02. To License or to Venture with your New Invention Idea?

03/09/23 • 41 min

In this episode, the hosts explore the complexities of licensing a new invention and discuss an alternate route that could be fun and profitable for inventors. They begin by highlighting the common misconception that slapping a patent on an idea is enough to start collecting royalties. They use the example of the post-it-notes inventor to demonstrate the reality of the process.
Questions? [email protected]
By popular demand... introducing Grant's "Invent With Me" Patreon.
-You may want to join if...
1. You have an invention idea but don't know where to go from here...
2. You need access to engineers, lawyers, inventors or manufacturers.
3. You need inspiration and weekly tips to bring your invention to the market and start making 7-figures from your idea.
https://patreon.com/InventWithMe?utm_...
Segment One: Licensing Vs. Selling
The hosts explain the options for distributing an invention and getting paid, namely licensing or selling. They discuss the difficulties of securing a licensing deal, from convincing potential partners of the value of your idea to negotiating favorable terms. They also touch on the issue of accountability, as licensing offices may not accurately report numbers and royalties, leaving inventors in the dark about their true earnings.
Segment Two: Pitching an Idea
The hosts role-play pitching an idea to someone who has money, manufacturing capabilities, and an administrative staff to carry out day-to-day operations. They highlight the skepticism of investors and the importance of addressing their concerns and providing convincing evidence of the potential success of the idea. They discuss the key factors that would lead to a successful pitch and subsequent meeting.
Closing:
The hosts share personal stories of licensing failures and encourage listeners to stick around to the end for an alternate route that could be fun and profitable for inventors. They promise to provide hope and a fresh perspective on the process.
Conclusion:
This episode provides valuable insight into the complexities of licensing a new invention and highlights the importance of addressing investors' concerns and negotiating favorable terms. It also presents an alternate route that could be a fun and profitable option for inventors.

The Invent With Me Podcast, where each week we help aspiring inventors and product creators to turn their innovative ideas into reality. Join us on youtube to have the ultimate show experience! www.youtube.com/@inventwithme

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03. Prototyping Your Invention! Why the Computer Mouse Was Made of Wood

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In this episode, they discuss the importance of prototyping for inventors.
Questions? [email protected]
By popular demand... introducing Grant's "Invent With Me" Patreon.
-You may want to join if...
1. You have an invention idea but don't know where to go from here...
2. You need access to engineers, lawyers, inventors or manufacturers.
3. You need inspiration and weekly tips to bring your invention to the market and start making 7-figures from your idea.
https://patreon.com/InventWithMe?utm_...
Main Episode:
Prototyping is essential to convey your idea to your audience in a tangible way, especially in the current visual age.
A prototype allows you to see whether your idea works, the right size, shape, color, and whether people like it.
In the olden days, doodle drawings and the written word were sufficient, but now, without a video or prototype, an idea may not exist.
There are two ways to approach prototyping: pay for everything or chop shop it yourself.
Doing it yourself is legitimate and cost-effective, although paying for it upfront is also an option.
Prototyping is a critical step in the invention process to ensure your idea becomes a reality.
In this episode, the hosts discuss the importance of having a 3D CAD drawing created by a designer or engineer as the first step towards prototyping. They mention that there are different routes to take for prototyping, such as paying for a professional service or doing it yourself. While paying for a professional service is legitimate, the hosts agree that doing it yourself is a preferred method as it saves money and allows for greater control over the process.
They caution that in the world of inventing, it is easy to spend a lot of money quickly, and many service providers may not guarantee results. As such, young inventors need to be savvy with their funds. The hosts also clarify that by "young inventors," they mean novice inventors, rather than age.
To illustrate the point of starting with what you have, one of the hosts shares their experience of creating their first prototype using a washer and a piece of string that cost them about $3. They emphasize the importance of testing ideas through prototyping and explain how the process helped them refine their initial concept.
Thanks for listening to the Invent with Me podcast, where Grant and Marcus help turn innovative ideas into reality.
Join us next week for more insights and success stories for aspiring inventors and product creators.
- Each week we guide aspiring inventors and product creators to turn their innovative ideas into reality. Learn valuable tips, insights, and success stories from a couple guys roughing it in the field of inventing. Do we give them the insider info today? Give it all up?
- Don't get discouraged if your first idea kind of sucks. Make your prototype out of somebody else's finished product. Once you buy something, it's yours. Do with it what you will.
- When he first started TorkStrap, he w