The Harvest Growth Podcast

License Your Invention For Royalties

March 12, 2020 Jon LaClare Season 1 Episode 50
The Harvest Growth Podcast
License Your Invention For Royalties
Chapters
The Harvest Growth Podcast
License Your Invention For Royalties
Mar 12, 2020 Season 1 Episode 50
Jon LaClare

Is it possible to still find success with your invention after 13 years of trials and struggles?  Alan Beckley, host of the Inventors Helping Inventors podcast, invented the Wonder Wallet and knocked on doors for years with little success until he secured a license deal and went on to sell over 2.5 million units of his product.  

In today’s episode of the Harvest Growth Podcast, Alan shares his story as well as how you can find success much more quickly with your invention.  We’ll cover these topics and more:

•What is the one thing you should do in order to make licensees come to you begging for a deal?
•How should you prepare your pitch in order to get the best deal possible?
•Where can you find potential licensees that are the perfect fit for your product?

Alan Beckley is an inventor, entrepreneur, consultant, and podcaster.

In 2002, he got his aha moment for his first invention, a thin, flexible wallet that today is known as the Wonder Wallet. 

Like millions of men, he carried a lot of cards – and found that every wallet he bought soon began to resemble a brick in his back pocket, what he calls a “rump bump.” He hated the rump bump, but he could find no solution to it.

So, he invented the solution: an innovative thin, flexible wallet, that resembles a photo album with cards in 2 stacks in plastic card holders instead of one. It is half as thick as other wallets, holds twice as many cards, and, surprisingly, is flexible, so it is comfortable to sit on – and is RFID protected.

But, success didn’t come quickly. Over 13 years, he pitched to potential licensees with no luck, so he manufactured - and consumers loved the product.

He was able to get on QVC where the product sold for 2 years, about $130,000 in retail sales. Finally, in 2015 he got it licensed with Allstar Products, a huge infomercial company where it has sold over 2.5 million units, over $39 million in retail sales.

He vowed to pay it forward if he achieved success, so he has. Today, Mr. Beckley provides help for other inventors in many forms: a blog on his website alanbeckley.com, free webinars, and online courses to give inventors step-by-step help. Also, he provides coaching for inventors to get them on the right path with their products. 

But his real passion project these days is his podcast for inventors, called Inventors Helping Inventors, where every Monday, he interviews successful inventors and asks the questions that listeners want to know. 

Inventors Helping Inventors is growing rapidly, with listeners in the U.S. and 15 countries around the world after only one year. 

If you’d like a free 30 minute coaching session, one-on-one with Alan, you can sign up at www.alanbeckley.com/coaching.  He can answer your specific questions and help you cut out wasted time and money from the invention process.

If you have a product you are looking to launch or grow and you would like some help from a partner that has helped successfully launch hundreds of products that now total over $2 Billion in revenues, visit HarvestGrowth.com and set up a free consultation with one of our Product Launch Experts.

Show Notes

Is it possible to still find success with your invention after 13 years of trials and struggles?  Alan Beckley, host of the Inventors Helping Inventors podcast, invented the Wonder Wallet and knocked on doors for years with little success until he secured a license deal and went on to sell over 2.5 million units of his product.  

In today’s episode of the Harvest Growth Podcast, Alan shares his story as well as how you can find success much more quickly with your invention.  We’ll cover these topics and more:

•What is the one thing you should do in order to make licensees come to you begging for a deal?
•How should you prepare your pitch in order to get the best deal possible?
•Where can you find potential licensees that are the perfect fit for your product?

Alan Beckley is an inventor, entrepreneur, consultant, and podcaster.

In 2002, he got his aha moment for his first invention, a thin, flexible wallet that today is known as the Wonder Wallet. 

Like millions of men, he carried a lot of cards – and found that every wallet he bought soon began to resemble a brick in his back pocket, what he calls a “rump bump.” He hated the rump bump, but he could find no solution to it.

So, he invented the solution: an innovative thin, flexible wallet, that resembles a photo album with cards in 2 stacks in plastic card holders instead of one. It is half as thick as other wallets, holds twice as many cards, and, surprisingly, is flexible, so it is comfortable to sit on – and is RFID protected.

But, success didn’t come quickly. Over 13 years, he pitched to potential licensees with no luck, so he manufactured - and consumers loved the product.

He was able to get on QVC where the product sold for 2 years, about $130,000 in retail sales. Finally, in 2015 he got it licensed with Allstar Products, a huge infomercial company where it has sold over 2.5 million units, over $39 million in retail sales.

He vowed to pay it forward if he achieved success, so he has. Today, Mr. Beckley provides help for other inventors in many forms: a blog on his website alanbeckley.com, free webinars, and online courses to give inventors step-by-step help. Also, he provides coaching for inventors to get them on the right path with their products. 

But his real passion project these days is his podcast for inventors, called Inventors Helping Inventors, where every Monday, he interviews successful inventors and asks the questions that listeners want to know. 

Inventors Helping Inventors is growing rapidly, with listeners in the U.S. and 15 countries around the world after only one year. 

If you’d like a free 30 minute coaching session, one-on-one with Alan, you can sign up at www.alanbeckley.com/coaching.  He can answer your specific questions and help you cut out wasted time and money from the invention process.

If you have a product you are looking to launch or grow and you would like some help from a partner that has helped successfully launch hundreds of products that now total over $2 Billion in revenues, visit HarvestGrowth.com and set up a free consultation with one of our Product Launch Experts.