Harvey Reese Associates - Money4ideas.com

fc07

Has anyone used the services of Harvey Reese Associates - Money4ideas.com and if so would you recommend them?

GetAGrip

I have heard of them and researched them a little, from what I understand he is very good, but also very picky about the products he takes on.  I believe that we submitted a product to him very early on, he passed.  Big mistake for Harvey.  Anyway, from what I hear, he is reliable.

4Hisglory

Iwas also curious about money4ideas. Have you found out anymore information about them since your last post or have you found any other resources that might help someone with ideas get them produced?

fc07

I contacted them twice their first reply looked promising so I sent a follow up inquiry. To date I have not recieved an answer, I can only assume the type of product was of no interest to them however I did not reveal the product details so no harm done. I have sourced many other websites that have loads of helpful advise and info on ways to bring products to market. 
I have decided to set up a business to produce, market and supply my products. I know it will be a long road with many obstacles but I am looking forward to it and even if I don`t make it to the end every road has something of interest along it, I know I will learn lots along the way.To find these websites just keep browsing the internet with words like "Product Marketing" "Ideas to Market" etc, I am sure you will find sites with the info you need. Also read up on using product development companies who offer assistance in this area it could be time well spent! fc07    
fc071/10/2008 6:32 PM

GetAGrip

fc07,
 
I did just what you are trying to do.  If you would ever like some free advice or help with anything, I am always trying to help new inventors.  Just contact me on here if you would like.  thanks, Trent

CMugs

I have looked at his web site very closely and have a few things that make me leery:


 


1) Quality of his licensed products shown on the web site


2) Lack of any financial results


3) No references offered


4) I read book reviews of his books on Amazon and they make you think twice.


5) There is nothing listed with the Better Business Bureau in PA on his company 


 


I am not ruling out his service but will look for further info. on him and his company.



 



If anyone learns more please share.

aurin

I contacted them also and I sent a inquiry, and payed $ 185.
I have recieved an answer, I can assume the type of product was to high level and so no interest to them.  So i am searching to bring my product -development to market. 

CMugs

I emailed "money4ideas" a few questions and recieved a response as follows: 

1) Can you provide references of people whose products you have successfully licensed?
2) Can you share any financial results of products you have licensed?
3) Your web site shows a few products licensed. Is there a more comprehensive list available?
4) Are you listed with the Better Business Bureau? I could not find a listing in PA.response
Hello Craig:
I don`t supply the kind of information you`re requesting because it suggests
that I`m being interviewed for the job as your licensing agent -- but that
is not a job that I`m applying for, nor is it one that you can appointed me
to. My only offer, and the only fee involved ($185), is for me to evaluate your
product idea and report back with my impressions, suggestions,
recommendations and estimations as to the idea`s commercial value. There is no guarantee
or promise that I`ll be sufficiently impressed with the idea to offer to take
it further -- and even if I do, you don`t pay me anything. If that was not
your impression, then I`m glad for this opportunity to offer an explanation.
Cordially,HarveyReese

 

My first question he felt I was interveiwing him and "yes" I was trying to get a reference before handing over $185.  Question 2 and 3 were not answered and question 4 -most quality companies are listed with the BBB.



 

I feel like the organization is really no different than many other inventions websites offering to help.  I would guess "money4ideas" makes most their revenue evaluating ideas. 

MattC

CMugs- I agree with you.  He doesn`t have a few people that he`s worked with that he could refer you too?  Sounds weird.
The fact that he was so rude in his email to a potential customer gives you a good indication of what he would be like once you were his customer.
I`d steer clear of this guy....

Innovator7

Harvey makes money from ads and evaluation fees, and maybe from licensing inventors` products.  He gets the $185 for glancing at your idea.  Once in a blue moon there`s a good idea that he could help to license for a good cut of the royalty.  It`s almost like "Money for Nothing" because he manages to sell his "expertise", once he established his success with his ideas long time ago.  Yes people pay "experts" dearly, so experts exist to take their money.

Pilgrim

Glad you folks have commented.  I`ve just payed the $185 to Reese Associates because I suspect he is legit and is not listed on bad lists that I know of.  I agree that it`s a minimal investment and that his information is very possibly worth that much even if he passes on my idea.
 
My question is if he does not pass, and offers a contract, what is a fair fee if the idea promises to go big?  I`ve heard ten to fifty percent of all immediate and all future earnings in his literature.  I think 10 or 15% is reasonable, but find 50% unacceptable.  Does anyone know what the most reasonable percentage should be paid a licensing firm if they prove successful?  (I do like that Reese doesn`t require any more money if he accept the idea for promotion.)

Innovator7

I bet he wants 50% and says "he knows what it takes to get it licensed, which is hard work, whereas ideas are a dime a dozen"
The funny thing is he doesn`t have good ideas of his own except the one he got 15 years ago.
So it behooves you to negotiate.
As it goes, "there`s a sucker born every minute..."Innovator74/19/2008 12:00 AM

Pilgrim

I appreciate your response, Innovator7, but I`ve read his book and ----except for the 50% of every royalty for all time, which is one of his examples of a contract in the back of his book (f--- that), he`s been very upfront about, and even generous with, really good advice for how to go about it oneself.  I just don`t have the money to fairly persue the steps required.   I`m sure you`re right that negotiating is absolutely necessary; only, I don`t know where to draw the line, and, if necessary, refuse his "best offer" were he to see it worth taking the whole way.  What I need is advice from someone who knows where one should hold one`s ground, at any cost (regarding fair compensation),  even if losing the one representative who really knows how to make it happen.  The fact that he doesn`t ask for any further money once--however rarely--he deems it worth going forward with, is very much indicative of legitimacy flags I`ve read one should look for.  It`s REALLY a good idea that has VAST, worldwide application---and, there`s nothing like it anywhere that I`ve been able to discover.  It`s better than, say, garage door openers, for instance.  It`s something every person in a home will appreciate every day for one`s life time.  I just don`t wanna go in blind.  If it`s as big as I know it to be, 10 or 15/% is more than fair.  It`s really one of those things that is so obviously needed, ---like the importance of having an S trap under sinks to keep sewer air from coming up into the home is obvious---that it will sell itself--no question.  I`m just not a business sort and don`t really trust people who are all about money.  Sigh.
Pilgrim4/19/2008 3:44 AM

Innovator7

I may consider licensing your invention if it`s protected.  You can send me an email via my web page.  You can even see me at 1-solar
Manufacturing and marketing are easy for me.

Pilgrim

Thanks for the consideration Innovator7, but it appears your plate is full, insofar as 1Solar being in its formative years, focused in getting funding, etc.  My hope was and is to gain helpful information regarding industry standards to do with licensing agent fees, particularly when there`s not much selling, nor even much development to be done.  To be sure, a good agent knows the ropes and methodology to have an idea seen and considered by the one`s able to sign off and implement new design strategies when an obvious upgrade is presented.  It`s just that, once presented, the agent would---understandably-- love to siphon away as much profit as possible, even as much as goes to the actual inventor of the innovative idea. While I strongly believe in an agent getting their due, I am not interested in being taken advantage of via the temptation to sign on the dotted line because "something is better than nothing"  (speaking of a sucker born every minute).  None the less, I do seek to know what is reasonable compensation among people who know the true standards and necessary variables. But, even beyond that, I am interested in working with individuals who esteem integrity and honor beyond profit.  Rare indeed, though pretense of deep integrity is Basic Business 101, whether authentic or not.  That`s an odd thing to say on an entrepreneur site.  I`m a huge Warren Buffett fan, not because he`s gotten rich, but because he`s done it with such class.
Pilgrim4/19/2008 8:12 PM

Pilgrim

I think that`s the case.  He seems very straight forward.  He may not choose to go with one`s idea, and he may make most of his money from folks submitting their ideas for consideration, but that doesn`t mean he`s not capable of successfully promoting an idea he finds practicable and worth his while.  My desire is to be prepared, in case a contract is offered, to know what may be negotiated insofar as reasonable fees--specific to the project under consideration.  I simply have no idea what is a most equitable and fair percentage, even in general terms, especially if the idea is sound and the implementation is relatively easy.  Still hoping for tips on reasonable range of percentage fee--and duration of time an agent fairly collects-- for an agent licensing a good idea with far ranging potential. ( I realize that`s every inventor`s fantasy, that one`s idea is what the world been waiting for and just didn`t realize it, but, in this case the idea really is a no brainer.)