what do I do with my patent got a great
question from a YouTube viewer
Dejan who wrote in basically saying that
it’s that I have a patent I’m oblivious
to everything else of what do I do with
my business do I need a business number
do I get some guidance and mentoring
what do I do
having a patent is great but it doesn’t
mean anything unless you can go out and
sell it to a business or licensed it to
a business that can use it tons of
people have patents are tons of
inventors who just sit on their patents
and they get nothing from them because
they can’t market it I remember going to
a young inventors presentation and the
speaker was talking about how those his
toothbrush and the toothbrush could pop
toothpaste
inside the toothbrush and you press the
button and the toothpaste comes up into
the brush and you can start brushing
your teeth right away so it’s a
toothbrush and toothpaste all-in-one and
there were hundreds of different designs
for this toothbrush hundreds of
different patents and how many have you
actually seen on the market none I’ve
never seen a toothbrush cell that had
toothpaste in the handle and so my point
is there’s tons of these junk patents
that are out there that never see
commercialization and as a result the
inventors don’t make any money right you
spend all your time effort dollars
create an invention then going out and
getting a patent as a next step patents
aren’t free they cost money to create
and they cost money to support every
year and the only reason for doing that
really is if you can find a way to sell
this thing if you have zero experience
in business if you don’t even know if
you need a business number or not my my
best advice for you is to try to find
somebody who can mentor you who’s done
this before
who’s taking an invention somewhere
ideally related to your target market
selling something similar to what you’re
selling and let them know what you’re
all about and try to ask for their
advice this is one thing that I did when
I started my software company and we
ended up getting patents for the
software
and some of the best advice came to us
through other software developers and a
guy who had sold his business for a
couple hundred and millions of dollars
and he was looking over a business plan
and and just tore it apart and I would
never have gotten that feedback myself
right I thought I had a great plan and I
went to have coffee with him and he sat
down and just tore it apart and that
kind of guidance is super helpful and
how I found that guy was just my dentist
you know dentists are angel investors
and I mention when I was working on and
he connected me to this other inventor
you’ll find if you are genuine and you
are willing to listen the people will
help you out if you approach them don’t
go to somebody and say I want you to be
my mentor because that implies a
long-term hands on detailed relationship
and who knows what they even like you at
your product or not just start by asking
if you could pick their brain for 15
minutes if they live somewhere close to
you then ask if you can buy them coffee
if not if they’re somewhere further away
then see if you can set up a phone call
but be passionate with what you’re
trying to create show that you’ve made
something that you feel can really have
a positive impact on this world and
reach out to them because yes you’re
gonna need a business number and you’re
gonna need way more than that if you
want to have success with this invention
and you’re going to need help and
guidance to move you along the way so it
really focused a lot of my time and
trying to find an inventor who’s done
this before if you don’t have an
interest in building a business but you
want to license or sell your your patent
and your invention find someone who’s
done it before connect with them learn
from them and have them help guide you
towards monetizing your idea believe
those you watching you like the video
please get our thumbs up below and I
went here we had to think leave a
comment underneath let me know what you
think leave leave your feedback you have
a question for your business put it
below on McGhee video response thank you
so much and I’ll see you soon
you
question from a YouTube viewer
Dejan who wrote in basically saying that
it’s that I have a patent I’m oblivious
to everything else of what do I do with
my business do I need a business number
do I get some guidance and mentoring
what do I do
having a patent is great but it doesn’t
mean anything unless you can go out and
sell it to a business or licensed it to
a business that can use it tons of
people have patents are tons of
inventors who just sit on their patents
and they get nothing from them because
they can’t market it I remember going to
a young inventors presentation and the
speaker was talking about how those his
toothbrush and the toothbrush could pop
toothpaste
inside the toothbrush and you press the
button and the toothpaste comes up into
the brush and you can start brushing
your teeth right away so it’s a
toothbrush and toothpaste all-in-one and
there were hundreds of different designs
for this toothbrush hundreds of
different patents and how many have you
actually seen on the market none I’ve
never seen a toothbrush cell that had
toothpaste in the handle and so my point
is there’s tons of these junk patents
that are out there that never see
commercialization and as a result the
inventors don’t make any money right you
spend all your time effort dollars
create an invention then going out and
getting a patent as a next step patents
aren’t free they cost money to create
and they cost money to support every
year and the only reason for doing that
really is if you can find a way to sell
this thing if you have zero experience
in business if you don’t even know if
you need a business number or not my my
best advice for you is to try to find
somebody who can mentor you who’s done
this before
who’s taking an invention somewhere
ideally related to your target market
selling something similar to what you’re
selling and let them know what you’re
all about and try to ask for their
advice this is one thing that I did when
I started my software company and we
ended up getting patents for the
software
and some of the best advice came to us
through other software developers and a
guy who had sold his business for a
couple hundred and millions of dollars
and he was looking over a business plan
and and just tore it apart and I would
never have gotten that feedback myself
right I thought I had a great plan and I
went to have coffee with him and he sat
down and just tore it apart and that
kind of guidance is super helpful and
how I found that guy was just my dentist
you know dentists are angel investors
and I mention when I was working on and
he connected me to this other inventor
you’ll find if you are genuine and you
are willing to listen the people will
help you out if you approach them don’t
go to somebody and say I want you to be
my mentor because that implies a
long-term hands on detailed relationship
and who knows what they even like you at
your product or not just start by asking
if you could pick their brain for 15
minutes if they live somewhere close to
you then ask if you can buy them coffee
if not if they’re somewhere further away
then see if you can set up a phone call
but be passionate with what you’re
trying to create show that you’ve made
something that you feel can really have
a positive impact on this world and
reach out to them because yes you’re
gonna need a business number and you’re
gonna need way more than that if you
want to have success with this invention
and you’re going to need help and
guidance to move you along the way so it
really focused a lot of my time and
trying to find an inventor who’s done
this before if you don’t have an
interest in building a business but you
want to license or sell your your patent
and your invention find someone who’s
done it before connect with them learn
from them and have them help guide you
towards monetizing your idea believe
those you watching you like the video
please get our thumbs up below and I
went here we had to think leave a
comment underneath let me know what you
think leave leave your feedback you have
a question for your business put it
below on McGhee video response thank you
so much and I’ll see you soon
you
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