Can I Sign New York Profit Sharing Agreement Template

Signatory royalty agreement template

in this video I'm going to be answering questions that are posted on to my youtube channel and all my other social media platforms about licensing let's dive in welcome to another episode of House of royalties my name is Seth and I'm a product developer that licenses my own ideas out to companies and gets paid for them in royalties if you haven't subscribed to the channel yet please hit that subscribe button and hit the notification bell next to it so you can receive updates on when new videos are posted on to this channel and if you have any friends or family or anybody that you know of that has lots of ideas they're not quite sure what to do with them I encourage you to share this video and this channel with them so they too can learn about how to license their own ideas I wanted to let you guys know that I've got a new workshop a free workshop for you guys to go and take and it's called the ideas to royalties workshop and this is where I'm going over the overview and blueprint that I've created for myself for my own product ideas and have shared with other product developers and have helped a lot of other folks get licensing deals and be able to go and send their ideas to companies and get interest from them and if you're interested in learning about this ideas to royalties workshop and being part of it I encourage you to hit the link in the description below and sign up it's a four-part video series where I go through the overall paths that I take and the stages that I take to license my ideas and I also will give you actionable tips for you to go and quickly be able to contact find cut and contact companies and be able to ask them whether or not if they accept outside submissions just a little heads up this workshop is only going to be around for a limited amount of time I'm not going to have this workshop available forever so as soon as this video airs on the channel you guys should go and sign up for it right away because the workshop won't be around but it there's gonna be a lot of really good stuff that I'm going to be sharing with you guys that you could apply right away on to your own project so I hope to see you inside I want to go and do another round of Q&A through the questions that are being posted on my youtube channel and on other forms of social media like the Facebook groups and LinkedIn and I wanted to address those questions not only in text form in the comments and responding back to them but also responding back in a video form so you too can also learn about the questions that are being asked and it's kind of a win-win for everybody they get their answers address and you get to learn about the questions that you possibly might be asking as well in this video John keel Ingalls asks awesome video and thank you for the info my question for you is how much percentage usually get from licensing out of your invention my invention I got patent on it alright cool that you have a patent on it so I can't really give you a specific percentage of how many royalties you could get from your idea and your product because I don't know what industry it's in every industry has different ranges and the royalties I don't know how much your product cost and how much it's gonna cost to make it and all that stuff fat is a factor - how much royalties you'll be getting but if I had to give you like a very wide variety or spectrum of like what the average would be and I this is just me hitting up all the industries not for a specific industry I'm gonna say from 2% to possibly 10 - even 15% 15% it's very high 10% is quite high but that's possible - to 10% you may get more than that you may get less it's just depends on what that product and industry and how much it cost and how well you negotiate all that stuff - all right next question comes from Dustin Wilson Dustin asked great video what are the payout periods for the minimum guarantees every quarter once a year minimum guarantees actually apply towards how many that company to make a minimum of two make sure that you get paid and they are constantly moving forward on producing the product and selling it and if they don't deliver that the minimum amount of product sold then they're like intellectual property would come to you so I believe you're asking what are the payout periods for royalties and that is usually every quarter so four times a year and sometimes it could be annually but more often than not it's based off of the quarterly quarterly year yen thing can't ask great stuff thanks some questions I have though did you DIY the whole process to the successful end yes I did I actually read the book of one simple idea by Stephen key highly recommend that book if you guys haven't read that and if you're interested in learning licensing in that book is amazing great way to get started and I just follow the book did it on my own and was able to get my first licensing deal that way just follow the steps in the process you know it's quite simple just a little bit intimidating the next question here when filing PPA and DIY fashion did you write claims and specify specific ations yourself so when you're filing a PPA yeah you can write it yourself the language doesn't have to be quite technical like an attorney you could definitely write yourself and you could always improve and get better at as you go all right the next question how do you check on your sales figures I check on the sales figures through the quarterly reports that the company sent me every quarter being resident in Malaysia what are my setbacks when licensing oh well I guess the only major setback would be your time zone when you're calling a company so I come I submit my ideas mostly to companies in the US and if that's what you want to do you could still do that it's just if you call them because my favorite method of contacting and approaching companies is to call them you want to call them during business hours so if you're in a time zone where it's nighttime or in the middle of night for you but it's the morning for them you're gonna have to kind of sacrifice that time to be able to contact them but other than that there's not major setbacks of being in Malaysia actually you might be able to have advantage of being in Malaysia because you are surrounded by different things that people don't see in the u.s. it's a different culture they have different solutions and approach to problem solving that maybe US citizen still a have and you could be introducing that to the US market so look at things as an advantage there isn't much disadvantage from being in a different country formula 107 asks can you do this without attending trade shows and meeting them in person so absolutely you'll be able to go and get in contacts with companies without attending trade shows and you don't have to meet them in person it's actually kick Erland the first company that I licensed my product to I just send it through their website and you could just email them and you could contact over email I like to contact companies over phone it's just a lot easier more effective and time efficient for me to just contact them but you could absolutely do this without going to places physically and that's the beauty of Licensing weird up no Jesus asked hi SEF or so you're saying contact 30 or more companies at the same time send them all all let's say ok to send a sell sheet so yeah I like to just send them all if I have 30 companies on my list I'll email all those 30 companies well first I'll make sure that those companies accept outside submissions and I do that by calling them and asking them I call a general phone number hi my name is Steph I'm a product developer do you guys accept outside product submissions I want to send them your way and they're gonna say yes or no if for those that are yes and if there's 30 of them yeah I will email all 30 of them I want to get as many noodle spaghetti noodles on the wall and hopefully enough of them stick to your next question so you could be dealing with 10 or more at the same time for your product if I have 10 interests that would be amazing but theoretically yeah if you've got multiple interest then you could continue to move forward and negotiate with all 10 of them and at the of those ten negotiations you could decide which one is the best for you or you could have a non-exclusive deal and pick all ten be licensing deals so that is a possibility it just depends on how you want to move it strategically if the answer is yes this is going to be pretty complicated how would you do that tell them you're talking to several companies you could you could let them know but I prefer not to let them know that I'm talking to other companies it's just me and them I don't want to have them butting heads or compete I can let them know like hey I'm having some interest with some other companies you know is there something that you can do that can make it a lot more compelling for me to partner up with you guys and try to have them answer them try to have them one-up each other and then I decide but I don't really tell them that I'm submitting this to other companies and I've got interest from other companies because it's not really their business they don't care about that they just want to get your idea start selling it and making money off of it and I just want to know what it's the best option to go with or path to go McKenzie Stewart asked what if the company you reach out to is leading company industry but is small enough that the owner answers do you still use the script the same way to find out if they're open to product submissions would you ask more questions yeah so I would use exact same script and that's grifters hi my name is Seth I'm a product developer and I'm looking to send you guys new product ideas does your company accept altai product submissions because all I want to know is does this company accept the outside ideas it doesn't matter if he's the CEO if it's the intern of the product development team I just want to know if they accept outside ideas and the questions that I like to ask is great well how would I go about that who do I send it to and they you should say just email them over to me and I also like to ask when does your team review new ideas and what types of products are you looking for specifically so I can get a sense of what product ideas I could send to you so that would give me a really good idea and sense of what types of my views are looking all right this next question comes from Darrell Ryan and Darrell asks thanks for the video Steph I wasn't expecting a thanks for the advice I'll definitely start asking more questions when I received feedback without sounding pushy or high-maintenance Darrell asked a question previously I responded back and I guess he was happy with my response which it's cool his question did you have short-term and long-term goals when you decide to give licensing ago and what made you turn to licensing in the first place if you don't mind me asking it's really interesting to hear other people's stories maybe that could be a YouTube video topic for you you know yeah I will have a video topics dedicated on that specifically but to answer your questions real quick and have a summarized fridge and hopefully a summarized version I'll go and address your questions accordingly in order so the first question did you have short-term and long-term goals when you decide to give licensing ago I do have an ideal target - hey I I don't really have too much of a long-term goal I've just decided and it still upholds the true - till this day early on when I found when I really enjoyed and like discover licensing I could do licensing for the rest of my life like I wouldn't even need to retire and the concept of retirement is very foreign I was like why would you want to retire unless you physically cannot do it why wouldn't you want to continue to do whatever you do if you really loved it you wouldn't want to stop doing it it's like an artist that continues to art he loves painting Pablo Picasso low-spin and I love doing what he loves and that's my attitude towards the I guess goals and a long term it's just continue to come up with more ideas and this is kind of the formula or the the way that I look at things when it comes to licensing it's an upward spiral my goal both short and long term goal is to come up with as many ideas as possible to send to as many companies as possible and get as many licensing deals possible and what that would mean is if I have a lot of licensing deals sign I would have a lot of royalty checks coming in and the more royalty checks that comes in the more financial freedom and the most important thing financial time I will gain and what I can do with my time is a very important factor for my life and having control of what I can do with my time and what I want to do with that time is to come up with more ideas so I could go and send them to more companies and get more licensing deals and get more royalty cheques and get more royalty cheque so I could get more ideas made so I could go and send them to more companies and send get more licensing deals and it's a and get more royalty cheques so it's an upward spiral and that's my overall goal that's my I would that I would be very happy if I died that way knock on wood that's not anytime soon but it would be amazing you know the idea of you doing something that you love and that is a great way to live life I think so your next question and what made you turn to licensing in the first place if you don't mind me asking it's really interesting to hear other people's stories so what got me into licensing well I discovered licensing when I was in college I was going to an art school at that time called Art Center College of Design in Pasadena and I was learning advertising and that's what my major was and it was the 8th semester so my last semester right before I graduated college I needed to take a class to fill in of my semester and I found intro to entrepreneurship as an option and that sounded intriguing so I added that to my class and the instructor there told me about two ways to bring ideas to market you could either startup or you could do licensing and I thought licensing was a very fascinating model because it was very similar to what I was doing and advertising it just happens to be in a different environment and the payoff and the return on investment seems a lot higher than what a full-time salary and advertising pay and the I was going I cut the bug for licensing and I was really fascinated by it and one of the correlations that I've kind of liked to put together with advertising and licensing is that advertising sure at the end of the day we do create print ads but what I like to think of advertising if I was half I had to consider advertising and compare two different design majors you know at an art school you know there's graphic design major transportation design and product design like what do they all do product designer design all things product graphic designer designs all thing graphics transportation designer will design all things transportation related well what does advertising people or designers creatives would do and yeah at the end of the day it is a print ad but what I like to think of it as is designing ideas and licensing is just that you are coming up with ideas or design ideas and you are just finding a company that's interested in taking on this product and have it called their own and they would pay you for your ideas and I thought that was a very fascinating subject and after right after I graduated I tried going to my flew out to New York interviewed with a bunch of ad agencies trying to get a job and he both here in LA in New York and all over the place but I wasn't able to get anything done or get catch anything because at that time the advertising climate was quite dry and very difficult because lots of clients were leaving agencies at that time and people were getting laid off and I said in fact there was this one agency that I really want to work at and I interviewed with them but then one of their clients decide to leave the following month after I talked with them and they had to shut down their doors close up shop because that main climb is was paying their bills it was paying their light for their lights to turn on and it was quite a disheartening and a very unmotivated time in my life and I was like wow you know I spent a lot of time money and energy into trying to get into this advertising industry and there's a lot of stuff that's really gonna not working in favor and these student loans are gonna pay for themselves so at that time I was thinking you know what if I can't get a job I'll just go and make my own job and that's when I really started putting the licensing into practice and within two or three months of fun employment I was able to license my first idea and that's the kicker in mini backscratcher and that was a great validation that licensing is a real thing and there are companies looking for ideas that are willing to pay you for your ideas and they'll make your idea for you and there's a way to do it efficiently cost-effectively and do it with minimal risk but with high return on investment and value so I thought that was really cool and still to this day I love it so much continuing to talk about it and now I want to teach other people on how to do it because it's just not enough folks talking about it everybody talks about startups and how to go and get pitch to investors that elevator pitch and all that stuff and all that stuff is cool but when it comes to risking a lot of things and putting a lot of things on the line I don't think a start-up is right for everybody oh man licensing might be the answer for some folks especially for people that create stuff and have a lot of a lot of ideas and they just don't know what to do with it Oh Land Z asks not to be nosy but how much money did you make and make total in royalties I'm not gonna go over all my royalties but I will tell you how much I've made so far on my first product and that's still continuing to sell all around the world till this day I think we're about four years in now and they have sold definitely over 150,000 units all around the world and I've made over five thousand dollars on that for just you know maybe 30 minutes of little Photoshop work and pressing the email button so it's not too bad but that's just my first licensing deal this next question comes from aundrea Kennedy's Zolo butchering that last name hi great video I have a question which is the best way to file a PPA I'm familiarly and I want to file a PPA in the US in order to license one of my ideas in the US market but I don't know how to address the PPA step Thanks you know you could just find how to file a PPA on Google or on YouTube and there's plenty of videos out there that will take you through the steps on how to file a PPA and you could do it by yourself you could file a online for $65 u.s. and you don't need to hire a patent attorney or invest a lot of money you can do it for pretty cheap and you could just find follow some tutorials and resources online I'm sure there's some good articles available that'll teach you how to file a PPA and you know you just do it by yourself online deeply closeted thinker asks hey Seth new to this realm I was just wondering if you send cell sheets to these open innovation companies isn't it still exposed to potential theft even if you're PPA if you have a PPA for the product it's not an official patent it just shows perceived ownership I thought yeah so technically a provisional patent application that gives you the patent pending status on your product that does not mean you have a pen on that it just means that you are closer in line for the actual patent application so if you have an idea that's just closer to the patent application if someone else comes up with the same idea but they're further behind the line or in queue you are the first person that would be able to get ownership of that intellectual property or get that patent so that is true with PPA but you do have that perceived ownership companies use this all the time if you go out to the stores and you look at the packaging and on the products and product itself would say patent patent pending I guarantee you there's a lot of products out on the store shelves and that gives from the consumers point of view oh this product is potentially pad and you wouldn't want to infringe upon it because you don't know how far they are closer to the thing but supposedly there's some I've heard I'm not entirely sure how many of these companies do it but some companies what they would do is just continue to file a PPA every single year on that one product and because a patent pending status only lasts for one year so at the end of the year they'll renew it or they'll reapply and put a modified and improved version of the PPA so they could get another patent pending and they'll do that until the product life cycle ends meaning there's no longer a need for this product the sales are no longer there and the company is losing money on it so they're gonna axe that product no longer sell it and possibly sell a newer version of that product or a different product because if they had a traditional non or a non-provisional patent I like to call those traditional pens those are expensive they take about three to four years for you to hear back from the USPTO and and then by then the product may no longer be relevant in the market so they would lose money so there's companies playing the smart route saving money but they leverage taking advantage of the perceived ownership of the PPA so that's what what like kind of what we're doing with the companies they're not quite sure and one added element if you want just a little bit of extra protection is to go and put a copyright and file a copyright on for the sell sheet and the imagery and the sell sheet video and the 3d model of it like it's not going to protect the intellectual property of your idea but it's going to protect the the visual materials and the artwork and all that stuff for your idea that was a trick I learned from Paula Phillips who is a patent attorney that recently wrote the book a stolen on TV I encourage you to check out that book she's got some amazing case studies and some solutions to modern big problems that wasn't quite there and the old days of inventing all right this question I think accidentally cropped out their name I want to say this is Andrew Valentine I'm not exactly sure I can't remember if this was out Andrew Valentine if it is I apologize were copping out your name but he's got a question here let's go and read through the comments and I'll go and answer it accordingly hey Steph so I know you've had your YouTube channel for a while and I'm trying to decide how I'd like to approach mine and want to get your thoughts I'm interested in the financial independence movement and product licensing is one of the routes I'm using to try to build up diversified income streams would your thought be that it's better to try to just niche down and focus only on licensing or to keep it to a wider audience and make it more passive income streams I appreciate any thoughts you might have on the topic I was thinking of going with named Valentine rising as a channel name feel free to let me know if it's cheesy or stupid you know Valentine Rising sounds like a cool name there's a lot of aspirational tones to it it's quite motivational and inspirational and I think people would be able to get some a sense of what you're trying to do and rise people up to not only yourself but the people that are watching and following your channel to a better version of themselves so you know the name itself is cool and you know it with when it comes to YouTube channels it is nice and a lot easier to grow when you are on talking about a specific subject or a topic and I could I talk specifically about licensing and not to any other topics because in the beginning it's a lot easier for people to understand what your channel is all about if you're constantly talking about a specific topic and I think eventually if I want to become a little bit wider of a topic and start talking about other forms of passive income I absolutely can do that and and I look at our channels in their social media everything that we do and just do it yourself as a person continue to evolve and you're never stopping there's no such thing as a completely finished end product you will never be done with your branding you will never be done with your logo you will never be done with whatever whatever you choose to go with your channel name but the most important thing is to just go and get started and as you get started you could you could get a feeler of what the audience is resonating towards and you could decide whether or not if you want to continue to feed that sort of topic towards the audience so you could get a better reaction and a better audience and a better growth of your channel you can definitely do that but if you absolutely believe on this specific topic and it doesn't seem like it has much traction but you are very compelled and passionate about talking about this specific topic and you know for sure you could continue to do it consistently and sustainably for a long time go down that route as well but whichever path that you take is okay to go and eventually evolve and change and constantly progress and become better and you're always going to be rising to it the better version of yourself and in this case you're always going to be rising to a better version of your YouTube channel so mr. Valentine I believe it's Andrew Valentine I if I'm mistaken I'm sorry about that but I hope you go and start a YouTube channel I think licensing is a very fascinating topic and I encourage other people to go and start creating YouTube channels or podcast or creating content on it in general because licensing is quite powerful and a big industry that not a lot of people are talking about let alone know about and I have this whole spiel that I could go into but a quick summary of this I guess the paths that you can take when you have an idea like let's say a product idea there's two paths that you can take the first path is to go down venturing route also known as startups it's cool to go and say you call yourself a founder of a start-up and you're borrowing money how your using your own money you're pitching to investors buying investors money buying bank loans and you're gonna be hustling and grinding and you could potentially make a lot of money but at the same time there's a lot of risk to it but that's path number one path number two to be able to bring a product idea to market is to license it and people don't realize that those are the two options to be able to have something become real and be selling in the store shelves licensing I'm just partnering and leveraging the resources of the companies that I'm partnering with and having them do everything for me as they just continue to pay me for my idea I know it's a little bit long-winded this specific question but I could definitely go deeper into this I think it is a fascinating topic about having a financial independent I guess a little another side note I know there's multiple side nuts in this question of me answering this question but this one would be you know if someone had to ask me you know what is your ideal salary like how much money would you like to have and my honest answer is I don't know and I don't really care to know how much money I have in my bank but what I am striving for is having complete financial independence and freedom of my finances and to be able to swipe my credit card and freely without ever having the concern of this credit card might get blocked or I have to go and you know pay a lot of money on this and it and having that financial freedom is a goal to have and you can always my theory is with money you could always make more money you can never make more time so I'd rather spend my efforts on maximizing and having a really high value of my time and I haven't the ability to choose what I can do with my time the money money is always going to come but it depends on what I'm using that time to go and create that money is it worth my time on for an eczema X amount of money and I've realized earlier this year no you know what me freelancing and working other companies is not and making pretty decent money is not worth my time to go and work on something for them I've got my eyes and vision set on something else on my own path and I'd rather go and not get paid in the beginning for a very long time to go and strive down this path and spend my time doing the things that I really want to do and I think that's a quite a powerful way and healthy weight of looking at things in my opinion so there's a friendly reminder I've got the ideas to royalties workshop in the link below this is a four part video series it's a free workshop where you'll be learning all about licensing the overview and the landscape of licensing and the overall stages that I use personally for myself and have shared with other product developers to help them get successful licensing deals and I've put together a little road map a blueprint that I really want to share with you guys so if you're interested in learning that use the link in the description and I will see you in that workshop so that concludes our video of our Q&A session I hope you're able to get a lot of information and value from this round and if you have questions of your own anything about licensing anything that you are stuck on and want to learn how to move your eye move your ideas forward and have them selling on the store shelves please write them down in the comments below and if you have a friend or family or somebody that you know that has lots of ideas but they're not quite sure what to do with them please share this video and share this channel with that because licensing could be a very powerful tool for them to be able to their ideas happen and get paid for them and if you liked this video hit that like button and if you haven't subscribed yet make sure to hit the subscribe button and the notification bell next to it so you can receive posting us to the channel and I will see you in the next video [Music] you