I can personally vouch for a lot of the advice given in this video. I licensed an idea to a small company about a year ago. Fast forward six months, whenever I talked to the CEO, he kept harping on how the economy was about to tank (no true) and how so many other companies in the same space were either going under or barely hanging on. I took this as a very bad sign because what he was really doing was lowering my expectations for what he could or would do with the licensed products which were going to require, in all probability, tens of thousands of dollars in tooling. So far, he's done nothing with the product, and I don't expect that to change, so the whole thing has mostly been a waste of time. So, as Lisa advises, qualifying the company you hope to license to is extremely important. Whether it was this video or another one, Lisa mentioned something very insightful which got at the heart of a business owner or CEOs mindset, and it had to do with a choice that faces decision makers: if there is money to put toward something, is it wiser to promote the existing products which are presumably already selling, already have marketing, tooling, and distribution, or to introduce a new product with all of the capital inputs that are going to be required to attract buyers? In most cases, the safe bet is to devote resources to the existing products. That said, it's only safe most of the time. Over the long term, however, most company's that fail to innovate will eventually go out of business.
"most companies that fail to innovate will eventually go out of business" ... AMEN. It's up to us to help them invent products that are "better enough", to give them a true competitive advantage. If we do that well on the front end of this process, then we only have to help our prospects realize that dramatic difference so that they can make the smart business decision on taking the risk with us. Love your story, thank you so much for sharing!
Thank you Lisa👍
I am an inventor from Muscat, Sultanate of Oman. Like your info. Keep up educating the Inventor community ❤🎉
Thank you so much for sharing! More to come!
All of your content videos are absolute gems! Thank you. 🤗
Glad you like them!
I agree!
I always leave a thumbs up for each of her video.
Pure gold
Such a brillant and inspiring lady!
Love from Montréal!!!
Thank you Alexandre, much love from Arizona to you also!
I can personally vouch for a lot of the advice given in this video. I licensed an idea to a small company about a year ago. Fast forward six months, whenever I talked to the CEO, he kept harping on how the economy was about to tank (no true) and how so many other companies in the same space were either going under or barely hanging on. I took this as a very bad sign because what he was really doing was lowering my expectations for what he could or would do with the licensed products which were going to require, in all probability, tens of thousands of dollars in tooling. So far, he's done nothing with the product, and I don't expect that to change, so the whole thing has mostly been a waste of time. So, as Lisa advises, qualifying the company you hope to license to is extremely important.
Whether it was this video or another one, Lisa mentioned something very insightful which got at the heart of a business owner or CEOs mindset, and it had to do with a choice that faces decision makers: if there is money to put toward something, is it wiser to promote the existing products which are presumably already selling, already have marketing, tooling, and distribution, or to introduce a new product with all of the capital inputs that are going to be required to attract buyers?
In most cases, the safe bet is to devote resources to the existing products. That said, it's only safe most of the time. Over the long term, however, most company's that fail to innovate will eventually go out of business.
"most companies that fail to innovate will eventually go out of business" ... AMEN. It's up to us to help them invent products that are "better enough", to give them a true competitive advantage. If we do that well on the front end of this process, then we only have to help our prospects realize that dramatic difference so that they can make the smart business decision on taking the risk with us. Love your story, thank you so much for sharing!
Tried to book a call with you.. sad face