Invention Licensing with David Fedewa

The improvements clause is very important to me or a potential licensee. This is because product improvements and design changes all come about, and they usually happen throughout the process. A company, if they make improvements, they want rights to it. Or if an inventor, makes an improvement on the product, the inventor doesn't want to get improvement out of the deal. So, what are the ways to handle this? In today's episode, I'll share ways in finding the middle ground that works for both parties on the improvements clauses, how they work, and how to get them into contracts. P.S. Getting to the point of making money off your invention is hard. That's why I'm hosting a very special webinar for you on how to get through all of this. At the end of just 1 hour, you'll know the techniques to get your invention licensed easily and make a monthly passive income. Sign up for the webinar here: https://bit.ly/3cZZQ7v

A minimum in a licensing contract is very important but completely misunderstood by both parties. Some companies don't want minimums. They don't want to commit money and then be held to a minimum after they've made all the investments. And so you need to approach it correctly and understand how minimums actually work. And this is something I'm trying to teach the entire industry because even the licensees and licensors don't necessarily understand how mechanically a minimum guarantee works. Today, we're going to go over minimums and how to get them mechanically in your licensing contract. P.S. Getting to the point of making money off your invention is hard. That's why I'm hosting a very special webinar for you on how to get through all of this. At the end of just 1 hour, you'll know the techniques to get your invention licensed easily and make monthly passive income. Sign up for the webinar here: https://bit.ly/3cZZQ7v

As I said in the first video, everybody flips through the contract and makes sure that there's a 7% royalty or whatever it is that they're looking for. And they say, that's great, but it's not, because the net sales definition actually has a bigger impact on your royalty rate or the actual money you make. You can have a 25% royalty rate, but your net sales definition can take out all of that profit and leave you with $0. And so you need to make sure that you know and understand how the definition of that net sale can work in your favor, as you move through building your licensing contract with a potential licensee. So in today's episode, we're going to talk about net sales definitions, royalty rates, and how you have to play the game. P.S. Getting to the point of making money off your invention is hard. That's why I'm hosting a very special webinar for you on how to get through all of this. At the end of just 1 hour, you'll know the techniques to get your invention licensed easily and make monthly passive income. Sign up for the webinar here: https://bit.ly/3cZZQ7v

Most inventors, when they get their licensing contract would flip through every page to find the royalty agreement or the royalty rate. In reality, that's something that I did personally. I would flip through and when I saw that 5% or 7% and I was like, all right, I'm good to go. But now that I've been in the business so long, I've helped vendors sign over 170 licensing deals, I've seen a lot of contracts and I've helped people negotiate these deals, I would look at the contract differently. So now, when I find a licensing contract, I would flip to the first page, sometimes on the second, to look for the core of the entire contract - the center of the spider web where everything else comes out from there. Find out in today's episode what's that CORE is, as I share the must-haves in licensing contracts, how you can get good at licensing contracts, and the rest of the aspects. P.S. Getting to the point of making money off your invention is hard. That's why I'm hosting a very special webinar for you on how to get through all of this. At the end of just 1 hour, you'll know the techniques to get your invention licensed easily and make monthly passive income. Sign up for the webinar here: https://bit.ly/3cZZQ7v

Signing up for NDA is something that you need to speak to your lawyer and get legal advice on because everything is so circumstantial on products, categories, and innovations. Right now, a lot of inventors believe that they want to get NDA signed before they present their product. Such belief is also recommended by a lot of attorneys, but companies don't want to necessarily sign an NDA before they even see the product. So in today's episode, I'm giving you my general rule on how I use NDAs when I get into the marketplace and how I get a very strong NDA signed. P.S. Getting to the point of making money off your invention is hard. That's why I'm hosting a very special webinar for you on how to get through all of this. At the end of just 1 hour, you'll know the techniques to get your invention licensed easily and make monthly passive income. Sign up for the webinar here: https://bit.ly/3cZZQ7v

A lot of inventors jump right to either prototyping or patenting. People love to start the process of bringing their inventions to the market without the foundation of knowledge and understanding the marketplace. That's when they start wasting money and time on a project that won't necessarily go anywhere when they get to that point of pitching to companies. I have ample examples of why you shouldn't do such, and a couple of them are my own. It took me three times to learn that lesson. And that is a bad move! So today, we're going to talk about the first step you take when you invent a product, and this will completely change your game on moving forward. P.S. Getting to the point of making money off your invention is hard. That's why I'm hosting a very special webinar for you on how to get through all of this. At the end of just 1 hour, you'll know the techniques to get your invention licensed easily and make monthly passive income. Sign up for the webinar here: https://bit.ly/3cZZQ7v

Seasonal products are great stuff and they are fun. I have helped a lot of students sign licensing deals with seasonal products such as Christmas or summer products. They're not necessarily evergreen products, so they don't last 10 years on the shelf, but, you can get more hits than just, one or two in other categories where there's less volume licensed. Today, we're going to talk about the pluses and minuses of seasonal products, if that's the path that you want to do. P.S. Getting to the point of making money off your invention is hard. That's why I'm hosting a very special webinar for you on how to get through all of this. At the end of just 1 hour, you'll know the techniques to get your invention licensed easily and make monthly passive income. Sign up for the webinar here: https://bit.ly/3cZZQ7v

When I got started in this business, I'm like everybody. I didn't have any pre-existing knowledge. I was a dishwasher, waited tables at restaurants, and so I didn't have this big bank of experience of doing anything. And so one of the things I did is, when I wanted to call companies, I started playing conversations through my mind; on my way to work, on my way back from work, or in the shower. Whenever I was, I play through these conversations in my head. And when I started calling companies and saying the things I've practiced through my head, it sounded so strange because it was the first time it actually came out of my mouth. So in today's episode, we're going to go over the one thing, you should do before you start calling companies to help you get indoors and close better deals. P.S. Getting to the point of making money off your invention is hard. That's why I'm hosting a very special webinar for you on how to get through all of this. At the end of just 1 hour, you'll know the techniques to get your invention licensed easily and make monthly passive income. Sign up for the webinar here: https://bit.ly/3cZZQ7v

Have you ever heard of the Pareto principle or the 80/20 rule? The Pareto principle states that 20% of your actions produce 80% of your results, and 80% of your reactions produce 20% of your results. So what's the meaning of that? The principle is that there are few things that you do that produce results. And the majority of people are doing 80% of the things that produce the lesser of the results. Today, I will be talking about Pareto's Principle of Licensing and the two best things that I focus on in getting your product licensed. Grab a pen and paper, sit back, and watch this video. P.S. Getting to the point of making money off your invention is hard. That's why I'm hosting a very special webinar for you on how to get through all of this. At the end of just 1 hour, you'll know the techniques to get your invention licensed easily and make monthly passive income. Sign up for the webinar here: https://bit.ly/3cZZQ7v

When I got started in the business, I had this big lofty goal. The first year, I want to make $400,000 a year. Right, it's awesome! But every day I kept failing because I wasn't at my goal and it was very discouraging in the business. And so I started to approach it a little bit differently. So in today's episode, I'll share one of the secrets I use to help me stay motivated and focused on getting to my goal. It changes everything, that you don't feel so strained every month, you get to be a little bit more relaxed, you get to think about products, and you get to get more product licensing deals. P.S. Getting to the point of making money off your invention is hard. That's why I'm hosting a very special webinar for you on how to get through all of this. At the end of just 1 hour, you'll know the techniques to get your invention licensed easily and make monthly passive income. Sign up for the webinar here: https://bit.ly/3cZZQ7v

One of the first things I ask my students when they become part of Invent Tribe is - what do you want your life to look like in 3 years? The reason I always ask this it's because I want to make sure that their decisions today align with their future goals. If they don't, then they're setting up their selves on the wrong path to get started. Today, I will be talking about starting 3 years out and getting back today to make decisions. Go get a pen and paper, sit back, and watch this video. P.S. Get your TOP invention and/or product licensing questions answered in my upcoming Live Q&A on June 30th, 8PM Eastern time. Be sure to register your spot here: https://www.inventtribe.com/live-q&a-... P.P.S. Ready to take your invention licensing journey to the next level? Book your call with our Invention Licensing Expert today: https://tidycal.com/hazel/30-minute-m...

From a business perspective, filing patents through an attorney can be difficult because it can get really expensive and can take a lot of time. So if you spend your product development time on doing the patent process, you will have no time on getting your product sold and licensed to a potential licensee that can take your product to market and start monetizing it. However, protection and patenting is also an important part of the process. So which of them should be your priority? Find out in today's episode as I share the steps I took to monetize my product while keeping it protected. P.S. Getting to the point of making money off your invention is hard. That's why I'm hosting a very special webinar for you on how to get through all of this. At the end of just 1 hour, you'll know the techniques to get your invention licensed easily and make monthly passive income. Sign up for the webinar here: https://bit.ly/3cZZQ7v

Not falling off your climb to success is not something people think about when starting their journey. That is because they don't think about the fact that they could fall off. We're always projecting forward in our minds on how success is going to show up. We project that this is how it's going to be. But the fact is, it's not always gonna be like that. Chances are if it does not happen according to our expectations, we easily get frustrated and feel stuck in our minds. So in today's episode, I'll share ways you can do to move from getting mentally stuck and remove the 'friction' that's stopping you from bringing your ideas into reality. P.S. Getting to the point of making money off your invention is hard. That's why I'm hosting a very special webinar for you on how to get through all of this. At the end of just 1 hour, you'll know the techniques to get your invention licensed easily and make monthly passive income. Sign up for the webinar here: https://bit.ly/3cZZQ7v

Today's episode is about the top 3 WORST categories to try to license your product. I'll give you a hint. The last category can get a little weird. So if you want to know what these WORST categories that you need to get rid off, then go watch today's video! P.S. Getting to the point of making money off your invention is hard. That's why I'm hosting a very special webinar for you on how to get through all of this. At the end of just 1 hour, you'll know the techniques to get your invention licensed easily and make monthly passive income. Sign up for the webinar here: https://bit.ly/3cZZQ7v

Today's episode is about the top 5 categories of products that get licensed the most. These categories are the spaces that I see most deals happen. However, a lot of times here's where the most competition happens. So it's not necessarily the best place for you to go to. But it's a place where a lot of deals happen and a lot of inventors get started on these spaces. If you are curious about what these categories are, go watch today's episode and start getting your products licensed! P.S. Getting to the point of making money off your invention is hard. That's why I'm hosting a very special webinar for you on how to get through all of this. At the end of just 1 hour, you'll know the techniques to get your invention licensed easily and make monthly passive income. Book a Free Call Now! https://tidycal.com/hazel/30-minute-m...

Not falling off your climb to success is not something people think about when starting their journey. That is because they don't think about the fact that they could fall off. We're always projecting forward in our minds on how success is going to show up. We project that this is how it's going to be. But the fact is, it's not always gonna be like that. Chances are if it does not happen according to our expectations, we easily get frustrated and feel stuck in our minds. So in today's episode, I'll share ways you can do to move from getting mentally stuck and remove the 'friction' that's stopping you from bringing your ideas into reality. P.S. Getting to the point of making money off your invention is hard. That's why I'm hosting a very special webinar for you on how to get through all of this. At the end of just 1 hour, you'll know the techniques to get your invention licensed easily and make monthly passive income. Sign up for the webinar here: https://bit.ly/3cZZQ7v

Back in 2008, the market crashed that was caused by the great recession. As the economy slowed down and things got difficult, companies had to get rid of the extra in their company, so one of the first things that went is R&D departments. The reason being is they looked at it and said, "we don't need any new products because things are slowing down. We're not selling as many, we're not selling new products." So how did invention licensing turned out to be the new R&D department? I think you already have an idea, but go watch today's episode as I tell the conclusion to the story! Book a Free Call Now! https://tidycal.com/hazel/30-minute-m...

In this podcast, let's jump right into the nuts and bolts on getting your product licensed. To get things done, you've got to have the confidence, get yourself motivated, and actually do it! However, there are a lot of inventors who come in with this motivation, but when they sit down to actually do stuff, they don't know exactly what to do. So what's next? You have to establish your knowledge base on the nuts and bolts, then the head and heart will eventually align with execution and move forward. If you want to know more about the 'how-to' of combining your knowledge and aligning it with your heart, then go watch today's episode! P.S. Getting to the point of making money off your invention is hard. That's why I'm hosting a very special webinar for you on how to get through all of this. At the end of just 1 hour, you'll know the techniques to get your invention licensed easily and make monthly passive income. Sign up for the webinar here: https://bit.ly/3cZZQ7v

There is this one question that I get quite often. It has to do with knowing how many "NO" does it take to drop a product. In this industry, we are taught to have perseverance and always push through every obstacle until we get to license our product. But it's not always the case. As an inventor, there's nothing wrong with working hard. BUT if it does not add value to your project anymore, something needs to be done. Want to know how many NO's do you need to finally give up on your product? Go check out today's video episode! ATTENTION INVENTORS ‼️ Get your next invention licensing breakthrough with Inventor Toolbox. This is the newest box of tricks in the Invent Tribe arsenal and we're giving this to you for FREE today. Download your copy at https://www.inventtribe.com/inventort...​

Getting to the right company is an important part of the licensing process. In today's episode I will share to you 3 different levels of companies that will get you to license your product and which level gets you more results. I will also give you practical tips you can apply right after watching this video. So if you want to learn more about these, go check out today's episode! P.S. Check out my Inventors Toolbox at https://inventtribe.com/inventortoolbox​ All the tools, hacks, and so much more to aid you in your Inventing journey. Delivered straight to your inbox.

One of my favorite mindset focuses is not "If", but "When." It's such a game changer for people in terms of getting your head right and your goals into reality! But how can you transform your "inner dialogue" to your benefit?" Discover now as I share to you how I did it, in today's episode! ATTENTION INVENTORS ‼️ Get your next invention licensing breakthrough with Inventor Toolbox. This is the newest box of tricks in the Invent Tribe arsenal and we're giving this to you for FREE today. Download your copy at https://www.inventtribe.com/inventort...​

When I talk about shaking hands with presidents, what I'm talking about is trade shows. But would you believe that going to these kind of events is not the only way? What I'm trying to say is that there is another way. Know the step by step of events, that if you do these things, you'll get in front of the right people. Go watch this episode now! P.S. Check out the Royalty Machine mini-training course to get you started on your journey to getting your product licensed and on the market. My objective with this course is to show you the steps to get your product licensed. The mini-training course breaks down the 5 simple steps on how to license your own products and shows you what you need to do to make it happen. — https://www.inventtribe.com/royalty-m...​

If there's one tricky part in this whole invention journey, it's knowing which advice to take. I guarantee you 100%, there will be terrible advices that you will get that you should NOT follow. But the question is, which is which? In order to be successful in every step of your invention journey, you have to learn how to decipher what's going to be good and bad for you. ... and that's what I am going to share in today's episode. ATTENTION INVENTORS ‼️ Get your next invention licensing breakthrough with Inventor Toolbox. This is the newest box of tricks in the Invent Tribe arsenal and we’re giving this to you for FREE today. Download your copy at https://www.inventtribe.com/inventort...​

Everybody thinks that our brain is unlimited. In a way it is, especially when it comes to generating new ideas. However, it has its own limiting factors too, and that's storing information. If you want to be a prolific inventor, having creative and brilliant ideas are not enough. You have to learn how to be organized. And that's what I am going to talk about today. Watch the video as I share to you the systematic approach that worked for me and for sure, with you too! P.S. Check out the Royalty Machine mini-training course to get you started on your journey to getting your product licensed and on the market. My objective with this course is to show you the steps to get your product licensed. The mini-training course breaks down the 5 simple steps on how to license your own products and shows you what you need to do to make it happen. — https://www.inventtribe.com/royalty-m...​

In todays episode, I will teach you how you can turn your huge lofty goals in invention, into a dream come true. Find out now on this video! ATTENTION INVENTORS ‼️ Get your next invention licensing breakthrough with Inventor Toolbox. This is the newest box of tricks in the Invent Tribe arsenal and we’re giving this to you for FREE today. Download your copy at https://www.inventtribe.com/inventort...​

To get through the process of achieving our ultimate goal, as inventors, emotional turmoil is truly inevitable. This is caused by the crazy ups and downs that we take as we start inventing our product, creating a prototype with a thought of whether it's gonna work or not, and considering the amount of money and time you've already invested. It's just too much to handle, right? In today's episode, I will be teaching you how got over these contemplations, so don't miss it. Watch it now! ATTENTION INVENTORS ‼️ Get your next invention licensing breakthrough with Inventor Toolbox. This is the newest box of tricks in the Invent Tribe arsenal and we’re giving this to you for FREE today. Download your copy at https://www.inventtribe.com/inventort...​

Today, I will be sharing to you not just 5, but 6 of my Favorite books! I will also do a quick breakdown on how it impacted my life and what was my major takeaways. If you wanna know more, watch this video now! ATTENTION INVENTORS ‼️ Get your next invention licensing breakthrough with Inventor Toolbox. This is the newest box of tricks in the Invent Tribe arsenal and we’re giving this to you for FREE today. Download your copy at https://www.inventtribe.com/inventort...​

Reading can absolutely change your life! For the past couple of years up until now, I have always been a big advocate of reading. In fact I read about a book a week. But what fascinates me the most, is the part wherein you can read through somebody's lifetime experience, knowing the most impactful parts of it, growing out of financial pitfalls, all the way to financial freedom, building businesses, bringing inventions to market and many more. Join me in today's episode about the Power of Books, and discover how it changed my life! ATTENTION INVENTORS ‼️ Get your next invention licensing breakthrough with Inventor Toolbox. This is the newest box of tricks in the Invent Tribe arsenal and we’re giving this to you for FREE today. Download your copy at https://www.inventtribe.com/inventort...​

In invention licensing or pretty much in any journey, there will always be people around you that can either be the Debbie downers or your cheerleaders. They have their purpose, but at the same time, you need to turn them off. So who are these people in your life? I bet you wouldn't believe me if I will say that these people that I was talking about are actually your family and relationships. Find out in this video why! ATTENTION INVENTORS ‼️ Get your next invention licensing breakthrough with Inventor Toolbox. This is the newest box of tricks in the Invent Tribe arsenal and we’re giving this to you for FREE today. Download your copy at https://www.inventtribe.com/inventort...​

Tomorrow never shows up. Yes you read it right. It's a sad reality that this "I'll do it tomorrow" kind of thinking eventually turns into a week, then month, and the next thing you know, you're a year older and still on the same place. However, this "thought pattern" also motivated me to try to understand and see beyond the process, so I can accomplish and get things done. Wanna know how I did it? Watch this episode now! ATTENTION INVENTORS ‼️ Get your next invention licensing breakthrough with Inventor Toolbox. This is the newest box of tricks in the Invent Tribe arsenal and we’re giving this to you for FREE today. Download your copy at https://www.inventtribe.com/inventort...​

In our episode today, I will be talking about Evolutionary Products Vs Revolutionary Products. As I was observing in the marketplace, I have seen how things are done and which products get the most deals. If you want to know which products sell the most, join me in this video now! ATTENTION INVENTORS ‼️ Get your next invention licensing breakthrough with Inventor Toolbox. This is the newest box of tricks in the Invent Tribe arsenal and we’re giving this to you for FREE today. Download your copy at https://www.inventtribe.com/inventort...​

In this video, you will discover when interest occurs, when you can start moving forward on your project and start to do the interest protocol, and what to do when you actually get interest. ATTENTION INVENTORS ‼️ Get your next invention licensing breakthrough with Inventor Toolbox. This is the newest box of tricks in the Invent Tribe arsenal and we’re giving this to you for FREE today. Download your copy at https://www.inventtribe.com/inventort...​

In invention licensing world, when we hear the word "Royalty," the whole idea of it instantly fascinates us. Who does not, right? Talking about getting your inventions licensed, passive income and other cool stuff. However, it's not as simple as having an idea, putting it to the market and having a royalty tag. If we are to break it down, there are certain skills that are needed to develop a "Royalty Machine." And not just that, I'm also talking about creating multiple sources, not just one invention licensed. If you wanna know how I did it, watch this video now! ATTENTION INVENTORS ‼️ Get your next invention licensing breakthrough with Inventor Toolbox. This is the newest box of tricks in the Invent Tribe arsenal and we’re giving this to you for FREE today. Download your copy at https://www.inventtribe.com/inventort...​

As I think of business and scaling, there's this parable that always comes to my mind. It's about the 5,000 Sheeps.  Moving forward with your licensing innovation is like wanting to have 5,000 sheeps but you don't just go buy 5,000 of it because you're going to be at a loss. Thus, there are also many things and different processes to consider.  Now the question is, how can you advance with your venture without burying yourself with all the "sheep poop" and the "feeding." Find out now in this video!  ATTENTION INVENTORS ‼️  Get your next invention licensing breakthrough with Inventor Toolbox. This is the newest box of tricks in the Invent Tribe arsenal and we’re giving this to you for FREE today. Download your copy at https://www.inventtribe.com/inventort...​

Invention licensing world has evolved drastically and so is companies’ communication with us.  As inventors, we need to learn how to cope up with these changes by knowing individual communication style so you can be on the same wavelength with your potential licensees.  There are ways to do that and that’s what I want to teach you in this video! ATTENTION INVENTORS ‼️ Get your next invention licensing breakthrough with Inventor Toolbox. This is the newest box of tricks in the Invent Tribe arsenal and we’re giving this to you for FREE today. Download your copy at https://www.inventtribe.com/inventort...​

Today, I’m challenging you to say what is your stretch goal and write it down. Don't say, I'm going to call people tomorrow is my goal. Say I'm going to call three people on whatever tomorrow's date is. Say the number of people you'll call and then do that every day and you will stretch yourself. And eventually, once you follow through with your process, you will see results and the results that you are looking for. If you want to know more about licensing, here is a link to a free training.  Register today - https://www.inventtribe.com/pl/183365 Subscribe & Review in iTunes Are you subscribed to my podcast? If you’re not, I want to encourage you to do that today. I don’t want you to miss an episode. I’m adding a bunch of bonus episodes to the mix and if you’re not subscribed there’s a good chance you’ll miss out on those. Click here to subscribe in iTunes! Now if you’re feeling extra loving, I would be really grateful if you leave me a review over on iTunes, too. Those reviews help other people find my podcast and they’re also fun for me to go in and read. Just click here to review, select “Ratings and Reviews” and “Write a Review” and let me know what your favorite part of the podcast is. Thank you! For more information, visit my website http://inventtribe.com Follow me on my LinkedIn: https://www.linkedin.com/in/david-fedewa-a3814727/ and Facebook: https://www.facebook.com/InventTribe