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hi everyone this is carmine disco coming 0:04 to you on the inventors Launchpad 0:06 Network and I'm pretty excited today 0:10 because we had the ability to help out a 0:13 company relaunch that has been basically 0:17 helping inventors we know the inventor 0:20 world is crazy 0:21 everyone seems like they're in a vacuum 0:23 all inventors unless they're out there 0:25 talking about their product they feel 0:27 like they're by themselves and this 0:30 company has been helping people get 0:33 their ideas out helping people develop 0:35 their ideas information and actually 0:38 selling them and bringing them to market 0:39 and it's my privilege to bring on the 0:43 president of quirky and Gina Walt Horne 0:47 is gonna be on with us and we're gonna 0:48 go over the relaunch of quirky hey genie 0:51 over there oh thank you so much for 0:55 being on the show today no and I this 0:57 morning I do the shows all the time 0:59 they're not scripted and I was actually 1:01 nervous coming on the show talking about 1:04 quirky which is something I'm really 1:06 passionate about this is a company that 1:09 I didn't want to mess up to launch 1:10 because it's so important to the 1:12 International inventor community and I 1:16 just want to make sure that we do quirky 1:18 justice and I'm so happy that we're 1:20 gonna get to talk about it with you on 1:22 the show oh thank you we feel the same 1:24 way about great great I see that you 1:35 know you're sitting there and you have 1:36 some products in the background and 1:38 we're gonna get all into that as we 1:40 progress and I know that quirky you know 1:42 they were really going to town launching 1:44 a lot of products and you know they did 1:45 a lot of good out there but before we do 1:47 it I want to I want to talk a little bit 1:49 about you and and how you got into this 1:52 craziness that we call the invention 1:54 community and maybe give us a little bit 1:55 of your background sure so I actually 1:59 started my career in the advertising 2:03 world so working at big ad agencies 2:06 working for fortune 500 brands like 2:09 Procter & Gamble for 2:12 whatever for UPS helping them with 2:15 communications marketing strategy and 2:17 really I started my career right in the 2:19 midst of the digital advertising 2:21 revolution in 2005 so really helping 2:25 them navigate the new world that is 2:27 digital and digital advertising I did 2:30 that for probably about six seven years 2:34 um and then I felt like there was this 2:36 missed opportunity in the market for 2:39 baby brands to be more innovative by 2:43 working with inventors and entrepreneurs 2:47 so I actually left the agency world and 2:50 I started a company with a co-founder 2:51 called evolution and evolutions mission 2:54 was to connect the world of big brands 2:57 of early-stage tech startups 2:59 specifically more than a software space 3:01 so I worked with the likes of Nestle dr. 3:05 pepper Steelcase Mondelez international 3:08 and I hope these big brands to identify 3:12 startups early stage seed series a that 3:16 had technology and software that could 3:18 solve their business challenges so it 3:20 was kind of like a matchmaker between 3:21 the worlds of big brands and Madison 3:24 Avenue and the little guys over in 3:26 Silicon Valley meanwhile while I'm doing 3:29 all this I'm kind of back home tinkering 3:31 myself very involved in meetups and 3:33 inventor communities in New York I kind 3:36 of fancied myself a serial ideator who 3:39 could never really get any of my DEA's 3:41 any farther than poor sketches on 3:45 napkins I once fashioned 3:47 a better chicken wing dipping Bowl metal 3:50 plate it's still sitting on my coffee 3:53 table I own about 20 URLs for products 3:58 that I've never done anything but by the 4:00 URL for I'm a year RL quarter I was an 4:05 avid cookie fan during this time so here 4:07 I am running this other company 4:09 connecting the worlds of big brands and 4:11 tech startups spending some of my own 4:13 free time on Corky collaborating on the 4:15 community and just checking out all the 4:17 cool inventions that are out there when 4:20 I really you know I watched 4:22 the bankruptcy and I saw what happened 4:24 to perky and as a user and a fan of the 4:27 company I was pretty bummed and thought 4:30 how could something with such a 4:32 beautiful and brilliant vision that 4:34 meant so much to so many people not 4:37 being successful and you know that's 4:40 when I was really learning the hard 4:41 truths about profitability and what it 4:43 takes to run a business running my own 4:45 business software what happened to perky 4:48 and very serendipitously just through 4:51 the industry I was able to meet the 4:53 private investors that purchased worki 4:55 out of the auction after the bankruptcy 4:58 they saw what I was doing in this 5:00 matchmaking world between brands and 5:02 startups and said listen this is the 5:04 pivot we believe quirky needs to make in 5:07 their own business model we'd love you 5:09 to come on board and help break the ship 5:11 and make it work II as successful as it 5:14 can and should be and so I left my 5:18 business and joined the team at the 5:20 beginning of 2017 and here we are today 5:23 well I tell you what you certainly spoke 5:26 about the ingredients needed in in 5:30 running the helm of it mean basically 5:33 quirky I mean it's a multi-million 5:35 dollar company that was just kind of 5:37 waiting there for somebody to jump in 5:39 and start it up again hey because it has 5:42 been I mean the community is still there 5:43 is that right that's absolutely right so 5:46 you know the website never never went 5:49 down perky as a shift towards new 5:52 ownership just really put the brakes on 5:54 producing any process so even though you 5:57 know the website is live but products 6:00 really weren't coming out of the core 6:01 key factor anymore which you may think 6:04 would leave a lot of community members 6:05 to you know scram and get out of here 6:08 but they didn't they stuck around 6:09 community didn't go anywhere 6:11 they kept inventing they kept new 6:13 community members kept joining this 6:15 whole time so you know since the 6:17 bankruptcy we've seen tens of thousands 6:19 of adventures get submitted and over a 6:22 hundred new registers a day because the 6:24 community is just that passionate so you 6:27 know we are community members ourselves 6:29 who just believe in bringing this thing 6:31 back Wow that's that is amazing you know 6:35 and you mention a few things 6:36 whilst I was preparing for the for the 6:38 show so now kind of stalking you around 6:41 the internet to find out things about 6:42 what you've been up to I found out 6:46 things you know great things you've been 6:47 doing and it seems like as I do research 6:49 you are a perfect fit for this 6:52 particular type of project and I say 6:54 that not just because you're on the show 6:56 with me it's like it to me I just one 6:58 working brand builder I mean to me it 7:00 sounds like you that's what you do I 7:03 mean there's a lot of other things that 7:04 fall into place but that's what 7:05 inventor's me I hope I'm able to bring 7:11 Corky in this new kind of business model 7:14 that we're pivoting towards it is that 7:16 insight into what big brands and big 7:19 corporates and big successful corporate 7:22 brands me and what they need is 7:25 innovation and they need inventors more 7:28 than a lot of them even know and so 7:30 coming from that background where I 7:32 understand how to sell into corporates 7:34 how to identify those gaps and their 7:38 pain points and identify opportunities 7:40 where they need product innovation they 7:42 need to tap into community and just 7:44 understanding you know what makes a 7:47 brand successful I hope I'm able to 7:49 bring all that insight to worki to help 7:52 them venture into this this new model 7:54 hmm well that's one thing that inventor 7:58 is need I'm an inventor it sounds like 7:59 you're an inventor and it's it's it 8:01 makes me laugh when you talk about you 8:03 know you know sketches on napkins and 8:06 you put things together and you're a 8:07 tinkerer because in reality everyone 8:10 that I speak with that you there they 8:12 love inventions they love innovation and 8:15 everything that you mentioned I'm saying 8:16 well that's exactly how we feel there at 8:18 the launch pad because you know 8:20 sometimes we would go to a party or out 8:21 in public you hesitate something 8:25 sometimes it's talking about what you do 8:26 for a living because if you do everyone 8:30 has an idea and it's gonna lock you in 8:33 you know for the rest of the day because 8:35 they call her friend over hey Jim's got 8:37 a product he's been talking about for 8:39 five years or and and you know those 8:41 things I'm sure are already happening to 8:43 you but it's amazing to me that the 8:45 invention industry is as vast as it is 8:48 but it's still a 8:49 a close-knit community yeah absolutely 8:53 I have a very long notepad in my you 8:59 know in my app store on my on my iOS the 9:03 Notes app I've got just tens of 9:06 thousands of notes where I capture every 9:08 idea that anyone spits my way and then 9:11 chances are they come up with an idea 9:13 and then I kind of spend 20 minutes 9:15 thinking about it coming up with 10 9:16 ancillary or line extensions for their 9:19 idea so it's you know it's what I love 9:21 to do but I think something interesting 9:23 you mentioned is about kind of the 9:27 inventors who come to Porky and and who 9:29 were so passionate about porky because I 9:31 think it's really important as we think 9:34 about the future success of this company 9:36 to understand what Corky is and what 9:37 it's not for inventor so I'd like to say 9:40 that perky is not for every inventors 9:44 invention every time right so there's a 9:47 whole ecosystem of players in this 9:49 invention space from you know the kick 9:52 started with the invent helps and each 9:54 one offers a different service for 9:56 adventures and so quirky is right for 9:59 all inventors I like to say but not 10:01 necessarily right for all inventions or 10:04 we're all on ventures are on the point 10:05 in life and their journey so what I mean 10:08 by that is quirky is a place where we 10:11 function on the licensing model we can 10:13 get into that a little bit but if you're 10:15 thinking about building in business and 10:17 you want to quit your day job and you 10:19 have an idea and you want to brand it 10:21 your brand and you want to start a store 10:23 and you want to run a business around 10:27 your product invention quirky is not the 10:29 place for you to bring your invention 10:31 we're not the right thing you probably 10:34 have ten other inventions that maybe you 10:36 want to put on Berkey because those 10:37 aren't the ones you're trying to run a 10:38 business around and that's okay so we 10:42 want to be open and honest about what we 10:44 wear we are the right channel for your 10:46 creativity and for your ideas and where 10:48 we're not and sometimes like I said you 10:50 might have a portfolio of inventions as 10:52 a serial 10:53 you might be just someone who was 10:55 driving to work one day and still your 10:57 coffee on your lap and came up with the 10:59 idea for a seat belt that absorbs coffee 11:02 spills but you're never gonna do 11:04 anything with that idea Cumbrian on 11:06 quirky or maybe you have built the seat 11:08 belt that absorbs spot these bills but 11:09 you're kind of just as far as you can go 11:12 and you're looking for another outlet or 11:14 you want to get it to a big auto brand 11:16 but you don't have the resources then 11:18 quirky is the right place for you so you 11:20 know hopefully as we move towards this 11:23 new site relaunch we're doing a lot to 11:26 educate the inventor community about 11:28 when Corky is the right channel and 11:32 partner for your idea it's great that 11:35 you say that because it is important too 11:39 for people to think about what they want 11:40 to do whether they want to leave their 11:42 day job where they don't want to you 11:44 know making a few thousand dollars a 11:45 month or a thousand dollars a month or 11:47 $50,000 and ones from your invention 11:48 idea why is Faust you're still working 11:50 isn't bad everyone where it thinks they 11:52 need to make millions and millions of 11:54 dollars and it doesn't have to be like 11:56 that I mean taking taking an idea and 11:59 allowing somebody like yourself and all 12:00 the partners and knowing what they're 12:02 doing taking those steps in the right 12:04 order it's so enough I mean a lot of 12:12 inventors don't want to hear that but 12:14 that's the truth so Corky allows you to 12:17 see your idea potentially come to 12:20 fruition become a real product on 12:22 shelves make you a royalty in perpetuity 12:25 and you do not need to invest assess we 12:28 do everything we have to overhead we 12:31 have staff we are going to help design 12:33 it mechanically engineer it render it 12:35 prototype it bring it out to 12:37 manufacturers and brands package it and 12:40 market it distributed off a customer 12:43 support for it there is a cost to each 12:46 one of those invention is hard an 12:48 invention is expensive and if you don't 12:50 have or don't want to make that 12:53 investment in an idea but you believe in 12:55 it and you think it's a great idea you 12:58 can bring it to perky and we will make 13:00 that investment on your behalf mm-hmm 13:02 and again it sounds like you know it 13:05 sounds like I'm selling the quirky 13:07 idea but the great part is is there's no 13:09 charge food you guys do so I'm not 13:11 selling it what I'm selling is that I'm 13:12 selling is that an inventor may be good 13:15 at one or two things and nothing great 13:17 is ever done by yourself I mean you need 13:20 a team around you and being able to just 13:22 log on to a website upload your 13:24 information and have people all around 13:26 the world have people in the backend 13:28 office such as yourself I mean it's 13:30 basically a dream come true for an 13:33 inventor that is educated it's those 13:35 inventors that think that they have to 13:37 do everything themselves they can't tell 13:39 everybody about three and they're 13:40 working in a vacuum those are the ones 13:41 that really they need to learn that that 13:43 is not the way to invent a product yeah 13:46 absolutely and the interesting thing 13:48 about the quirky community is because 13:50 it's so vast it really covers all 13:54 different sorts of people from just 13:56 creatives to designers to hardcore 13:59 inventors to like I said someone who 14:02 would never fancy themselves an inventor 14:04 and who would never use that vernacular 14:06 or call themselves an inventor but 14:08 they're someone who has really 14:10 interesting product ideas or maybe they 14:12 have insight and they recognize in 14:14 efficiencies in the products that they 14:16 use every day so it'd be as simple as 14:18 coming to the platform and saying 14:20 there's got to be a better way to do 14:22 this or to use that they may not have 14:25 the solution but they may have some sort 14:28 of you know loose idea of the efficiency 14:31 that needs to be solved and how it might 14:33 be solved and then therein lies the 14:35 beauty and the power of the community 14:37 because every idea that gets put on 14:39 quirky should you decide to make it 14:41 public because you have an option you 14:43 can keep your idea private and no one 14:44 will ever see it except the quirky team 14:46 and our manufacturing partners or you 14:49 make it public and that's in the 14:50 community all joined together to iterate 14:53 and enhance and evolve your idea by 14:55 applying their own insight than our own 14:57 skill set to really take that idea of 15:00 yours to the next level and really give 15:02 it a form factor that turns it from 15:04 concept into tangible product and then 15:07 we take it from there so whether you're 15:09 a hardcore inventor that does their own 15:11 prototyping and mechanical engineering 15:14 whether you're just someone who feels 15:15 like they always have a better way to do 15:17 things you're all welcome and there's a 15:19 role for each one of those individuals 15:22 yeah I actually zipped around the quirky 15:25 platform which is very intuitive by the 15:28 way but I saw all different just as you 15:29 mentioned I saw all different types of 15:31 people I saw designers I saw you know 15:34 intellectual properties I saw an idea 15:35 just with napkins and a drawing then I 15:37 saw full prototypes and it's so great 15:39 you can decide and decide how you want 15:42 to jump in and what you want to help 15:44 people with it is it being in the 15:47 invention industry as far as long as I 15:49 have and even yourself being in business 15:50 and invention industry when you see 15:52 something like that that makes it easy 15:53 it makes you feel better because you 15:56 know that when that person gets to the 15:58 point where they know they need help 15:59 that does actually help for them and 16:03 you're not going to charge them you know 16:05 fifteen twenty hundred thousand dollars 16:07 to help because that's not how inventing 16:10 is done yes oh that's great I mean it's 16:15 it's awesome I am so glad I said I just 16:17 had so many things that I want to get 16:19 going on these and I know we're gonna do 16:20 a series and it's so great that we're 16:24 able to do this in in pieces because as 16:27 inventors listen I'm you know we want to 16:29 send them over to the site we want them 16:30 to sign up we want them to zip around 16:31 and feel a trusting you know voice a 16:35 trusting sight because that's some of 16:37 the things that I run into and I don't 16:38 know if it's something that you run into 16:40 as you talk with inventors I know you've 16:42 been to a lot of shows and you know it's 16:44 that trust factor that you know if I 16:46 tell people about my idea they're gonna 16:47 steal and do you run into that or is 16:50 something that you haven't experienced 16:52 too much yet yeah no it absolutely is 16:54 and it's something that we work on every 16:58 day and that we probably will continue 16:59 to work on every day I think I see it 17:04 from a few different angles there's 17:05 first there's the perception that I 17:07 don't want to tell anyone my idea 17:10 because a big a big company is going to 17:13 come in and take it a big brand what I 17:16 hope my advice kind of any inventor that 17:18 feels that way I don't think that's a 17:21 legitimate concern for the most part and 17:24 the reason is because I've worked with 17:26 these 17:26 the corporates these fortune 500s for my 17:29 entire career and they move so slow 17:33 there were so many legal hurdles there 17:37 are you have to have meetings and 17:39 statuses and meetings about meetings and 17:41 statuses to talk about the meetings to 17:43 talk about the services you're gonna 17:44 have before you even get to pitch the 17:47 concept and you know ten other inventors 17:51 will come up with your idea and bring it 17:53 to market for any big brand ever does 17:56 and honestly a lot of them would rather 17:59 just work with you then even try to kind 18:02 of go and steal it and do it on their 18:04 own I'm sure there are examples and it 18:06 has happened and it will happen but it 18:09 rarely happens and if it's something 18:11 that you are actively pursuing I 18:14 guarantee you you are going to beat them 18:17 by several years in terms of timeline 18:19 and speed to market so I wouldn't let 18:22 that be a deterrent in sharing your idea 18:26 with the world or the community or with 18:27 the brands they certainly don't want to 18:30 lawsuit on their hands it's bad for PR 18:32 and now given you know they used to be 18:33 able to steal ideas and you didn't have 18:35 a microphone unless you could scrounge 18:37 up a lot of money to buy some TV time to 18:39 tell the world about your invention that 18:41 was stolen by so-and-so brand but today 18:43 they're terrified of social media and 18:46 the backlash they don't want to touch 18:47 that with a ten-foot pole so they're 18:49 really not looking to steal ideas now a 18:52 lot of companies are working on a lot of 18:55 ideas all the time and so you me 18:57 thinking you know I put it out there and 19:00 now I see P&G; just released this new I 19:02 came up with that trust me they have you 19:05 know dozens and dozens of scientists all 19:08 over the world trying every day to come 19:10 up with new product inventions it's 19:11 likely that they might have come up with 19:13 it already but my advice there is just 19:17 don't let that be a deterrent because 19:19 you think if the corporate is gonna 19:20 steal your idea now having another 19:22 inventor steal or copy your idea is a 19:26 very real concern and something that 19:29 because perky is a public platform you 19:31 have to log on you have to accept our 19:33 terms and service you have to become a 19:34 user and go on our platform 19:37 looking at the inventions in those terms 19:39 and service terms of service obviously 19:42 discourage any of that kind of copycat 19:45 activity but I'll be the first to admit 19:47 our terms and terms of service or a bit 19:50 tedious to say the leaves are legal 19:52 friends do a very good job at making 19:54 them you know almost illegible but with 19:58 that said we are doing everything we can 20:01 occur key to identify anytime there's 20:03 been some issues so we look at a time 20:07 stamping and we have deep analytics on 20:09 the backend that allow us to see when 20:11 did somebody submit an invention exactly 20:13 down to the second of the day did they 20:15 actually submit that idea we can see who 20:18 else looked at that idea participated 20:21 with that idea so we can very clearly 20:23 see if someone came up with invention a 20:25 and another user spent time on the 20:28 invention eight-page and then a week 20:30 later submitted invention B that looks 20:32 like invention a we can immediately flag 20:35 that in the system approach the 20:37 inventors and really try to work through 20:40 it and give credit to that original 20:42 inventor where credit is due so it's 20:45 certainly a concern but I find most of 20:47 the time the bigger the turn is going to 20:51 be your own fear and not bringing it to 20:54 market versus somebody stealing it and 20:55 doing it better faster than you can wow 20:59 that's it's it's an excellent way that 21:01 you explained it and I'm right on top of 21:03 that with you because again there 21:05 probably is somebody working on an idea 21:07 that's close to yours if you're an 21:08 inventor and you have had this idea for 21:11 five years eight years ten years I could 21:13 guarantee someone in the world is 21:15 working on the same idea it might not be 21:17 the exact way the exact mousetrap but 21:20 they're working on it and there's 21:20 nothing wrong with that that is done you 21:23 know Gina knows I mean you're you're a 21:26 business person you know that it happens 21:28 I mean here at the launch pad we get 21:30 products that are submitted that are 21:32 close to each other we talk to the 21:33 inventor and then they're not doing 21:35 anything wrong and the clean other part 21:37 about it is this I can almost guarantee 21:40 that if your product you all you 21:42 inventors out there if your product is 21:43 successful someone is going to copy it 21:46 they're not gonna do it exactly the same 21:47 way but if you're successful 21:49 so stop get that fear out of your mind 21:51 gonna copy you there's bicycles that are 21:53 out there there's cars that have four 21:54 wheels just like every other car they're 21:56 going copy you so don't worry about it 21:58 as you said get the fear out of your 22:01 head and move forward and that's what I 22:02 love about quirky it's such a 22:04 fast-moving community that something and 22:07 I put an idea up there and I have no 22:09 idea what the next step is somebody's 22:11 gonna jump in there and say this is what 22:13 we're doing next and it can quickly 22:15 someone we have a lot of for a lot of 22:21 people working so we have mechanical 22:24 engineers industrial designers spend 22:27 time on the platform and they is the 22:33 engine that powers and incentivizes the 22:36 community they're earning every time you 22:38 just contribute even an idea for a 22:41 feature or you take a market a market 22:44 research survey anytime you you know put 22:46 some effort towards helping somebody's 22:48 invention evolved you earn a royalty and 22:52 so we have industrial engineers and and 22:56 mechanical engineers and professionals 22:59 who do really top-notch renders and 23:02 prototypes on the platform essentially 23:05 doing it for free doing it for a 23:07 proportion of the potential future 23:09 royalty but not looking for any payment 23:11 right away and they do it because they 23:12 love it you will really it's a lot of 23:14 fun to see this idea that you had in 23:17 your head get turned into something that 23:20 you can really see how it would function 23:22 and what it might look like that's 23:25 someone that you've never even met 23:26 decided well something you mentioned 23:32 there and it's you know it's it's news 23:35 to you you know you've probably said it 23:36 a hundred times so you don't really 23:37 realize it that people are doing things 23:40 that they love on your site and they 23:42 could possibly make money for it and I 23:44 could guarantee that they've done a lot 23:46 of designing or whatever they did and 23:48 didn't make any money you know now they 23:51 have the chance to help people anywhere 23:53 in the world and that's what's great 23:54 about you're not just you know using 23:55 your town or going down the road and 23:57 finding an industrial engineer or 23:58 somebody do CAD files somebody in 24:00:00 Germany or somebody in Switzerland or 24:03:00 wherever they are can help you with your 24:05:00 product that 24:05:00 a fresh idea and they can actually make 24:07:00 money for it so it turns the fun into 24:11:00 actually turning into a business so it's 24:13:00 kind of so since rookies you know 24:16:00 inception in 2009 we paid back we paid 24:20:00 over 11 million dollars back to the 24:23:00 community in royalties and that number 24:26:00 just increases you know every every week 24:29:00 in every month so you earn royalties for 24:33:00 submitting the idea that you own royalty 24:35:00 for contributing and collaborating on 24:36:00 ideas every idea and submission on the 24:40:00 platform has a market research study 24:41:00 attached to it so that's critical 24:43:00 critical information that many captures 24:46:00 and retailers are looking for so these 24:48:00 market research studies ask how much 24:51:00 would you pay for this what store do you 24:53:00 we want to see this on the shelves of 24:55:00 and that information really goes a long 24:57:00 way even if you feel like you don't have 25:00:00 design skills and renderings don't 25:03:00 follow within your wheelhouse 25:04:00 just giving me back doing competitive 25:06:00 market intelligence research is 25:08:00 incredibly valuable and you deserve and 25:11:00 you will earn royalties just for that 25:13:00 level of participation and folks out 25:17:00 there that is why Gina is perfect for 25:19:00 this job I mean you you make it sound 25:21:00 like it's so easy what you just 25:23:00 mentioned is thousands and thousands of 25:25:00 dollars worth of what you're giving to 25:27:00 these potential investors and I mean 25:29:00 inventors these potential inventors I 25:31:00 mean just what you talked about they 25:33:00 have no clue on how to do that 99% of 25:36:00 them and it's so important to know if 25:37:00 your product is actually gonna be a 25:40:00 saleable product everybody thinks their 25:41:00 product is going to be the next 25:42:00 million-dollar product but to be able to 25:44:00 do that to be able to add that on is 25:46:00 insane it just it just shows to me as 25:49:00 you just and it just flows out like it's 25:51:00 nothing to you and that's what's so 25:52:00 great about what you're doing yeah I 25:55:00 mean I've been helping brands for a long 25:56:00 time it's also you know you might not 25:58:00 know that you have a product that 26:00:00 appeals to a certain target demographic 26:02:00 so you may be designing something for 26:05:00 kids and you may not realize that it's 26:09:00 also great before gyms 26:12:00 who have daycare centers and you may get 26:14:00 someone who logs on and says I run an 26:17:00 equinox or a Gold's Gym and this would 26:21:00 be fantastic to this type of day to use 26:25:00 in the daycare center whatever it might 26:26:00 be but you might start to learn about 26:28:00 different opportunities and markets and 26:31:00 channels for distribution or use cases 26:33:00 or form factors for your original idea 26:35:00 that you never thought of that might be 26:37:00 more viable and hold a greater market 26:39:00 opportunity to ultimately make your 26:41:00 product successful and make you and your 26:43:00 collaborators a lot of money ya know 26:46:00 that being able to say that you have a 26:47:00 team working on your product it just 26:49:00 gives you a sense of power you know I 26:51:00 have my team working on like it really 26:59:00 isn't so we're running a little bit low 27:01:00 on time I mean because I love this stuff 27:03:00 as you know and I know you do too can 27:05:00 you give us and I don't know if you can 27:07:00 can you give us a little bit on how the 27:08:00 the new model works with with quirky you 27:12:00 know and if you have changed too much 27:14:00 sure so originally worki was 27:19:00 manufacturing all of the products 27:21:00 directly that came off the platform so 27:24:00 they would hold these really fantastic 27:27:00 about the elation sessions they would 27:29:00 select the products to bring to market 27:30:00 and they would mend source and 27:32:00 manufacture those products on their own 27:35:00 and then distribute retail those through 27:38:00 all of the baked retailers masks and big 27:41:00 box etc so the big change is that we are 27:46:00 pivoting out of the manufacturing 27:48:00 business into a licensing model so 27:51:00 working no longer sources and 27:53:00 manufacturers the products we have 27:55:00 manufacturing and big brand partners who 27:58:00 come on and they represent different 28:00:00 categories of inventions so we have a 28:02:00 toy partner we have an electronics 28:04:00 partner we have a storage partner and 28:08:00 these partners are experts in 28:10:00 manufacturing sourcing distributing 28:13:00 pricing retailing marketing those kinds 28:18:00 of products that is all they do so they 28:20:00 are able now to source and menu 28:23:00 products with a high level of quality 28:26:00 assurance but at an efficient phrase 28:28:00 that's going to deliver the right price 28:30:00 point at shell so that we can move these 28:32:00 products at a high volume and a higher 28:34:00 volume in order to make our community a 28:37:00 lot more money we measure success based 28:40:00 on how much money we make our community 28:43:00 because working functions all license a 28:45:00 model so for every product that a 28:47:00 manufacturer decides to make off of the 28:50:00 perky product where he takes a royalty 28:52:00 porky then gives some of that royalty 28:55:00 back to the community so for every 28:58:00 product there is a 3% product royalty we 29:02:00 split that 3% product royalty 50/50 with 29:06:00 our community so that's one point five 29:08:00 percent paid back to the community and 29:11:00 that's paid on net royalties paid so net 29:15:00 worth is paid is after products been 29:17:00 purchased at wholesale you - out returns 29:20:00 and discounts and that that price that 29:24:00 amount that you're left with is what 29:25:00 gets paid to the inventor's Wow yeah and 29:30:00 again any inventors that are out there 29:31:00 what genius talking about is exactly how 29:33:00 business is done license your product or 29:35:00 even go into retail and trying to sell 29:36:00 yourself there's percentages on returns 29:38:00 there's some times we have to pay for 29:40:00 advertising they're shipping to the 29:42:00 distribution center so when quirky takes 29:45:00 it on in license the product that's why 29:46:00 licensing is such a great deal for most 29:48:00 inventors what gene is talking about 29:50:00 that 3% is a normal percentage II and I 29:53:00 mean you know that and you know a lot of 29:56:00 inventors get this big head or they 29:57:00 think I'm gonna get 12% I'm gonna twin 29:59:00 it does not happen today your major 30:05:00 consumer products companies if they're 30:08:00 lucky at the end of the day are taking 30:10:00 home a 10% profit margin that's after 30:14:00 they've invested millions in development 30:17:00 in packaging in marketing in a sales 30:20:00 team they're hoping to take home maybe 30:24:00 10% you are getting 1.5 percent as an 30:28:00 inventor in the community without 30:30:00 a single bar so we think it's a very 30:33:00 fair and a great opportunity for 30:36:00 inventors to really make some honey and 30:39:00 like I said we don't we pay the 30:41:00 invention community out of our own 30:43:00 loyalty so when the inventors and the 30:45:00 community makes money Corky makes money 30:47:00 so that's how we measure success the 30:49:00 more money here purely incentivized to 30:53:00 make money for our inventors and where 30:55:00 we make them the more we make so it's 30:58:00 really a win-win and I think it is the 31:00:00 right way to measure success of our 31:02:00 business yeah one 1,000 percent that's 31:05:00 why I love this model so much I'm after 31:07:00 we know we after we talked prior to to 31:10:00 starting the shows I love the models so 31:11:00 much because an educated inventor will 31:14:00 realize just the resources that you're 31:16:00 gonna throw out an idea itself is worth 31:19:00 hundreds of thousands of dollars and 31:21:00 then being able to put that distribution 31:23:00 that company that licensee in front of 31:26:00 the invention I mean in most cases even 31:29:00 if you get your product to the point 31:30:00 where you can license it getting in 31:32:00 touch with the person who's going to 31:33:00 take it on is even a hard part so you're 31:36:00 doing it all yeah it's not easy to 31:39:00 navigate and find someone to connect and 31:43:00 picture product to these big brands in 31:47:00 these manufacturers so the fact that we 31:49:00 have existing relationships and 31:51:00 committed manufacturing partners and 31:53:00 brands who said we want to take 10 or 20 31:57:00 products to market a year off of the 32:00:00 quirky platform they're you know they're 32:03:00 already open and excited and looking for 32:06:00 products to bring to market off of our 32:08:00 platform the other thing that's new 32:11:00 really about the business model with 32:12:00 this relaunch is the scale that this 32:15:00 licensing model can bring us so we get 32:18:00 inventions in toys impacts in auto 32:21:00 in-home in Fitness in sports and so by 32:25:00 having a breath and a network of 32:28:00 manufacturing partners across all of 32:30:00 these different categories we're now 32:32:00 able to bring you know hundreds of 32:34:00 products to market 32:36:00 rather than you know just if we were 32:38:00 doing it on the limited scale that we 32:42:00 would be able to achieve in yeah and the 32:45:00 good part is is that the partners that 32:47:00 you're bringing on are more apt to want 32:50:00 to work with you and your team then a 32:52:00 single inventor now I'm not saying 32:54:00 there's anything wrong with that single 32:55:00 inventor that person but that you're 32:57:00 working with the team of professionals 32:59:00 like yourself that are used to doing 33:01:00 this you have all your paperwork you 33:02:00 know what it's going to take to license 33:04:00 that product the paperwork's all in 33:05:00 place these big companies would rather 33:07:00 do that and you can streamline 33:09:00 absolutely so we a good analogy is we 33:13:00 build a moat essentially around these 33:16:00 big brands business so they get all the 33:18:00 benefit of working with inventors 33:21:00 without all of the kind of hassle I mean 33:25:00 let's be honest I had one so I can we're 33:28:00 not the easiest people to work with 33:30:00 right more creative thinkers but there's 33:33:00 a whole legal aspect of it and if you're 33:35:00 trying to work with dozens of inventors 33:37:00 at a time it can be a legal nightmare 33:39:00 not to mention on the brand side they're 33:41:00 really good at kind of crushing and 33:43:00 sucking out everything that is creative 33:46:00 and exciting about inventors and I 33:50:00 learned this a lot of my previous 33:52:00 business and startups you know you got a 33:54:00 big brand get ahold of amun just going 33:56:00 through legal and procurement kind of 33:58:00 bankrupt an inventor not to mention just 34:00:00 squeeze all the fun and the inspiration 34:03:00 out of it until you're left that's kind 34:05:00 of you know just the values and soleus 34:08:00 been so beaten down and that's not what 34:11:00 we want so you want to make sure that we 34:13:00 can treat inventors with respect that we 34:16:00 can make them feel part of the process 34:18:00 and keep them updated and involved as 34:22:00 their product moves through the design 34:24:00 process and we let the no listen your 34:26:00 products now been selected by a 34:30:00 manufacturing partner and by quirky for 34:32:00 further development so now it's in this 34:34:00 phase where we're going to be testing 34:35:00 for its viability we're going to be 34:37:00 doing some sketches here's what all that 34:38:00 looks like great it looks like we can 34:41:00 manufacture this and 34:42:00 do it at a you know an efficient price 34:45:00 where we can actually make some profit 34:47:00 off of it now I'm just going to move 34:48:00 into the production phase here's what's 34:50:00 that that looks like here's a snapshot 34:51:00 of a factory so we're going to bring 34:53:00 them through this whole process but 34:56:00 protect them from having to deal with 34:57:00 the legal nightmare that is big 35:00:00 corporate entities know that's exactly 35:03:00 I'm I'm I'm glad and I and again I know 35:06:00 the inventors are they're listening and 35:08:00 they're just not sure if it's something 35:09:00 they want to do and I'm just so glad 35:11:00 that you're diving into the explanations 35:13:00 of why you're doing each step because it 35:16:00 is important that they feel comfortable 35:17:00 and you know my suggestion is to it's 35:19:00 you know to just jump in log on to you 35:21:00 know quirky dot-com you don't have to 35:23:00 put your invention up there you can surf 35:24:00 around and and check it out by the way 35:26:00 though the website looks great it's very 35:27:00 intuitive very easy to use I don't 35:30:00 really working on doing more to educate 35:34:00 the inventor community about when an 35:36:00 importance right for you how does it 35:38:00 work how does this royalty structure 35:40:00 actually work you know it can be a 35:41:00 little confusing and really just make 35:45:00 sure that we're clear and inventors feel 35:48:00 like they understand exactly what the 35:50:00 benefit when work is not right for that 35:53:00 man you know recommend some other 35:55:00 partners because you may not right be 35:58:00 right as I said in the beginning for all 35:59:00 your inventors so how can we really 36:01:00 rising tide floats all boats but be just 36:05:00 another option and a good player within 36:09:00 this ecosystem know 100% I think it's 36:12:00 great I'm getting a big hook to get to 36:15:00 wrap up we're gonna have several other 36:17:00 shows and I want to dive into some more 36:19:00 of this and I want to listen to know 36:20:00 that this is just an overview we're 36:22:00 talking about these things and and gene 36:24:00 is getting into you know some details 36:26:00 but I know we're gonna get deeper into 36:27:00 these details and make people feel 36:28:00 better and talk about the best way to do 36:30:00 it you know the partners and how things 36:32:00 and timelines and you know my big issue 36:35:00 is I could talk about this stuff all day 36:36:00 it's really super exciting I know you 36:38:00 have things to do too Gina so I 36:40:00 appreciate you being on the show today 36:41:00 and again we'll we'll get the next show 36:44:00 going and you know keep listening in any 36:46:00 questions that the listeners have out 36:48:00 there you know please log on to 36:51:00 inventors launch pad or Gina is there is 36:53:00 there somebody that they can contact 36:54:00 that they have some questions directly 36:55:00 or said they just go 36:56:00 the quirky website yeah listen I'm an 36:58:00 open book so you can only social media 37:02:00 gee Walden or you can email me directly 37:05:00 at perky calm perfect thank you so much 37:09:00 and we'll be talking to you soon thanks 37:12:00 so much bye