How to License Your Ideas and Make Money (Your Honest Guide to Profitable Inventing)
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- เผยแพร่เมื่อ 3 ก.ค. 2024
- This is your honest, no b.s. guide to profitable inventing. Like anything else, to improve your odds of success at licensing a product idea/invention, you need to be able to play the game longer and smarter.
The longer you’re in the game, the better chances you have of reaching your goal.
Take it from Stephen Key. He's not a gambler. In fact, he considers himself a no-risk entrepreneur. Early on in his career, he realized that he needed to find a way of increasing his chances of success at bringing his ideas for products to market.
Follow his advice:
1. You’re going to need a lot of ideas
2. Don’t spend a lot of money on any one of your ideas
3. Only when there’s interest, build a prototype
4. You don’t need a patent
5. Find inventing-friendly companies
6. Find your community
7. It’s “what you know” and “who you know”
Read the article: www.entrepreneur.com/article/...
Stephen Key and Andrew Krauss are the world's leading experts on how to license a product idea. If you have an invention idea, this is the show to watch. Steve and Andrew are the cofounders of inventRight, a coaching program that has helped people from more than 60 countries license their ideas for new products. Visit www.inventright.com for more information and to join the one-one-one coaching program.
If you have questions about how to invent, how to be creative, design, how to do market research, prototyping, manufacturing, negotiating, pitching, how to sell, how to cold call, how to reach out to open innovation companies, licensing agreements, non-disclosure agreements, patents, copyright, trademarks, and intellectual property in general - subscribe to inventRightTV! New videos every week, including tons of entrepreneur success stories.
Inventing can be lonely, but you don't have to go it alone! Join the inventRight community for priceless inventor education, mentorship, support, accountability, hand-holding, honesty about the invention industry, and so much more.
Contact us at #1-800-701-7993 or www.inventright.com/contact.
This is the book you need to license your product idea: “One Simple Idea: Turn Your Dreams Into a Licensing Goldmine While Letting Others Do the Work.” Find it here: amzn.to/1LGotjB.
This is the book you need to file a well-written provisional patent application: “Sell Your Ideas With or Without a Patent.” Find it here: amzn.to/1T1dOU2.
Determined to become a professional inventor? Read Stephen's new book "Become a Professional Inventor: The Insider's Guide to Companies Looking For Ideas": www.amazon.com/gp/product/165...
inventRight, LLC. is not a law firm and does not provide legal, patent, trademark, or copyright advice. Please exercise caution when evaluating any information, including but not limited to business opportunities; links to news stories; links to services, products, or other websites. No endorsements are issued by inventRight, LLC., expressed or implied. Depiction of any trademarks/logos does not represent endorsement of inventRight, LLC, its services, or products by the trademark owner. All trademarks are registered trademarks of their respective companies.
You are really helpful and grateful. God bless you Steven.
Great Video!! Thanks Stephen. Very Informative.
Steve great information. Thank you for the tips. I like when you get straight to the point It means a lot to all of us that listen to your videos Great job on what you do. Thanks for the good advice. Very appreciated.
Steven, the one thing you didn't cover (or I missed) was how to protect yourself in the first call or followup call with a company and pitching your idea. The concern is them seeing the idea, saying not interested, but then taking it as their own. Do you start with an NDA (Non-Disclosure Agreement) before the actual call to discuss the concept or show drawings? What prevents them from saying..."Great idea be we've already have that one, but really didn't"?
Did you ever find an answer?
@@draf8517 No
@@JBrown-dm1wt I believe if you got it patented then you would have been safe for the most part from that issue. That’s what I would think.
As long as you can prove to a court that you personally invented or created the unique thing, regardless of patent status in most places you would still have good grounds to sue for loss of earnings. You might have to fund the initial lawyering yourself though.
You apply for a provisional patent. In AU last 1 year and cost $110AUD (in thins case). Once you have applied, you can start pitching. Before the year ends, you must start the real patenting process or it stops there maybe for others to take it on and go on with your idea. But during that year, you know if will make you money or not and if is worth investing in the full patent. That's another reason you should apply for the few you only believe so you can blast during that year to see if will work or not.
Just stumbled upon your channel- thank you so much. I've just subscribed yesterday.
That’s wonderful. I appreciate it very much.
Stephen
Thanks for that advice Stephen. I’ve been following you for years now, with ideas and not taking action. These insights help in moving forward and making decisions. 🇳🇿🙏
That’s absolutely wonderful. Keep going!
God Bless you Stephen Key!🙏 i wish i could meet you in person someday.. you & Andrew Krauss are true living legend sir!👍👍
Thanks so much
th-cam.com/video/O0cAx1jLbJk/w-d-xo.html
Legendary advice
Thank you!
Awesome video! I love you. Thank you.
Thank you!
Where can I find a good inventers community. I went to invent help for this one invention I had got a patten for it an now I got some companies that are interested in it hopefully all goes well I did this about a year ago. I recently have come up with five more inventions so your videos have been really helpful
So, file for provisional patent before seeing if there's any interest, and testing the market?
How do you test the market, from sell sheet, before protecting your idea?
i have a few invention thank you for your great videos
I Invented a 'Toaster' That you set up the nite before - and it wakes you up the next day with saying -' Your Toast Your Toast! _ jk' Thank You' Mr Steven Key! Great Wisdom To Know! Btw- Im not toast' - and have Many' Many to Discern What's Best to Start With! Blessings Always to You and Family!🏞🖖
Thank you
You're welcome!
You rock, Stephen! Thanks for this very informative video, and I'm also presently reading your "One Simple Idea". I'm in discussions now with a very promising company who loves our idea, and we're following up now. No guarantees of course, but "the ball is rolling". You've been very helpful and inspirational to us, and we thank you for that. Please keep up the awesome work, and videos!
That’s fantastic. Please keep me updated on your success.
Yeah Nicholas!! Way to get in the game!
@@stephenkey3137 Absolutely will. Thanks again!
Xxx
Any update ?
💖😎💖 Thanks so much for these videos, They help the Learning curve so much, I'm also reading #OneSimpleIdea atm .
Thank you!
Hey could you make a video on the prototype Teddy Ruxpin in the back? Thanks!
Thanks for the great content, these subjects are very open for looking into more information on to get things started. As someone looking to license a product I have in the home storage arena, where are some positive places to start looking for companies that would be interested in opening up licensing conversations with.
Do an Google shopping search for similar products. Find the shelf where your product with sell. The companies that are selling close to the where yours would be selling are potential licensee.
About a prototype what if I built one myself because I actually use this product myself and know it works and know there is nothing out there like it. I've make several diff versions and all work like a dream
Great advice! Thanks. Could you tell me any mediocre companies that would help me get my idea started like you suggested?
👍
Great video
What do you mean by stay in the industry???work for them? Study them? What exactly do you mean?
What about licensing Apparel or Manufacturers
Hi, I´m from Slovakia and I have an inovative idea to the global market. I have no patent, neither protype. So, what should I do ? Should I contact straight away a company and send them e - mail with a pitch deck and then wait, until they will answer me ? I just want from them to pay me the upfront money, and then the royalties, which both of this payments, I pressume would be a lot, like millions and more, because I found a hole in the market. I just need an advice, what excatly should I do. I´m broke, I have minimum money, and I don´t wanna go to the work, like everybody else. I want to write, really, but this idea came up almost from nowhere and when you think about it closely, you´ll realize, that it is a game changer. Would I´ve been listened, when I e - mailed them ?
Thank you for your time.
8:36 my fear... Who to trust??
I have an idea that needs to be in every home depot hardware store or paint store in the world I just don't know how to present .. I already build it it requires zero assembly and it costs only 5 percent of the selling price to build.
We'd like to help. Get in touch with us:
Phone: +1 (650) 793-1477
Toll Free: +1 (800) 701-7993
Email: support@inventright.com
Question, is there a best day of the week to send the sales page and video where it may get more attention? A day where perhaps the recipient may be less busy?
Are usually try to avoid Mondays and Fridays. But sometimes those days work as well. The best time is just doing it!
I literally made a prototype a few weeks back from two things I saw in one room sitting across from each other. I hot glued them together and made a new toy out of it. I think it's a neat idea, maybe I'm wrong. I'm sending it to a contact in one of those toy companies this week along with a couple other ideas. Should be interesting to see if I get any feedback.
Did you get feedback? If so, what was it.
@@Davidagarcia911 I didn't get any positive feedback on that one. It was a 'Frisbee' type of toy, but with something more to it. I think that's the one I was talking about. :)
@@Alex-wv2cl thanks for the response 👌🏽
@@Alex-wv2cl what company dud you contact?
@@Alex-wv2cl What part of a frisbee can you patent? Seems like either it's already done, or it wouldn't be unique enough... I have a similar issue - I engineered some medical tools for ostomy patients but it's all made from standard materials off of Amazon. It's genius so practical solves all the issues of the old system.
BUT, it has no unique gimmick or mechanic that I could get IP for. So instead I just offer service with the system, and that is where I create value so I don't need IP on this particular thing. Would be good though if I could figure out some way to licence it out because it is pretty revolutionary.
HEY PROFESSOR KEY! IVE SAW AT LEAST 200 OF YOUR VIDOES, YOUR THE MAN TO REALLY LEARN FROM. I HAVE A BOOK LOAD OF INVEN...WELL LOL IDEAS THAT I NEEDED HELP WITH, PLEASE GET BACK TO ME BECAUSE I REALLY DO CALL YOU MY PROFESSOR, AND I WILL LOVE TO GET ON YOUR TEAM!AND OO I HAVE A IDEA TOY FOR CHRISTMAS AS WELL!😎😎
You can reach Stephen by email at stephen@inventright.com! Or give us a call, we don't bite!
Patent.. I thought was a epic safeness for the persons idea!!! 😲
No more than my blue badge can empty a disabled car space of teenagers camper vans and such :D
I have a question like how and to whom we can contact in the company to sell our idea
Keep watching the videos!
Together we can incorporate all my ideas into real life.
You pay to patent it all in my name, make it, and then sell it all over the world.
You have business people, companies, you are experienced in everything.
Let's agree on everything and how much to take a percentage of the sales of my inventory products.
Where are you testing the idea with the One Page Advertisement? Is it to the specific targeted companies? If it is, then what department or person are you directing this to?
Good question
How can I find a manufacturer? For a small wood work product.
Just look on the Internet.
Is there a video that will give me any more information on licensing a drink?
Can you recommend some inventor friendly companies to start with?
Receive access to a free list of more than 500 companies over at Stephen's organization "Inventors Groups of America": inventleader.org/
What company is legit to help create my ideas? They all have bad reviews and just seem to take your money . I have the idea just need help making it
Hey there, I know you said to not build the prototype first but I’ve seen and have experienced this personally - if I don’t build a prototype most people in my network think it’s not doable or only focus on the negative and how “difficult” it’ll be. But when I approach them with a prototype they’re in awe and most times even willing to purchase the prototype. Any feedback on this?
I'm not Steven, but it sounds like your niche is more technical to the point that prototypes might be necessary. If you keep running into this problem, take it as an indicator that you need prototypes, but try to remember Stevens focus on not overspending. Frankenstein prototype, delivered as a video demonstration?
@@JakeKlineMusic interestingly enough ever since this message 7 months ago I’ve became more interested in learning to make videos as a demonstration of the prototype. This helps others visualize much easier
@@thediyhacker5396 when I was young I played with Legos a lot, and I read sci-fi extensively, and otherwise developed a great ability to visualize. I'm wondering if I could visualize it if you tried me 😃
Oh yeah, I guess that begs the question of whether you have completed a PPA!
Anyway yeah, most people lack any great ability to visualize, rotate, manipulate, and construct objects in their heads. I'd say your niche is a little bit outside Stephen's expertise, as he always preferred licensing simple ideas. Simple ideas will move so much more quickly, and are very much more likely to make it through the process!
But if you are still going to do more involved ideas, I'd say you can still focus on trying to keep prototyping costs down, and all of the other things he's sharing from his own experience.
Thanks for these informations
Thank you for watching!
Would be fantastic to come meet you & show you
What is the best way to find the right companies to work with? And, How should I approach and contact them?
We have created many resources about this. The most recent is Stephen's new book about using LinkedIn to license your ideas. Check it out: www.amazon.com/Licensing-Ideas-Using-LinkedIn-companies-ebook/dp/B08K3SDHYF
@@inventRight LinkedIn is a known scam for just selling everything you list on there
Around how much for license an idea..?
Every situation is a little bit different. Please watch this video where I share how much money you can make.
th-cam.com/video/Se-TzTVqhfY/w-d-xo.htmlsi=LGOWQkm9Ta1Njait
🙏🏽
What trustworthy companies to develop my idea into a prototype can you recommend?
You don't always need a prototype. Actually, quite often you don't. Keep Inventing! - Andrew Krauss, inventRight Co-Founder ( Call, email, book an appointment or request more info about how we can help by visiting us here. inventright.com/contact/ )
stephen you say dont use a patent on apps but you also say ppa is key
I have an idea for an app that is not quite a unicorn but could be close I really want to go about it the safest way
you'd have to patent a lot of the code and algorithms that make your app unique. You cannot patent the concept of an app.
i am sitting on a bunch of stuff even have prototypes i would say some of my aerospace items are worth millions, i just don't have the money to protect myself or pitch my ideals to the right people.
You can do it keep watching the videos!
Keep the emotions out of the process !
Thank you, I'm in game and toys industry, but don't know many companies, some of them say they accept but when i sent something no answer, so you don't know if they're saying the truth or you just waste your time
When companies do not get back to you you’re doing something wrong.
??? Who do you know? What companys are the easiest to work with?
But how to find those companies?
Please watch more videos. We cover this topic.
Wow you have the Prototype Teddy Ruxpin!
Yes I do. I was manager of design at worlds of wonder(WOW)
I would LOVE to help someone market and SELL their products!!! I have a few good ideas as well...Id there a good Inventing community to network with???
Sounds like you should invent something really terrible - in order to scout the talent networks you are asking about. I say something terrible because it's not your main goal; so time expense etc toward it won't be very high. You're just using that as a vehicle to meet people, so it really doesn't matter what it is so long as it's not terrible.
I want to HIRE someone to secure the licensing and share with them the proceeds. How do I find someone who would be interested?
..
Here’s how we can help. inventright.com/coaching/ Proof that what we do works.
inventright.com/coaching/ inventright.com/testimonials/ - Andrew Krauss, inventRight Co-Founder ( Call, email, book an appointment or request more info about how we can help by visiting us here. inventright.com/contact/ )
...and when i was 6yo i was thinking why people didnt make a very small a tv with a map in the car showing the driver the way to get there...in 1984
Do you have a discord community?
The big question is how to get attention of those companies? I sent out several emails but, got no answers.
This is very typical. You’re doing something wrong. Keep watching the videos!
@@stephenkey3137 I got PPA for my invention. Could you review and find a manufacturer to license it? I am open to discuss all options available.
I got the patent, made several home made prototypes of this patent, gor a SIR on this patent .And I got alot of companies ( that want money to license, and introduce my patent to companies of similar interests) .My problem is trust in these companies on possible money scams and stealing my idea .I dont know what to do next .Help !
You should call us. We can help.
@@inventRight thank you
Help me....I have a great idea. And you and I are Two Peas in a Pod.
i need help i have a incredible idea for the health industry...help need to find the right people to get my project going..
Maybe we can help: www.inventright.com/contact
HEY INVENTRIGHT I already made a prototype of my invention .How to license my idea ?do the provisional patent application? I hope I said it right.
I would recommend to keep watching the videos. And read our articles online.
@@stephenkey3137 Thanks 😊
Why would a company ever pay for an idea that isn’t patented?
Stephen...are you still posting and responding?
Sometimes depends if they’re good questions:)
@inventRight ok because I need someone like you guys support. I had this 1 invention for over 10 years now. Kept getting an upgrade.
Do you respond back ? I have an excellent idea I’m only 17. I think of ideas none stop. I would like to know where to start with companies an how to get it out there. Do I email ? Who exactly do I reach out too
Keep watching the videos. We cover all these topics.
👍😊🍺
thank you!
Your book 📖 titles
hi
I don’t believe any company would just pay you for an idea you don’t have a patent on. No reason to. Ideas are not assets. Patents are
Maybe you can help me with my idea
I can't draw!!!
But what if I don't have a lot of ideas? I'm not Thomas Edison, where I can just come up with over 1,000 ideas.
You can teach yourself how to come up with ideas. In Steve's view, creativity is a muscle that needs to be exercised to be used at will.
Your sales reps didn't say anything about more than one product idea and even said I had a great idea but needed to pay 3000 to start.......BS
We have other programs that might interest you. We want to teach people the process. We want people to have more than just one idea. And yes our program for one year is over $3000. And it’s not for everyone.Thank you for watching.
-Stephen
hey stephen i have a genius idea i will love to chat with you one and one please reach out to me
Sure, call me 209 480 8603