Everything Intellectual Property
My name is David Spears and I am an Intellectual Property attorney who manages patent portfolios for client ranges from start-up companies to multibillion dollar companies around the world. I am also a former college football player for Michigan State University. I am interviewing people who have invested in themselves and Intellectual property, and who then goes on to start a business around their intellectual Property.
Everything Intellectual Property
You Can Achieve Your Dreams with My Proven Business Strategies
I just hit the ground running. That's how I started my journey to create Thompson Tee, a sweat-proof undershirt that has changed the lives of many. My story is one of determination, resilience, and the relentless pursuit of a solution to a problem I faced personally: excessive sweating. I realized that I couldn't keep doing my full-time job while trying to get this business off the ground, so I made the leap. It wasn't easy, and I faced countless rejections along the way—hearing 'no' more times than I can count. But I learned that every 'no' is just one step closer to a 'yes.' In this episode Billy, shares his journey from struggling to raise funds to finally launching a product that has sold millions of units. I discuss the challenges of entrepreneurship, the importance of perseverance, and the lessons I've learned about sales and marketing. If you're thinking about starting your own business or just want to hear an inspiring story, this episode is for you. Join me as I dive into the ups and downs of building a brand, the importance of customer service, and how to navigate the ever-changing landscape of business. Let's explore how you can turn your dreams into reality, just like I did with Thompson Tee.
00:00:00 - Introduction
00:00:18 - Overcoming Rejections and the Power of Persistence
00:00:49 - Guest Introduction
00:01:10 - Billy Thompson's Background and Journey
00:01:45 - Thompson Tee: The Product and Its Birth
00:03:48 - Transition from Sales to Business Ownership
00:04:13 - The Importance of Sales Skills
00:08:27 - The Journey of Building Thompson Tee
00:09:27 - The Role of Sales in Entrepreneurship
00:11:49 - The Value of Sales Skills in Various Professions
00:12:27 - The Power of Hearing 'No' and Persistence in Sales
00:15:38 - Growth of Thompson Tee
00:16:35 - The Role of PR in Business Growth
00:19:29 - The Impact of Shark Tank
00:20:37 - The Shark Tank Pitch
00:26:08 - The Shark Tank Deal
00:28:48 - Decision Not to Ink the Shark Tank Deal
00:30:00 - Surviving and Thriving During COVID
00:31:15 - Understanding Intellectual Property
00:32:10 - The Role of Patents in Thompson Tee
00:33:04 - The Journey of Patenting the Product
00:33:30 - The Challenges of Patenting Apparel
00:34:29 - The Design and Utility of Thompson Tee
00:35:05 - The Process of Patent Application
00:35:31 - Dealing with Patent Infringements
00:35:49 - The Cost of Defending a Patent
00:36:50 - The Challenge of Knockoff Products
00:38:45 - The Importance of Customer Service
00:39:31 - Enforcing Patents on Amazon
00:41:12 - Biggest Breakthroughs and Challenges
00:43:36 - The Impact of COVID on Thompson Tee
00:44:37 - Preserving the Bottom Line Amid Rising Costs
00:46:43 - Dealing with Day-to-Day Challenges
00:47:45 - The Reality of Fame and Wealth
00:52:02 - Advice for Aspiring Entrepreneurs
00:55:35 - How to Follow and Purchase Thompson Tee