. An idea for a video: different structures of royalties and pros/cons... tiered royalty structure, based off net profit vs. net sales... $ per unit royalty.
Well, you learn something new every day. Thanks for the heads up.
I sold and managed in the manufactured home business for several years. The owner of the first lot I worked at had a needlepoint on the wall of his office. It has stuck with me ever since. It said...
"A small profit is better than a big loss".
It's good to remember, you've got to leave some meat on the bone.
Great quote! Thank you for sharing.
Really appreciate the info, guys. I've recently come up with my very first idea that I truly believe has selling potential. It's a very simple idea, but fills a gap in the industry I work in as well as for every home owner/diy'er. Soon I will begin cold calling and reaching out to companies, but I am completely ignorant on what a reasonable place is to even begin negotiations. I really appreciate you guys making this info available. I've watched hours now of your content.
I am currently awaiting a license agreement offer from a 840million revenue private company. Who to talk to about an evaluation before the offer is presented?
I just want some Damn money for groceries. I wasted all my money on fees and saving money to waste more $800 plus pending $12,500 for patent,licence and copywright. .... Wow! Why can't someone just say WOW! What an amazing idea were going to make Billions. Here is 1 million dollars. Thank you!!! 😇😇😇😇😇😇
I love you guys....i first wanted to pay for my own manufacturing & everything.. because it's my invention, I have a career in the field of the product, and I just wanted all monies to come to me b/c I know how good it is..until I realized it may get very very expensive...plus, there is a crazy trend right now that my product fits perfectly in and I am very confident it will be a hit!! But I think I'm realizing it just may be too much, so this video is very informative!! Thanks
Awesome! Don't hesitate to reach out to us if you need help: www.meetme.so/AndrewKrauss
It's best to strike while the iron is hot. Especially when it comes to Trends because what is trendy today might be out of fashion tomorrow. As time goes on that window of opportunity Narrows While you are trying to perfect your product and manufacture it yourself and bring it to Market
hi guys,
I have a design patent coming through in the furniture space, its something that is extremely popular as I sell the item already on amazon.
Could you guys point me to like a directory of companies or something to get started on looking into licensing.
I believe my product has much more potential than just the 20% i could make. Where it could be sold everywhere and I could make 5-8%
I enjoy your videos but whenever one person wears the headphone/microphone and the other does not, the difference in the volume is huge. In order to listen to the video a person must either constantly adjust the volume or keep sitting back and moving up throughout the video. It takes away from the great videos that you guys make.
Thank you for your feedback. Stephen and Andrew record videos separately now.
@@inventRight
👍
Lmao! Heres the math, being manipulated again and again and being upset by that is an understatement! Thiers no money issues! Ugh, what a life
Is it common to have a deal with an up front payout plus royalties? Or is it typically just one or the other?
Open innovation contests and challenges are increasingly popular, but companies still don't get what motivates people to create. Instead of prize money, they should offer inventors a piece of the pie - aka royalties. www.inc.com/stephen-key/want-truly-great-ideas-treat-inventors-like-entrepreneurs-not-employees.html
3:02 5:20
You guys put things in a simple form but it seems like a lot.To sell an idea wow not so easy ......thanks for the input
There are a lot of steps - and there is a lot to learn - but licensing is doable. Much more doable than starting a business. Thanks for watching!
I do agree with Mr Key
You gotta have many ideas to hit something. Some of them may not seem great..... but later on something will show up. Something GOOD!
The only problem is TIME!!!!
I have 6 kids and full time job I wish I have a full time invention job then...... then the chances of having somthing great will come faster!
You sound like you’re extremely busy. It does make it more difficult, but you can do this!
Who can I sell my invention idea to great idea for product will make a lot of money
I need a help of getting a license for my product
Thank you guys for all your videos. I have few ideas that I’d like to bring it to live. But for now all I want to know is who are these guys giving you thumbs down? I want to choke them.
Thank you for your support!
Great information guys. Thank you so much. We have invented a PPE product for COVID19 and will be bringing it to market soon and need some guidance, your videos have been very helpful so we want to thank you.
That's wonderful. You can email us at andrew@inventright.com, call us at 1-800-701-7993, or set up an appointment at your convenience using this link: www.inventright.com/contact
Hey guys! Very instructive video. One question: The royalty rate is about the percentage of profit or the levy? For example, let's say that the rate is 5% and the company sells X units and earns (profit) 100,000$ while the levy is 200,000$. So, the cost is 100,000$. Then, will the licenser earn 5,000$ or 10,000$? What is the usual?
Thanks for watching! Royalties are typically paid out per unit on the wholesale price. (Between 3-7 percent is typical.)
Thank you so much!
Get a better mic, that headset sounds worst than a line phone
Do you guys do one on one coaching on this or like an hour of your time over FaceTime for advice??? My Instagram is dontpicktheflower (Megan) you can message me there or , i’m here maybe I just don’t know TH-cam very well I don’t know how this works. I’m desperate for help .
Megan, we do both - we have an awesome one-on-one coaching program, and we also help inventors get off on the right track with a Kickstart call. The quickest way to find out if one of these programs might be right for you is to set up an appointment at your convenience: www.inventright.com/contact
Thanks for the video! I'm currently reading One Simple Idea right now as well. So based off of what you said.. let's say hypothetically you have a clever little trinket that ends up at every check out lane at Target (who licenses it). Because of the volume, you're (possibly) going to get a lower rate.. it's also only a $3.50 item.. at 5% and 1,000,000 sales, that's only $175,000 (unless there's something off in my assumptions). If it's a really popular idea, what would be the avenue to get a larger take home.. or is that about what you can expect from a really cheap high volume invention?
Hi Shadow Pilot!
Check out our latest video: th-cam.com/video/Se-TzTVqhfY/w-d-xo.html
Thank you for watching!
Great vid, guys. Quick question. I keep hearing "sell 1 a week" and that seems to be the general consensus, which sounds reasonable. But, my question is, let's say your product sells at, Walgreens. If the product doesn't sell one a week at a few Walgreens, does Walgreens can it entirely? Or does it just get pulled from the stores it doesn't sell well in and stay stocked on the other stores? I hope that makes sense.
I'm not the expert here, but I imagine they'd change out the inventory probably every 1-3 months and just take an average for consumption rate. You may not sell one one week and you may sell three another week. If something is consistently a non-seller, it may get pulled, but I doubt they're going to take the data from a single week to make a decision.
I just found your channel this morning, I've watched a handful of your videos. I love them all! You both have a lot of good information. Knowing a licensing deal could fetch a small royalty percentage, because the licensing company takes on a lot. Which would be fine. What if the company trying to seek a license deal has already done all of the cad, prototyping, manufacturing, and tooling. This product solves a problem in the plumbing field, there are already customers all over buying it daily. What kind of royalty percentage more would be fair?
You could definitely use all of those things to negotiate a higher royalty rate. We can't throw out a number, but please know we do help negotiate contracts for our students. Thank you for watching!
I asked for 100 K upfront and 10%. I am learning. :) You guys are great, keep up the good work.
+John VonSchwarz Thank you for the kind words!
Hi John, wondering how your negotiation went. Did it work? How did you present it? Thank you!
I really need help
How much money you charge for licensing patenting?
I don't know what license patenting is, but you can take a look at our web site to see how we can help. - Andrew Krauss, inventRight Co-Founder ( Call, email, book an appointment or request more info about how we can help by visiting us here. inventright.com/contact/ )
How do i get mentorship with you guys i have a idea but im a rookie at this and would love a chance to soak up your wisdom
Please call us, we will explain all of the ways we can help +1 (800) 701-7993
Hi guys, I have many designs and sketches with mechanics and details for different inventions. From shoe designs and pool equipment. I just dont know where I should send the designs. To the company headquarters or Ceos?
I'm curious what the typical royalty rate for a patentable industrial machine product might be, that has significant advantages over the existing machines, and the sales price of the machine is ~250k/machine, and there may be a market for 50 to 200 machines per year.
Greetings all. I love this! I have an idea that's just a new way to put two already produced things together (in a new way) to be marketed to a new group of people. Kind of like selling guitar pics to movie goers. (Don't focus on the items, it's just to demonstrate a comonly used item, repurposed) I'm providing the logo/design, repurposing and advertisement idea to attract the new customers. (None of us knew We needed a cell phone till someone made it possible to have one. Where/how can I get a step A-Z process to make it happen? Thanks guys!
Such awesome guys!! I love being your student.😀
That's great to hear!
Fascinating. Hey you guys may be aware that licensing was the key to the Disney Empire. The created the content of course, but then licensed their IP to all sorts of 3rd parties (I.e Mickey mouse ice cream cones). Walt had an early bad experience where an investor stole the rights to his character. So his second big hit (Mickey Mouse) was licensed or franchised to the max. And all profits were reinvested into hiring the best artists and creating the best content. And you could say that model continued forever.
So I have a design patent o a new wearable Sports towel product. Have used Citadel business school too help produce a marketing report. And working with score mentor. The plan is too license product is a business plan required or think its called a tear off sheet. Or is that the term sheet you refeed too in other video Thanks for the video have been very helpful
I have one can you guys tell me if for sale by inventore legit
Do your homework! Type in complaints and lawsuits.
If I come up with a thing to put out in the store to sail and how do I look at this
Licensing is the best way. Check out our site at www.inventRight.com to learn more. - Andrew Krauss, inventRight Co-Founder ( Call, email, book an appointment or request more info about how we can help by visiting us here. inventright.com/contact/ )
what is the percentage royalty based on? Imagine you had invented the heated rear window system of the car for example. Do the car makers say "well that device costs 30 USD and to put it in the glass another 10 and to mount it in the cars on the production line it costs another 5, so the total is 45 for a heated rear window option, and that's what the customer has to pay when he orders a car with a heated rear window, so you get x% on the 45 usd for example??
You tell me I make something every month. Where do I sign? Not everyone is chasing The Money Train©
Thank you for the great video! The 5% are from revenue, right?
Does a license deals usually exclusive? I mean can you license the product to several companies or usually the first company you cut a deal with wants exclusivity?
Can you have multiple licenses on a single product from different companies?
Yeah I agree with Marc Portney... where the money is venturing😛💰
Thanks great video
Thanks for watching! We have many more resources on www.inventright.com
Rocking
Thanks! - Andrew Krauss, inventRight Co-Founder ( Call, email, book an appointment or request more info about how we can help by visiting us here. inventright.com/contact/ )
Ty sirs💪
Is it okay to ask for any money upfront?
Yes, sometimes it is. Especially if it's to pay for a patent. - Andrew Krauss, inventRight Co-Founder ( Call, email, book an appointment or request more info about how we can help by visiting us here. inventright.com/contact/ )
So could you please tell me how much money an average inventor with an average invention and an average licensee and a typical royalty rate make yearly?I mean what is usual,what is happening everyday.
+Cyrus2569 it all depends on the product. There's a full range. $25,000 to $100,000 pretty common. Very few inventors make over $1 million. I just spoke to one student is check last year was over $500,000
+Stephen Key
Even with the Novelty Gifts Stephen?
How good is the actual product? Some inventors have made millions and some have made thousands.
Plus, remember if you have a 3% royalty and a company does 8m in year in sales, you just made enough to basically spend the year traveling the world in style and having very little work.
Is that after tax?
I feel I have a great product I also have a prototype and the volume of this is ridiculous I don’t know what to do now
Maybe we can help. Get in touch: inventright.com/contact
How did you produce a prototype?
Chris Lucero I made it
I've made a prototype as well as inventory. Why cant I just get a patent or provisional patent and make my own website, find my own manufacturer and sell myself?
How well does the beauty Industry do in licensing? I'm a current student.
I like you guys.
Thank you. Keep watching and keep inventing!
If you have a product that has worldwide appeal can you do a product licensing say in North America and then apply for utility patents in other countries and then once that product is getting overseas demand then negotiate a better royalty rate for something that has market demand and strong projected sales.
Of course everything‘s negotiable.
@@inventRight how do you guys feel about purchasing domain names along with your trademarking
URL is so inexpensive. Why not!
hehe stephen! you listened to me lol wow cool!
We are always listening Kristofer. Thanks for watching!
We have a wonderful travel slogan based a royalty rate of .005 would pay over $108 plus million dollars,I know this is a lot of CASH,but should I pitch their marketing & advertising dept. ? I wiil be watching...
It is possible to pitch a slogan. Here's the problem. When our students work on a project we push them to have 20 to 30 potential licensees. If you pitch a slogan to one company, you only have one potential licensee. However, if you really think it makes sense I'd go for it. Why not! But always play the numbers game when you can.
Guy in the black sounds like he is broadcasting from AM radio… 🙄
Thank you!
@@inventRight not a compliment sir…. invest in a quality mic not a mic from Walmart if you want to be taken seriously. 🙄
Thank you for watching!
Are there typical royalty rates specific to various
industries? My field of innovation is tightly focused on carpentry and
woodworking tools; I tend to come up with practical solutions to problems that
extend the capabilities or efficiency of the world class OEM tools I use in my
carpentry business. The type of products I have historically developed cost
$100 - $200 retail. I have licensed several such products so far, each to
relatively small companies (< 100 employees), for a 5% royalty. Do you have an
idea of what the typical range of royalty rates might be for such products in
my industry?
I am hopeful that the set of related inventions covered by my
upcoming provisional filings will be of interest to one or more much larger
companies. I am presuming that even if a potential product is perceived to have
strong market appeal and compelling novelty, and to be disclosed in a
professionally prepared pending provisional, including claims, the typical
royalty offered by one of the major manufacturers would be substantially less
than 5%, given their massively greater costs and sales volume. Am I correct in this presumption?
If so, could you offer any educated guess as to a typical best case scenario royalty rate in the big leagues?
In regard to your advice not to present an agreement from my
side but instead to wait for the licensee's legal department to present one,
would that instruction further suggest that I also refrain from proposing a
royalty rate or schedule (such as the 7%, 5%, 1% three-tiered option you
suggested in another IR video), but instead wait for them to make a proposal?
I have the great good fortune of a long friendship with a
highly experienced big market patent attorney, now retired, who will be
available to help me through the nuts and bolts of the licensing process,
should I be lucky enough to need such help. Meantime, your videos are
proving to be a great resource along the way. Thank you. Proud to be one of your
students.
Royalties are more deal specific that industry specific. - Andrew Krauss, inventRight Co-Founder
Your videos and courses are great but it all boils down to one thing: Do you have any great ideas for a new product for large audiences and can you think out of the box? If you answered "NO" to these questions, don't give up your day job...because its a waste of money and time.
+Duane Bartlett Until you've got a few deals coming in, we agree: Giving up your day job is not a great idea. We love licensing because you don't need to. Thanks for watching.
The thing I never hear is, are these percentages based on gross or net?
What’s your opinion on edison nation?
What is a bazillion?
10% of a gazillion.
Thank you this great video, good info. The variables need to consider: $50 product, sales to 2 million in 24 months. Patented, breakthrough , "next generation" item. Market 4 billion in sales annually, to grow at 4% year for then next 8 years. What should my license fee ask be?
Hi Lori. We'd love to help you. You can reach us here for help negotiating your licensing agreement: www.inventright.com/contact
I'm in talks with 2 companies for 2 different projects. 1 of the companies I have already created code and made a demo for them and they took that to the government yesterday in order to bid for a government contract. With this company I have not gotten paid at this point. In fact they just asked me if it was possible to do what they wanted, and I showed it to them. They are now asking me my rates and possibly wanting to hire me. But i'm looking at this more like...how can I just license this out? Where do I start? I watched two of your videos so far. But honestly I'm a bit lost. I'm not a businessman. I am an Engineer. I have had jobs only up to this point. I am coming out of a hiatus from raising my daughter full-time at home. I rather like my new freedom. I would rather just do contract work and license product to companies than to be paid hourly.
Maybe we can help. Contact us: www.inventright.com/contact
This is why you have to let God lead you and manufacture yourself because corporations are highly unlikely to give you want. The key is patience!
Tiger, Our students are licensing products every week. Yes, you can manufacture yourself, but you can't do it with a 4 to 6-hour investment and next to no money like you can with licensing. There is no right or wrong (Venture vs. Licensing) > It's what's right for you. I wish you much success in all your invention related endeavors.
That really makes it clear and simple.
Does an upfront depends on the idea.Are you allowed to ask for upfronts even if you don't know how your product will be .What is the minimum upfront you ask from a company.Do you ask for upfront if you licence to a novelty gift industry.
+Invisable me Asking for too much money upfront is a quick way to kill a deal. More on that here: www.inc.com/stephen-key/5-ways-to-motivate-people-to-work-for-and-not-around-you.html.
Are patent rights a negotiating tool? I have other products to develop, using the same patent. Should I license those at the same time, for more $$. I know this is rather complex, but any guidelines or advice welcome
Hi Lori. We'd love to help you. You can reach us here for help with your IP strategy: www.inventright.com/contact
can i license a character or is it only a new invention ?
My question related to the guarantees ? I would assume a big corporation wouldn’t even bother taking my idea unless they were pretty sure it was going to sell 2-5 million in net sales a year? My assumption is that a big company wouldn’t gamble on anything that they thought would perform less than what’s already selling well .
Hi hydraelectricblue!
If the company does not put your product into production, then there is no risk to them. Of course, that is the absolute worst case scenario, but it never hurts to be prepared.
If you want to read more about minimum guarantees, check out our article on performance clauses: www.inc.com/stephen-key/why-having-a-performance-clause-is-more-critical-than-your-royalty-rate.html.
Very informative. What "price" is a royalty rate usually based on? Is it the cost to manufacture, wholesale price the manufacturer sells your idea to retailers, the retail price? Please comment on this question (assuming it is a consumer product). Thanks.
wholesale.
great material but the headset mic for the individual on the right seems to be low quality and makes the audio borderline un-enjoyable. Stephen's audio is great
Thanks for watching! This is an old video, audio has since been improved.
Guys, I love the channel and all the info. It's been pretty easy for me to figure out that most deals land in the 3-5% range, but much more difficult to figure out 3-5% of what. Gross sales, net profit, COGS? Can you clarify?
Net sales. More here: www.inc.com/stephen-key/how-to-get-a-higher-royalty-rate-for-your-invention.html
i'd like to see some hard numbers on the overall profits some students have made who licensed products. otherwise i cannot make a purchase decision about signing up for inventRight
Needless to say, we don't collect that information, as it is private. We do collect testimonials from satisfied customers - perhaps someone on this page will be willing to disclose how much they've made with you! inventright.com/testimonials/
Thank you for another valuable discussion. Are there typical royalty rates specific to various
Not really. It's whatever makes sense for both you and the company. It's more about the product and volume than the industry. There are of course many factors. Would have to write a book here to go into them all here. - Andrew Krauss, inventRight Co-Founder
should I trust a patent attorney when initially disclosing my PPA sb16?
+Victor Ramos You've got to trust someone at some point! Here are some additional ways of protecting yourself: www.inc.com/stephen-key/10-ways-to-protect-your-creativity.html.
okay I have my provisional filed . I am leading a startup for a new game console with a built-in projector etc that I am trying either to license to a company or to manufacturer. I need your help what do i do?
+Victor Ramos Please give us a call: 1-800-701-7993
such as the invents company?
Hello guys, I was wondering is royalty paid wholesale or the retail price paid. Great show .
Wholesale.
Would you say there have been a lot of students under the age of 24 that have successfully licensed products because of your teachings?
+robert king Age isn't really a factor. When a 17 year-old high school student came to us and signed up with savings from his job, we were pretty blown away. And thrilled to help him. His idea was great! So yes we work with students under 24 who are licensing their ideas. Thanks for watching.
When should I just try to sell my patent to a company for a lump sum verses a licensing agreement?
When they offer a large enough lump sum that you would feel happy not having a royalty.
I have an Idea for a product, but I suck at drawing.
Any suggestions?
Hello Virginia!
You could get a friend or family member to help, or you could hire a freelancer on websites like Fiverr.
If you want more info about how to work with freelancers, check out Stephen's Entrepreneur article: www.entrepreneur.com/article/237593
Thank you for watching!
should I disclose my invention to a 3rd party or is that a bad move?
+Victor Ramos Hard to say without more context.
yes I have done this already just a little skeptical of these types of companies, I admire your willingness to disclose this golden information. I have tooken all into deep consideration. I Thank You
+Victor Ramos You're welcome! Thanks for watching.
Enjoy your videos!!!! Royalties! I have no problem with a small royalty as I believe some of the Pie is better than non. Funny you talk about Disney. I have 2 Utility patents on a bedding product that is perfect for all bedding with great visions for Disney Designs. No luck connecting with manufacture of Disney Bedding to date. Then I have another Utility patented Bedding Product that covers 3 Products I call Secret Side Table, Secret Pet Step and the Bedding Saver. Love to License all. Working hard to make the right connections. Videos encouraging! Thanks!
+Susan Martenson thanks for watching!
Susan Martenson how did you do ?
should I disclose my invention to a 3rd party company?
+Victor Ramos protect yourself with a provisional patent application. Extremely affordable!
Hello Steven and Andrew. Are royalties base on cost of good sold or retail?
Watch coach David Fedewa’s video “How Royalties Are Calculated” for the answer to your question. He describes what they’re based off of typically: th-cam.com/video/XzbFCsEAtl0/w-d-xo.html
I have a lot of idea with football cleats what company should I talk to
No idea. Start by Googling "companies that manufacture football cleats." And read this article Stephen wrote entitled "How to Identify Companies That Will Want to License Your Ideas": www.inc.com/stephen-key/how-to-identify-companies-that-will-want-to-license-your-product-idea.html
By far your best video. Do more of this business stuff.
How do u know how much volume you MIGHT sell?
Figure out where their products are sold. Assume each retailer sells at least one unit per week. (If not, the product would get dropped.) That's a good starting place for minimum guarantees. If you're looking for help, reach us here: www.inventright.com/contact