I speak to Inventors everyday, If I’m not speaking to them, I’m emailing back and forth concerning products, money, ideas, manufacturing or agreements. When I decide to take on a project, I have to know in my heart that I can offer something of substance to the deal. This usually means, I have people I can contact, or it’s in a market that I know I can get some traction in or maybe just looking for a challenge . It’s the first step in deciding if I should begin the relationship and journey with and for the inventor.
Next is also equally as important, do I believe in the journey they’ve chosen for marketing the product. I’ve listened to inventors treat their innovation/invention like a child, they believe in a need to be there every step of the way, with the manufacturing, production, warehousing, distribution and everything after that. Mostly they have no idea of the expense or amount of time in taking on such a venture. I’ve seen (not in all cases) that approach usually fail, unless it’s a very unique situation, I give them options and examples on why this may not be their best approach. I’ve walked away from more deals at this stage than any other and, have been called everything you can imagine for walking away. I’d think, by trying to save them both time and a boat load of money, they’d be happy with my advise…. not always so!
It’s now to the third stage, do I like the person as a person and are they serious about moving forward and going the distance. Can I work with them and will they put their trust in me to take care of their invention and everything that comes with it. I have actually had an inventor love everything about me, my experience, how I answer questions and concerns, I really mean everything!!! and then the next day she called to inform me she’s not interested in signing with me, the reason… I didn’t have a LinkedIn Page….. I know crazy right… ( I do have one now) but I’m not sure if it’s completely set up. I had another inventor recently inform me that there is “not a lot of information” on me out there! I’m not really sure where “out there” is, but I love that aspect of my business. Most people I do work for, request an agreement that I don’t and can’t disclose the work I’m doing for them, perhaps an ego thing. I also have designed for companies with agreements signed for total nondisclosure, meaning if I did disclose I was designing for them, I would forfeit my rights and earnings for the products I had developed for them and all agreements in place would be ended. I’ve actually walked away from designing for companies and they offered me payouts to buy my silence forever.
So…as an inventor you have options concerning who do business with. Perhaps you wish to sign with a company that pays hundreds of thousands of dollars in advertising, has a large building with lots of people answering phones that will assist you in turning loose of your money, have attorneys, to handle their lawsuits and talk you into patent work that you may not really need, etc…. if you feel comfortable paying those huge up front fees that pay for this fluff while only having a less than 5% chance of recovering your money, that’s an option. After all, I really don’t have a LinkedIn Page that is finished, and except the companies that cut me royalty checks every month/quarter, nobody has really heard of me.. I’m thinkin that’s a good thing… If you agree, maybe fill out the contact me section on my Website… and we can maybe talk some….
- Posted by Randy Jack
- On January 1, 2018
- 0 Comments