When 2 Companies Want to License Your Invention

The Rennstand solves the problem of jacking and supporting in the right spot. It’s easy, sets up in seconds and it is safer for the vehicle and the operator. With the help of inventRight's coaching program, Frank - the inventor of the Rennstand - secured a licensing deal. He describes his journey and how he balanced interest from two major players.
safejacks.com/products/the-re...
www.rennstand.com/
Frank did not set out to get a licensing deal,
Bringing an invention to market? Let inventRight, the world's leading experts on product licensing, show you how. Co-founded by Stephen Key and Andrew Krauss in 1999, inventRight has since helped people from more than 60 countries license their ideas. Visit www.inventright.com for more information and to become their student.
Call #1-800-701-7993 to set up an appointment with Andrew or another member of the inventRight team to discuss how we can help you license your ideas.
New to licensing? Read inventRight cofounder Stephen Key’s bestselling book “One Simple Idea: Turn Your Dreams Into a Licensing Goldmine While Letting Others Do the Work.” Find it here: amzn.to/1LGotjB.
Want to learn how to license your product ideas without a patent? Stephen's book “Sell Your Ideas With or Without a Patent” explains exactly how. Find it here: amzn.to/1T1dOU2.
inventRight, LLC. is not a law firm and does not provide legal, patent, trademark, or copyright advice. Please exercise caution when evaluating any information, including but not limited to business opportunities; links to news stories; links to services, products, or other websites. No endorsements are issued by inventRight, LLC., expressed or implied. Depiction of any trademarks/logos does not represent endorsement of inventRight, LLC, its services, or products by the trademark owner. All trademarks are registered trademarks of their respective companies.

[@resecurelatch]

What a SWEET invention! It is so common sense! Makes you wonder why this wasn't available 40 years ago!

[@willofthemaker]

This is a very good idea. Not only does it help place the jack, but this jack would be much more stable with its wide base. Simplifying a process AND making it safer! winner!

[@inventRight]

Smart idea thank you!

[@MichelleMorrison606]

Congrats, Frank! Wow, a mention by Street Outlaws?! Now that's cool!

[@jimmcclinsey9009]

Wow, as a car guy and a product developer, this is amazing. I’m about to start a new project, definitely getting a set of these.

[@hahamasala]

Congrats to Frank. He worked tirelessly on this product and deserves the success. I know because I was the Product Manager (formerly of that large company) that believed in the idea and started the project but our company was too slow and conservative. Let me know if you'd like to interview a Product Manager to explain things from the other side, not about this product in particular, but in general. I'd be happy to contribute.

[@sansss2027]

Great suggestion

[@inventRight]

YES we'd love to interview you about this topic. Email [e-mail].

[@stephenkey3137]

Thank you very much Atul!

[@inventRight]

Atul, you rock. Read our interview! www.inc.com/stephen-key/a-former-product-development-manager-pulls-back-curtain-on-open-innovation.html

[@ecirlos4902]

How can I send you a great Idea Atul !? 🙂

[@stephenkey3137]

Navigating licensing agreements is extremely difficult and time-consuming. You absolutely must have someone helping if you haven't done it before. Some inventors try to do this alone, but they always regret it.

[@christopherbenyola6794]

Hello Mr. Key, I have been working on a product for sometime now and I honestly had no idea what to do with my idea. I came across your page a few days ago and I love what you guys are doing here. I can’t stop binge watching these videos. They contain very valuable information, in my opinion, more valuable then what I learned at business school. Thank you for these.

[@AlbertoHernandezD]

CONGRATULATIONS for your perseverance and to InventRight team for this happy ending journey ! .... Cheers from Portugal 🇵🇹

[@inventitious1609]

Great Job Frank., Not only do you have a great invention but you are going to save lives. #NeverStopInventing

[@mickytaylor6699]

Great job Frank...and even more importantly, great invention...

[@prescotts.3235]

"Everything worked out." Invaluable information for when 2 companies want to license your idea. 😂

[@KT-en8pq]

Great interview, great product. Congratulations.

[@ericasimonson8737]

I'd love to hear exactly how that "break-up" conversation went!

[@veesoho93]

Great video, real life sharing congrats ! And thank you !

[@inventRight]

Thank you Vee!

[@Nikolebichon]

Amazing interview

[@Anthony-dj4nd]

Actually a really good product

[@samp4050]

Really great, handy invention. Well done. 😃

[@larrykettrlesjr2900]

Another inspirational gem 💎

[@Ker858]

Great story congratulations!

[@steverohlinger656]

Good job guys!

[@124manr]

Hi, I have a question... so how would I go about, if I have a product that I believe can be licensed to more than one company. My product is essentially universal and anyone can use. The only thing that changes would be the company logo, name, team, etc. I kinda dont know where to turn, or do I just move forward and attempt with all these companies and see what happens..?

[@dukefleed8369]

Congratulations Frank. My question to Stephen, is the contingency fees agreement a good choice for the product developers who live outside USA and want to sell their ideas to American companies ?

[@baitsharkbuckets]

That is a cool invention.

[@tonyamosig5775]

Did they delay just trying to run out your provisional??

[@echapapitopaya7888]

Hello from NY. Thank ya both very very much for sharing this video and it’s content. It helps! And that helps ya back! The law of planting and harvesting. I have a question, is it a problem (copyright, etc) mentioning the names of that big company or companies? And, is it another problem, mentioning a ruff amount of money invested and contract amounts(profit)to be gain for the idea? Just for motivating purposes. Thank you again

[@inventRight]

Great questions. We typically shy away from disclosing too much information before the product is on the market. Sometimes, legal clauses prevent us from naming a company. Most inventors who are still making money from their inventions are wary of disclosing exactly how much they are making. This is a smart way of protecting themselves. Watch our video with Brian Walker for a disclosure of how much he spent and how much he made: kzbin.info/www/bejne/jXa5h31nZpaVbtE

[@tylee3369]

Wait a minute InventRight. I still didn't really see the answer to a bigger question here. I'm going to use a quick simple example: Basketball the item or ball has Spalding Wilson AND1 (Brands) and many other different brands. That appears to be multiple licensing correct. If so what is that called and how is that possible?

[@jacknickolstine3355]

Got it right away ;)

[@user-ni3sp5mz4u]

Why is two companies a "dangerous game" or a bad thing? Why not as many as possible interested and working negotiations towards a licencing agreement? Especially if they are slow walking the process, seems like a strategically better position to be in, imo.

[@bactran9724]

Love the show, insight, advice, etc. The question: If you are courting two companies simultaneously, and both are actively developing the product or even one for that matter, are you not in fact acting in bad faith, sharing one company's modifications/improvements with the other (even though it's your invention). How do you qualify or justify that?

[@stephenkey3137]

No modifications/ improvements were made. It's hard to navigate 2 contracts at the same time. This does not happen very often. First one that comes to the table gets the deal. It's just business. Thanks for the comment.

[@hadedelparaiso6349]

how do we get to reach you good sir.

[@ftdesigner91]

I have a product idea (it is device) and I did some research there's non like it, however I saw one product that somehow close to the product idea that I have in its concept. my question is, would it be a good idea if I made a sample of the product? considering the time and effort I will have to put in, might take years to the final product. due to manufacturing the device and programming it to be connected and controlled by cellphones. I really want to own the idea. what is your advice?

[@inventRight]

Our strategy for bringing products to market is based on marketing materials, not a physical prototype. Without any validation from the market, spending years working on a sample of your idea doesn't make much sense... to us anyway. Have you read Stephen's book "One Simple Idea"? It provides an in-depth explanation of the inventRight 10-step process.

[@wilco50]

I was wondering if you can typically license your product/invention to more than 1 company. Unless a company requests an exclusive, would it be in bad taste or even counter productive to make a agreement with another company on the same product, or maybe a slight modification to the original?

[@inventRight]

It is definitely possible to license the same idea more than once, but you're also correct - most companies want an exclusive. There are respectful ways to negotiate around that. See here: kzbin.info/www/bejne/gYiXeH2wmNypn5I www.inc.com/stephen-key/how-to-license-an-idea-to-more-than-one-company.html kzbin.info/www/bejne/bHumaadpna6Gr7M Thank you for watching!

[@DanSanChannel]

That’s smart 😮

[@mauricereece4238]

helpful video. Is it possible for me to apply for a patent in the US without visiting the country?

[@monamonae9562]

absolutely!

[@SkTzO76]

Good evening. I have what I assume is "everything" after about 7 months of tedious/meticulous study/research which includes a huge list of company contacts; I have prototypes; I have my Patent Pending status; I have my Sell Sheet and a License Agreement already typed up which includes the Improvement Clause/Grant Back details; Expected upfront payment and monthly residuals/royalties expected based on my calculations/assessment for my product in the massive market it is targeting, as this revolutionary product will change the genre for at least a decade if not more (within my field) . I've reached out to several companies (about 30 companies but about 120 people in total which represent various important key members of those companies thus far) in the past 2+ weeks. Do I now make calls to continue my persistence and show how hungry I am? Do I sit and wait until Im contacted? I don't want anyone to feel pressured? I'm a bit confused at this time as to my next step(s). Btw, please disregard the name of my youtube channel, as that is my character name for Hip Hop music I create. I would love the opportunity to get some feedback from you. Could you please email me at [e-mail]? I am willing to disclose my product/sell sheet if need be, so you can have a better idea of my design, efforts and circumstance to be guide me if possible. Thank you in advance.

[@stephenkey3137]

Congratulations! Sounds like you have done great job. A few quick tips. No one will sign "your" licensing agreement. How to reach out to companies is very complicated and time consuming. Please download our free e-book on "Getting In". It's on our website. inventright.com Thanks for watching!

[@SkTzO76]

@@stephenkey3137 Definitely very grateful for your response, link and free ebook. I've learned so much from you...truly humbled and appreciative.

[@chadmoore5709]

f/ck that is a great idea. i always thought jack stand were stupid not being able to find somewhere to put them.

[@williamgidrewicz4775]

May I ask how much in royalties did he get in the licensing deals?

[@inventRight]

I don’t know. Most people like to keep that private.

[@cheeesefunnel]

ive got a product with tons of sales , i want to get it licensed, how can i get a company to do this? where can i show my product to companies?

[@MindsetAlchemy]

Find companies that could use your idea/ product then go on linkedin and search for product managers, sales mangers, etc. that would present it to executives to consider acquisition if its something they can benefit from. Just message them on Linkedin or call the company and ask for those specific employees and if you can't get ahold of them at least ask for their email address.

[@zohayazdani00]

Why playing with fire? Can't u show your idea to multiple companies at the same time?

[@supratikchakraborty9335]

can a non US resident apply for a patent in the US?

[@inventRight]

Yes.

[@ednacastro829]

Can u license to multiple companies.

[@inventRight]

Yes. kzbin.info/www/bejne/gYiXeH2wmNypn5I kzbin.info/www/bejne/i6TPqYevdqtkmKs

[@soniaedwards1083]

How do you licence to two companies

[@inventRight]

It’s not easy.

[@clown192]

I'm surprised the Rennstand is not a tripod design. If someone tries to jack up all four corners there wouldn't be much to stop sideways movement.

[@craigcampbell66]

Sounds like you have an invention all of your own. Innovation patent. Good luck.

[@donnabeattiedreamerbydesign]

💗

[@pingxie7625]

It is pretty good story. I like it. I have a PPA filed. I would like you help me to find a right buyer. How to contact you?

[@inventRight]

You can reach Stephen and Andrew at inventRight here: www.inventright.com/contact

[@inventRight]

Find out more about the inventRight coaching program by calling 1-800-701-7993, emailing [e-mail], or scheduling an appointment: www.inventright.com/contact

[@Tribal7777]

Easy way of contacting Andrew and Stephen please(fb, wassapp?)

[@inventRight]

www.inventright.com/contact

[@bobbyboy4627]

My invention/idea would possibly only peak the interest of foreign manufactures, how would this work? Would this be a different procedure than usual. Say I get a patent on my idea, they see it and say "thank you, bye bye" and now they have my invention and do not have to answer to US laws.

[@inventRight]

If you're looking for help with your go-to-market strategy, get in touch with us: www.inventright.com/contact

[@jacob79001]

This was very uplifting. Pardon the pun.

[@inventRight]

Love the humor Jacob. Keep Inventing! - Andrew Krauss, inventRight Co-Founder

[@alexandrevaliquette1941]

As a sideline he could work as a double of Tony Robbins isn't?

[@inventRight]

Lol!

[@alexandrevaliquette1941]

@@inventRight Two great person nonetheless.

[@christopheraraiza4211]

Regular Jacks are already manufactured with the intention of being safe. You're invention was unnecessary.

[@inventRight]

If that were true, it's unlikely a company would have licensed his idea from him.

[@christopheraraiza4211]

@@inventRight unnnecessary is not the same as unsellable. What I mean by unnecessary is that "the safe jack" is a complementary product to the existing jack mechanism which is already engineered to do the function of this new product... to be safe. But I'm glad he was able to make money from his idea.

[@tellurius7530]

So , i don't know the rest of you but i didn't learn anything from wasting 10 min of my life watching this video . I thought there will be some points in how to navigate those waters but...........nothing at all.

[@Mursaat100]

Hey! I agree that some videos on InventRight don't really add much value, but many of them are great! Also, if you are into licensing and want to discuss it, please hit me up with a message on my channel! kzbin.info/door/kCpfUyIuP6oT_9L45wkyEQdiscussion