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3 Secrets to Getting Investors to Invest in Your Idea

The Driving Eureka! Podcast - Find, Filter and Fast Track Big Ideas to Innovate

Release Date: 04/24/2019

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Show Notes

[00:00:01]
The Driving Eureka! Podcast

[00:00:31]
Episode #27 - 3 Secrets to Getting Investors to Invest in Your Idea

[00:01:07]
Cincinnati Enquirer Article About the American Inventor Show

[00:01:42]
Doug Hall - the Simon Cowell of Innovation

[00:05:55]
YouTube Clips of Doug on TV

[00:06:32]
Get Ideas for Real, Not Entertainment - A Method

[00:06:49]
Make the Idea Real - Need Two Prototypes

[00:09:38]
Must Have Numbers for Your Idea

[00:11:08]
Selling Products Help Your Valuation

[00:11:50]
Protect Invention Through Patents

[00:13:59]
Driving Eureka! Book Segment - Communicating Your Idea

[00:17:50]
Inside Companies Need to Think More Like Investors

[00:19:06]
Brain Brew Whisk(e)y Academy

[00:19:43]
Getting Investors for Your Whisk(e)y Business

[00:20:22]
You can Use a DSP to Start Your Whiskey Business

[00:22:14]
Get Help for Your Math

[00:23:52]
Don't Say Your Protection is Your Brand

[00:27:00]
$5,000 - 10,000 Start_up Investment

[00:29:46]
Craft Cocktail Recipe - Orlando Rush

[00:30:31]
Step 1

[00:30:40]
Step 2

[00:30:46]
Step 3

[00:31:01]
Step 4

[00:33:06]
Need Help? Call the Ranch 800-INVENTS

 

 

Transcript

Tripp: [00:00:01] Welcome to the Driving Eureka! podcast where we share ideas and advice for helping you find filter and fast track big ideas.

 

Tripp: [00:00:12] Hi I'm Tripp advisor to global organizations on the Deming philosophy and host of the Deming Institute podcast.

 

Doug: [00:00:22] And I'm Doug Hall inventor speaker teacher and whisk(e)y maker. I'm also the founder of the Eureka ranch and author of the Driving Eureka! book.

 

Tripp: [00:00:31] This is the twenty seventh episode of the Driving Eureka! podcast and this week we're going to be talking about how to get investors for your products and services and Doug. As I was reading this newsletter a couple of things happened. One was first of all I'm a huge fan of Shark Tank. You know a lot of people watch that show apparently like five or six million people. But when I was doing that I thought you know I remember somebody telling me at one time that you were on TV and you did a show called American Inventor and I.

 

Tripp: [00:01:07] Yeah I know. And I looked it up so I googled it. You know that's that's what you do. So I googled it and I there's an interview that are not in it. Well I guess it's an article that the Cincinnati Enquirer did about you on this American Inventor show. And I didn't know it but Simon Cowell who does American Idol had started the show and there was a it's the whole thing is kind of an interesting experience. I'll put a link to it so people can can can read the article but I got to ask you about that experience. What was that experience like.

 

Doug: [00:01:42] Oh well yeah. So I played the role of Simon cow on this show with Peter Jones and others and it was a it was a Tripp I got to say. I did the first season and then begged off. I ended up doing another show in Canada called backyard inventor which is which was was London. So I've done TV stuff over the years different things. But but doing it with ABC it's pitch crazy it was it was like 20 hours of filming or 30 hours of some ridiculous number for every hour that you saw on TV it might've been 40 hours. It was just ridiculous. It's ridiculous ridiculous to do a network show. It was just crazy it but it was quite an adventure to see it in between. I've done a national radio show on public radio international.

 

Doug: [00:02:31] And so you know talking to inventors citizen inventors or professional inventors in that community. I mean since I mean for. Forty something years I've been doing inventing you know and for a long time almost 50 years now. And so it's my life it's my life. And I thought that this week that it would be. Interesting and I'm not sure why I thought of this. Something must have bumped into it but getting investors because people are always calling and they'll call me and they'll say hey do you want to invest in my idea. And I'm like Dude if you knew how many ideas I have that I can't get to. Why do I want to add your idea on top of the pile of ideas I've already got. You. Okay. And so but I thought as a service it would be useful to help because generally I've been very blessed over the years to have done well so that I've been able to sell fund my inventions and I've done games and toys all kinds of crazy stuff over the years and then license them and some taken to market myself and I thought that it would be good to talk about this how you do it because with the whisk(e)y company I did raise money because it's just it's just I mean just the equipment and everything is pretty significant and I also thought it would be good to get some investors to get their brains not just their money. And that's proven out to be incredibly helpful incredibly helpful. They've been to me as a result of that. So. So that was the plot here.

 

Tripp: [00:04:12] Well you know and and I I definitely get to get into what you think about that because every time I watch Shark Tank people will bring their ideas to table and some of them aren't even half baked so they're coming in they say well I've got this idea and I want five you know five million dollar saying the value of my company is. And then I went 10 percent of my company for two hundred thousand dollars and they haven't sold anything. They it's just an idea. And then you've got others that have done a pretty good job you know they've sold some things those types of things.

 

Doug: [00:04:46] Well I always wonder remember it's not it's not like a. Representative sample.

 

Tripp: [00:04:53] Mm hmm.

 

Doug: [00:04:53] So you have to remember this is not the news division. This is the entertainment division. Okay. So they have screened 40 people for every one you see. So they're purposely bringing in people that they know are gonna be a train wreck. So that is that is designed for entertainment purposes. Okay. Any connection to reality is coincidental on these shows.

 

Tripp: [00:05:20] That's an interesting comment. That's good to know. Okay. Well I know I understand it's entertainment. It just it's crazy. You know it's some of the half baked schemes that come out. But you're right. If it's entertainment that that is interesting to people like what the heck is that guy thinking by bringing that product or that idea to the table when it's it's not vetted by any means. So that's why I always wonder why. Well you know I tried to put myself in to look at what it would Doug would think when he's watching this show. And so your first reaction is this is entertainment. So now I know that it.

 

Doug: [00:05:55] It is it's well it's a long story. It's a long story. And if we go on YouTube you can find clips of me doing it and and being mean because I'd say it's impressive what you've done. But it's just not going to work. And because I was the role of Simon all you would hear me say is it's just not going to work for me. Doug being in a bad mood today is like it is what it is. Let's talk about how to get money to the real not the TV not the energy in the fake TV way.

 

Doug: [00:06:32] But the real way that you get real money from real people okay is you know I've been I've been doing this for a long time I've been selling ideas inside companies to help people get money inside companies I've been selling people for licensing non-profits.

 

Doug: [00:06:49] I mean you name it I've been I've been doing it for a long time and I've learned it's three things that are nearly foolproof when it comes to getting money. And number one is you've got to make it real. I mean don't don't talk to me about ideas ideas are worthless if you're not going to take some time to make what I call prototypes and there's two types of prototypes. If you haven't at least on that then I don't have any interest in hearing anything about what you do and nor does any investor. When I went out with the whisk(e)y I was able to put a bottle on the table and say so drink this. Okay. And you could taste it. And I made it real. We'll talk about more about whisk(e)y in the last segment of this podcast with regards to how do you do this associated with whisk(e)y. But there are two prototypes a concept prototype is ideally a piece of paper that presents your idea in the way you would want a possible customer or consumer to see it. And if you don't have the actual thing and use illustrations to help them see it as you envision it. In other words help me see what it is. And with today's with desktop publishing and computers it's nothing to do this. But help me see what the end state is going to be what you're going to do. The second thing is a functional prototype. Whatever is the magic whatever is the element in our case what I whisk(e)y it smoothness.

 

Doug: [00:08:15] And I don't care how ugly it is. But you need some kind of a demonstration to help them see feel and experience the value you vision what we do accelerator projects at the Ranch we just did one. I mean we're making it faking it finding a way to help people see feel and touch it in some way and it can be as ugly as anything. But something that brings it to life in a three dimensional form is the first love secret.

 

Tripp: [00:08:41] Ok. So. So when you're when you say these two things a concept prototype a functional prototype. Is that an And/or. Or is this an a a concept prototype plus a functional prototype that you need both.

 

Doug: [00:08:54] Yeah. You need both now and the reason I separate them is because. The ultimate prototype is a works like looks like. So it looks just like it is and it works like it is but that's really expensive. If you break it apart and you make a concept prototype just basically what what it would look like basically like a web page or a flyer or a direct mail piece or whatever it might be. That's easy to do. There's there's no excuses for not doing that. The functional prototype can be just part of it but it doesn't have to be pretty. It can be ugly but you've got to have both of you if you want to get one if you want to get money you've got to have both.

 

Tripp: [00:09:36] So what's the second one here.

 

Doug: [00:09:38] Second one is you've got to get the numbers if you want to invest their money. You gotta have if you want them to invest in money you've got to have numbers. And this includes customer research on your prototypes. So on your concept prototype how likely are people to buy it. How new and different is sales and cost forecasts already. Production and marketing investment needs no math no project. No math no project you've got to be out. You say I don't know it. Well same thing. We don't have to prototypes you don't have customers they can't take the Eureka ranch sign up for our online fundamentals course it teaches you that it teaches you this.

 

Doug: [00:10:16] And if you don't want to take the course and learn yourself just call us and we'll do a small simple project for you. But you gotta have the math. No math. No project. And don't tell me I can feel it. I can feel it's going to be big. I can say how big really big. What's really big. I don't know. You gotta have the math.

 

Tripp: [00:10:36] Okay. So when you and just a question from presenting to investors what do you need. Have sales then associate with it or just a a forecast of it. In other words. And again I go back to Shark Tank because they always ask you know how many. Only sales do you have to date or how much and sales have you done. Is it important to have sold a certain amount.

 

Doug: [00:11:00] Or Well if you want to increase your valuation. And and and that's a whole separate thing. We'll do a podcast on about valuation.

 

Tripp: [00:11:08] Ok.

 

Doug: [00:11:08] When you if you sell even one of the product your valuation goes up. So selling is valuable if you can but you can't always do that. But you can always have a sales forecast with the assumptions beside things as to how you got there. And there are ways to do this. Go find somebody at your local university or our business development group to help you do this. But there is a ways to do this that investors will accept. And if you don't call us. We've got some amazing tools that make it easy to do it. Okay got it man. Okay. I mean I love it when you can sell it but oftentimes you're not going to get that.

 

Tripp: [00:11:46] Okay. And then the third thing is to protect your invention.

 

Doug: [00:11:50] That's right. I don't want to invest in a generic thing that anybody can do. I mean it just wouldn't be any good. You've got to own something. And so you got to define it in writing how you can keep yourself from being copied. Don't tell me the key to this is we got to go fast. That's a loser strategy. That just means you need a lot of money.

 

Doug: [00:12:18] And it's very unlikely to work. And the best of all is it's patentable. I mean because a patent means your idea is not obvious to somebody with ordinary skill. And again if you don't know how to do a patent then learn learn sign up. We've got courses we can teach you this. Or we can do a little project for you. Now you can use trade secrets or a specialized supply chain or in a very few cases trademarks. If they're very clear distinct and real.

 

Doug: [00:12:50] But I got to tell you those things your value goes down significantly if you don't have a patent gotta have a patent and if you don't protect it. So there it is.

 

Doug: [00:13:01] You got to make it real. You got to have the numbers and you got to protect your invention. Have something John. If you have those three things investors interested now they may like or dislike your category because of their personal interests. But fundamentally that that's what you need and most inventors that I see are missing one or two of those three things.

 

Tripp: [00:13:28] Or all three. Yes. That's right. That's right.

 

Doug: [00:13:35] Sadly. Yes.

 

Tripp: [00:13:47] It's time now for the Driving Eureka! book segment with author and investor Doug Hall. All right.

 

Tripp: [00:13:59] Well let's go to the Driving Eureka! book segment and we're continuing this conversation about how you're communicating your idea to potential investors and and I know from the innovation engineering system that this is a big part of of what you teach.

 

Doug: [00:14:16] Yet. The segment this week is about how to clearly communicate your idea. To potential investors.

 

Doug: [00:14:23] And you know we teach create communicate commercialize is what the book talks about and people get excited about the create because it's about coming up with ideas and they like to commercialize the hands on doing. But the fact of the matter is is the ability to communicate your idea. Really clearly the people saying what's the problem your innovation addresses what's the promise you're gonna make to address the problem and how does your product make that product promise possible. What's the proof that it'll do it. Because when you have that clarity in which would be in your concept prototype then cause then investors get it they get what you're talking about. But if you don't have it that clear they end up saying I don't get it. And the worst thing of all is to have an investor or a boss inside a company say I just don't get it. I don't get it.

 

Doug: [00:15:20] And there is a ton of data associated with this in the Driving Eureka! book and also in my Meaningful Marketing book. There's a ton of data on things you can do to increase your odds of success when it comes to communicating your idea to investors.

 

Tripp: [00:15:40] And so from what you found I know I remember an earlier episode that we did Doug where we talked about that if you don't have the proof there's not really integrity in your product. As far as being able to communicate to anybody the value of what you're building are there certain things within the communicate that are more important to spend time on than others.

 

Doug: [00:16:07] No it's it's you got to have it. It's a system. It's a system problem. Promise proof. It's a system three legged stool. You got to have all three you know. And because people are going to change their behaviors to try your new wonderful gadget. Unless it addresses a problem that they have in their life. And so you've got to have a problem. Then you got to promise so much you address it. And then the proof is what's the actual product or service that you're offering.

 

Tripp: [00:16:38] And is there anything that you would do differently. You mentioned you know whether you're presenting to your boss or whether you're presenting to investors that you need for investors is there something that they look for that maybe isn't in this format.

 

Doug: [00:16:54] Investors will be more disciplined in looking for the math and the things that I'm talking about. OK. Sadly inside corporations they tend to be pretty bad at evaluating investments opportunities. So they'll tend to be softer and go along with stuff even though you don't have the information that you should have. Mm hmm. In companies we work with. With innovation and sharing what are the things we do is we put in a system. That requires that all investment decisions where you're investing the company's time energy and money have a real purpose. Have the definitions of the three things I just mentioned.

 

Tripp: [00:17:41] So you're in essence trying to really make the internal people and organizations and companies think like investors more.

 

Doug: [00:17:50] Think like smart investors. Yes because that's what they are their investors are investing the corporate money. And whether you be inside or outside your investing money in an idea to see a better return. It's the same thing it's no different which is why I tell people inside companies learn how to do it inside. If you can't it's I can't get anything done here. I can't get anything done here. Well if you can't sell it inside you're never going to be able to sell it outside because you've got a much more favorable audience in that they know you inside. Then if you're going outside. I mean I sold and put nine products on the market in 12 months my last year P&G and you know Procter Gamble is not exactly a no go for it. Wild crazy place but that's where I learned the discipline of doing exactly what I'm saying here. I mean this is no different than than how I how I've done it for years.

 

Doug: [00:18:45] And I know there's people right now whining they're whining about that. I didn't make it. I don't want to do the math. I don't like math. We'll get out then. Then just stop stop. Put your right your way and Go pour yourself a nice glass of whisk(e)y and Doug say that was nice. It's over.

 

Tripp: [00:19:06] Ok well I was going to I was going to ask you also about you know how you might look as an entrepreneur but in essence that's really this last section as far as Brain Brew Whisk(e)y Academy so. So let's just go ahead and move to that. This is the Brain Brew Whisk(e)y Academy podcasts where we will take you behind the scenes so you can see what it takes to build a whisk(e)y distillery business.

 

Tripp: [00:19:32] Eureka! Ranch team led by Doug Hall are creating a craft whisk(e)y company with patented technology like has never been done before.

 

Tripp: [00:19:43] So in this Brain Brew Whisk(e)y Academy let's talk about how we get investors for a whisk(e)y or spirits business.

 

Doug: [00:19:54] Ok so the three things make it real. Get the numbers protect your innovation. The first one making it real. This is where whisk(e)y guys and gals have a real disadvantage because homebrew for beer guys you can do homebrew and get yourself ready and get kind of a product and you can kind of show people and then scale up but we're spirits. Most areas of the world it's illegal to do that.

 

Doug: [00:20:22] Now there is what you can do is find a local craft distiller. And there's almost 2000 of them now so there's plenty of them around. Who has the spirit distilled spirits production licence a DSP it's called and do that. And that's what I did with Brain Brew in the beginning. I worked with a local distillery who they can register. They registered my company as as as doing products and I made products using their license and I paid them a fee to do this. And you can do it that way you know. In effect it was quote their product but it was you know that's how I can make prototypes and make products and do stuff and do research and and actually get some product to market. So until I got the funding to build my own place and get my own DSP.

 

Tripp: [00:21:14] So let me ask you a question Doug. At that point. Did you have to already apply for some type of a license in Ohio. Since you're located in Ohio. Because I I take that.

 

Doug: [00:21:24] No no. I did. I did it in Kentucky. I did. I just had this where I happened to in Kentucky. So I did it in Kentucky but I could have done it in Ohio just as well. But it was under his license. He paid the taxes and I mean I paid him for everything. But you know the idea was I was using him to do my research.

 

Tripp: [00:21:44] Ok. So does that mean that since you would have having it done in Kentucky that you couldn't sell in Ohio.

 

Doug: [00:21:52] Well I just. That's that's a whole separate issue to distribute. Well that. They're not connected to each other. Oh not that they're a whole separate thing.

 

Tripp: [00:22:01] Ok. All right. OK.

 

Tripp: [00:22:03] Anything else to say about making it real you say it's more difficult for whisk(e)y and getting a distiller is kind of the way to go. Anything else on that.

 

Doug: [00:22:14] No no. That's the key. So the second thing is to get the numbers and you got to do the math. And I got to tell you the math in this industry we'll talk more about this next week but math is really difficult really difficult in this in this industry. And so you're going to need help. You can't do it yourself. You can't do yourself. I got two people that you can contact. One is Scott Schiller who owns a company called Thoroughbred Spirits Group and they are really the craft spirits experts. They've helped dozens of distilleries go and they think they can help you do your math. And it's worth every penny you pay because of the wisdom that you're gonna get there. And second if if you don't want to do that then the Ranch team we we have a very cost efficient system that we can help you with your math as well. So but you're gonna have to go get help. You're gonna have to go get help on your math. Don't just show me pretty labels of what this brand is gonna be. Show me the math and how it's gonna work. I mean you know that's just got to have. I mean just no math no project.

 

Tripp: [00:23:19] And then protect your innovation.

 

Doug: [00:23:24] Yes and this is a bit tricky. You really I mean in our case we went the patent route because that's just what I believe because I'm worth more if I have patents. It's really simple. Valuation goes much higher like a 10x. So I do that now. Short of that protection is relative to the size of the market. You're thinking about. And so you can have something that's meaningfully unique.

 

Doug: [00:23:52] And you can protect in your town region or state. You know with local protection it could be your product. It could be the location the brand you know where you're tasting room is it has something that connects to the community. You can make that work on a regional basis but if your goal is to go big if you're really going to go big then you're going to have to have a patent or a truly secret recipe that can't be copied. Really secret recipe because of the raw materials or method that you've got. Don't try to say that your protection is your brand. That's only the case after you created it and spent millions of dollars to try to claim it at the start. It's just plain foolishness.

 

Tripp: [00:24:40] Cool. So. So I would guess that these challenges that you have with whisk(e)y that each product would say you even outside of whisk(e)y all have their own individual challenges associated with doing all three of these things. As far as me I get real and get the numbers that that there is there. Each one has a little nuance to it. When you're putting it together is there is there any kind of recommendations they have other than these three things. As far as somebody who says you know I really like whisk(e)y I want to do my own thing that you would suggest to him other than these three.

 

Doug: [00:25:18] No this is it. OK this is it. This is it. You've got to have a prototype. You've got to make it real. Concept prototype. You know what's your name. Package might be what's the product. You've got to have a product. You've got to have the math to say that people think you're ideas awesome relative to some standard plus revenue costs. I mean and it'll be rough in the beginning. I get that. But it's a starting place to start the conversation. And then you've got to have some protection that you actually own something that you actually own something that others can't just copy.

 

Doug: [00:25:52] Okay. And that may seem that may seem impossible for people. And I get that. Well then I'm just telling you don't whine to me if you don't have them. You know because when you have them investment is easy. I mean we got one round of funding right now.

 

Doug: [00:26:09] I'm actually on my way to to England where looks like we may have other investors. And I've got to decide kind of what we're gonna do if I'm going to take the money or not take the money I think in one case I'm going to and I don't know what the other will see.

 

Doug: [00:26:22] But you know it goes from impossible to easy when you have these three things. And if you don't know how to do it learn by the frickin book Driving Eureka! why that's the cheap way. Just buy the book and read it or or take the online fundamentals course. But you've got to have these things. I mean it's as simple as that.

 

Tripp: [00:26:45] So. So Doug as far as a as an individual and let's say a personal investment in order to kind of do these three things. What what what type of equity would they need in order to kind of start this process.

 

Doug: [00:27:00] Oh is to do this thing here. Yeah. I mean I think you're probably talking five thousand dollars OK. You know I think with five that five to ten thousand you could and we were ten you could make a really cool product. Some nice packaging. You get a provisional patent filed easily. It's not money. That's the issue here. It's time and thinking that you have to do OK. And investors can smell it. You forget the fact that you're pitching but they've seen it's like you know on these damn TV shows I've done. You know I've seen three or four thousand ideas and after a while you know you've just kind of seen them. And so they're benchmarking you versus the others to see you know what you've got together. And these are the three things that I've done the shows this is the stuff I was doing I would look to see did they make it real. I would look to see if they had the numbers you know that could make sense.

 

Doug: [00:27:58] And sometimes I could just look at it and I could reverse engineer the product and they tell me what it was going to sell for and I'm like There's no fricking way you can make money of that. You know the raw materials they're like Well it's a craft thing. We really crafted. Yeah. It's called craft your self to bankruptcy. You know because it's just the raw materials that just aren't going to make the math work in what you find with whisk(e)y and Scott Schiller will teach you if you want to start a whisk(e)y distillery you need three to five million dollars if you're going to do it the traditional way. That's the math. Don't leave me. He's got a spreadsheet. He'll show you if you're going to do traditional aging whisk(e)y you need three to five million dollars. Now the good news is is if you do it using our time compression and with I stills and some other stuff you can do it for probably a half million depending on the place that you do. So I mean you get choices you get choices.

 

Tripp: [00:28:47] Okay. So if they came to you and you basically need say five to ten thousand dollars and then you help them through these three steps it is kind of what catch.

 

Doug: [00:28:57] Actually that wouldn't all be to me. I mean we would just be doing you know turns out what parts they can do themselves. Okay. You know I'm assuming they're doing a bunch of the work so it might be you know I might be a thousand dollars for a concept test for them and a product concept and product test that we're doing just to get them independent data that can say that this product. How does it benchmark because I mean we've tested I don't know 500 to a thousand or some like some crazy number of whisk(e)y over the years or spirits and so we can tell you how your idea stacks up you know how good the concept of the product are. Okay so it might be just that or it might be a provisional provisionals are real cheap to do. You know might be helping you just do the math you know day so I mean it really depends on what what things they can do and what things they can't do.

 

Tripp: [00:29:46] Ok very good. Well let's go to your craft cocktail recipe. The Orlando rush so I know you just made it had a recent trip to Orlando is this something you ran into down there. Is this something you crafted.

 

Doug: [00:30:01] Now it's just it's just a riff on the Gold Rush. And I was in Orlando and there's a there was a link to an post that went up to sixty five thousand people of all things. It's this bizarre about a wonderful story from the rich top down there and I just saw it as a nod to them that would be fun to do Orlando. And and it's it's just it's a simple riff. It's it brings together some taste. It'll just really work together.

 

Doug: [00:30:31] Three quarters of an ounce of honey water and honey water is a 50/50 mix of water and honey. I usually use a wild honey.

 

Doug: [00:30:40] Three quarters of an ounce of orange juice and let's make it a Florida orange juice in this case.

 

Doug: [00:30:46] And then two ounces of our noble oak bourbon and then that's finished with Sherry oak staves and the sherry oak from Europe that's in there really goes nicely with orange and the honey. So this is really.

 

Doug: [00:31:01] And then we're gonna top it off with a splash of champagne or sparkling wine just to give it a little bit of sparkle. So think of it as like a mimosa gone gone funky in Uptown is what we're dealing with here.

 

Doug: [00:31:14] Ok. All right well that sounds like something I want to try. I like orange juice honey water and he thinks we don't like that.

 

Tripp: [00:31:23] Still haven't had your Noble Oak. When is it coming to Indiana. Doug.

 

Doug: [00:31:28] I don't know. Partners take care of that. Yes take care of that.

 

Tripp: [00:31:33] Okay. All right well at some point I want to actually try that one. So that will be a good thing and a good substitute again for the noble oak would might be what.

 

Doug: [00:31:45] Another craft bourbon. So find a local craft bourbon. Support the local craft people because if you want to make a craft cocktail Tripp Tripp is the deal. If you're using stuff that's sold which 80 percent of the bourbon or some crazy number like that is actually owned by either Japanese or European companies. I mean they're not actually even American or the big multinational corporations. And and if you use their products in it you know be it you know angels and read the beam stuff or bullied or any of those then you're not making a craft cocktail. You're making a corporate cocktail if you want to make a craft cocktail. You need to use craft whisk(e)y. Otherwise you're making a solid corporate cocktails because that wouldn't be reasonable would it to use our multinational conglomerates whisk(e)y and call it a craft cocktail that would be ridiculous.

 

Tripp: [00:32:42] That's heresy.

 

Tripp: [00:32:44] Ok. Any other comments. One thing we didn't talk about Doug was if somebody was you know would say you have an entrepreneur out there and they have nothing right now at this point. How how how best should they get in contact with. Do they call the Eureka! ranch or they Brain Brew brew. Where do they want to contact what you want to say.

 

Doug: [00:33:06] Just ranch. Just call a ranch 800INVENTS.

 

Doug: [00:33:10] I N VENTS  if you're in North America or just visit the Eureka ranch dot com Web site. That's easy way and we're all there because the brain brew our distilleries right there at the ranch on the grounds.

 

Tripp: [00:33:22] So OK very good. Any final comments about our.

 

Doug: [00:33:28] Oh you can do this. Folks you can do this. OK you can get money you can get ridiculous money for your things. I mean the stuff I've seen over the years funded is just amazing. But you got it.

 

Doug: [00:33:40] There's some fundamentals you've got to do and if you don't know how to do it learn about it learn about it get the booker or take a class A local class although some of them I'm a little scared on some of these business plan. You notice I didn't say business plan. I didn't say that it's because those things are you know you get these templates you do them and they just kind of worthless in the context of the business plan there's only three things I'm looking for I'm looking for the prototype. So I get it. I'm looking for the math and I'm looking for the protection. That's it.

 

Tripp: [00:34:09] Very good. OK. Good words of wisdom.

 

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