Your Honest Guide to Profitable Inventing
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- เผยแพร่เมื่อ 2 ก.ค. 2024
- The cofounder of inventRight and Inventors Groups of America shows inventors, innovators, and makers a proven path towards monetizing their better light bulb and how to avoid scammers.
The path to licensing a profitable, innovative product or technology is rife with twists, potholes, and rugged cliffs. So, who can you trust to provide you with an honest guide to profitable inventing?
Every year, there are individuals claiming to be experts in the innovation and licensing fields who have never licensed an idea or even profited from one of their own ideas. These people will tell you that you need a patent and a prototype. But is that really true? Is there another way?
Let “One Simple Idea” author and product licensing expert Stephen Key show you a smarter, safer way to monetize your invention and avoid splitting your hard-earned royalties with anyone else. Stephen Key is a successful inventor who has licensed dozens of his ideas for products, from simple novelty gifts to complex packaging label solutions. After teaching himself how to license his ideas for products, he has dedicated himself to teaching the same 10-step process to creative people all over the globe for the past 20 years. No one in the invention business sees more licensing success. This is how you save money, time, and heartache.
Inventors, keep this confidential. This is how you tips the odds back in your favor! The reality is, according to the magazine Inventors’ Digest™, while 78% of new inventors believe they will make over a million dollars with their inventions, less than 1% actually do. What is truly needed to succeed as an inventor over and over again? Education.
There are many challenges that inventors face these days. There always have been! You need to understand the red flags to watch out for when individuals or companies charge upfront for their coaching or help-to-market services.
With the inventRight 10-step system, inventors can improve their odds of licensing success - without needing to follow convoluted protocols, including paying for expensive prototypes and filing U.S. patents before you actually need them. (Don’t forget, you can get your licensee to pay for your patent with the right negotiation advice!)
For anyone who has a great idea or invention and wants to monetize it but are not sure who to trust, Stephen Key and inventRightTV will show them where to best spend their hard-earned money to maximize their odds for success.
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.
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The good thing is that you didn't say you made hell lot of money. You said you made a living. It shows you are not a liar or a cheater. Great job, man.
Thank you.
I started today watching your videos and after one hour I felt like I was in a real classroom. I love your honesty and love of teaching. We need more people like you. I have always been a tinkerer and never really had the guts to go for it. I still don't know where to go . Do you help new inventors? Do you mentor? Jesus!!!! I hope you do.
Respectfully
Israel Vigil
What a wonderful comment! Thank you! Yes, helping inventors has been inventRight's business for 20 years. Please call us: +1 (800) 701-7993
I have your books and also a book authored by one of your guests on toys and games. Great information. Working on three projects now. Making a prototype just to see it myself on one of them and drawing out the other two.
Simple ideas that in looking at lists and patents, so far finding no idea like these .
So also saving money so I can get with your teams to walk me through this...although am diving in on the first one. Researching not only the product categories but also researching patents using every term for the idea I can think of...learning a lot on the way!
Perfect, keep on watching these videos!
Going over this a good 4th time and new diamonds in every sentence. Such great content packed with value. Thank you for doing this for us, absolute legacy and giving back. This is by far one of the best and most practical channels I have found in the last decade. I would love to connect in the future for interviewing you for Millionaire Flix once I have my show there. This is absolute brainfood. The best university in the world just happened. On my laptop. In my home. From youtube. For free. Humbling. Thank you, massive respect and bowing down.
Thank you for the kind words! Please share our channel with other friends and inventors. Thanks for watching!
i love how savvy you are re: being patient and enticing the interested party into asking for more. Likewise in your books re: bringing certain items up later in the negotiating process instead of killing the deal early with too many demands. Great work and thank you so much for all the content and sharing of your knowledge. I think people give you a lot of credit, but not enough. The information age is only as good as the innovators and the innovators are only important if they get heard and you've been an amazing pathway to get innovators heard. Can't thank you and Andrew enough.
Thank you so much for the amazing feedback and your support, Josh. It truly means a lot.
Thank you so much Josh!
Right off the bat: I HEAR YA!! Sitting is soooooo much a thing to get up away from UNTIL the need to sit but not long. Victory to us all!!!!
You are killing me with these videos! Amazing, inspiring energy. Thank you for being you. You deserve everything that has and will come your way.
Kirstin thank you for the kind words!
0⁰p00
Wow Steven did I just learn a whole lot form this 20 min video you shared so eloquently!
I just reached out to Carmine and I am at DFM with my lint remover newly invented product and had a good one hour phone call with him on what he plans to do to take my product at this current DFM ready stage all the way thru production!
If you could, please give me your opinion on me writing with Carmine and the kind of value he brings to the table.
I was pretty impressed but would like to capitalize and make sure he is the right fit for me for a consumer goods product newly invented lint remover/roller designed to remover pet hair and lint!
Thanks for all your knowledge and feedback in advance and great videos man for real.
The patent thing and having a sell sheet is huge for validating the market! My mentor told me that I need to do a Kickstarter campaign and this is the end all be all so if not successful on Kickstarter the. Don’t go ahead with the product! Love to hear your thoughts on the Kickstarter validation as well?
Thanks 🙏🏻
Eldar-
Hi Eldar. We believe licensing is the best and least risky path to market for most consumer product ideas. Remember: If you want to become a successful inventor, you and only you must become the expert of your invention. In our opinion, Kickstarter is too much risk if you're not ready to ship. Here's a lengthy article Stephen wrote on how to protect yourself if you crowdfund: www.forbes.com/sites/stephenkey/2018/01/31/considering-crowdfunding-16-ways-you-can-fight-back-against-copycats/.
Happy to discuss with you: www.inventright.com/contact
inventRightTV I just set up a call for Monday at 10:30 am central time US but I really thought I was going to talk to you - unless it’s Steven or yourself I rather not speak to anybody else!! Regardless of how qualified they are, I can careless! Please feel free to call me at anytime 414 650-1885, I am based in Milwaukee Wisconsin!
Two quick questions:
Your knowledge and recommendation on Carmine D. And I spoke to him earlier yesterday and he is helping me with my manufacturing and DFM work! Can you please let me know if it is a good idea to let him run my manufacturing process and design work to get to DFM?
2. Secondly, in order to be successful on Kickstarter, I would need to put up at least 10-15k and that is being nice when I say 10-15k? Plus I have to drive traffic to it, which will cost at least 3-5k for a few days to a week or two plus video editing and copywriting and marketing the page is a lot of money! Once I get to the shipping phase, do you think I should definitely do Kickstarter and is it the end all be all?
Would really live to get in a 10 min, if that, call with you like I mentioned before call me whenever you like on 414 659-1885, and please comment on what you think of Carmine D ad not an inventor but someone who helps inventors scale their inventive products? His network with big box retailers (purchase order funding), Angel inventors, etc! 🙏🏻🙏🏻🙏🏻🙏🏻🙏🏻
We do not and will not comment on other service providers in the industry.
Thanks for telling us
Thx, I hear new information
After the PPA expires, can companies that licensed from inventors stop paying royalties? Other companies can also copy the product. So while first mover can get revenue, once copycats come in, the honeymoon is over?
I believe the problem is the patent application process is , for PCT, you need to file all the countries you want within a period where the first examination is unlikely to have concluded. This leads to unneccesarily filing multiple applications in as many countries when its unclear if your claims make the cut. The large companies are not as affected as individual inventors.
This is a very complicated question. I would highly recommend getting legal advice. You can always reach out to me with a private message at stephenkey@inventright.com
Thanks for watching!
Such an awesome video, Stephen. Love it. Thank you.
Thank you!
Nice to see you are finally getting the volume of subscribers that you rightly deserve. Onwards and upwards :-)
Thank you!
Thank you Alex!!
@@inventRight Of course. Appreciate everything you do for the community.
Thank you, Stephen for all the information and your personal experience that is so invaluable.
I know we don’t listen! Thank you Stephen, some of us learn the hard way. We should have listened the first time.
Thank you for watching!
Great advice and the 💎💎💎’s continue! Thanks Stephen!
Thank you for watching Larry!
I understand 2 big companies are fighting for the contracts with China to build the passenger planes. We can advise to build this in the aircraft.
Always great information and Thank You for sharing.
Thank you for watching!
Great Stuff Steve 👍🏿
Hi Stephen,
your videos are incredibly helpful, realistic and motivating.
Thank you for your precious work and time!
I will have a reason to contact you in a few months and I would be happy if it actually works!
Greetings from Munich, Gerhard
These videos shine a light of truth on a very "scheisty" category of business. Wish these guys were available to me 40 years ago!
Thanks for the kind words. -Andrew Krauss, inventRight Co-Founder
Thank you!
Yo Stephen! Do you review product ideas as well, just like Marc? Then if you like it, you work with the product developer also?
Then maybe share the profits later, if the product becomes a hit? 🤔
I have an idea for a product but it is basically re purpose an existing product in a new way. Is there a different approach to license the idea?
Great presentation guys!
Question: if the inventor is based outside the US, is it better for that non US inventor to file their provisional application in their home country, or is it better for the non-US inventor to file their provisional in the US? or possibly in both in the US and their home country.
From what I understand, the provisional carries equal weight for any member of the PCT. Thanks!
You were absolutely right. The provisional carries weight for any member in the PCT. Great job doing your homework!
Stephen, you say that a company that has a third party person reviewing submissions it's a red flag but that is the case with Lifetime Brands, I thought they were considered an inventor friendly company by inventRight, one of the top guys even was a guest on your webinars a few months ago. Is that no longer the case?
I won't be surprised. People change, companies change, the only constant is change itself.
i have this product in mind thats similar to another product but has a ton of unique features. There are only two big companies that do this but i really can see myself having this product myself and selling it on my website. how would i go about this??
My invention idea should go in and outside the USA. Could you help me with any kind of idea?
Thank you. I will. Be A invent right student soon
Looking forward to working with you.
Thanks Stephen for your expertise, my mind is absorbing every second of your knowledge. I am an expert (self proclaimed of course) in my field and think I have a product that would be utilized for an indefinate amount of time that would transform elements of my industry but also cross markets. I am trying to find the fastest way to get the product to potential buyers while protecting my intellectual property.
Heather, have you checked out our coaching program? www.inventright.com/coachingmenu/bootcamp-coaching
what about people outside of the us? PPA's are an US thing. I have an digital product invention and I think i'd need an international patent for that.
You can file a provisional patent application most anywhere in the world in United States. Then before one year is up you can designate other parts of the world. Please get legal advice in your country.
Great video ! You talked about evaluating the wholesale price, would you expand on that please, in my mind, wholesale price is oftent 50% of retail am i correct ?
Thx for the info on how to handle prototype. With all your videos this has not been discussed.
Kathy thank you for noticing!
Hi nice video, so I have an idea for a card deck video game, can you let me know if there is a company I could license it too. & do you have a list of company that would take ideas from unsolicited persons. Also do you yourself help persons to get their ideas across to company even if it means you also getting a cut from the deal??? Thanks.
Thank you for the great content. I look forward to contacting you when i have a licensing agreement in front of me. Take care.
Wonderful!
@@stephenkey3137 qualche volta ti fermi a riposare ?.
13:30 How is it insulting/ frowned upon/bad of a company to hire a company that’s sole job is to do exactly what they need. If it’s a good company it’s only beneficial for both parties.
To be an inventor in 2020.... You need to have s few different hats, 1. Industrial Design Engineer hat, 2. Product Design Engineer hat, 3. The product idea that will/may sell hat, 4 .Machining and mechatronics hat, 5. Digital Marketing hat, Commerce/business/Trade sourcing supply chain Hat, 6. Image editing and digital art/skill hat..... 7. Legal and lawful hat...wait wait wait there is more... hang on...
That's not being an inventor in 2020. That's being a company that is mfg the invention. If you can do it all? Good for you.
@@trexinvert If you can learn "Blender", you get a massive head start and this open source free software will open your eyes in new ways if you let it. Marketing is everything (I quote.. how to sell ice to escimos) learn the tools and lot of them are in blender.
If I have a revolutionary idea to change the holiday decorating system how do I sell the idea if I already had a provisional patent and a patent search. How do I just pitch the idea with the research that I have
We can teach you how to pitch your ideas for licensing. Get in touch with us: www.inventright.com/contact
Thank God i found you
- Hi Stephen Key. All is very good, but? Basic Universe low :- "To stay something, must to have conditions for this. " This low, giving possibility to looking in Future and making this future. Zahari Gerov.
Hello,
I have filed a patent for my invention and it's published in intellectual property journal. Bt don't know how or where to find companies which will be interested in my invention. I emailed various companies bt got no response. What should I do ?
Keep watching the videos. Somethings not working for you.
If it's published, it is public, so what is your patent number? In which country?
I did a quick search on Google Patent and didn't find it.
great video, however i think it works different in my country. Yes, you look like a honest inventor. I think somehow 99.9% of inventors are very honest and sometimes naive.
What country are you in?
@@inventRight Sweden, government pays for patent here if they believe in you and your product. However taxes are very high.
@@inventRight Very useful video, most inventors get screwed by corporations so your channel is highly appreciated.
I have several patentable Projects & honestly am having a hard time agreeing with no prototypes or patents?????? I don’t understand.
There's important nuance here, which is WHEN do you need these things and WHAT are they for and WHY you are paying for them. Remember: Most patents never make any money. If you want to become a successful inventor, paying for an expensive patent and prototype on every idea you have is not a winning strategy. Please keep reading and watching to learn the details of the inventRight approach to commercializing products. Thank you for your question! Stephen's new book covers these questions at length: www.amazon.com/Become-Professional-Inventor-Insiders-Companies/dp/B0872HW77Q/
Can a simple, fabric clothing item be licensed for our profit? I ( came up with an idea for and am already creating and have a website to sell such an item, but I suck at marketing and selling, and its a weather relative clothing item and i live in a sunny climate where this item is not really needed other than a month or two of the year, so not selling it much. But a larger company could make and sell it nationwise or worldwise for places with longer cold climate weather.
Great question it all depends. Do you have some type of perceived ownership, such as a Trademark or Patent, or even design patent?
Typically, it’s very hard to protect apparel if there’s no functionality. And this is one industry in which is difficult to license ideas in.
-Stephen
@@inventRight I dont have a patent or trademark. I just began making them for myself, then some people commented liking them so ive made maybe 100 of the items i have in stock in various patterns. Its a small, simple clothing item that is essentially a variation on a common clothing accessory. I made it to be more convenient , less bulky. Essentially a scarf, without the extre trailing bulk of material. I have hade my own domain name and website and business cards for about 2 years now,. But have only sold maybe 15 so far.
Where/how can I find legit licensing companies?
In my opinion and experience they don’t truly exist in “product licensing”.
Try to Become a smart creative product developer
Also, why not just get your own website & sell your inventions yourself????
Starting a business (selling your invention yourself) and licensing your invention are two different business models. There are pros and cons to each!
inventRightTV yes I agree selling your inventions on your own website & licensing your products out to another company are two different tasks but that shouldn’t stop the inventor from first try to sell them themselves & then if it doesn’t take off then you can license it out.
Lead In Music: sucks
Please change it.
It sounds like a mouse being strangled
You never explain what you need to license to a company
Please keep watching and reading our articles and books - we have explained that many, many times and continue to do so!