Licensing Your Product

0:01 Welcome to our show today we are going
0:04 to talk about licensing is my
0:07 baby I’ve been doing this 30 some years
0:09 and I think there are some really
0:11 important things that we need to cover
0:13 today we’re going to do with you guys
0:15 one is I just want to start by saying
0:17 that licensing is tough there’s no doubt
0:20 about it but it’s getting done and done
0:22 often I have this debate you guys a lot
0:24 lately where they’re like no you have to
0:26 manufacture you have to produce it
0:28 because you can’t get licensing deals
0:30 and that is not true so I want to teach
0:32 people that are like most of my clients
0:35 who are like I don’t have the time to
0:37 manufacture a product I don’t have the
0:39 expense to manufacture a product and I
0:41 certainly can’t do it as well as the
0:43 best players in the industry are and so
0:45 I want everyone to learn today those
0:48 steps right that make it really fun and
0:51 really simple for you to do and the cool
0:53 part is you guys in this world today
0:55 nobody wants to do anything by phone
0:57 anymore they’ll do it by email so you
0:59 can’t be scared okay so let’s
1:01 let’s go out let’s get started
1:04 let’s talk about first I think the
1:05 first thing that I would like to cover
1:07 is what you need in order to get a
1:09 licensing deal yeah and even before that
1:11 I mean I’m not sure how many of our
1:13 listeners are even familiar with like
1:15 the difference right between licensing
1:16 so it’d be good to talk about that high
1:18 level like sure what is it versus you
1:20 know everybody knows about building a
1:22 product because it’s been so
1:22 romanticized but what about the
1:24 licensing for those who maybe never
1:26 really know how you do it and what it is
1:28 well you know that’s so funny too
1:30 because it is kind of romanticized and
1:32 it is far from sorry okay so the cool
1:35 part about licensing is for a definition
1:38 a definition of Licensing is where
1:40 you patent and protect your ideal and
1:43 then you sell that to a company who then
1:47 pays you a royalty and we like to get a
1:49 down payment so you take a down payment
1:51 and a royalty we like to have your
1:53 contract structured where in that you
1:55 will get x amount of minimums per year
1:57 guaranteed and you also get a marketing
2:00 budget so that way you know this
2:02 company is going to push your product
2:04 which I think is really important when
2:06 you’re doing a deal the cool part about
2:09 that as well is that if they are not
2:10 living up to their commitment you can
2:12 pull it back so that’s huge which is
2:15 really huge and I’ve had
2:18 and you guys know the product it’s
2:20 piddle paddle which is the product that
2:22 you your doggy Pees on in your
2:24 apartments
2:25 she licensed that product with a
2:27 guaranteed minimum she took her two
2:29 years of minimums took it back and
2:31 started her own company and now it’s one
2:32 of the biggest selling products in kids
2:34 in dog handles it’s so important to have
2:36 that too because I’ve actually had
2:37 clients where they had licensed a
2:39 product but they did not have that in
2:41 there and their person you know who is
2:43 supposed to be a sales rep basically in
2:45 this case didn’t do what they said they
2:47 were going to do and they were stuck for
2:48 two years while they waited for the
2:50 industry to just you know catch up with
2:53 them basically and that was painful oh
2:56 that’s so painful the other thing that I
2:58 really like is I try to get a down
2:59 payment because it usually takes you
3:01 guys it takes about 18 months to two
3:03 years for a company to actually get it
3:05 to Market and so you want to be
3:07 compensated for that down time so I
3:09 really like that
3:10 Katie tell us for me when you go to
3:13 license the most important thing that
3:15 you have to license you guys is really
3:17 your patent it’s even though you have
3:19 this great idea if it’s not protected
3:21 it’s really hard at least I have
3:24 not been able to get a deal now I will
3:25 say the toy industry is more open to
3:27 that but other than that it’s about your
3:30 patent so give us a little bit about
3:31 Security on that absolutely so and in
3:34 some cases you can’t necessarily get a
3:36 patent so in some cases you might have
3:38 to get a trademark which also works for
3:40 intellectual property for licensing deal
3:43 because if the product does not have
3:44 functionality you might have to go the
3:46 trademark route but companies will still
3:48 look at that and see that as
3:49 valuable and very valid intellectual
3:51 property because it is and I just saw
3:53 that I think I called you about that you
3:55 guys I saw somewhere where a company was
3:58 saying that you cannot submit your
3:59 product to us unless you have a patent
4:01 or a trademark correct which makes me
4:03 really excited because they treat that
4:05 as a real asset which I didn’t know
4:06 because there could be in some cases
4:09 maybe a dog toy or a stuffed animal that
4:12 has absolutely no functionality
4:13 whatsoever and in that case you would
4:15 just get a trademark cool yeah cool
4:16 which means that somebody will pay money
4:18 now for that idea correct and the other
4:20 piece that I would say is really if you
4:23 can if you’re creating a product
4:24 you’re in the early stages or even if
4:26 you aren’t when you’re creating
4:28 your intellectual property and your
4:30 Utility Patent you want to make sure
4:31 that the claims are really solid and it
4:34 has a bunch of different ways that it
4:36 could potentially be used so it just
4:39 really creates value for the company
4:40 that is licensing that product so they
4:43 might pick up your product over another
4:44 one because your product can do XYZ more
4:48 so than this other product which is huge
4:50 because you guys that’s really what I
4:52 know in my world that’s what I’m selling
4:53 is that patent the other thing that I
4:55 found that is really helpful when
4:58 you go to do a licensing deal is you
5:00 guys you don’t need a major
5:03 perfect to Market prototype but you
5:06 do want to prove concept right so you
5:08 guys and I’ve sold products literally
5:10 off of paper but it’s because an
5:12 engineer can easily tell oh yeah this
5:16 can be made this is easy it can be done
5:17 so if you have a product that any smart
5:20 engineer can figure out and your patent
5:23 is protecting it then you probably don’t
5:24 need to prove concept but if you don’t
5:27 have that and you have to prove concept
5:29 they are going to want that so you do
5:30 have to have some form of proof of
5:32 concept did you find that in the case
5:33 with your people then yeah definitely
5:35 and especially with in terms of that
5:38 complexity element right we talk a lot
5:39 about products that have some
5:40 functionality have some utility but you
5:43 know understanding what level of
5:44 complexity product you have and that’s
5:45 by having a good trusted product
5:46 developer up front is very important
5:48 right but in the case of
5:50 a product you’re saying right where
5:52 hey maybe it doesn’t actually have to be
5:54 you know all this technical engineering
5:56 to show what it does or the uniqueness
5:58 of it sometimes you can get away with
6:00 that simple render kind of a nice you
6:03 know drawing of it as opposed to like a
6:05 full-on proof of concept yeah and I was
6:07 thinking of an example we did a gas
6:10 cap and it was drawn so well in the
6:12 patent it was not hard you didn’t have
6:14 to explain it so the number two thing
6:16 after well I should say three right
6:18 first you have to have a patent because
6:19 that’s really what you’re selling and
6:21 then number two is you want to prove
6:22 your concept you want to make sure that
6:23 if somebody asks you can this really be
6:25 done you have a way to prove that and
6:26 then number three is what I live off of
6:28 which is your sell sheet and so I like I
6:32 I like having a sell sheet as early in
6:34 the game as possible because why keep
6:36 spending money if I can get that out
6:38 there with my sell sheet then I’m good
6:40 and dig into that a little bit because I
6:41 think people get maybe confused about
6:43 the term sell sheet we probably all
6:44 something a little different comes to
6:46 mind but in your mind what are like some
6:48 of the key elements that should be on
6:49 there how professional does it need to
6:50 be you know what do you know what does
6:52 that look like and I love that you say
6:53 that because I’ll get people that will
6:55 have a website and
6:58 their videos and they’ll spend all of
7:00 this money making this incredible
7:02 presentation you guys anybody who’s
7:04 looking to take your product you guys
7:06 they have like you have two seconds to
7:08 catch their attention even if I can even
7:09 get them to open an email and so for me
7:12 a sell sheet has an image so I can look
7:15 at it in one quick second and say slick
7:17 I totally get what you’ve got and then
7:19 maybe like bulleted points of you know
7:22 the features or something that makes it
7:23 stand out I don’t I personally like to
7:26 use the approach where less is best I
7:30 also like my verbiage in my email to get
7:33 you excited to want to see what I have
7:35 and I want to stand out I want you to be
7:37 different than what everybody else is
7:39 doing and so for me I want to hook you
7:42 but I want them to need to call me I
7:45 think that’s really important especially
7:46 for this licensing discussion versus a
7:48 lot of people are familiar with I’m
7:49 going to develop a product I’m going to
7:51 sell it online right and so they know
7:52 all of these typical assets oh I’m going
7:54 to create a video of how it works I’m
7:55 going to you know all this beautiful
7:57 website and all the rest which is
7:58 important if you’re building and selling
8:00 products right but if you are licensing
8:02 it’s totally different and really you
8:03 should take all that time to really have
8:05 a solid patent and a solid sell sheet to
8:07 get that conversation started and then
8:09 figure out from buyer feedback oh I
8:12 agree and Katie don’t you agree that if
8:14 we do a provisional patent absolutely
8:16 then they can save the money yes and
8:18 then you get a year yes to go ahead and
8:20 get that feed that feedback exactly you
8:22 have a chance now to start with a
8:24 provisional patent which is your minimal
8:25 investment which if you tune out to if
8:28 you look it up or tune into somewhere
8:30 else like Katie has the inventors club
8:31 for women you’ll find on her site we
8:34 have startups Sprint weekends where
8:37 you can learn how to get your own file
8:39 your own you can do it for 65 dollars so you got
8:41 a 65 dollar investment and a 100 dollar sell sheet
8:44 before you know without having to
8:46 build a product you could get somebody
8:47 interested in licensing and what I love
8:50 about that is I am finding that
8:52 companies will take that provisional
8:54 they’ll license it from you and they’ll
8:56 pay for the balance to convert it
8:57 because you guys in a year you have to
8:59 convert it to a Utility Patent yeah and
9:02 that way they’ll cover that expense so
9:04 you guys licensing is awesome because
9:07 you have very little up front and your
9:09 reward can be huge like my deal I got
9:11 4.1 million with a 31 million dollar
9:14 back royalty structure so I really love
9:16 that so do you guys mind if we talk
9:19 about
9:20 you guys obviously you can tell this is
9:22 a big subject for me but I really love
9:25 the subject I want to talk a little bit
9:27 about how you guys people out there can
9:30 find the companies that they’re looking
9:32 for in order to get a licensing deal and
9:35 so I want to clarify who their target
9:37 market is okay and so having said that I
9:41 think you guys know what I’m thinking
9:42 but I I see this happen I’ll have
9:45 somebody I have a woman who came to me
9:47 who’s brilliant she’s in sales
9:49 industry she had a shower curtain that
9:52 was shaped like a tent and so she was
9:54 all excited and she went out to Tent
9:56 makers manufacturers of tents thinking
9:58 that she was going to sell this idea and
10:01 she finally calls me back and she said
10:02 Luanne I finally got a hold of one of
10:04 the tent makers who said I love your
10:06 idea but we made tents not shower
10:08 curtains right and so here’s she’s
10:11 really brilliant and it went it was like
10:13 a dull moment for her because she’s like
10:15 Luanne I didn’t even get that the
10:16 Distributors they work with the buyers
10:18 they work with are all in the shower
10:20 curtain industry and not in the tent
10:22 industry and so that is huge in
10:25 understanding who your customer is
10:29 you guys
10:31 I think another way to attack that is
10:33 to also understand that
10:36 most of the time it’s a manufacturer
10:38 right you guys it’s not it is not a
10:42 retailer because I’ll get people I
10:44 know you get this Katie I’ll get people
10:45 that will call and they’ll say I have
10:47 this great idea and I want to license it
10:48 to Target or I want to license it to
10:50 Walmart or I want to license it to some
10:52 big retailer and you guys it has changed
10:55 a little bit in the last few years where
10:57 they have their own Brands now and they
11:00 will look at product for licensing but
11:02 that is not the norm so when you’re you
11:05 have to identify from you know like you
11:07 said where you have your clients come in
11:09 and they’ve got it branded and they’ve
11:10 got the videos and they’re manufacturing
11:12 it they because they’re going to have a
11:14 finished product you guys you have to
11:16 let go of your baby when you license it
11:18 you got to let that thing go and they’re
11:20 gonna brand it under their
11:21 identity they’re gonna they’re gonna
11:23 come up with their own great name for it
11:25 so all you want to do is get them fired
11:28 up and excited to purchase so you want
11:30 to go after more of the manufacturers
11:32 than you really do on retailers you
11:33 agree absolutely when you’re coaching
11:36 your clients what do you talk them about
11:37 licensing
11:39 first and foremost I want to make
11:40 sure that they have at least a
11:41 provisional patent on file and I want
11:43 them to find their target markets for
11:45 sure just like you explained
11:48 and if they can get the company
11:51 that’s going to be licensing it out to
11:52 pay for the utility that’s the most
11:54 ideal situation cool another trick that
11:57 I’m going to teach you guys on how to
11:59 find at least has always worked really
12:01 really well for me when I started I’m a
12:04 dinosaur so when I started I had to go
12:07 to the library and I had to look up
12:08 companies right you guys seriously I had
12:10 to look up companies and you had to call
12:12 what I call the gatekeeper and you had
12:14 to figure out who inside would be the
12:16 correct person to talk to and I think
12:18 even back then they didn’t have these
12:20 submission opportunities like you see
12:22 everywhere right that they have a
12:23 department or they have a legal
12:25 department or they have something back
12:26 then that was all made up and so what I
12:29 would do and it still works really
12:31 effectively is I would go to trade
12:33 associations because I swear to God you
12:35 guys you can find a trade Association
12:36 for everything I mean you game at pet
12:39 products dog products I mean you know
12:41 research anything toys everybody has a
12:44 trade Association so what I like to do
12:46 is with the trade Association it will
12:48 talk about trends like who’s going with
12:51 what because you’re looking in your mind
12:53 you’re trying to think like who’s gonna
12:55 win if they get my product it’s not
12:57 about you winning it’s about what are
12:59 they going to win if they partner with
13:01 me to get their products so if you’re
13:04 doing trade Association stuff you guys
13:06 sometimes they’ll tell you like who’s
13:07 the top players how much percentage they
13:10 own in the market those are really
13:13 really great stats and so now you know
13:16 and I use this on like my pantyhose
13:19 pack is my best story but there were
13:20 only five and Sierra Leone 51% of the
13:24 market and then the other four shared it
13:26 so they owned the pantyhose so I knew I
13:28 wanted Sarah Lee but I always started
13:30 down here testing on the guy who had the
13:32 littlest because then if I made a
13:34 mistake in my verbiage or maybe they
13:36 taught me some competition
13:39 I would know what I was gonna say
13:40 when I really went and got to pitch to
13:41 Sarah Lee and I know it works you guys
13:44 because they offered us 2 million cash
13:45 so I know my strategy works but the
13:48 other cool part is that you get to learn
13:50 Trends and so if you look at
13:52 Publications
13:54 I like to call distributors in that
13:56 industry
13:57 I’ve called a distributor before and
13:59 said hey I have this really cool
14:01 handcuff that you know when you go to
14:04 when like somebody would try to sneak
14:06 and get out of it it would sing so it
14:08 would let the cops know that it’s there
14:10 and I had my distributor was like God
14:12 that’s amazing we don’t carry that how
14:14 did you find that and I said I just
14:15 happen to know who has it and they
14:17 put me on hold and came back and said
14:19 contact these two people Peerless and
14:21 Smith and Wesson and they gave me
14:23 contacts so you know that’s like that’s
14:25 yeah that’s gold yeah when you get
14:27 referred buy a distributor to cost so
14:30 you can use that and say hey I was just
14:32 talking to so and so at so and so and
14:35 they thought you might be interested in
14:36 this product you’re gonna get attention
14:37 so I love these this is huge even
14:40 today right because we feel like
14:41 everything’s more connected because you
14:42 look anything up online but in
14:44 reality right the gatekeeper still
14:45 exists it just looks like a form on a
14:47 website right and it goes to somebody’s
14:48 inbox who checks it once a week and you
14:50 never hear from anybody so like getting
14:52 in contact with like real people that’s
14:54 huge especially for the kind of deals
14:56 that is huge that you say that because I
14:59 do think we’re all misled a little bit
15:03 people behind that because you guys I
15:05 keep hearing this more and more
15:07 our younger generation wants email
15:09 only you know our younger buyers do
15:11 email only but you guys they’re still
15:13 there behind it so your job is to get
15:15 behind there so I really like that I
15:18 do want to say something because you
15:20 brought that up when you see an online
15:22 submission form you have to read that
15:24 because you guys there are tool
15:26 companies that literally if you
15:29 submit they’re ideal to them there’s one
15:31 and I I’m not going to share the name
15:32 but what you get for offering that ideal
15:35 is a cab with their name on it and if
15:37 you agree then you’ve just given it away
15:39 for that no money no decision that’s
15:42 used it happens a lot actually it comes
15:44 up with our with our inventors do they
15:47 do they go through the process and then
15:48 some of them have and then you know
15:51 we’ve tried to work our way around
15:52 some of the things but you definitely
15:54 need to get an attorney involved if you
15:56 if you do submit a form like that you
15:58 want to make sure that
16:00 you know you just your best case
16:03 scenario is to have an attorney look at
16:04 it before you go ahead and submit
16:06 anything along those lines yeah and it
16:08 also really goes back into making sure
16:11 you have the provisional
16:12 the provisional is written in such a
16:15 way that it’s going to cover everything
16:18 basically within that one year so if any
16:20 other company shows up within that one
16:21 year even any private independent
16:23 innovator shows up within that one year
16:26 that provisional is written in such a
16:28 way that it covers XYZ so it’s almost
16:31 invented six ways six different ways
16:34 right so the easiest way to explain it
16:36 really yeah
16:38 so that when you go to convert that
16:40 hopefully you will be covered
16:43 and an experience like that might
16:46 even be covered a long time that would
16:48 be huge because I think it’s so easy
16:51 to think oh I’m just going to submit
16:53 here because I have an inventor now it’s
16:55 like there’s seven companies a game and
16:56 I’m like five of them I would never even
16:58 submit now sometimes you’ll get in the
17:00 door and somebody and there will say
17:03 look you have to go through legal
17:04 because they will want to see your
17:05 patent and things like that that’s a
17:07 whole different approach you just don’t
17:08 ant to give away but even in that sense
17:10 if their legal team is looking at it
17:13 that’s not like your legal team looking
17:15 out it’s a whole different ball game so
17:17 you really want to make sure that you’re
17:19 at least advising
17:21 with a patent attorney one that
17:23 understands and fully gets how you know
17:26 how the patent has been prosecuted
17:28 that’s so important that’s right because
17:29 it’s like oh we’ll have our lawyer look
17:31 at it we’ll use our form we’ll use our
17:33 code but they’re not going to be for you
17:34 exactly you really need to keep that in
17:36 mind it’s kind of like the insurance
17:38 company right they’re either exactly
17:40 they don’t really work for you exactly
17:42 so for sure okay but you guys in the
17:44 real world you have to do some of that
17:47 or you won’t ever get that company to
17:48 look at no absolutely so that’s why I
17:50 agree okay agrees a thousand percent yes
17:53 you don’t want to be overly paranoid you
17:56 just want to make sure that you’re
17:57 covering the bases that you need to
17:59 cover on your end so
18:01 do your due diligence you know work
18:03 with a patent attorney when it makes
18:05 sense to do so we don’t want you
18:07 overpaying for things that you don’t
18:08 need to overpay for but when it makes
18:10 sense to consult with an attorney that
18:12 can maybe see things that you’re not
18:14 going to see definitely do that because
18:16 you didn’t work this hard for that
18:17 exactly don’t be paranoid but just write
18:19 with somebody you trust and know what
18:21 things you can and can’t share when and
18:22 exactly absolutely exactly absolutely so
18:25 on that note then this is I think this
18:28 advice will be really good advice so
18:29 you’ve gone to your trade associations
18:31 you’ve gone to your Publications you’ve
18:33 talked to Distributors and now you know
18:34 who your target is you know that I want
18:36 to be inside a b and c company okay so
18:40 now I want you to go to LinkedIn and I
18:44 want you to look up that company and
18:46 start googling like you know the VP of
18:49 sales or the VP of product development
18:51 because I want you to still go directly
18:53 to them and not the submission form and
18:56 most it some submission forms are safe
18:58 toy companies are pretty safe but other
19:01 ones just asse they’re off limits for
19:03 you right now that you don’t want to go
19:04 that process because that you’re not as
19:06 protected you’ll go direct and then if
19:09 you’re going direct and that guy’s
19:10 talking to you about it and they’re
19:11 asking to see your patent it’s
19:14 now you’re a little safer because now
19:17 you’re in a negotiation we like your
19:19 idea and then like you said you’ve got
19:20 your attorney to protect them so I want
19:22 to talk about this process a lot because
19:24 how you find who you want
19:27 I have found it and I know I joke
19:30 about this some people saying some
19:31 people dance but for some reason people
19:32 talk to me and so that’s like kind
19:35 of my little gift so what I have learned
19:37 is I and we may have brought this
19:41 up before but everybody gets all excited
19:43 well my friend knows the CEO of this
19:45 company or my friend knows the vice
19:47 president I say pass passpass pass yes don’t
19:52 you agree you have the same absolutely
19:54 because their job is to say no and not
19:57 spend money only make profit and you
20:00 guys to take a product to Market is what
20:02 250 000 up
20:05 just sometimes just in marketing
20:06 budget can be 250 000. so you last
20:09 person you want to tell you anything is
20:11 the vice president or the CEO to look at
20:13 it because he’s going to but no weight
20:15 no offense CEOs we love you but the
20:18 people like your sales people are the
20:20 ones that I really love I love the sale
20:22 guy because you guys and when you’re
20:24 linking in there’s there could be 10 for
20:26 that same company like you don’t know
20:28 hit everybody like I don’t pay
20:31 I don’t pay for the upscale of LinkedIn
20:33 because I’m cheap and so I feel like if
20:37 I just hit you invite you and you come
20:39 back then to me it’s like a warm sale
20:41 you’re coming back because you have you
20:43 want to talk to me and you want to get
20:44 to know me because otherwise you guys
20:45 messaging everybody just
20:47 I think slows down the process for all
20:49 of us yeah okay and so I like that so I
20:52 like to have anybody in sales I like to
20:55 hit
20:55 the VPS of product development
20:57 because those guys obviously look so the
21:00 there’s good and bad to that the VP of
21:03 sales if you like your product he
21:05 immediately will take it over to product
21:06 development to see if it’s doable and
21:08 he’ll be fired up because they always
21:10 see things 10 times better or ten times
21:13 worse but they do sales people tend to
21:15 over inflate and that’s the guy who’s
21:17 got to sell the CEO or the president but
21:20 also you guys sometimes you get stuck
21:22 right and you’re like you’ve told your
21:24 clients I know you have you told your
21:25 clients like go after LinkedIn and try
21:27 to find somebody you guys I’ve gone to
21:29 the HR department before so seriously do
21:33 you remember when I think it was
21:34 Sharper Image or Brookstone one of those
21:36 companies was going to go under
21:38 and I had a great idea I’ll save I
21:41 thought it was going to save the world
21:42 and I could not get to anybody and I
21:45 went to the HR department and I told
21:48 them that I think I have a strategy that
21:50 would save their company they got me on
21:52 a call with all the top heads like
21:54 immediately because nobody wants to lose
21:55 their job so HR was hugely effective I
21:58 was able to pitch my idea which they did
22:00 not think was fabulous but I did and
22:02 but we got there so what I’m saying is
22:04 is that anybody who’s in on the inside
22:07 can get you to where you need to go and
22:10 I think it’s also about looking at
22:12 things differently right looking at
22:13 different angles like you just said
22:15 about The Sharper Image going for the
22:18 angle of I’m gonna save your company so
22:20 I want to get the call I want to get in
22:22 front of that person
22:23 I think that I think that’s a really
22:25 big deal yeah well if I noticed like you
22:27 guys and I think we forget this I don’t
22:29 know if we still talk about it very much
22:30 anymore but Walmart still has a policy
22:33 in place that the general manager at any
22:35 location can decide to test your product
22:37 which
22:38 freaking cool because yeah everybody can
22:40 walk in the door and talk to the cashier
22:42 there and say can I see your manager you
22:44 get to your manager you explain it and
22:46 he can tell you what’s offered by
22:48 Walmart but that’s still a really cool
22:50 program that anybody can try and and
22:53 so you don’t have to feel intimidated or
22:56 uncomfortable asking
22:58 and that’s why I said I look for
23:01 young people in the company yes they’re
23:04 going to be on my LinkedIn page right so
23:06 if I’m if I’m inviting people I try to
23:08 invite because I can tell you I know it
23:11 sounds horrible but I can truly look at
23:12 it and go this person’s never checking
23:14 their LinkedIn this guy’s never checking
23:16 their LinkedIn yeah either because
23:17 they’re too busy actually that’s a good
23:19 point right their LinkedIn is great
23:20 because it gives you a lot of tools
23:21 there’s advanced search filters right so
23:23 you can kind of filter out by location
23:24 or filter out by you know person you can
23:27 also see typically others activity right
23:30 if their profile is pretty open right so
23:32 you can go in and look and say oh this
23:34 person hasn’t posted in six months right
23:35 here they’re probably never checking
23:37 their messages or somebody who’s paying
23:40 for the subscription it shows you right
23:41 says oh this is LinkedIn premium yeah so
23:44 you can go and be like well they’re
23:45 paying for it they’re probably here
23:46 regularly they’re posting
23:48 regularly the commenting those are great
23:49 because they’re very active and all the
23:51 way back to your point of like building
23:53 that internal advocacy if you get the HR
23:55 department or the sales person then they
23:57 like what you have well now you’ve got
23:59 an internal advocate I love that that’s
24:01 great and you guys that’s a trick even
24:03 though we’re talking licensing that
24:05 works really well with buyers because if
24:07you can get an assistant buyer they’re
24:09 young they’re eager they’re learning and
24:11 they’re checking LinkedIn so you get an
24:13 assistant buyer to like it she’s going
24:14 to give it to your or he’s going to give
24:16 it to his boss and you’re in the door
24:18 that way so I think I think we’ve kind
24:21 of taught you the tricks and the and the
24:23 tools to use you to get you to the right
24:26 to the right people I think the most
24:28 important thing that I really want
24:29 people to get out of this understanding
24:31 licensing is that first of all you can
24:34 go after licensing deals by yourself you
24:36 there are companies that are still doing
24:38 it
24:39 make sure you have the provisional
24:41 protection get yourself a really good
24:43 solid sell sheet and then understand who
24:47 your target market is figure stay on top
24:51 to the fact that you want you’re
24:52 thinking if I give this to
24:55 this company they’re going to take
24:56 good care of my baby and create
24:58 something let go that it’s yours all
25:00 you’re trying to do is say I found a
25:01 baby and I need you to raise it so
25:04 that’s if you can keep that mentality
25:05 it’s great and then the best people to
25:07 go after are your sales and your product
25:09 development paper so I think if you can
25:11 if you can say that I want you guys to
25:12 keep it concise so that you really get
25:14 something out of this I think to build
25:16 on that the tip would be you know when
25:18 you go to do that know what you know
25:20 whether it’s a sales person know whose
25:22 day you’re going to make a little better
25:23 like know whose life you’re making
25:25 easier because then when you bring that
25:27 pitch to them if you’re helping them
25:28 they’re going to help you right just by
25:30 nature
25:31 and they look for they need products you
25:34 guys they treat all their problems it
25:35 opens the door for you exactly what’s your tip for the day
25:39 I say if you’re still in the product
25:41 development phase
25:42 create something that’s going to add
25:44 value yeah
25:46 something that is really going to
25:47 attract the companies and then get your
25:50 your provisional patent and then go
25:52 ahead and convert to the utility or get
25:54 the company to convert for you so when
25:56 you’re saying your added feature which
25:57 we have now learned in the last few
25:59 years that the products that are doing
26:01 the best used to be home runs but now
26:03 products that do the best is a better
26:05 improved yeah because you’ve already got
26:06 a loyal client you don’t have to retrain
26:08 them correct you know the customer to
26:10 like it so what you’re saying is create
26:12 the better widget yep make sure to make
26:14 sure yours has better and value I love
26:16 that
26:17 I think my tip for the day is I want
26:19 you to be creative I want you to create
26:22 an approach that is outside of the
26:25 norm because anytime you go knocking on
26:27 a front door and I have this great
26:29 analogy if I knock on the front door and
26:31 I come to your house every week to sell
26:33 you something you’re going to hide in
26:34 the kitchen a good God let her leave
26:36 right you’re like get away but if I go
26:39 to the back door and like a friend I
26:42 would come to your back door and say
26:43 look you know I’m selling chocolates and
26:46 and you’ve always been effective in
26:48 helping me sell chocolates or something
26:49 and we can sit down and have a
26:51 conversation I’m not attacking you then
26:53 you and I can have a really cool
26:54 conversation and you’re like look I’ll
26:56 look out for your kid if you’ll look out
26:57 for mine I’ll buy chocolates this time
26:59 you buy chocolates next time which wraps
27:01 up to what you’re trying to say which is
27:03 I’m here to solve a problem for that
27:05 person I hope that analogy came over
27:07 right I think that was great but
27:09 that’s kind of what I’m saying is that
27:10 so we’re not just barging the door down
27:12 with everybody out front so right so
27:14 that’s it for today you guys and we hope
27:16 you’ll tune back in next week thanks