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Lightning Launch FAQ
- WHAT MAKES LIGHTNING LAUNCH DIFFERENT FROM OTHER COMPANIES THAT MARKET THEIR SERVICES TO INVENTORS?
- DO YOU OFFER INVENTOR SERVICES?
- ARE THERE ANY FEES ASSOCIATED WITH YOUR SERVICES?
- WHY WOULDN’T IT BE BETTER TO SUBMIT MY IDEA TO A COMPANY THAT DOESN’T CHARGE AN ‘UP FRONT’ FEE?
- WHY SHOULDN’T I SEEK A LICENSING DEAL ON MY OWN?
- HOW DO I MAKE MONEY FROM A LICENSING DEAL?
- WHY SHOULD I CHOOSE A DRTV COMPANY?
- WHAT’S THE STEP-BY-STEP PROCESS?
- HOW DO I KNOW I CAN TRUST YOU?
- AT WHAT STAGE DO YOU ACCEPT INVENTIONS?
- WHAT PERCENTAGE OF PRODUCTS SUBMITTED ARE CHOSEN FOR MASS-MARKET?
- CAN I REALLY MAKE A GOOD LIVING INVENTING PRODUCTS?
- WHAT ABOUT INTELLECTUAL PROPERTY RIGHTS (PATENTS AND TRADEMARKS)?
- TERMS YOU NEED TO KNOW:
WHAT MAKES LIGHTNING LAUNCH DIFFERENT FROM OTHER COMPANIES THAT MARKET THEIR SERVICES TO INVENTORS?
First and foremost, we are not an invention marketing company. The business model for those companies focuses on selling services to inventors at very high and repeated fees. They usually charge a fee of $300-$900 up front to evaluate an idea. Then, they return with a glowing review and tell you how valuable your product is, and request another fee ranging anywhere from $6,000-$24,000. And this goes on and on.
At Lightning Launch we turn inventions into products that have mass-market appeal and then leverage great relationships with mass-market retailers to make products a household name. We stand out from the crowd because we are inventors ourselves…we’ve walked in your shoes. We understand the pride you have in your idea. If we see potential for success we’ll do everything we can to make it happen! We will provide you with honest feedback and the best possible team to propel your great idea into a huge mass-market hit!
DO YOU OFFER INVENTOR SERVICES?
We do not offer fee-based services for patents, prototypes, etc. We work with inventors to perfect their ideas, secure a licensing deal and get their product on store shelves nationwide.
ARE THERE ANY FEES ASSOCIATED WITH YOUR SERVICES?
Yes. There’s a one-time fee for each new product you submit for evaluation, $299. All of the relevant metrics of your product will be explored by one of our in-house experts and presented to our new products team during our bi-weekly meeting. If we feel that it has a future in mass-market retail, we will work together to get it there. If not, you’ll receive our written opinion as well as our recommendations. Whatever the case, we will never ask you for another dime!
WHY WOULDN’T IT BE BETTER TO SUBMIT MY IDEA TO A COMPANY THAT DOESN’T CHARGE AN ‘UP FRONT’ FEE?
Most companies that market their services to inventors start by asking you to submit your idea (for FREE!). Then someone from the company calls you to tell you how great it is, how brilliant you are and how perfect your concept is for their company. But wait! Suddenly FREE is no longer free – they begin requesting fees upwards of $6,000 or more., and those fees will continue throughout the process. At Lightning Launch, we accept a nominal, one-time fee of $299. This fee assures us that you believe in your idea and its ability to succeed. We are only compensated when we license a deal for you! So, if your invention is as great as you say it is, and we choose to represent you, all other costs for seeking a licensing deal are paid for by us.
WHY SHOULDN’T I SEEK A LICENSING DEAL ON MY OWN?
You certainly can, but being new to the market, large companies are less likely to take a risk on you. They will most likely offer you 1% on DRTV sales OR (not and) 2-3% on retail sales. Lightning Launch has an established reputation, companies know us and enjoy working with us. We will secure a deal on your behalf that includes ALL (DRTV & retail) sales at a much higher percentage.
HOW DO I MAKE MONEY FROM A LICENSING DEAL?
Once your product begins selling on TV and in stores you will begin receiving royalties on a quarterly basis. A royalty is the amount of money paid by Licensee (i.e. company or party that is going to license your invention) to Licensor (i.e. inventor) for the use of the invention.
WHY SHOULD I CHOOSE A DRTV COMPANY?
TV is, by far, the most powerful medium available to advertisers. DRTV uses this unrivaled power of TV to create the “impulse to buy” and drive sales to retail, Internet and other distribution channels. DRTV is the best advertising format for new and innovative products that can be demonstrated and shown to make life easier and better. Health and fitness products; cosmetics; skin, hair and other personal care; nutritional supplements; house wares and appliances have been among the most successful products marketed through DRTV. The bigger the potential market for your product, the better your product will do. TV reaches a very large and varied audience.
WHAT’S THE STEP-BY-STEP PROCESS?
1) Submit your contact info now [link to: https://lightninglaunch.com/submit-an-idea/] and one of our experts will reach out to you in the next 48 business hours.
2) You’ll sign our invention submission agreement, fill out our inventor questionnaire, and pay the one-time only invention submission fee of $299.
3) Your product will be submitted to our New Product Development Team for review.
4) You’ll receive a written report of our evaluation. If we accept your invention we will negotiate a royalty agreement and you will begin working directly with a member of our New Product Development Team. Note: As the inventor you will retain all ownership of your invention.
5) Our team members will learn the ins and outs of your invention, prepare it for prime-time, develop all marketing materials and begin negotiating a licensing deal. We share in the licensing income in the way of a percentage of the royalty that you receive. So, we don’t get paid until you do
HOW DO I KNOW I CAN TRUST YOU?
We understand that many inventors are put through the ringer with other companies, or have heard horror stories from other inventors, some of which have paid thousands of dollars and gotten nothing for their money. Some invention promotion firms also may offer you a contract where they agree to act as your exclusive marketing and licensing agent. For this, a questionable firm may require you to pay an upfront fee of as much as $10,000 and to commit a percentage of the royalties the invention may earn. On the other hand, reputable licensing agents such as ourselves typically do not rely principally on large upfront fees. They normally rely on royalties from the successful licensing of client inventions and are very selective about which ideas and inventions they pursue. We can assure you that we are NOT one of these companies, and our one-time only fee of $299 reflects just that.
AT WHAT STAGE DO YOU ACCEPT INVENTIONS?
We work with seasoned inventors as well as everyday people who have great ideas but don’t know where to go from there. We handle everything from prototyping, securing IP, developing a name and logo, to creating sales materials and so forth. Whether you need help getting your already developed product to mass-market or you need a team to develop your idea into a product, we’re the ones you can count on. There is no idea to large or too small for Lightning Launch.
WHAT PERCENTAGE OF PRODUCTS SUBMITTED ARE CHOSEN FOR MASS-MARKET?
Less than 5% make our ‘internal’ cut and, if we’re doing our job effectively, 50% of those that make it in-house wind up in mass-market.If your idea simply won’t translate into a successful mass-market product, investing $299 to find that out quickly will save you years of frustration and tens of thousands of dollars. It will also save you a tremendous amount of missed opportunity – time you would be spending promoting a product without a future instead of inventing something else that could be blockbuster. What’s more, the feedback you receive in the event we pass on your product will help you change the way you think about creating new products and actually increase your chances of coming up with something great. As an inventor, your greatest resource is always your time!
CAN I REALLY MAKE A GOOD LIVING INVENTING PRODUCTS?
Yes. You need to be one of two things though – very lucky or very humble. Very lucky = coming up with something really great that’s never been done before, has huge appeal, is timed perfectly and ideally situated for mass-market consumption. Humble = realizing that most of your ideas will be misses and that the way to be successful is to keep pride on the shelf, bring your concepts to experts very early in the process and spend time only on the ones that have been vetted and that clearly have a future. Almost all high-earning inventors have hundreds of inventions to their credit and two or three blockbuster products.
WHAT ABOUT INTELLECTUAL PROPERTY RIGHTS (PATENTS AND TRADEMARKS)?
There are companies that make vast fortunes securing intellectual property for products that will never be brought to market. We suggest investing very wisely in intellectual property after you’re convinced that your idea is destined for the big leagues and with the understanding that IP only goes so far. In reality, the value of most good intellectual property protection is dwarfed by what we like to call the ‘first big mover advantage’. Many inventors are disheartened when a big company with lots of horsepower and very deep pockets successfully launches a product that’s virtually identical to the product they’ve been struggling to give away for years at flea markets and craft fairs – a product that they thought was perfectly protected by the $10,000 they spent on acquiring ‘IP’ with the help of their local attorney. The fact is that most IP is easily circumvented and that the only thing that will scare off competition is having someone big in the space, with lots of resources; put their name behind the product first.
TERMS YOU NEED TO KNOW:
- LICENSOR – this is a term used to refer to an inventor, or the person/entity that is granting rights to the invention.
- LICENSEE – this term refers to the company or party that is going to license your invention and (you hope) pay lots of money in royalties.
- INTELLECTUAL PROPERTY RIGHTS – this term may refer to the patents, patent applications, trademarks, trademark applications, copyright registrations, etc. Basically, it defines your ownership rights; the protections surrounding your invention.
- ROYALTY – A Royalty is the amount of money paid by Licensee to Licensor for the use of the inventor’s intellectual property.