We're going to show you how to do make licensing with or without a patent in 2019. Let's dive in.( slow funky music) What's up world? My figure is Sef and welcome to House of Royalty where it's all about licensing your thoughts out to companies and getting paid for them in royalties. If you haven't hit subscribe yet delight do so, and the notification bell next to it, and if you like this type of content, please stumble that thumbs up. If you have any questions or remarks, write it down below.I will get to them. It may take some time. I do get to them though. All right, so in this video, I wanted to do a revisit of a video that I did last year which was a 10 steps to make licensing, and that was a 2018 form. In 2019, there was a slight revision on how I approach licensing now, and how I approach corporations, and coming up with plans, so I wanna is now going revisit that and simply kinda appearance you what steps that I'm taking now in 2019 to get my notions licensed with business, all right? So, let's descent claim into it. First pace that I want you to take is to pick an open innovative the businesses and find companies that countenances outside concoction ideas. So picking an open innovative manufacture, what does that mean? Well, it just simply makes companies or an industry that is quote, unquote discoverer friendly. So that represents firms that just, there's a lot of enterprises that accept outside suggestions. You want to go and find those companies and start put to get, I like to go ahead and put together a index early, and find those companies that accept outside impressions, okay? So, I pick an manufacture, then I go into that manufacture looking at all the companies, noticing all the companies, and I contact them and ask, I literally merely pick up the phone, get their phone number that they have on their website, or any phone number that seems relevant to wherever I would need to go, like if it's a make progress crew, sometimes some companies have that, or have it in the public's see, I could go ahead and call that.If not, I'll only call the general phone number. And I call them and I do a quick pick up the phone, exactly innovate myself, hey, my identify is Sef, I'm a commodity developer and I would love to start submitting produce ideas to your fellowship. Does your busines countenance outside theories? And their gonna say yes or no, or I don't know, okay? And there's usually the gate custodian picking up the phone and once the entrance keeper picks up the phone and I say that, they're gonna say, oh, yes, you're gonna have to talk to this person, I'll transfer you now, okay? So if, once they give me, I say the exact same thing.Hi, my epithet is Sef, I'm a commodity developer, I would love to start deferring ideas to your companionship. Does your corporation consent outside concoction intuitions? And they're gonna say yes, because the firstly being said yes. Now let's go back to what happens if they say no. Well, you just go and say, thank you for your time, hang up the phone, call the next firm on the inventory, all right? So, it's simple, you just simply pick up the phone, call person on the other intention and ask, hey, do you consent outside produce hypothesis? Now if they go and do say yes, this is a second pace, which I think is very, very important, is creating a commodity summary, okay? So, when you're contacting the company, I like to actually question two or three questions, but no more, exactly to make their, make it truly efficient and only kinda have them go off and do their thing. I don't want to take up their duration, and they'll get annoyed if you go and take up your time and start pitching your ideas.They don't like that. They don't have the time for that. I only do it quick. Does your busines consent concoction suggestions? If so, what's the process like? And what is the timeline of when revising sentiments? And also there's another question I like to really throw in that's gonna help is like, what types of concoctions are you looking for? That is information that you can use to grouped together your commodity summary, all right? So generate a make brief is like generate a target for "youve got to" reach. I would go and take that, precisely placed it on a little piece of paper, you could type it out or put it on a PowerPoint presentation. I don't know it could be simple, but simply one sheet of creating a produce brief. From there is when I would start coming up with intuitions, okay? So the next step is to come up with new ideas. I would use the information that I have and the target to strike, so what type of concoctions are you lookin' for specific, it's gonna really used to help coming up with new ideas.That way you'll be able to be more on target and on time with the relevant recommendations that you cast. So if a company is saying, oh, we are searching for auto accessories, that's what we're really pushing for this year, then you're gonna defer theories for auto accessories. And there's other techniques of generating hypothesis. I like to exactly first get what information or what the different types of concoctions that they are lookin' for, then start innovating or coming up with meanings around that. You have all your sentiments, let's say you filter through the ideas and you pick the ones that you wanna go with, then I wanna go and do my investigate, all right? Doing you study is significant. What you're gonna be lookin' for is learning if your concoction opinion exists already.Do your research. I would go online, look at all the different eCommerce and online retail stores, go to Amazon, Google it up, go to eBay. You could go and actually do some patent inquiries through Google, Patent, and a knot of other patent search website, and you could also outsource that to, through Upwork or find some IP attorney that could do some prior prowes research, but it's gonna cost you some fund. I would utterly recommend that you do your research and try to get as much information on that product plan as you are able to, if you are do find something that is similar to your theory, you are able ever lend or improve on top of it, all right? Then you want to go and file for a patent pending. So, this is what you would receive if you register a provisional patent application, okay? So you actually file a PPA to receive a patent pending for your product meaning. You could do it online, you could do it by yourself, it's fairly, it's pretty easy, and it's 65 bucks.It starts at 65 horses and you could go file it online. The turnaround time for them to let you know if it's approved or not is around three weeks to three months. They're fairly rapid. And once you're approved, you could slap patent pending on anything related to your thought. It's up to you if you want to file it or not. It is recommended for intuitions that are a little bit more innovative. I, especially in the novelty industry, much more of the relevant recommendations were too novelty like, and a lot of' em did exist. I didn't do my study enough and I was used to identify already too late that, oh, this already exists. And likewise a lot of the ideas went accepted just since they are didn't, it wasn't on label, or they didn't want to make it. So I didn't file a patent pending for all of my themes, because that would've been very expensive, it eventually lends up, but for any of the ideas that have a certain flesh of innovation to it, I would encourage you to file a PPA to get that patent pending.And how it acts is, once you register it, you could go and get patent pending on that produce, or IP for 1 year, and once that one year expires, then you would have to either file for a traditional patent or a non-provisional patent, and that's where it gets really expensive and things get genuinely involving. You gotta hire IP attorneys and it's a whole nother thing. So other options is you could actually go and refile the patent pending just, improve upon it, or include some language to it to make it better, then refile it, then you could go and have a patent pending again for another year, and do it again for the following year, and do it again for the following year, which is a brilliant strategy that companies actually do , not all companies, but I've heard corporations do this where they just refile PPA's on their, that produce mind, and applied patent pending on it until the shelf life expires, where nobody's willing to purchase this anymore, and it's no longer relevant in the market, so they'll simply ax that produce and the investment that they would've represented on a traditional patent would've been all gone.That was departing kind of deep in that, let's move on. The next step is to go and visualize your meaning in the form of a sell expanse. Okay, so you're gonna go and essentially create a publication ad of your produce suggestion, and it has all the elements of a publication ad. So it has, I like to call it, the money hit of such products, so a big image of the product.Then you could have some other personas, supplementary personas, let's say, before and after or it's a side view, or different hues, or a concoction in different situation, or different environs. Then you would put your imitate in. So, there's a headline print, which tends to be the epithet of the product, or it also could be a call of the product with the benefit of the concoction within that headline, and you could write the reproduce, organization copy, which would just have information about your make that, that's not being explained in the headline. And you could have call-outs with missile times and calling out the concoction, and a call to action at the end, which if you have a business with a business emblem, you are able put your business logo there, or you could just put your business name.If you got patent pending, you are able applied that are still as well, and your contact information. So there, your email, your telephone number, if you have a website, you could employed that, but it's not mandatory. So that is a exchange membrane. There's some optional things that you could add on top of it to go and further contribute more information to your sell sheet, and that's creating a exchange sheet video. So really thought about it as a commercial-grade. Literally a 30 to 60 seconds commercial-grade blot. And you could put interactive buttons on a exchange sheet.So, PDF is the file format, and you could give a interactive button on the exchange expanse, where if you click on a button, they will be redirected to a private YouTube or a password protected YouTube channel. Okay, so you could go and apply a commercial recognize, attach it to your sell sheet. The next gradation is to take that sell expanse and just move it back to those companies that you hit up that countenances outside notions, all right? So, you could go and exactly email them directly.So the person that you had linked with in the start, they usually will tell you, oh, you could just email me here. I like to shotgun blast it to all those companies, do it all at the same epoch and experience which fellowships would find interest in it. And the next step, which is negotiating a win-win batch. Once they feel like, oh yeah, this actually could toil, and we've got the numbers figured out, they'll go and send you the actual licensing agreement with the nonetheless much royalties that would be proper and right.Usually that stuff is discussed over the phone or they'll write it out in email, but that's all that, during that entire experience it's negotiating, and you wanna be able to negotiate a win-win spate. If you negotiate like, exclusive or non-exclusive treat, the how long the lease "wouldve been", which area of grocery. You could also discuss patents and who owns intellectual property rights, and also improvement riders. Betterments like, if they do any adaptation or progress on my mind, it still belong to me. I like to add that in, clearly. But formerly you go and duke it out, I don't like to think of it as duke it out, but creating a win-win slew, they would send you the final licensing agreement.You ogle it over, you could have an IP attorney review it precisely to make sure everything is lookin' proper, and there isn't any funky substance, which I recommend, especially with anything that you signed, have an attorney look through it, or relevant experts,' crusade that's gonna really help, and once you feel comfy and it feels right, sign that licensing batch and transmit it back, okay? That means you've successfully licensed your transaction or your theory. So where do "theres going" from there? Well, you are able check in in a couple of months is how product is going, but by the, maybe six to eight months, it's different again with different industries and different makes, but around median, six to, about six eight months is when they'll is now going have this concoction out on the accumulate shelves and start selling.And you would have to wait towards the end of the part, or the end of next quarter to start receiving your royalty checks and your royalty reports, and it's always nice to receive surprise royalty checks, very fun. What do you do from there? Well, you simply merely reproduce. You go and hit up those companies again. You could stay in the same industry, which I highly recommend, and foster "youve got to" do. Stay in the same industry, hit up all the companies, find what type of products that they're looking for, provided us with new ideas, and do your research on the new ideas that you come up with, file for a PPA or get a patent pending on any of the ideas that you think would be fit for a patent pending, imagine it onto a sell expanse, then send it out to the companies. Once you listen back for the companies that are interested, negotiate a win-win licensing batch, then sign the licensing bargain again, and cast it back, compile royalty checks, repeat.Do that over and over and over again. And that's the beauty of licensing, that you could go and take these steps, and exactly do it over and over and over again. How exciting is that? I hope you received evaluate out of this video and a lot more humorous, hopefully it was a lot more entertaining than last year's. Tell me know if these steps make sense and if it seems pretty conceivable for you to go and actually take these steps, and take action on. And I'm curious to know if you guys, how you guys go about licensing for the ones that do do licensing, how is your approach? Do you take these similar steps or do you have some pattern of variation that you do on your own? I would love to hear it in the comments below.And for parties that are just brand-new and getting introduced to licensing, I encourage "youve got to" take these steps and try it out for yourself, and come back here and let me "know what youre talking about" it used to work, all right? If you like type of content, make sure to touch that thumbs up button, and if you have any questions or comments, or anything that are you gonna say, generate a shout-out, whatever, write it down in the comments below.