"Fastlane" is an entrepreneur discussion forum based on The C.E.N.T.S Framework outlined in the two best-selling books by MJ DeMarco (The Millionaire Fastlane and UNSCRIPTED®). From multimillionaires to digital nomads to side hustlers who are grinding a job, the Fastlane Forum features real entrepreneurs creating real businesses with one goal in mind: Freedom— both financial and temporal.
You'll have to keep us posted on that one Zen. Sounds interesting. Of course, most forms of business fascinate me.I live in a area with lots of Laboratories, One of my friends makes it a habit of buying or licensing patents, and tech. He then takes them to manufactures and sales and distribution networks, and Licenses them the tech.
He does very well with that.
Since he is also a manufacture of a bio enzyme, he has alot of people in his network so can execute fast. He will also put up the money for prototypes, before taking them to the market.
I was impressed by the model, and would love to play there. but it definitely requires some skill to sort through all the tech that flows through those labs.
I have made some good money Licensing ideas from people, and executing on them. I usually pay very little upfront, and then sell to my lists.
I am also getting ready to license one of my info products to a CPA group, see if they can take it mass market.
should be fun to be on the other side of that one.
hey clickster,I actually enjoyed this book a lot and it is definitely Fastlane. I am currently working on two products that I will be showing to potential licensees. The book was organized and also shows you step by step on creating your product to actually getting it to market and reaping the benefits. The book has a great wealth of knowledge that definitely outweighs its price and time used to read it.
vancouver's almost always raining from fall to aprilI live in Toronto and yeah I don't it matters much where you live (licensing laws may vary a little). How's Vancouver? It's been raining for over a week in Toronto :nonod:
haven't started on this path yet... it's always cause i keep postponing it thinking i don't have enough money to license ideas or because of other distractions--(from making coupon book to creating a website)Still designing the product and sending sell sheets to businesses. How about you?
great book!!! thanks for the advice!!Hello everyone. I am glad everyone is finding my book helpful. If there are any questions I can answer please let me know. I am here to help.
Hello Aspire4More,I'm also reading this book. I have a very unique idea in the toy category that I have not seen done. It would be easy to make and with the right toy company I think could be huge. I've done the patent searches, etc.
Thinking about getting a nice artist rendition of the concept. Trying to get a handle on what it would cost to make, I would think it could be easily incorporated into existing production lines.
Thank you for the reply and for being here on the forums.Hello Aspire4More,
Toy's are a difficult category to license, but when they go big, they can go really big.
Just make sure to emphasize a market search (looking at similar products out there) and seeing how your product both competes and fits in amongst existing products.
What is in the marketplace is usually a better indicator for what will be successful than what has been patented.
Enjoy the book.
thank you stephen for replying to my post!!Hello rexxakai,
Licensing is a numbers game. The more products you can work on and the more companies you can call for every project you work on.......the more likely you are to successfully license one of your ideas.
The big mistake i see people making is they invest to much money in one particular idea before they verify there is any interest in the idea.
So instead of spending $110 on a Provisional Patent, they spend thousands with a patent attorney.
Then on the prototype side of things they spend thousands again, when they could simply use a sell sheet instead.
I've had students of mine license their first idea they work on, while others licensed the second, third, four or fifth product they worked.
Most people with ideas never move past their first idea because they invested to much time and money in the idea before verifying there is any interest. However, people using the approach I teach can move on if their isn't any interest because they aren't married to the idea time-wise and financially.
I hope this helps you with the "Playing The Numbers" mindset I teach.
Yes, you are an expert. And observing play patterns is an excellent way of coming up with new toys.Thank you for the reply and for being here on the forums.
I "feel" like an expert on the market based on all the toys my 4yr old has! He kind of keeps me up to date and I can tell through him when a toy is really hot. Anyways, I got the idea watching him play with his toys a certain way that he was improvising with the item. Similar to how you describe in the book I though to myself "this can be done much better, and could be made into something really cool".
What's nice is it can be made into several iterations and could be tailored to boys or girls etc. When I think of licensing success in toys I can't help but think about Thomas the Train and the huge sums that must have made for his creator W. Awdry. The toys, movies, books, games, party goods, and on and on. From one simple idea! I can't help but get excited about that.
If you are going to pursue this idea, first to market is your best bet. Which means licensing to a big company who's going to get it out their in a big way really fast. Yes, there may be knock offs, but since you are with a big company, hopefully you'll make more money than the knock offs.Rock on Stephen, awesome having you on here! Was just at Barnes and Noble yesterday to pick up your book. Only a few chapters in so far but I really like it. I agree with what you say about first to market, but I'm trying to figure out how to deal with copycats.
Take Silly Bandz for example; they launched and within a year had dozens of copycats, some that even acquired licensing deals with companies like Disney before they did.
I have a product i created that would be in a similar category. Completely original (but not patentable, from what my IP attorney tells me), targets kids and has a low retail price point. My concern though is that, like Silly Bandz, the second I take it to market I'll be copied left and right.
What would you recommend in a situation like this?
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