The Anatomy of a Perfect Deal
What’s in It for Me
What’s in it for me is plenty. I´m making you a very generous offer, but not because I´m such a nice guy. I expect to make out quite well. I get a fresh source for new products, I keep my clients happy, and I don’t have to hire more people.
I already have the customers, so why not license your products along with mine? What could be sweeter? Yes, it’s true that I stand to lose some money if I don’t deliver, but that doesn’t happen often. My instincts are good and I know my customers.
One-on-one Product Presentations We know from long experience that nothing happens by sending letters to people you don’t know. Our licensing experts present your product concept face-to-face to pre-selected quality manufacturers who we know or who know us.
What you pay – What you get
As I mentioned before, I require a one-time payment for evaluating your idea and writing up a report which includes a personal letter and my exclusive Product Evaluation Worksheet. The fee is $189, which is about what you’d spend for a half-hour of your attorney’s time. What’s more, I’ll gladly refund it if I get us a licensing contract (would a lawyer ever do that?). To be honest, the $189 has little to do with compensating me for my time. Charging a fee keeps me from getting swamped by the idly curious, but yet is not set so high as to deter those of you who are serious about your ideas. I don’t want to be like the girls who have to kiss so many frogs before they find their Prince Charmings.
There’s no fine print, no hidden costs, and no extra services that we’re trying to sell you. And finally – if after evaluating the potential for your idea, if we find it’s one that we think we can be successful with, the report will include our offer to go to work as your agent. I hope that’s what happens, and I hope we can land you a great licensing deal! People get rich from licensing great product ideas all the time – why not you?
I’ve noticed lately a few websites offering to evaluate your invention for a few dollars less, but they carefully avoid telling you anything about the real people behind the fancy websites. Sadly, anyone can claim to be anything on the Internet, so it’s important for you to know, by name and accomplishment, exactly who you are dealing with. Also, simple logic will tell you that someone who wants you to pay him to evaluate your idea with the promise of getting it licensed for a 25% share of the royalties, obviously has no thought of actually doing it. Since 5% is the typical royalty, 25% of that is 1.25%. Who could work for that?
By stark contrast, one of the best known invention companies has figured out a way to break down a new product idea into seven components (legal, intellectual, financial, etc.), and will charge you $200.00 for each component of your idea that you want evaluated! His offer is that if you want your idea totally evaluated, all seven components, he’ll do it for the amazingly low price of just $1,050.00! You save, he says, $350. At the end of all this evaluating however, after you’ve spent $1,050.00, you’re still on your own.
At the other end of the spectrum are the invention submission companies who say they’ll evaluate your idea “for free,” but how dumb do they think you are? Of course they’ll say your idea is brilliant so they can proceed to sell you thousands of dollars of useless services. A ‘free” evaluation is worth exactly what you paid for it. We all know that.
Can you handle the truth? It’s important that you have your idea evaluated by someone without a bias. Your relatives and friends will tend to say what they think will please you, while patent attorneys and invention marketing companies have obvious reasons for encouraging you to proceed. I have no incentive to lie or try to con you. If I love your idea, I’ll tell you. And if I don’t, I’ll tell you that too.
The requirements for a product’s licensability are not the same as those affecting its marketability.
To give our inventors a fully rounded view of his or her new product idea, our evaluation report now includes two separate Product Evaluation Worksheets; one addressing your product’s viability in regard to licensing, the other in regard to self-marketing.
The full report also includes a personal letter from me with suggestions and recommendations for your idea; and while supplies last the FREE audio CD from our Inventor’s Success Kit.
What’s in It for You
What’s in it for you is also plenty…at least as much as for me. If I don’t think your idea is commercially viable, I’ll tell you why, with constructive suggestions. This is of necessity a very selective process, and unfortunately, many ideas we see are either not fully formed, have been done before, or don’t have enough commercial potential to pique our interest. However, if we DO like your product idea, you’ll get my energy, my contacts, my skill and my experience. And finally, I hope, I’ll bring you a licensing deal with a cash advance that’ll put a spring in your step and a grin on your face. And I pay the bills.
- If your product has to be redesigned or re-engineered to make it more appealing, I’ll pay for it.
- If a really good prototype is needed, I’ll arrange to have one made.
- For presentation purposes, I’ll arrange for a professional consumer package mock-up and in-store display material, as the situation warrants.
- If professional photography or video is called for, I’ll hire the photographer.
- I’ll pay for all airfares, hotels, client entertainment, staff salaries, presentation material, and all the miscellaneous expenses incurred in actively marketing the idea.
Remember, I’m only your agent and you call the shots. The product concept always remains yours and I can’t by contract finalize a deal without your approval. If I’m successful, we’ll split 60/40 on the first $100,000 per year in earned advances and royalties. On all yearly sums above that, the split is 80/20. You get the 80. If I don’t get us a deal, I’ll bear the marketing loss. Either way, we’ll still remain friends.
Your downside is so negligible and the potential for substantial profits is so big, that I hope you’ll seize the day. Dreams do come true if you reach for them. Wouldn’t it be just awful, some time from now, if you saw “your idea” on the market, making someone else wealthy?
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