how to make money from a patent so I got a great question for my YouTube viewers
a great question for my YouTube viewers
a great question for my YouTube viewers Franz love you guys who wrote in with
Franz love you guys who wrote in with
Franz love you guys who wrote in with his long comment about wanting to make
his long comment about wanting to make
his long comment about wanting to make money from a patent and big C’s got this
money from a patent and big C’s got this
money from a patent and big C’s got this patent and he’s trying to figure out
patent and he’s trying to figure out
patent and he’s trying to figure out should I go out and raise money get
should I go out and raise money get
should I go out and raise money get investors and build a company to create
investors and build a company to create
investors and build a company to create this product or should I sell my patent
this product or should I sell my patent
this product or should I sell my patent what’s the best way to make money one of
what’s the best way to make money one of
what’s the best way to make money one of my advice so here’s the thing okay
my advice so here’s the thing okay
my advice so here’s the thing okay typically the best way to make money
typically the best way to make money
typically the best way to make money from a patent is to license it out so
from a patent is to license it out so
from a patent is to license it out so it’s not to go out and raise a bunch
it’s not to go out and raise a bunch
it’s not to go out and raise a bunch money and become an entrepreneur and
money and become an entrepreneur and
money and become an entrepreneur and build this huge business and selling it
build this huge business and selling it
build this huge business and selling it is is a potential option but it is a
is is a potential option but it is a
is is a potential option but it is a short term you get one-time cash influx
short term you get one-time cash influx
short term you get one-time cash influx where it’s better if you can license it
where it’s better if you can license it
where it’s better if you can license it to a company and then every time they
to a company and then every time they
to a company and then every time they use it they’re using in their production
use it they’re using in their production
use it they’re using in their production you get a small piece of the money so
you get a small piece of the money so
you get a small piece of the money so you get royalties coming back to you
you get royalties coming back to you
you get royalties coming back to you every month every week whatever it is
every month every week whatever it is
every month every week whatever it is okay that’s typically the best way to do
okay that’s typically the best way to do
okay that’s typically the best way to do it
it
it the reason is you have to look at what
the reason is you have to look at what
the reason is you have to look at what your skill sets are okay a lot of people
your skill sets are okay a lot of people
your skill sets are okay a lot of people who aren’t inventors are really great at
who aren’t inventors are really great at
who aren’t inventors are really great at inventing that’s what they’re really
inventing that’s what they’re really
inventing that’s what they’re really really good at that’s what they should
really good at that’s what they should
really good at that’s what they should stick to that’s what they that’s where
stick to that’s what they that’s where
stick to that’s what they that’s where they get their their most fun and
they get their their most fun and
they get their their most fun and enjoyment and excitement is from
enjoyment and excitement is from
enjoyment and excitement is from inventing not from building a huge
inventing not from building a huge
inventing not from building a huge company right if you’ve got to go out
company right if you’ve got to go out
company right if you’ve got to go out and raise millions or hundreds of
and raise millions or hundreds of
and raise millions or hundreds of millions of dollars to build this
millions of dollars to build this
millions of dollars to build this business to leverage the patent that may
business to leverage the patent that may
business to leverage the patent that may not be what you’re interested in that
not be what you’re interested in that
not be what you’re interested in that may not be what your skill set is and
may not be what your skill set is and
may not be what your skill set is and most of the inventors would go and try
most of the inventors would go and try
most of the inventors would go and try to do that they fail because they’re not
to do that they fail because they’re not
to do that they fail because they’re not excited by that that’s not what they saw
excited by that that’s not what they saw
excited by that that’s not what they saw what they want to do they just want to
what they want to do they just want to
what they want to do they just want to invent so stick to inventing and find
invent so stick to inventing and find
invent so stick to inventing and find the company who will pay you every time
the company who will pay you every time
the company who will pay you every time they use the patent your life licensing
they use the patent your life licensing
they use the patent your life licensing it out so in this case Franz was saying
it out so in this case Franz was saying
it out so in this case Franz was saying that it’s it’s really expensive to make
that it’s it’s really expensive to make
that it’s it’s really expensive to make this product it wouldn’t make sense for
this product it wouldn’t make sense for
this product it wouldn’t make sense for him to do on his own so he’s either got
him to do on his own so he’s either got
him to do on his own so he’s either got to raise lots of money or go out and
to raise lots of money or go out and
to raise lots of money or go out and sell it and what I encourage you to do
sell it and what I encourage you to do
sell it and what I encourage you to do is for example so think about say it say
is for example so think about say it say
is for example so think about say it say it helps cars okay say it helps cars
it helps cars okay say it helps cars
it helps cars okay say it helps cars with I don’t know what your patent does
with I don’t know what your patent does
with I don’t know what your patent does but let’s say it helps the car in the
but let’s say it helps the car in the
but let’s say it helps the car in the street okay you’re not going to go out
street okay you’re not going to go out
street okay you’re not going to go out and raise hundreds and millions of
and raise hundreds and millions of
and raise hundreds and millions of dollars to create your own car company
dollars to create your own car company
dollars to create your own car company it’s better to go and license it to the
it’s better to go and license it to the
it’s better to go and license it to the car companies
car companies
car companies every time they use it in the car you
every time they use it in the car you
every time they use it in the car you get paid a certain amount now how do you
get paid a certain amount now how do you
get paid a certain amount now how do you go out and negotiate one of these deals
go out and negotiate one of these deals
go out and negotiate one of these deals with a huge company now you may not have
with a huge company now you may not have
with a huge company now you may not have the connections to do it the best way to
the connections to do it the best way to
the connections to do it the best way to start I found is through connectors and
start I found is through connectors and
start I found is through connectors and the two best to look at our lawyers and
the two best to look at our lawyers and
the two best to look at our lawyers and accountants the bigger the name brand
accountants the bigger the name brand
accountants the bigger the name brand the better so an easy way to start is
the better so an easy way to start is
the better so an easy way to start is look at whoever did your patent so
look at whoever did your patent so
look at whoever did your patent so whatever company that you signed up with
whatever company that you signed up with
whatever company that you signed up with hopefully it’s not just down the street
hopefully it’s not just down the street
hopefully it’s not just down the street patent broker you know some some patent
patent broker you know some some patent
patent broker you know some some patent lawyer but someone who’s actually from a
lawyer but someone who’s actually from a
lawyer but someone who’s actually from a bigger company if they’re from a bigger
bigger company if they’re from a bigger
bigger company if they’re from a bigger law firm then there are other
law firm then there are other
law firm then there are other connections in that law firm who have
connections in that law firm who have
connections in that law firm who have the in to the company that you need to
the in to the company that you need to
the in to the company that you need to talk to so if you’re dealing with a big
talk to so if you’re dealing with a big
talk to so if you’re dealing with a big law firm and they have a patent you know
law firm and they have a patent you know
law firm and they have a patent you know patent attorney that you’re dealing with
patent attorney that you’re dealing with
patent attorney that you’re dealing with people at that law firm know the the car
people at that law firm know the the car
people at that law firm know the the car company that you’re trying to sell to
company that you’re trying to sell to
company that you’re trying to sell to they can make that connection for you
they can make that connection for you
they can make that connection for you and part of their job as lawyers are not
and part of their job as lawyers are not
and part of their job as lawyers are not just to be lawyers it’s to help their
just to be lawyers it’s to help their
just to be lawyers it’s to help their clients and you might be a small client
clients and you might be a small client
clients and you might be a small client for them but the car company that’s a
for them but the car company that’s a
for them but the car company that’s a big client for them and they want to
big client for them and they want to
big client for them and they want to make them happy and they could bring
make them happy and they could bring
make them happy and they could bring them a deal that helps improve their
them a deal that helps improve their
them a deal that helps improve their business and make them look good and
business and make them look good and
business and make them look good and gives them more Billings down the road
gives them more Billings down the road
gives them more Billings down the road so look at your law firm first and see
so look at your law firm first and see
so look at your law firm first and see how they might be able to help you the
how they might be able to help you the
how they might be able to help you the other is accounting firms so again a lot
other is accounting firms so again a lot
other is accounting firms so again a lot of these big accounting firms they have
of these big accounting firms they have
of these big accounting firms they have your client already you just need them
your client already you just need them
your client already you just need them to make the connection for you it can be
to make the connection for you it can be
to make the connection for you it can be a scenario where you’re coming to them
a scenario where you’re coming to them
a scenario where you’re coming to them and you could be a potential client for
and you could be a potential client for
and you could be a potential client for them as well I’ll be at a small client
them as well I’ll be at a small client
them as well I’ll be at a small client but you got to make this deal happen and
but you got to make this deal happen and
but you got to make this deal happen and they have the contacts to make it happen
they have the contacts to make it happen
they have the contacts to make it happen for you you just have to convince them
for you you just have to convince them
for you you just have to convince them that it’s a good deal right for them to
that it’s a good deal right for them to
that it’s a good deal right for them to open up their contact book and make that
open up their contact book and make that
open up their contact book and make that introduction for you it has to make them
introduction for you it has to make them
introduction for you it has to make them look good right this is the whole idea
look good right this is the whole idea
look good right this is the whole idea is you’re making them look good you want
is you’re making them look good you want
is you’re making them look good you want them do you want their clients telling
them do you want their clients telling
them do you want their clients telling them wow thank you so much for making
them wow thank you so much for making
them wow thank you so much for making this introduction so your invention has
this introduction so your invention has
this introduction so your invention has to really work and do a good job and
to really work and do a good job and
to really work and do a good job and convincing the accountants and the
convincing the accountants and the
convincing the accountants and the lawyers that it will do that will help
lawyers that it will do that will help
lawyers that it will do that will help them make them want to open up their
them make them want to open up their
them make them want to open up their books make them open up their kind
books make them open up their kind
books make them open up their kind get on the phone and set up the meetings
get on the phone and set up the meetings
get on the phone and set up the meetings for you so that’s my best advice
for you so that’s my best advice
for you so that’s my best advice don’t try to raise some money to launch
don’t try to raise some money to launch
don’t try to raise some money to launch this thing don’t just sell it outright
this thing don’t just sell it outright
this thing don’t just sell it outright but try to arrange a licensing agreement
but try to arrange a licensing agreement
but try to arrange a licensing agreement where you’re getting paid every single
where you’re getting paid every single
where you’re getting paid every single time somebody uses your patent belief
time somebody uses your patent belief
time somebody uses your patent belief usually watching like the video thumbs
usually watching like the video thumbs
usually watching like the video thumbs up below let me know what you think
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