#14 Licensing Products & Receiving Royalties - Product Developer - Sef Chang

In this video, patent attorney John Rizvi, The Patent Professor®, interviews Warren Tuttle.  Warren Tuttle has for many years overseen the Open Innovation product programs for several industry leading companies. Warren has initiated well over 100 product licensing agreements that have collectively generated over a billion dollars in retail sales. Warren is also a well-known advocate for inventor rights and the author of the book Inventor Confidential: The Honest Guide to Profitable Inventing.  Warren talks with The Patent Professor® about what inventors should know about approaching a company with an open innovation program -- meaning that the company accepts product idea submissions from individual inventors.  Warren also discusses scam artists who prey on inventors, including invention submission companies and coaches, and reveals red flags that should give product inventors pause before paying a company that claims they can help inventors license, sell, or otherwise commercialize their inventions. Finally, Warren offers solid tips to inventors who want to license their invention. FB - https://www.facebook.com/patentprofessorIG - https://www.instagram.com/thepatentprofessor/LI - https://www.linkedin.com/company/the-patent-professor/TT - https://www.tiktok.com/@thepatentprofessorTW - https://twitter.com/ThePatentProfPIN - https://www.pinterest.com/thepatentprofessor/

Rita Crompton, otherwise known as “The Inventor Lady,” educates and coaches product inventors on how to take their product inventions to market. She also works as a licensing agent, helping the inventor to license their product idea.  In this video, patent attorney John Rizvi, The Patent Professor®, talks with Rita about how she can help product inventors make money from their inventions, including funding options, crowdfunding, licensing, trade shows, and more.  FB - https://www.facebook.com/patentprofessorIG - https://www.instagram.com/thepatentprofessor/LI - https://www.linkedin.com/company/the-patent-professor/TT - https://www.tiktok.com/@thepatentprofessorTW - https://twitter.com/ThePatentProfPIN - https://www.pinterest.com/thepatentprofessor/

“Eyebloc” Magnetic webcam cover’s Inventor, CJ Isakow, discusses his pitch to Shark Tank and experience as a serial Entrepreneur. His past experience includes the launch of Shift.com, which has risen to hundreds of millions of dollars in revenue and financing.In 1975, the first portable computer was created by IBM and weighed 55 pounds. Bill Moggridge designed the first laptop in modern form in 1979-80 and released it in 1982. Since then, it has evolved into the lightweight, high speed processor laptops we know today.IBM’s ThinkPad was the first modern laptop with a built-in camera created in 1996, but was not popular as it was very expensive. By the turn of the 21st century, it  became more common for webcam-integrated laptops. One unintended consequence of the built-in webcam was the risk of hackers, as malware allowed them to turn on a user’s webcam without their knowledge, now known as "camfecting". In 2013, Eyebloc sought to combat this widespread issue by creating a magnetic webcam cover. Inventor and Founder CJ Isakow developed the company into what it is today. In its early development, Eyebloc's design began as a clip to attach to a laptop that would cover the camera. By 3D printing a prototype of the design, he was then featured on Shark Tank to present the product to investors. He then obtained a design patent and trademark with the USPTO.Prior to Eyebloc, consumers used informal solutions, such as paper and tape, to cover their webcams. In 2018, Isakow also purchased a utility patent of a similar webcam cover, Isakow was able to grow his company, popularizing the computer accessory. Today, Eyebloc is available to purchase on its company website and on Amazon. Although his idea began as a simple solution to a problem he recognized, he was determined to turn it into reality with his knowledge as an engineer and businessman. If you have an idea for an invention that you want to protect, contact our office for a free discovery call. We can discuss more in-depth how you can protect your invention.WEBSITE: www.thepatentprofessor.comPHONE: 1-877 - PAT-PROF (877-728-7763)FB - https://www.facebook.com/patentprofessorIG - https://www.instagram.com/thepatentprofessor/LI - https://www.linkedin.com/company/the-patent-professor/TT - https://www.tiktok.com/@thepatentprofessorTW - https://twitter.com/ThePatentProfPIN - https://www.pinterest.com/thepatentprofessor/

The founders of Solemates invented a product to prevent your heels from being damaged and help you walk comfortably on any surface. The heel-protector is clear and increases the surface area on the bottom of the heel. The larger surface area of the heel-protector allows the heel to maintain itself above uneven ground so that heels are not stuck or jammed. With any new business, you have to come up with a plan. Becca and Monica wrote a business plan for Solemates while they were in business school at Columbia University. Eighteen months later, they started to sell the product. During this time, they worked on Solemates part-time to discover what the business needed to become successful in the marketplace.To move forward with Solemates, Monica and Becca had to take the first step to protect their ideas. While the founders were in school, they became familiar with provisional patents and decided that this was the best route to protect their vision.Becca found an excellent patent lawyer who could educate her on the patent search and felt confident throughout the process. Her nerves started to kick in when she had to wait two years to receive an official patent, but luckily her patent was granted, and it assured her Solemates could compete in the marketplace.There are many obstacles that come with developing an idea. Becca discusses the difficulties that entrepreneurs face in the product development stage in our live webinar. Although she faced barriers, the idea of someone else coming up with her invention motivated her to continue.As a female entrepreneur, Becca faced the male-dominated engineer, design, and manufacturing industry. At times, it was frustrating when engineers didn't understand Solemates' benefit and dismissed her idea. Despite that, Becca wanted to work with people who recognized the value of Solemates. Website: www.thepatentprofessor.comPhone: 1-877-PAT-PROF (1-877-728-7763)FB - https://www.facebook.com/patentprofessorIG - https://www.instagram.com/thepatentprofessor/LI - https://www.linkedin.com/company/the-patent-professor/TT - https://www.tiktok.com/@thepatentprofessorTW - https://twitter.com/ThePatentProfPIN - https://www.pinterest.com/thepatentprofessor/

In this interview, The Patent Professor® sits down with Riki and Oron Franco, inventors and founders of Prime 6®. Prime 6® is pure carbon charcoal that allows you over 6 hours of grilling time. Riki and Oron have been entrepreneurs long before the inception of Prime 6®. This invention was their reintegration into the entrepreneurial world after a 2-year hiatus. The successful launch of their product produced over $300,000 in sales. Riki and Oron share with The Patent Professor® all the intricacies of being a successful inventor. Riki and Oron were careful enough to add innovation not only to their product but also to packaging. Oron says there’s a lot of logistics that you must figure out to launch a product. When we see a product on the shelves, we often don’t think of the manpower it took to place it on the shelf for us to buy. Riki also adds that success isn’t linear and often pulls you in multiple directions. Oron agrees with Riki and says that all you need is one yes to get your product off the ground!WEBSITE: www.thepatentprofessor.comPHONE: 1-877 - PAT-PROF (877-728-7763)FB - https://www.facebook.com/patentprofessorIG - https://www.instagram.com/thepatentprofessor/LI - https://www.linkedin.com/company/the-patent-professor/TT - https://www.tiktok.com/@thepatentprofessorTW - https://twitter.com/ThePatentProfPIN - https://www.pinterest.com/thepatentprofessor/

Andrea Pass has over 30 years of experience in developing and releasing marketing campaigns for all types of brands and products. In this interview, Andrea highlights the importance of public relations in the inventor community. With the increased amount of content consumption in our fast-paced multitasking world, having brand awareness is essential to being able to market your invention effectively. Andrea discusses how “pay to play” and “evergreen press” options might be the most economic and marketing sound option for inventors looking to get their product out there.Some products are useful for niche communities and don’t demand general media marketing, but this doesn’t mean that you still shouldn’t or can’t advertise your product to the public.Knowing your target audience can help you create relevant content for press outreach.Andrea also recommends investing in a publicist for inventors, like herself, to make sure that your product marketing is done the right way! Andrea notes that the key to product publicity is simplicity, having a solid marketing plan, and making sure you interact with experts along the way.WEBSITE: www.thepatentprofessor.comPHONE: 1-877 - PAT-PROF (877-728-7763)FB - https://www.facebook.com/patentprofessorIG - https://www.instagram.com/thepatentprofessor/LI - https://www.linkedin.com/company/the-patent-professor/TT - https://www.tiktok.com/@thepatentprofessorTW - https://twitter.com/ThePatentProfPIN - https://www.pinterest.com/thepatentprofessor/

Before becoming an inventor, Dr. Harold worked in the medical field. He was always busy with patients in the emergency room and other areas. Once Dr.Harold moved his practice, more free time to think of ideas was available. Dr. Harold Hess was in his 50's when he came up with his first idea. Now, he has had over 60 patents in the U.S. and worldwide. Enduralock is one of Hess's companies. It is innovative nuts and bolts that are permanent, reversible, and reusable. This product allows builders to remove and reinstall the nuts and bolts with ease, even without tools such as a ranch nearby. The Enduralock is beneficial to different industries such as aircraft and other subfields in the engineering industry. Harold encourages inventors to have endurance and adapt to change. Due to COVID 19, he has had to change the industry in which he conducted business. The aerospace companies were not doing well, so he started focusing on spacecraft. Hess adapted his business by developing and maintaining business relationships with companies outside of the United States. In the live webinar, Hess expressed that he did not want to limit his business to only working with companies in the U.S. As an entrepreneur and inventor, there will be changes that occur. You have to determine how to overcome challenges that come along the journey. Inventors don't have to become an expert in their invention's field. As long as their creation is innovative, they can make an impact in the industry. Although Harold is not an engineer, he created a valuable product in the aircraft and spacecraft industry.If you have an idea for an invention that you want to protect, contact our office for a free discovery call. We can discuss more in-depth how you can protect your invention.WEBSITE: www.thepatentprofessor.comPHONE: 1-877 - PAT-PROF (877-728-7763)FB - https://www.facebook.com/patentprofessorIG - https://www.instagram.com/thepatentprofessor/LI - https://www.linkedin.com/company/the-patent-professor/TT - https://www.tiktok.com/@thepatentprofessorTW - https://twitter.com/ThePatentProfPIN - https://www.pinterest.com/thepatentprofessor/

 The Patent Professor® has the opportunity to speak with Joseph Balistreri, CEO, and inventor of the Critter Pricker®. The Cricker Pricker® is a humane pest control device that keeps raccoons away from any trash bins, attics, and pools on your property!Balistreri has been working in the pest control industry for over a decade and had identified this problem early on in his career. He shares with The Patent Professor® that one of his most early obstacles was waiting until he could save enough money to obtain a patent and truly get his idea off the ground.Joseph understood that the innovative process takes patience and hard work and even advises other inventors to take a similar approach. “It took me two years to file a patent application because I funded everything through my business.” Currently, Joseph’s product is such a success that demands are outpacing product manufacturing.WEBSITE: www.thepatentprofessor.comPHONE: 1-877 - PAT-PROF (877-728-7763)FB - https://www.facebook.com/patentprofessorIG - https://www.instagram.com/thepatentprofessor/LI - https://www.linkedin.com/company/the-patent-professor/TT - https://www.tiktok.com/@thepatentprofessorTW - https://twitter.com/ThePatentProfPIN - https://www.pinterest.com/thepatentprofessor/

Sef Chang develops products and licenses them to companies. Many people are unfamiliar with the option of licensing their intellectual property. In this interview with the Patent Professor®, Sef defined what licensing is in the product development industry, discussed his start as a product developer, and more.   The word licensing can be an unfamiliar term when you associate it with product development. Licensing is renting.Think of your intellectual property as real estate property. When you buy real estate, your name is on the deed; therefore, you own that property. You have the right to rent out the property for additional income or sell it to make a profit.   It's a similar concept of having tenants at a property that you own. A patent is a document similar to a deed because it identifies the owners of intellectual property. You can license your intellectual property to companies.As the intellectual property owner, you can revoke companies from selling your product if they do not pay royalties.   Licensing is a business model that is not specific to a product. An idea like a logo, design, song, or artwork can be licensed and considered intellectual property.   Sef discovered licensing products after graduating college. He submitted many product ideas to a novelty company. The company was interested in a licensing deal for a miniature keychain back scratcher. The back scratcher sold 180,000 units and kicked off his career as a product developer.   Product developers are valuable to corporations because new products launch annually to produce revenue. Corporations like Honda Civic and Apple need product developers to construct the latest consumer goods.   WEBSITE: www.thepatentprofessor.comPHONE: 1-877 - PAT-PROF (877-728-7763)FB - https://www.facebook.com/patentprofessorIG - https://www.instagram.com/thepatentprofessor/LI - https://www.linkedin.com/company/the-patent-professor/TT - https://www.tiktok.com/@thepatentprofessorTW - https://twitter.com/ThePatentProfPIN - https://www.pinterest.com/thepatentprofessor/

Lisa created The SHOWER SHIRT® to serve as a protective garment for breast cancer and chest surgery patients. Before inventing The SHOWER SHIRT®, Lisa, a breast cancer survivor, would be forced to shower in a plastic bag after her bilateral mastectomy surgery.Lisa says that what inspired her innovation was dealing with the discomfort of trying to shower post-op. Crites acted as her own research team, using her multiple surgeries after her diagnosis to test out prototypes for her invention. She says that this along with doing sufficient research about her product was probably some of the biggest obstacles faced. “It was really important for me to be able to educate my audience about my product.”Lisa also talks about how she didn’t have many cheerleaders at the start of her journey but that never stopped her from continuing the process. She was passionate about her product and knew it had the potential to serve so many people. Despite encountering countless obstacles, Crites received her patent in 2011 and The SHOWER SHIRT® is a multiple-time award-winning invention. WEBSITE: www.thepatentprofessor.comPHONE: 1-877 - PAT-PROF (877-728-7763)FB - https://www.facebook.com/patentprofessorIG - https://www.instagram.com/thepatentprofessor/LI - https://www.linkedin.com/company/the-patent-professor/TT - https://www.tiktok.com/@thepatentprofessorTW - https://twitter.com/ThePatentProfPIN - https://www.pinterest.com/thepatentprofessor/