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The Licensing Playbook LIVE: Handle Pricing Requests the Right Way | inventRightTV | YouTubeToText
YouTube Transcript: The Licensing Playbook LIVE: Handle Pricing Requests the Right Way
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Core Theme
This content is a webinar discussing how inventors should handle pricing requests from potential licensees, emphasizing that pricing is a critical factor that can make or break a deal. The core message is to focus on providing value and facilitating the company's evaluation process rather than solely dictating a price.
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streaming everywhere, Andrew.
>> Everywhere. Everywhere. We're on Hulu
and Netflix and Peacock and you name it,
we're there.
>> Uh, I don't know if we can
>> flipping through their TV and every
channel. Andrew, Andrew,
>> every channel. Andrew, Andrew, Andrew, Andrew.
Andrew.
>> Let me record this to the cloud.
>> Oh gosh, that would be a nightmare.
>> There we go. All right.
Jean, my buddy Jean.
>> All right, so welcome to what we're
calling the licensing playbook live. Let
me make sure I got all my settings right
here, people. Let's see. Yeah, we're
good. Um, today's topic is handling
pricing requests the right way. So, when
you get interest from a company and
they're asking about pricing, like what
what do you do? You're probably like,
"Are you guys gonna spend a whole hour
talking about that, Andrew?" Yeah, we
are. Yeah, we are. It's pretty
important. And if we run out of stuff to
talk about with regards to that, we can
uh we can talk about some other stuff,
too. But I think it's an important
topic. So, we're streaming every
Wednesday at 5 Pacific, 6 Mountain, 7
Central, and 8 Eastern. My name is
Andrew Krauss. I co-founded EventRight
with Stephen Key over 26 years ago. 26,
that's over two and a half decades.
Really, really long time. since I'm a
very old man. Um to to help inventors.
That was our goal and we've definitely
accomplished that over 26 years. Stephen
is traveling today so he won't be here.
But Dana and Chad are here and they're
fantastic. They're part of our outreach
team as well as former Inventrite
coaching members. So I know you're going
to have a lot they're going to have a
lot to share with you as well as myself.
Chad and Dana, wave your hands there.
Here we go. Okay, cool. There they are.
Um, this weekly webinar is your go-to
guide for learning how to license your
product ideas to companies that are
actively looking for innovation. And
these days, most companies are they are
all looking for innovation, but nobody,
there's no one person that's looking for
everything all the time anyway. But
definitely more open than ever. We
started right 26 years ago. Companies
are more open than ever now to licensing
and you guys have amazing amazing tools
and you have amazing advice coming from
us, right? So, it's a great time to be
licensing your inventions. Each week,
we'll break down realworld strategies
and the exact steps you need to get in
front in the front door of companies.
You learn how to pitch with confidence,
avoid common mistakes, and dramatically
increase your chances of landing a
licensing deal, which is what you want.
Does anybody Does anybody want to lay
license? Raise your hand if you want to.
Yeah. No. No. So, you just leave if you
don't. Okay.
Um, thanks for joining us live. Feel
free to ask questions in the chat box or
by digitally raising your hand here on
Zoom. If you're on LinkedIn, Facebook or
YouTube, simply type your questions in
the chat. We answer quite a few
questions from those platforms as well
because we're streaming to them. And uh
if you're here um we might be able to
unmute you too. We can also read your
questions. So handling pricing requests
the right way. You you've got a
company's attention. Now they're asking
for pricing. Do you know how to respond?
We'll walk you through exactly what to
say, how to share a realistic
manufacturing cost, and how to maintain
uh leverage while having these advanced
conversations, learn how to answer
pricing questions companies will ask
when they're serious about moving
forward. So, Stephen is not here today.
He's on he's on vacation. So, um I'm
going to be rounding heading things up
here. And then Dana and Chad are going
to be um coming in with advice. And also
uh some of you are Inventright members.
So if anybody wants to type in your
advice in the area of handling pricing,
you can type that into the chat or I
could unmute you and you can give your
advice too. So let me switch so I can
see everybody on the live stream so I
can see their questions as well because
yes, I am paying attention to you guys.
So if you guys have questions on
LinkedIn, Facebook or YouTube, please
type your questions in there as well.
So, um, you know, I'm going to start
this off. We got a lot of random
different tips to to to help you in this
area, but I'm going to start off with
these thoughts. And I I did write down
some thoughts. I did actually write
something down. Um, let me move that
over here so I can look at it. Okay. So,
So,
your job is to focus on what pain points
the the product solves. you know, um,
how it fits in with their product line,
how it adds perceived value to their
existing customers. Does it does it have
perceived value to them?
And um,
that's that's what you're really doing.
You're not there to run their business,
you know, when you're licensing. It's
it's their money, it's their workers,
and it's their distribution. You're not
there to run their business and tell
them how to do things, you know. So the
goal is not to discuss pricing but to
keep the conversation focused on their
product line, the perceived benefits and
what next steps they need to take to
evaluate your product. Now with all that
said, that's like a mindset thing, right
guys? So the mindset is that not they
ask you, well what does this cost? And
you just have this definitive answer.
You know, you got to stay focused on
what is going to get a deal done.
Can pricing kill a deal? Yes, it can.
But a lot of inventing is redirecting.
You know, I was just meeting with the
master's class. David was on there and a
few of you other were on there um as
well. We just had a master's class with
our students for an hour just before
this and now I'm coming on with you guys
and we were talking about this sort of
thing and we were talking about the fact
that you can redirect the conversation.
Now, when they bring up pricing, I'm not
saying redirect conversation, but I want
to emphasize what's truly important. How
it fits in with their product line. What
do you like about the product? What's
good for your customers? That's what's
really important. Now, if the pricing
doesn't work, that could be a problem,
right? That could definitely be a
problem. Let me um change this here.
Uh hold on. There we go. Just had one
person that was on video was distracting
me. Um, so
the what is the killer combo? We've
talked about this on some recent
webinars. If you can make the product
for less and it has this cool new
benefit, that's the bomb. That's not
always the case. Maybe it's around the
same price and it has this new benefit.
or maybe it's more expensive and it has
this new benefit but they can tolerate
the price increase. Right? So these are
things you need to think about with
regards to pricing. Is it going to be
less and have the benefit? Is it going
to be around the same or is it going to
be more? Right? And this is a very
important conversation that you need to
have with them. Right? Um but let's be
real. Most of the time
you want them to utilize their contract
manufacturers. Let's also be real about
this. Do you think most of these
companies have their own manufacturing plants?
plants?
Raise your hand if you think they have
their own No, it's some manufacturer in
China that makes stuff. Even Even
freaking Apple doesn't have their own
manufacturing plant, right? I I know
it's a captive plant and all that.
That's kind of a bad example, but they
might be making things for 20 different
companies, five different companies,
2,000 different companies, right? So
they usually have a contract
manufacturer usually in Asia or usually
here. Some of them will have their own
manufacturing plants, but it's not the
most common thing, right? So it's not
like they're in the office and they're
going to be like, well, you know, let
let me let me go back and ask Bob. Hey,
Bob, can you come over here? What do you
think? You know, they need to go to
their contract manufacturer and go,
here's what the product is. Tell me what
you think as far as pricing goes. Can we
make it
and at what price? Right. So, you need
to give them enough information to do
that. Right. Um Chad, when you had um
your product, what did you have to do
with regards to pricing? How did that
work? I know your your company was a
slightly smaller company.
>> Um what did you what did what what came
up there? So, initially initially they
the company that I licensed my my fire
starter to, they dealt with all of the
pricing. They dealt with reaching out,
but yes, they used contract
manufacturers. They got uh quotes from
their trade partners um over overseas.
So, I I really didn't have to deal with
it too much on that end. But, I will say
that on this on the new project that I'm
working on, I have had to deal with that
quite a bit more. So, I've had to I've
honestly I just I've had to dive into
that kind of blind and learned a lot of
that stuff as I go. I've been I've been
using I've been using AI chat a lot, you
know, for just even terminology and
things like that.
>> So, your your products right here. So,
tell me what you did. Did you just say
cuz So this product is for This is like
a flint that you hit to to start the
sparks, start the fire, and then you
blow on the tube and then it actually
comes out of the flint because the flint
has a hole in it and you kind of stoke
the fire with with you blowing air on
it. So did you were they like, "We get
it. This we have enough. I get it. We'll
get some quotes." Or were they like, "Do
I want detailed CAD drawings and
specifications and stuff?" So what
happened with this one?
>> So I think there there was two major
concerns that we ran into as far as
getting it manufactured. One of the
parts was the fact that they were going
to be putting their mouth on it. So we
wanted to make sure that it was food
grade. That was that was one of the
biggest things that there was no toxins
or anything like that.
>> Yeah. But it goes on the mouth goes on
this side, the rubber side, not the
flint side. Right.
>> Right. Right. And so so that and that
tube those are both uh food grade. We
wanted to make sure of that. And then
with the ferosarium as far as the
striking element of it, uh we we had a
really hard time finding a manufacturer
that was able to to to do that. So most
of them are not done in that way. So
they they had
>> solid instead of
>> Yeah. And so and in order to do that,
you have to drill you have to drill
through there, which you know, I mean,
the thing is designed to create sparks.
So I mean, there was there was a couple
of shops that we tried that, you know,
they were trying not to burn their
plates down trying to make this
prototype. But let well let me let's get
back to let's get back to like the
earlier stages. >> Mhm.
>> Mhm.
>> Did they need critical information for
from you
>> as far as specific materials to be used
in that? No,
>> they didn't need that. They didn't ask
for it. They understood the product.
They're like, "We're going to get some
quotes. We got enough info." Right. And
that that happens quite frequently.
>> It was more generally about like, you
know, the type of material, what what
ultimately it needed to do because yeah,
like you said, they they have all of
Even even if you were to get those
quotes on your own, it's almost are you
comparing apples to apples, you know
what I mean? Because they have their so
many different sources. It's, you know,
>> Yeah. And that that is very risky. So,
um, in a former life, um, God, I don't
know how long ago that was, 35 years ago
or something. Uh, I sold computerized
machining centers to machinists. I
sucked at it. It wasn't my thing. This
is my thing.
And they they were you know they were
like $50,000 a half million dollar
machines and they only wanted to talk to
me if they had a big contract. I was
just the sales schmuck that was trying
to sell them a a very expensive machine.
If they had big contract they were
excited to talk to me. But the point is
I I did get to talk to machinists and
sometimes they'd tell me about their
frustrations, right? Because I became
friends with some of them and um and
they were like they were like uh you
know I don't know look look at this look
at this this is a random product. I'm
just using this example. Look at look at
this product this inventor gave me. You
know, they want me to get a quote on
this. Like like they don't have they
don't have a pot to piss in, as my dad
would say. They don't have any money,
you know. I'm going to give them a
ridiculous quote because they're just
wasting my time, you know. So, this is
what you need to understand. Any of you
Yeah, I see David shaking his head. He's
like, anybody of you who've been in
manufacturing know that you can waste a
lot of time quoting people that will
never buy, that don't have the money.
So, you need to be very aware of this
fact that a lot of manufacturers,
contract manufacturers that you could
get a quote for to give the big company
you're trying to license to, they might
give you a really terrible quote like
that's so far off what the company would
pay when they're making a hundred or
half a million units a year, you know?
So, you got to be really careful. Well,
I got a quote from this little company
in the United States or something or
even in Asia. And you tell them the
price and they're like, whoa. You know,
you got to be really careful about that.
You can get yourself into big trouble.
>> New adventure. We almost don't know
enough of the landscape to to even know
if that's an outrageous price or not.
You know, or or you know, maybe they're
going off of a totally different minimum
order quantity. You know what I mean?
Maybe this company is thinking of that
you're talking to is going to purchase
10,000 of them and you're getting a
quote for 1,500. those numbers even at
the same materials those numbers are
drastically different.
>> Yes. Yes. So a lot of times you can do
but even with simple products you know
we got this very simple product here.
There's a tube, there's um a plastic,
you know, mouthpiece, and then there is
this uh flint, which is unusual cuz
flints don't normally have a hole where
air can come through it, right? But it's
not rocket science. But there was even
on that simple product, there was some
things to figure out, you know, but
they're not asking him like what type of
PVC or what type of material is this?
And you know, it's not really relevant.
Now, if if Chad could find a flint that
already has a hole in it for another
product, that would be very relevant
manufacturing information.
>> That's a super good point. So, the
mouthpiece, do you know what that is?
What What does that remind you of?
>> I don't know.
>> Those metal straws that they have now,
they have these little like covers that
go over them. Well, they have like
thicker ones. They have like I I don't
even know what they are. They're like
these little balls in tea or what are
those called? The
>> bubble tea. Boba is that
those are that's a straw cover. No, on
the other side the mouthpiece that's a
straw cover for that for that straw.
Yeah. So like so they were able to find
that that was already so they were able
to just go get a bunch of those. So they
didn't have to do tooling for it which
is cheaper,
>> you know, that you can outsource that
and that that part already exists. So
they didn't have to go make that part.
>> It Yeah. And it's going to vary based on
the complexity of the product. So this
there's not always one way to help a
potential lency with manufacturing, but
let's say there was a product that was
somewhat like this. It had a tube. It
had a mouthpiece and and it went for a
certain price. And Chad could tell
people about it and he could say, "Well,
and then I found this other product
here." And let's say there was a flint
that had a hole in it. Oh, and that's
going for 5.95. Like if you can give a
potential license, they can go, "All
right." You know, and I know that's
retail, so let's say there's a flint
with a hole in it and it's 5.95
and they're like, "Well, it's usually a
five time markup or so, so we're
probably going to get that math on that."
that."
>> But yeah, a buck 50 or something. Like
that makes it easy for them to say yes.
So if you And some people go, "Well, I
can't tell them that." Yeah, you can. So
you could have no manufacturing
experience. Use common sense. Look at
similar product. Well, there's that
product over there. It's 1995 and then
there's this product that uses that
component and that whole product, the
whole thing is under $12.95. You can
actually share that information with
them. And some sometimes when they're a
little bit on the fence, that can push
them over to go, okay,
>> it's worth it for us because what
they're trying to assess initially, can
we make it and can we make it a
reasonable price? So if you can provide
them some initial information to go it's
worth our time because let's say you're
talking to a marketing guy and he's like
yeah I think it's worth wasting our
engineers time or sourcing person's time
to reach out to our contract
manufacturer to see how much this is
going to cost. So sometimes you're
trying to show them yes it can be made
cost effectively with information like
this. A lot of times you don't even need
to do that. They're like like, "Do you
need any info from me?" And they're
like, "No, I get it. It's a tube. It's
this that, you know, um I have enough
info. We're good. We we'll I'll get back
to you. We'll see if we can make this at
a reasonable price, you know."
>> Well, then they they got, you know, then
they came back with like I think it was
like 50 samples or something like that,
you know, that they that they ordered.
So, you actually got to check them out,
make sure that all of the components,
you know, were
>> But that's really good. that that's
going to the next level. To get them to
get a quote
>> is one thing, but to get them to say,
"Hey, we got some samples made and
things are really moving along nicely, right?"
right?" >> Yeah.
>> Yeah. >> Yeah.
>> Yeah.
>> Well, and I will say that also, you
know, it's it's always great if you have
that information, but I think I think in
all the companies that I've contacted as
an independent inventor, no one really
expected me to know that. You know what
I mean? I mean they might ask that
question and I mean it's totally
acceptable to say that you know you can
look into that and get back to them you know
know
>> but I if you have common sense
information to provide you should
provide it and it might be just be
citing similar products with certain
components or this or that. Make it easy
for them now. But what Chad Chad says
he's working on a new product and he's
like oh it's not quite as easy. I'm
running into more roadblocks. And that's
normal. And there's definitely more
complicated products than this fire
starter. You know, this is a nice simple
product. There's like there's like a
tube, there's a a flint, and then
there's a this is there. I guess there's
one more part. This looks like it's heat
shrunk over top of it.
>> Even even the new one is simple though,
honestly. Because But even simple, I
mean, you're getting into things like uh
if you're doing it on, you know, on your
own, if you're reaching out to them on
your own, this is been this project's a
little weird. It's not like the the com
I'm I'm trying to do more on my end. So,
I've been in touch with a contract uh
manufacturer and I' I've been talking
about and forth. So, there's like
certain like lingo and stuff that I
don't understand. I mean, there's
pricing differences as far as, you know,
whether you're they're covering it from
the time it leaves the airport and all
of this this other stuff, you know, but
I mean, it's it's all a learning.
getting getting to the point when you're
having these conversations, you want to
encourage them to get a quote from their
their factory.
So, I would say, you know, but you you
can ask them what are the next steps
here. You say, you know, are are you are
you at the stage where you you like the
product enough where you're you want to
get a quote, see what this is going to
cost you guys, because this is your
business. And I wrote down a couple
things you can say here. This was kind
of so um
let's see. So, like the light the
company says, "So that's so what do you
think this should sell for?" Well,
that's a great question. You know your
customers and margins way better than I
ever could. So, I'd really love to get
your take on that.
That would be a really great
conversation to have, right? Um, if they
press for a more specific number, well,
I've looked at similar items around give
an example or two. But again, my focus
is making sure it delivers the right
benefit. I'm confident you know the best
way to price it once you and if it fits
your product line. So if they seem
hesitant um or they're testing you. Um
the reason I prefer to defer to you on
pricing is because you already know what
customers expect and what works for your
distribution model. My goal is to make
the product as easy as possible to plug
into your system. Or if they're really
friendly, you could say, "I'd love to
hear your thoughts where you think it
would fit pricewise with the rest of
your product line." Then then kind of
pause and let them talk. So, um, you
really want
to get them to do this work for you, and
most of the time they will, not 100% of
the time. You want to get them to get
some quotes because it moves the deal
forward. things are moving forward very
nicely when they say they're going to do that.
that.
>> Well, a nice a nice counter to that. I
mean, like you were talking about just
kind of things that you could tell them.
I mean, that's that's where their area
of expertise lies and and as create
creators, we can stay in our lane, you
know, like you you would respond to them
like you just did, Andrew, but you could
also say, you know, should that not hit
your price point as a product developer,
I'm happy to, you know, make some
modifications to bring that down with
different materials and things like
that. That's our lane. That's where
that's where we can be affected. We may
not know all of the dollars and cents
that they have, but we like you said, we
have common sense. We can know that this
material is cheaper than that material,
and if we can make a new variation of
our product that is cheaper for them,
that's that's where we can bring that
value in.
>> Yeah. And and I I highly recommend that
you offer your help. You say, you know,
I I am a product developer inventor and
I look at things in a different way. And
so if your contract manufacturer come
back and the pricing isn't good or
there's some issues, let me know what
they are because I might be able to come
at it from a different angle or change a
feature or change something.
>> Um, you know, I'll tell this story. I
think I've told this before, but our um
negotiation coach Paul Sorenson, he was
working on a product and he knew this
potential of the particular company.
he'd already had a relationship with
them and he sent him the product and
he's like, "Oh, this is good. I I'm
going to send it to my contract
manufacturer in Asia. He sent it off and
then they came back and they gave it to
the CEO of the company that Paul was
talking to and the it said basically the
report said we can't make this and we
can't make it at a reasonable price and
they said a bunch of stuff about it why
they couldn't do it." now because this
is where having a relationship with the
company and having them see you as a
problem solver is very beneficial. So he
literally just sent that off to Paul and
said, "No, they say it can't be done."
He didn't even look at it. He didn't
even look at it. Paul looked at it, our
negotiation coach, and he's like, "They
have no idea what they're He didn't say
it this way, but they basically in a
nice way said they have no idea what
they're talking about. They didn't look
at this the right way at all. And he
showed it to the CEO and he's like,
"You're right. This is ridiculous." So,
here's the thing that's really shocking.
If a company comes back and they tell
you it's not going to work or it can't
be made a reasonable price, don't assume
they gave it their 100%. Like the
marketing guy loves it, but they sent it
off to Asia and they halfassed it, you
know? So, my point is with regards to
pricing, the closer you can be to them
wanting to share that information with
you. They won't always do this 100% of
the time by any means, but if you don't
ask, they probably won't. So, tell them
that you're open to looking at whatever
the results were at, and if there's
issues, you might be able to come up
with some solutions.
So, that's what Paul did, you know, and
they showed it to him, and he's like,
"No, this is all wrong." and the CEO is
like, "You're right. This is all wrong.
They did a terrible job." So, I know for
a fact this happens sometimes. They
don't do it right. Yeah, you love the
marketing guy. He loves your product,
but they didn't do the research
properly, you know, and they or they
didn't understand it. So, what can you
do to get do well on pricing? Make sure
they really understand it. So, when the
information gets sent over to the
manufacturing guys, they're not
misunderstanding the product.
So I wouldn't just say do you have
everything you need? Oh yeah, we're
good. You say do you understand all the
components of this and what's required
and how it works and is there anything
you need from me
that you can then give to the
manufacturing guys so this is done and
done right. You know I'm here to help.
And he's like no I understand it and
like he recites to you like what it is.
No, I get it. I'm good. A lot of times
I'll do that.
>> But if there's something you you can
provide that would be great. It doesn't
have to be CAD drawings or something.
You're like, I don't have CAD drawings.
I just have this crude prototype, you know?
know?
>> Well, and that's that's scary. You know
what I mean? That that they I mean,
that's out of your hands. They go over
there, they get their price, and if
that's if that price is too high, that's
almost like you know, you're one shot.
So, if there's anything you can help
with on the foreground, I mean, it's
>> it's nerve-wracking once it's out of
your hands and you know, if they come
back with a price that's out of, you
know, out of
>> it's not feasible for them, then you know,
know, >> Dana,
>> Dana,
>> you know, I just go
>> ahead. Sorry. No, you're good.
>> No, I'm sorry. I thought you were done.
I I just want to say that I think that
no matter what industry our products in,
we need to kind of become an expert in
that industry of what products what are
what we perceive our product to be made
out of. Like for example,
if your product is made out of something
that needs to be fireproof,
um you need to understand that material
very well and how much that material
costs. You know, it's it's one thing to
pay, you know, 30, 40, $50, $100 to make
one prototype, but and I and that
happens a lot where we're only making
one prototype, so we're putting a little
bit more money into it. But you can't a
company if it's going to cost a company,
you know, 50, 60, $70 to produce the
product, that's unless they're selling
really high-end products, you know,
that's um you just have to take that
into consideration. I really didn't
think that I had anything to talk about
on this topic. But as we're talking, I'm
thinking back of my shower caddy and
because I knew the material that the
mesh material that this product needed
to be made out of because I had studied
materials like fabric materials, cut and
sew fabrics for so long that when I
finally reached when I finally got a
company, you know, I was very savvy in
when we were talking about what the mesh
was and how it was cut on the grain or
how it was cut this way or that way, you
know, and how it needed to be not mold
it, you know, not get moldy because it
was in the shower. So, you know, I was
able to, even if I wasn't able to give
them price quotes, I was able to educate
them on things that could help them get
better price quotes.
>> Yeah. Yeah. And I think you should share
that information with them or ask them
if they need it.
>> You know, what do they need? Um, but the
the killer combo, which we're not going
to get most of the time, is it's going
to come in at a lower price than other
similar products and have your benefit.
That's great. If you got that, and
sometimes you don't know you have that,
you might like, it might be less, it
might be a little more, might be around
the same price. I don't freaking know,
you know, but I'm going to show the
companies my product and show them the
marketing and the ones that like the
benefit are going to do this work for
me. Now, that doesn't mean it's going to
happen 100% of the time, but most of the
time, um, they're going to do that work
for you. Now, if there's simple
information or complex information, some
of you have, you know, you you've really
developed the product. you have CAD
drawings, you have this, you have that,
blah blah blah, you know. Um, but don't
assume that's what they want. Like, ask
them what they need. Every company is
different, you know. Um, and if you have
a crude prototype, could you do like
five or six pictures of it from all
different angles so they really get it,
you know? Um, could you do a separate
video that's just for the manufacturing
guys? like you did a marketing video,
but it wasn't really shown all the
pieces and the components. You know, you
could you do just a video that's a few
minutes that they can pass along the
manufacturing guys where you're saying,
"Okay, well, there's this this
mouthpiece right here." And maybe you
even say silly stuff like, "Hey, it came
from a boba tea thing." And and then you
know this product just be you know, no,
they don't know your product. It's It's
this flint, but it has a hole in it. And
oh, I found this other product.
>> Get into the the great the details of it
once, you know, once they're actually
interested in it because Yeah. Like that
was a great that was a great example
just from like the demo video. Man, you
can't always especially I mean that's
super simple product and you can't tell,
you know, exactly what's what by the
demo video,
>> right? And some of you may go, Andrew,
I'm not an engineer. I don't know this
stuff. But there is basic things you
need to know. But there's basic things
you can give to them to give to the manufacturer
manufacturer
um that will help them understand the
the product. And it's boring. It's not
exciting marketing stuff. It's the
details that they could easily miss. And
you're all up in your own head about it,
but if you don't share these things,
they could miss it and they could
misquote it. They could not get it. And
if you have encouraging things to say
about these other products or this or
that or understanding the product or
different thoughts, you know, oh, this
piece needs to be fireproof or whatever.
Share that with them. You know, don't do
a long rambling inventor video. You
know, it should be pretty short. Shoot
it a couple times if you need to. You
could probably just shoot it all the way
through and just talk, right? I don't
think anybody should be making a
15-minute video, you know? Um but it it
you might do something under you know
three minutes might be okay if you got
enough to share but just keep it all
so you know in my opinion and it's not
always the case because there's always
anomalies. If a company's really
interested they're going to want to do
that. They're never going to assume that
it can be made at a certain price.
They're always going to do that, you
know, and if you're talking with them,
you can ask them what their process is.
You know, sometimes they're doing that
and they're not even telling you.
Sometimes if you didn't get on the phone
with them and talk to them, they're
going ahead and getting those quotes and
they're not even telling you about that.
But the main point I want to make here
is if you can
be connected to them so that you're
asking about the what processes and the
next step and you know when they're
doing it and you're offering help for
before they send it and when it comes
back both before you send it do they
have all the information they need and
they might say yeah yeah we have enough
info and you're like no there's things
that are confusing here I want to give
them this and go well you don't you know
and say can I give you this and maybe
they don't use it, maybe they do. Um,
and then when it comes back, are they
going to say, "Oh, here is the exact
issue." A lot of times they won't, but
if you offer, hey, if there's an issue
or if there's concerns about the please
let me know. I look at things from a
different perspective because I'm an
inventor, a product developer, and I
maybe I'll have a solution if there is a
problem. Oh, wow. This person's very
professional, you know, but this is
their business. You're not telling them
their business. Um, now there are more
complex products, right? There are some
products that, you know, you you don't
just come up with an invention, go,
"Well, I have this invention and it's a
robot and it jumps up on your roof and
shingles your house, so guys don't need
to sweat in the 110 degree heat and
nobody's going to fall off. You don't
have to worry about product liability,
you know, uh, liability insurance and
stuff, people falling off the roof." And
and and then they say, "Well, how do you
make that?" And you're like, "I don't
know." you know, that's getting into
wacky inventor territory. So, there's
simple products like this, and then
there's products that you kind of need
to know a little bit about how it's
made. Now,
maybe the product is complex that you
invented, but there's a bunch of other
people selling that product, but you
just added a little hinge on the side
here. You don't need to know how that
thing is made. You don't need to know
about the inner workings. You don't need
to know about the electronics. You just
tell them, "Look, there's like five
products that that do this." And you
have no freaking idea how those
electronics work or how this or that
works, but you know how your piece
works. And you just go, "Well, there's
five companies selling that." And but
and what I'm doing over here is I'm
putting it on the bottom, and we're
doing a living hinge here, and that's my
piece. That's my contribution. Well,
they're now they're going to be
confident. Well, all those other
companies are making that. And she just
told me we're adding this hinge here.
Okay, that could be enough, right? So,
but what if they didn't know that those
other products were out there? You you
need to say it. Even if you're like 95%
sure they know, like say it because
people are freaking lazy. You know,
they're working in a corporation.
Sometimes they get this job as a quote.
They're not the marketing person's
excited. They're like, "This is going to
be very expensive." But if they got it
on their table, like they can't say that
if there's these other products and it's
like, well, it's going to add like maybe
50 cents to the cost. They can't come
back and say that because you you gave
them the information that there's all these
these
other products that are more or less the
same and they got it all figured out and
it's at this price and the marketing
person's like, "Yeah, we can we can pay
that." So, um I this is really
rudimentary common sense stuff. Now, are
there going to be some situations that
um the product, you know, there's gonna
you're need gonna need to get really
deep into it and it's going to get
really tactical? Sure. And you know, if
you have one of those products, let's
see. I don't see any questions in the
chat. Um let's see if we got some
questions here.
>> You have a couple good questions here
that I've been reading
>> in the in the
>> in the in Yeah, in the chat. In the chat
on the Zoom.
>> Huh. Why am I not seeing them? Oh, I'm
seeing one private. Oh, I gotta click on
everyone. Oh, I'm missing them. Oh
there's a ton of them. Sorry. Pardon my
language. Go ahead. Uh Dana, you want to
ask one? >> Um,
>> you don't have to have the answer. Just
>> Well, there was one um
>> while you're while you're looking that
up real quick, I just I wanted to bring
up another thing that was relevant as
far as uh pricing kind of from the other
end. And I know Andrew, you've touched
on this a little bit, but um say say you
do your product and your product has a
little bit more of an expensive price
point and you've done it as sufficiently
as you can uh to pay attention to the
existing products that they have. I know
Andrew, you've mentioned this plenty of
times. If if their typical products cost
$20, the odds of them bumping up and
doing a 200 product, $200 product is
pretty slim, you know. So pay attention
to the price.
>> You'd be surprised how many inventors,
but it's so cool. They should sell it. I
I see their products in stores. They're
going to do whatever they already do. If
they sell cheap
>> fall aart products, they're going to
make a cheap fall a-art product. If they
sell middle-of the road products,
they're going to sell it middle of the
road. If they sell really high-end
stuff, they're going to do high-end.
They're not going to do a different
quality level than all their other products,
products, >> right?
>> right?
>> I learned that. I'll tell you a story.
So, I was pitching him a shower caddy
and I reached out to this company that
does whatever they did. Shower caddies,
they did, you know, stuff. And the guy
was super nice. I had a couple
conversations with him. He actually
wanted to see the cell sheet. He and
then he I might have even sent him a
prototype cuz I could make my own
prototype. So, that's a whole another
conversation about when to send a
prototype and when not to. Um he called
me back after he got it and he said and
and and he said it's crap. And I said
what? He said it's crap. And I was like
what do you like what? And he said well
that's a term in in the business world
stands for can't can't realize a profit.
Cannot it's not it's not going to be
profitable for them. And I and so he was
laughing about it and I'm like, "Oh man,
I'm told you can't realize a a profit."
So I was glad he told me that. But but
now, you know, getting more seasoned at
what I'm doing, it's so important to
look at the price point. And although
they did similar products, their price
point was way higher than what mine
would have sold for at $10.
>> And I got it now. I didn't really get it
then, but the guy was super nice. He was
great. He was super helpful. I don't
think I ever got the prototype back. So,
I just like to think that somebody's
using it in their shower.
>> He actually gave great feedback, but it
sounded like he was telling your product
was crap.
>> Yeah, your crap. Crap. A profit. And he
was laughing about it cuz he knew that I
didn't know what he meant. So, but
that's a term there. But, um, there's a
question about um, how does the new
tariffs change the pricing of having
your product manufactured? And honestly,
I I can't answer that. uh we haven't
seen a problem with people companies
coming back and saying you know tariffs
tariffs tariffs we can't manufacture
it's too high that's it just really
doesn't affect it I don't I
>> because and that's very important with
pricing so every company in that field
is competing on the same thing it's not
like they're charging one company one
tariff and another company the next
tariff so it's that's it's it's a level
playing field
>> and I'm not saying that I'm not I'm Not
saying it doesn't change pricing. I'm
just saying that is not af
that is not Yeah. I I just to be clear,
I'm just saying that is not something
that we're hearing from companies we're
reaching out to.
>> Yeah. Yeah. And and consumers are
getting used to paying higher prices.
>> And companies are adapting just like
they did through CO, just like they did
through anything else. They're adapting.
They have to they have to adapt to
survive. Yeah.
>> And there's probably companies that
won't and that's just the way
>> I'll unmute you.
>> Go ahead Richard. Thank you Dana. That
was good info.
>> Hi. Um,
>> hi Richard.
>> How you doing? See I mean um Andrew, sorry.
sorry.
>> That's okay. People
>> um when it comes to pricing, if one
company says it's too too high and they
get it back and saying it's too too high
for them and another company takes a
look at it, are they going to the same manufacturer?
manufacturer?
So it's like are they going to the same
place to get to see about you know
getting based on your question I have
some I have a thought uh you know um
different companies want different
profit margins
some companies want higher profit
margins than others. Some companies are
going to do massive massive volume and
are okay with lower profit margins. So,
um, what might be too expensive for one
company might be fine for another, you
know. Um, I don't think most of the time
they're going to the same manufacturer.
That could be possible. It depends if
the industry is small. Um, but it's also
their perception of what fits into their
model. You know, like one company, they
might be selling uh 50,000 units a year
of their typical product and the other
one is selling half a million units,
right? The ones selling half a million
units might be okay with a smaller
profit margin because they're a monster
and they got great distribution. And
then the ones selling 50,000, h we want
higher profit. Um we don't want too many
products. We don't want to manage too
many products. We want those higher
profit margin products. So that's very
valid. So you know when a company says
it's not a high profit margin, that
doesn't mean that that would be the case
for every company. You know, you can ask
them about their philosophy. I I
wouldn't suggest asking that unless they
until they bring it up that it doesn't
make sense.
>> You want to put Go ahead.
>> I was just more so saying that are they
going to get the same quotes from
getting a quote from the same person or
same people.
>> I don't I would answer that. I I don't
think so. I I don't think that I think
that especially if your product has like
multiple components and they're going to
source those different pieces and things
like that. So I mean and that's what I
was talking about earlier. How can I
mean as as the inventor, how can we know
that they're comparing apples to apples
because they might be getting this piece
done over here. I mean those could that
could vary so wildly and I think the
short answer is that even if they did we
wouldn't know, you know what I mean?
Because they're not sharing that. You
know, I' I've even and I found that, you
know, even getting into licensing deal
when I would ask some of those specific
questions, they consider that to be
almost like proprietary information.
they don't want to share who they're who
they're going and who they're sourcing
through or whatever. At least in my
experience, I I would say it's hard
telling and even if they were, it almost
wouldn't matter because how would you
know if you they're comparing this exact
thing to that exact thing. There's
there's so many variables even as far as
down to how it gets shipped over here.
>> I think that when they come back saying
the pricing isn't working, you can ask
you can say, "Did you go to the one
contract manufacturer you typically use?
Do you think it might be in a very
whimsical kind of nice way? Do you do
you do you think it would be worth it to
get some quotes from people you don't
typically go to that might be able to do
these other components? Maybe your guys
aren't good with these components or
this type of manufacturing. And they're
like they might be like, "Yeah, you
know, I I think we could do that. Let's
give that a shot." So that that's
definitely something that's worth doing.
Um uh the wreath machine on YouTube.
Thank you, Richard. Uh, can you suggest
the licency use your manufacturer that
is being used? So, some of you, if
you're manufacturing your own product,
um, you could suggest that they use your
manufacturer. I think that to be honest,
if they're okay with that, you might
question their um, size. And so, this is
why I'm saying I'm not saying you
wouldn't do that. So, that you're you're
an independent vendor. you're
manufacturing, selling your own product
and you got this little manufacturer and
you're selling like, you know, maybe
like couple thousand units a month or
something. You know, these are big companies.
companies.
Suggesting they use your manufacturer
when they're rinky dink probably
wouldn't make sense. Now, I've seen
scenarios where
the inventor is using a manufacturer
because they're manufacturer selling the
product themselves and they could scale
up. They could go big and you can
suggest that
>> depends on the capacity of that
particular manufacturer. Really?
>> Yeah. But usually it's like there, you
know, your guys doing a oneup mold and
this big company might do I talked to
somebody the other day. It was a small
product. They would do a 50 up mold.
There's 50 of the products, you know,
mold closes, injects, and opens and 50
pop out. Closes, injects, you know, and
so you got to realize your mold might be
useless for large volume they're doing.
the pricing is not good. Now, in that
case, you could say, "Hey, I'm just
using this small manufacturer with a
one-up mold and this is my pricing." But
you got to be careful about that because
they're like, "Oh,
>> well, is that is that worth mentioning?"
I've had a few companies mention tooling costs.
costs.
>> Yeah. Yeah.
Invested in tooling and you've been
manufacturing it yourself, but you know,
anybody any big company that would like,
you know, usually they're not even using
the same mold, but it is worth bringing
up. it might be an asset. Um,
definitely. I've had people that they've
got inventory and they've got tooling
and they've got all that lined up and
they're doing really good volume and
then that might be very valid. They
might want to use the same manufacturer,
>> you know,
>> especially if it's already established
and and they can handle that kind of capacity.
capacity.
>> Yeah, absolutely. So, okay. Isn't it
amazing? We could talk for a whole hour
on this topic, but it is very
>> I didn't think we were going to be able
to to be honest with you, man.
Let let's let's set some uh Yeah, I
agree, Chad. But let let's set some
context here. If the pricing's not
right, you will not do a deal. It will
kill a deal every time. It's a very
common thing that kills deals. So, the
fact that we are spending an entire hour
dedicated to this niche topic, it's
extremely extremely important. And so if
I wanted to share something with regards
to pricing, this on a rudimentary level
should be done at the ideation stage.
You should ask yourself like, okay, I
came up with this idea. Okay, here are
the other products in the space. These
are kind of the companies. Can this be
made at a reasonable price? I've seen
people that have these what I call Swiss
Army knife inventions. has this and this
and this and this and I'm like I look at
I'm like dude like that's not going to
be a reasonable price for the other
companies selling in the space. That's
not going to make sense. Maybe you chop
some of those features off or something.
It can be but
that should be something that you're
doing when you're coming up with the
idea when you're thinking about the idea.
idea.
Is this going to be who are the
companies that are going to sell this
and is this going to sell at a certain
price? Maybe you'll lop some features
off and you're like oh good. Now it's at
a price, but most inventors aren't doing
this. Now it's at a price when I see all
the people selling in the space, like
let's say a little kitchen gadget space,
something that's simple, one piece
plashing injection mold, like some
little tool or something, and you look
at all the products and you see the
price range, and you go, well, I think I
should fit within that price range. You
you you have no idea how important that
is. It's like it's everything. It's
everything. And that should be done when
you're coming up with the idea. It's so
so important. So you could be killing
the deal before you even you're doing
all this work and you're just wasting
your time because you didn't do that.
But if you did that and then you're in
front of they're like, "Oh, I like this
product." And they're like, "Look,
they're looking at they're like, "Yeah,
we can do that at the right price."
because you kind of like you notice that
some little pancake spatulas go from
this spice to this price and you got a
pancake spatula, right? And it has some
little feature on it or something and
you're like, "Well, they go from $3.99
to $15.99 and you just don't see
anything over $15.99."
Well, can I can I make it with my cool
feature, you know, under that 1599 price
and preferably maybe towards the 999
price. I'm just coming up with a random
example. Don't quote me on this, but and
you're like, "Yeah, because it just has
this hook that does this or does that or
it clips in with another device or
something, you know?" Um, and yeah, and
when you should be asking yourself that question.
question.
>> So, I think that wasn't even a thing I
was going to bring up. If you ask
yourself that question from the get-go
before you make your cell sheet, before
you file your PPA, before you make your
list of companies, you're going to be
better off. And if you've gone further
than that and you haven't asked yourself
that question, go ahead and ask yourself now.
now.
>> Yep. Because you should like if and if
the answer is no, you should always find
out. Like Dana, I think that has a great
point about kind of becoming an expert
in your particular category. I mean, you
should know you should know you're going
to be working in these materials and you
want to sound knowledgeable. You should
know the materials you're working with
and you should know the price points of
the other products that are in your
category. All of that stuff is relevant.
And if you know as you're watching these
videos, if that's something that hadn't
occurred to you before, I mean, then
that's that's fine. You just start
looking into it now. It's it's nothing
to do some market research and and
research some materials. And I mean, we
have we live in a time where chat, you
know, AI is at your fingertips. I mean,
you can say, how can I take this product
out of this material and make it cheaper
or better or, you know,
>> I know. How did we ever do it without
chat GPT? Like in the old days, the horses.
horses.
>> I tell my kids that all the time. Like
we live in a time where you literally
have every piece of information at your
fingertips. Like when I ask you don't
know something that's that's not even a
valid excuse anymore.
>> No. No.
>> Yeah. I mean you you could ask Chad.
I've never done specifically that search
but you could say uh Chad I'm working on
a um
>> saying Chad or Chad you can ask me
anything you want.
>> Chad may not know. You're not you're
smart but you you know
>> I don't know way different answer.
>> Chad is a little smarter smarter than Chad.
Chad.
Well, chat chat doesn't bother calling
companies all day long like chat. So, I
appreciate you.
>> I'm glad that they don't. I'd be me out
of a job.
>> Yeah, that's what you're doing for a
gateway client. So, um So, but you could
ask chat, you could say, "I'm working on
a a pancake spatula product and uh can
you give me the price range for a
pancake spatulas?" And it it would tell
you. I know it would. You want to
research, make sure it's right. Um, you
know, but you could also go on uh Google
images and type in K pancake spatula and
then you could you could see the price
ranges on there, too. You know, it's
it's you guys have a lot at your
disposal. But I I'm very proud that we
spent an entire hour. We still got a few
some time left here going over this
topic. If there's one thing you guys are
going to leave, and we're not quitting
quite yet. We still got eight or nine
minutes here. knowing is pricing is everything.
everything.
It's everything. It's it's it is. Now,
you can't have a terrible price product
with a good price. Okay, I got it. But
you could have a great product that's
not a right price and it's dead in the
water. You know, are there categories
that can um sustain a high price?
Absolutely there is. But you need to
look at the category and figure out who
your potential lences are and all that.
So, um let's see. Jeff wrote, I didn't
I'll just read it off the top. Jeff
said, "Here's there here's a quick take
on pricing." Pricing. If you're able to
find a successful product comparison,
that in itself is valuable information
as to what your product could sell at at
retail, uh, from retail back out to
distribution chain points and you'll
have a good idea of what your cost of
goods sold could be for your product.
Yeah. If they see you don't even I mean,
yeah, it's commonly they say a five time
markup. So if the product's selling and
but that's not solid for all product
categories all the time selling at
retail for five they probably made it
for about one that's typically but you
don't always know that but you could not
even say that and you know if you just
look at other products in this space and
you're like yeah mine could be made for
around that range that's fine but Jeeoff
you're absolutely right. So I think the
other thing that I really want you guys
to leave with is that you think you
don't have anything to share. Oh,
>> I want you guys to leave going, I have
common sense. Andrew and Dana and Chad
gave me some tips here and Bentright
gave me some tips. I do have something
to share on pricing. Even though I don't
understand manufacturing, I don't
understand the different types of
plastics. I don't understand if there's
50 types of plastics that I would use in
this particular product. You don't need
to a lot of the time.
So you you're going to go away going I'm
going to make sure when a company gets
interest in my has interest in my
product that I really ask them do you
really have everything you need? There's
some things they could get confused on.
Can I give you something? A video, some
pictures, just a couple written lines of
text. This is how you might be not sure
about this about the product, but here's
my answer to it. Little FAQ about I've
never stated that before. Are you a
little FAQ like five FAQs about the
product that they might get hung up on?
Is there everything? Can I give them
everything they need to get good good
pricing on this? And then when and then
let them know, look, I'm creative. I
look at things from a different
perspective. If you come back and it
doesn't look like the manufacturing
there has some manufacturing issues or
pricing issues, please let me know. I
might have a solution. Might take me a
little bit. Might I come up with a
solution because
If you don't tell them that, most of
them won't give it to you. You have to
tell them that. So, that's really
important. You're probably like, "Well,
I don't need to tell them that. They're
going to come back and share everything
with me." No, they won't. They won't.
But if they like you and you're like,
"Oh, they're problem." So, okay, great.
You know, think about it. You work at a
corporation. You're like, "Oh, they told
me it's a problem." Okay, well, I'll
just forward this off. Remember I told
the story about Paul and that CEO that
he knew? CEO just sent it off. Didn't
even bother to look at it. and he looked
at the manufacturing quote and said they
didn't understand this. They didn't do
this right at all. And it wasn't on him.
He provided the right information, but
they were halfassing the quote. They
didn't really look at it in the right
way. And he's like, and the CEO is like,
"You're right. This is garbage. They
didn't really give this a thorough look."
look." So,
So,
if you want to worry about something,
worry about them not understanding your
product, not quoting it correctly, not
getting it, not putting enough effort
in. Is that a is that a um
legitimate worry? Is that why licensing
deals don't get get done? Absolutely.
Absolutely. You you think that they are
going to treat this your product with as
much care and concern as you the
inventor? No. That man Yeah. A
manufacturing dude doesn't care as much
as the marketing guy and definitely
doesn't care as much as you. the
marketing guy may freaking love it, but
that's not his job, you know. So, um,
know that. And if you know that, that's great.
great.
>> Um, somebody had a really good point and
it's just like look at comparable
products. I know when I was doing my
shower caddy, I was all worried about
manufacturing quotes and you know
there's other shower caddies out there.
There were other products that were
similar to mine. Can they be
manufactured at decent price? Yes. Did I
really need to dig down into
manufacturing quotes? No. Yes, it's very
important to understand that. But that
the but it's not you you know somebody
had mention I think it was Brandon
mentioned his is simple. It's paper.
It's printed. It's super simple. Does he
need to know have manufacturing quotes?
Probably not. He probably doesn't need
to know that. Really depends on your
product really
cuz there was similar there were similar
products like mine out there. So, I knew
they could be manufactured. And if these
companies were manufacturing something
pretty sim similar, then my the cost of
manufacturing mine was probably going to
be pretty inexpensive, too.
>> I think where they get hung up is if
you're asking them to do something
dramatically in the different in the way
of manufacturing than they're used to.
Dana, remember we had that bridging the
gap company on with our students. I
forget the name of the company, but they
literally, this is an unusual company.
All their products were out of wood
>> and kitchen. Yeah.
>> Yeah. It was It was a kitchen company.
They only made They made more than
cutting boards. They made wood.
Everything manufactured in the USA.
Actually, they're like, "Don't show me a
plastic product. Don't show me a metal
product. We're unusual. We only make
products out of wood."
>> So, you know, trying to Now, if they did
want to make something out of something
other than wood, now they're going to be
like, "We don't know what we're doing."
If you go to a company that and you're
like, "Oh, you get these complex
electronics." And you look at their
product line, they don't have a single
electronic product or maybe they just
have simple things like it has a light
in it, a flashlight or something, you
know? Okay, maybe. But really look at
their product line. Um, when you ask for
a company to draw too far outside the
lines, it will probably hang things up.
And that's when if you really want to go
out on a limb, which I don't really
recommend. It's almost a waste of time.
Um, they're going to put more on you.
And that's where it might not be
everything that we've been talking
about, but you have something to offer.
You have something to offer them for
them to make their job easier, to make
it easier for them to understand. And
when they say it can't be done, maybe it
can. Then you you might think, well, I
don't know anything about manufacturing.
Well, what if they share with you the
problem about it and you're like, well,
we don't have to make it a living hinge.
We could make it something else. and
they're like, "Oh, well, in that case,
you know, and maybe that's something you
even share up front if that's the case.
Hey, it could be done a couple different
ways that would still provide the
functionality." Oh, good. Give them that
information. You have something to offer
even if you have no manufacturing
experience. That's very empowering.
That's that's, you know, I didn't start
this webinar thinking like that's the
takeaway and I think that is. What do
you think, Dana and Chad?
>> Yeah, absolutely.
>> Yeah. Yeah. Um, okay, cool. Um,
>> I was gonna say I'm gonna go against the
grain. I don't think your product's
expensive enough. You should plate it in
gold and then see if they'll manufacture it.
it. >> Yeah.
>> Yeah.
>> And have it give it an extra 20 features
on there.
>> Don't forget the bottle opener.
>> Yeah. It's got Yeah, it's called
>> And and I' I I've been asked this
question before and Chad, you um you
kind of talked about it with your product.
product.
They said, "Can I take products off of
other products and make one product?"
And I said, "Absolutely." You took a
product off of a straw, a tube, a you
put them all together and made a new
product. And those are kind of the
easiest ones because all that stuff is
already being manufactured. It's already there.
there.
>> You're just taking all those different
pieces off of other products and m and
creating something new. And the side
benefit is he got to drink the boba tea
after he bought the boba.
>> I don't even know what that is. What are those?
those?
>> I don't know. It has like
>> I don't even know. There's like these
weird little balls in the bottom.
>> You guys are so east coast. I swear.
>> I do not. Oh, we sell it here, but I
don't I don't have to like a west coast
thing. The boba tea. Okay.
>> Once they start putting them in
Budweisers, I probably won't
>> I I had so much boba tea I got tired of
it. I don't even I'm not even that
excited about boba. It got old to me. So,
So,
>> anyway. All right. Um, so guys, I want
to remind everybody, take care, keep
inventing. Uh, I hope you guys had fun
with this. I hope you learned something.
I hope you got a little inspired. And,
um, you can do this. You have a lot more
at your disposal than than you think as
far as your skills and your your
guidance. You can help these big
companies. You know, it's it's scary
when it's a big company, right? But
realize these are just people like you
and me within the company. So, when
you're just helping the people
>> do things, you you can do that. You can
do this. You can totally do this. All
right. So, don't don't be scared. You're
dealing with people, not companies. A
lot less scary that way. All right. So,
take care. Keep inventing everybody. The
lights went out in here.
>> Andrew's got to go pay his light bill again.
again.
>> Yeah. I got
>> Oh, Andrew. J. I'm a geeky. I have an
automated system and in my office the
one light turns off at a particular
time. I'm just that much of a geek.
>> That's his wife. That means it's time to go.
go.
>> Yeah. Yeah. Well, it's our 20th
anniversary today. Actually, we're going
to go out to dinner right now.
>> We're celebrating our 20 20 years of
marriage. So,
>> happy anniversary, man.
>> Yeah. All right. See you guys.
>> Happy anniversary. See you later, everybody.
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