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Cliff Notes: Exploring Licensing Strategies - What To Know · Earn Your Leisure

• 0:01
  Speaker 1: Earners.
• 0:01
  Speaker 2: What's up.
• 0:02
  Speaker 3: You ever walk into a small business and everything just
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  Speaker 3: don't hesitate. Let's Square handle the back end so you
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  Speaker 3: can keep pushing your vision forward. This episode is brought
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  Speaker 3: to you by P and C Bank, a lot of
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• 1:51
  Speaker 4: So you talked about Kanye and he became a billionaire
• 1:55
  Speaker 4: because of easy licensing deal with Adidas one hundred percent
• 2:01
  Speaker 4: of yeasy, but it was distributed through Adidas, and when
• 2:05
  Speaker 4: Adidas dropped him, he lost four billion dollars in his
• 2:10
  Speaker 4: net worth? Right? So was what does that speak to
• 2:17
  Speaker 4: as far as on the licensing side, did he have
• 2:20
  Speaker 4: a bad licensing deal.
• 2:22
  Speaker 2: One thousand percent?
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  Speaker 4: Explain?
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  Speaker 2: So, if I remember correctly, in his contract he gave
• 2:30
  Speaker 2: up creative control and which means in his contract he
• 2:36
  Speaker 2: also didn't have the language stated that anything that was
• 2:39
  Speaker 2: developed by the licensee was owned by the licensere. So
• 2:44
  Speaker 2: when I go to the table with my licensees and
• 2:47
  Speaker 2: like we're looking at here, caare like bowls and stuff, right,
• 2:51
  Speaker 2: and they'll develop a different like look of the unicorn,
• 2:55
  Speaker 2: maybe a different polls or a different pattern or something,
• 3:01
  Speaker 2: I still own it. So when they made any variation
• 3:05
  Speaker 2: of his product, they immediately grabbed ownership. I'm dealing with
• 3:09
  Speaker 2: a situation right now with the company, not on the
• 3:13
  Speaker 2: consumer product side, but it's on a different side on
• 3:17
  Speaker 2: the production side. And I saw how in the beginning
• 3:21
  Speaker 2: they were trying to change the look of the unicorn
• 3:24
  Speaker 2: and trying to change a lot of things about the
• 3:26
  Speaker 2: unicorn because they wanted to own as much of the
• 3:28
  Speaker 2: property as they possibly could. So they probably tried to
• 3:32
  Speaker 2: pull that on him, and I believe he said something
• 3:36
  Speaker 2: like he don't read contracts.
• 3:37
  Speaker 1: So have there ever been any issues in terms of trademarking,
• 3:44
  Speaker 1: Like when I mean we come from an everwhere it
• 3:46
  Speaker 1: was like it was my little pony right like that
• 3:48
  Speaker 1: that was and then it was I guess my daughter
• 3:51
  Speaker 1: kind of fell into this like rainbow dash and all
• 3:53
  Speaker 1: those things, and so have you come into contact with
• 3:57
  Speaker 1: people trying to make a similar product or similar trademark,
• 4:01
  Speaker 1: And how's that process been I did.
• 4:08
  Speaker 2: It's hurtful for one, like I take this personal because
• 4:12
  Speaker 2: what I we didn't talk about how I started the
• 4:15
  Speaker 2: whole why Nipsey and Tupacer up here, like how my
• 4:18
  Speaker 2: marathon continues. How I have this adgas no breaks mentality
• 4:22
  Speaker 2: that I launched this brand. My son was in the
• 4:24
  Speaker 2: hospital for twenty days. When he got out, my favorite
• 4:27
  Speaker 2: uncle died a massive heart attack. Seventeen hours later, my
• 4:30
  Speaker 2: uncle died. Six months later, my grandmother died, and then
• 4:33
  Speaker 2: we were in a global pandemic. I have a lot
• 4:35
  Speaker 2: of heart and soul into this brand. So when someone
• 4:39
  Speaker 2: tries to come out with their version of Afro Unicorn,
• 4:43
  Speaker 2: it's a serious problem. And so yeah, I had to
• 4:46
  Speaker 2: first I tried to ignore it. My thing was, I'm
• 4:48
  Speaker 2: just gonna work harder, like I'm just gonna outwork them.
• 4:50
  Speaker 2: I'm gonna outwork them. But it starts to become confusion
• 4:54
  Speaker 2: in the marketplace. And so the trademark attorney was, like,
• 4:59
  Speaker 2: April have confusion in the marketplace because people were purchasing
• 5:02
  Speaker 2: this other brand believing that they were buying Afro Unicorn,
• 5:07
  Speaker 2: so then we had to take it to we had
• 5:10
  Speaker 2: to sue. Yeah, we had took.
• 5:13
  Speaker 1: A year because it is a domestic trademark or is
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  Speaker 1: it international as well?
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  Speaker 2: Only some countries. You know, you have to trademarket in
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  Speaker 2: every single country you go to. Right now, we're only
• 5:24
  Speaker 2: in the US and Canada, so we have to strategically
• 5:27
  Speaker 2: get to the other countries and we're working towards it.
• 5:30
  Speaker 2: But it's it definitely is a process. But this particular company,
• 5:34
  Speaker 2: it took us a year to get to to get
• 5:38
  Speaker 2: to a positive resolution that I'm still not really that
• 5:41
  Speaker 2: much happy with. But I'm back to my thing. I'm
• 5:44
  Speaker 2: just gonna outwork them, So.
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  Speaker 4: So don't worry about the how. Yes, what does that mean?
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  Speaker 2: I didn't know how I was going to be on
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  Speaker 2: this interview with y'all. I knew it was going to
• 5:55
  Speaker 2: happen because I saw it. So you have to as
• 5:59
  Speaker 2: an entrepreneur, well entrepreneurs, that's what we're speaking to, you
• 6:03
  Speaker 2: have to see the end goal what it is. I
• 6:07
  Speaker 2: knew African Cronin is gonna be a household name in
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  Speaker 2: a worldwide brand, point blank period. You couldn't tell me
• 6:12
  Speaker 2: that it wasn't I didn't know how it was going
• 6:14
  Speaker 2: to get there. It's getting there through through licensing. Right,
• 6:19
  Speaker 2: I'm just a real manifestor. I truly believe that whatever
• 6:24
  Speaker 2: I see already exist in the future. Because you cannot
• 6:27
  Speaker 2: see anything. You can't like, you can't tell your right
• 6:31
  Speaker 2: foot to go like you got it. In order to walk,
• 6:33
  Speaker 2: your brain gotta tell your right foot to take the
• 6:34
  Speaker 2: step right. So I truly believe that before anything can happen,
• 6:39
  Speaker 2: because it already exists. And I'll prove it to you.
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  Speaker 2: I know there's so many people out there that have
• 6:44
  Speaker 2: seen ideas that're like, dang, I had that idea because
• 6:48
  Speaker 2: the moment you thought about it, it already exists. The
• 6:52
  Speaker 2: problem is are you going to be there to see
• 6:54
  Speaker 2: it through? So I don't worry about the how. Once
• 6:58
  Speaker 2: I see it, and everybody knows this around me, they
• 7:01
  Speaker 2: know if April. If April says it's gonna happen, all money.
• 7:06
  Speaker 4: In, all money in, that's a fact, no money out, sore.
• 7:11
  Speaker 4: Are you using different companies for the like the licensing
• 7:14
  Speaker 4: or is it the same company?
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  Speaker 2: I have over forty five different licensees. Licensing is by category,
• 7:22
  Speaker 2: So there's a company that does underwear Handcraft. There's a
• 7:27
  Speaker 2: company that does apparel, Mad Engine. There every single category.
• 7:32
  Speaker 2: When you start going into stores, start flipping over those packages.
• 7:35
  Speaker 4: So how'd you find these companies?
• 7:37
  Speaker 2: Flip over the packages? And I literally was in the stores.
• 7:41
  Speaker 4: I was.
• 7:42
  Speaker 2: I would shoot pictures to a ski and be like,
• 7:44
  Speaker 2: this is who I'm gonna get on LinkedIn. I'm gonna
• 7:46
  Speaker 2: find this company and we're gonna find who handles licensing.
• 7:50
  Speaker 4: And then you reach out to them, yep, directly, and
• 7:53
  Speaker 4: then you so you negotiate with being that they didn't
• 7:58
  Speaker 4: reach out to you, you reached out to them. They have
• 8:00
  Speaker 4: more leverage in this situation, right.
• 8:02
  Speaker 2: Sometimes, But once you have Walmart, So my spade was Walmart,
• 8:08
  Speaker 2: Like that was my ace. I have Walmart, And once
• 8:12
  Speaker 2: you know you have the attention of Walmart, their antennas
• 8:15
  Speaker 2: are up, okay because everyone wants to get in Walmart.
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  Speaker 2: And people I know look at Walmart like it's Walmart
• 8:20
  Speaker 2: because we don't really shop at Walmart. I know, it's
• 8:22
  Speaker 2: not a big thing here in New York. But for retail,
• 8:27
  Speaker 2: they are the god. Walmart is the god of retail.
• 8:31
  Speaker 2: And if you can't get yoke like everyone it used
• 8:34
  Speaker 2: to be is different now, but they're like in order
• 8:36
  Speaker 2: for a property to be successful, it has to.
• 8:38
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