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THE
ONLINE INVENTOR –
(c)
2010 Market Launchers, Inc.
http://www.marketlaunchers.com
Editor:
Paul Niemann
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Dear Inventor:
This week’s issue brings
with it 2 new announcements:
1. The
MarketLaunchers.com home page has been re-designed. It has a new look, and also
a directory of service providers. Look under the heading of “Companies that
help inventors” for the drop-down menu. I am still adding new companies to
this list, so check it often. You can go straight to the site by clicking here: http://www.marketlaunchers.com
2. You will be getting a
second newsletter each week. The second issue will be on Wednesdays, starting
this Wednesday, and it will feature articles from my popular syndicated
newspaper column called INVENTION MYSTERIES. This series reveals the
little-known true stories behind your favorite inventors, in which you get to
guess the ending -- kind of like Paul Harvey used to do.
Many of you have asked me if
I know of any companies that help license inventions. Well, yes, and this
week’s feature article is an interview with successful
inventor-turned-licensing agent Harvey Reese. I’ve recommended
On
to this week’s issue. Enjoy!
Best
Regards,
Paul Niemann
Paul Niemann
www.MarketLaunchers.com
(217) 224-8194
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CLEVER
QUOTE …
“You
know not how much tenderness for you may escape in a voluptuous sigh” -- Mary
Shelley, creator of the Frankenstein story. (For the record, I have no idea what
this quote means)
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Interview with Inventor-Turned-Licensing
Agent Harvey Reese
1. First,
please give me 2 or 3 sentences of background information on you and what you
offer to inventors.
Earlier in my career I owned
manufacturing companies, import companies and retail companies - so I have a
thorough grounding in the development and marketing of new products. Using this
background and my international contacts, I have created and licensed more than
100 of my own products and am now looking for brilliant products from other
inventors that I can license along with my own.
2. What
types of products (industries) do you work with?
My interest is exclusively in
consumer products - which by my definition are products that a person would go
to a regular store to buy. I do not have the background or the contacts to work
with medical, industrial, scientific products - or specialty tools intended for
specific trade or profession.
3. What
are some of the products that you’ve brought to the market on behalf of
inventors?
I have not made millionaires
out of any of the inventors I’ve assisted - although some of them are enjoying
nice private incomes. The products that come to mind happen to be in the
gardening, pet supply and housewares fields (there‘s a list of some of them on
my website) - but the reader should know that I’m interested in all sorts of
consumer products. Lately I’ve been focusing on some really strong infomercial
ideas.
4. How
are you compensated? Do you charge the inventor any fees, or is your work on a
straight contingency basis?
I charge $189 evaluation fee.
Period. If I like an idea I’ll try to get it licensed - and I share in the
royalties if I’m successful and receive nothing if I’m not. And if I AM
successful, the original evaluation fee is refunded and the inventor can send in
his or her next idea for free. An inventor should understand the reality that I
see LOTS of ideas and finding one that excites me is the exception rather than
the rule. Many inventors are disappointed in my conclusions; but they all
receive a professional analysis, intelligent advice and full value for the money
spent.
5. In
your opinion, what is (are) the main reason why inventors succeed with their
products?
Assuming that the product is
license-worthy, the most successful inventors are the ones who put their idea
under their arm and go out knocking on doors. I’m the best licensing agent in
the business (it’s true) but I’m only second best to the inventor who has
the time, the skill and the determination to do it himself or herself. I have
best-seller books on the market to explain exactly how to do it; and I hear from
inventors all the time who followed my step-by-step advice and landed licensing
deals for themselves. However for those who just don’t have the time,
confidence or determination to do it themselves, I’m a good Plan B.
6. In
your opinion, what is (are) the main reason why inventors fail with their
products?
Often the reason is simply that
the product has little or no value -- it’s either not fully formed, or it’s
been done before, or it has little commercial value. Companies instinctively
don’t like paying out royalties - and will only agree to a licensing deal if
the idea has the kind of excitement and profit potential that might make the
manufacturer say, “WOW!” as he rubs his hands in greedy anticipation. The
hard truth is - few products have those qualities. Lots of products might be
marketable - but not many have the magic to make companies want to pay royalties
for them. I’ve had enough of my own successes and failures to be able to spot
a winner when I see one.
Before spending time and money
on “his baby”, the inventor should get a professional to give him an honest
read on it. And if he’s told the idea stinks, he should put it aside and move
on. That‘s what I do with my clunkers. If he can come up with one idea, he can
come up with another one.
And if you have the space for a
second reason - a principal reason for failure is that the inventor doesn’t
seat himself in front of the person in the company who can say, “yes”.
Inventors will usually try to offer their product through the mail which never
works - or by talking to some gatekeeper like an engineer or clerk who are his
natural enemies when it comes to licensing..
7. What
should inventors do or know in order to work with you? (i.e. what are some
Do’s and Don’ts?)
I’m easy - there are no
particular do’s and don’ts. All I ask is that the inventor give me a clear
explanation, hopefully with a sketch. I’ll take it from there.
8. If
you could give inventors just 3 pieces of advice, what would that be?
1) Before
spending anything on the idea, the inventor should get a professional like me
with the credentials to give him an honest evaluation. I have nothing I’m
trying to sell the inventor - no so-called marketing research, no patent
research, no patent applications - and so I have no self-serving reason to be
anything other than totally honest. If it’s good, I ‘ll tell him. And if
it’s not, I’ll tell him that too.
2) If
the inventor has the skill, the confidence and the determination - he should go
out on his own. As good as I am in this business, I can’t match the genuine
enthusiasm and confidence of an inventor selling his own idea.
3) And
if the inventor does determine to do it on his own - spend the money for a
professional presentation and a working prototype. If you make it look important
- then it IS important. No matter how experienced or jaded the executive might
be, he will ALWAYS pause longer over a professional presentation than we over
something hashed together. A professional presentation commands respect for the
idea, and for the inventor as well.
# # #
Harvey
Reese
Money4ideas.com
PS: Check out Harvey's newest book: “The 12
Amazing Secrets if Millionaire Inventors.”