How Much Money Stephen Key Made Licensing His Ideas
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- เผยแพร่เมื่อ 22 ก.พ. 2018
- "One Simple Idea" author Stephen Key reveals how much much money he made licensing his ideas for novelty gifts, including darts, pens, plush puppets, the Michael Jordan Wall-Ball, and Spinformation rotating label. Royalties are a form of passive income. Don't get into licensing for the money. Don't spend your time and money on an idea that isn't a winner.
inventRight is a one-on-one coaching program that has helped people from more than 40 countries license their ideas for new products. It was founded by Andrew Krauss and Stephen Key in 2001. Visit www.inventright.com for more information and to become their student.
Call #1-800-701-7993 to set up an appointment with Andrew or another member of the inventRight team to discuss how we can help you license your ideas.
New to licensing? Read inventRight cofounder Stephen Key’s bestselling book “One Simple Idea: Turn Your Dreams Into a Licensing Goldmine While Letting Others Do the Work.” Find it here: amzn.to/1LGotjB.
Want to learn how to license your product ideas without a patent? Stephen's book “Sell Your Ideas With or Without a Patent” explains exactly how. Find it here: amzn.to/1T1dOU2.
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.
30 years in the invention business and this is the only group I will recommend. . Thanks inventright
Your comment is much appreciated Fred.
Can we do business together I'm lost. I know my idea is worth billions
@@shinysaucermusic1139 🤣
Thank you for your insights! If I may ask you directly, I would love to get your email or who do we email on a prototype idea to get to a company? Is it their marketing department? I hope to hear from you. Thank you in advance for your response!
How do I find the company that can feedback me on my idea and possibly manufacture the product? Please help share the companies info
I have had hundreds of ideas and until today never thought I could do this. Your video might have changed my life. Thank you
Time to learn how I send my ideas to a company without stealing my idea
Consider reading Stephen's bestselling book about how to license an idea, it is available in many libraries in the US: www.amazon.com/One-Simple-Idea-Revised-Expanded/dp/1259589676
Hey, how's it going? Have you had any success?
Haha! You finally answered the secret question that everyone's too scared/polite to ask!
I'll tell ya, that's gotta feel super satisfying to make that kind of money from things that came from inside your own head! 100% inspirational, Stephen!
You are definitely an artists! Your return on the small items was incredible! Spending $10 to make $10,000? Incredible.✌
Thank you!
So happy I found this channel! Love how genuine and upfront you are in these videos.
I once suggested an idea/concept to my youth worker, about delivery fast food with cycles; he laughed at me.
Today its known as Deliveroo and Uber Eats and generate 100's of thousands in revenue!
When you get your next great idea... what are you going to do about it? Thanks for watching!
That is why I do not share my ideas with friends. They dont know any better.
One of the most inspiring videos you have. It really helps to see what people can look forward to with hard work and commitment.
Thank you Shawn.
After watching so many videos in general this video definitely put things into perspective. Thank you for your honesty it definitely put away many fears I had regarding cost.
Thank you for watching!
I'm thankful to read or hear something wonderful as the things you mentioned. Thank You.
Thank you, Stephen. Your perspective is valuable and your enthusiasm is infectious.
Thank you so much!
I'm based in the UK and currently in the process of applying a patent for a product. Your advice is the best I've listened to.
It is GREAT to here real life examples along with the royalties. More videos like this with other products you have brought to market _including_ the total (approx.) royalties you made would be greatly appreciated. This video has inspired me to try my first foray into licensing an idea. I have all your books and love *iventRightTV* by the way. Keep up the great work!
Thanks for the feedback!
You might remember me Steven. I was a $50,000 winner on the TV show American inventor. You were the consultant etc. for the show. My name is Joseph Safuto. Pureflush is the name of the product I have a utility patent done.
I had the germ filtering toilet seat and in my category came in second place to $1 million. Yanush Lieberkowski won the million dollars.
Just want to say I love this video.
Hello Joe, I hope you're doing well, I enjoyed working on the show. Yes I do remember you. Thank you for the kind words!
Could you help me on some pointers?
Joe Monti Safuto don't leaving us hanging, what did liberkowski invent that was $1M worthy? Lol.
read your comment. Its awesome that you came in 2nd. Do you know how or who in a company to get a hold of to present my idea? I noticed Steve keeps talking about a license agreement so my last question is would you need a patent before a license agreement? Thanks if you answer
Stephen Key Hope all is well, I live in Modesto, You said Monrovia was were you had to drive, what’s the place in Monrovia called?
Thank you for your videos. Learning and motivates me to keep moving forward.
Ever since I bought your yellow book I’ve wondered how much wall ball and spinformation made for you. Thanks for the details. Motivating stuff
Thanks for watching!
Stephen, thank you for the educational videos you're blessed and share with all of us. I'm always learning from each one of the videos. Grateful and thankful I've found your channel. Stay safe.
You are very welcome
I love this man I feel so blessed to be apart of learning from the best ❤❤❤❤❤⚘⚘
We appreciate that!
Stumbled across your video. I can’t stop smiling. Absolutely great!
Thanks for the information Stephen. Just ordered your book Sell Your Ideas w/ or w/out a patent!!
Fantastic video, Stephen. Going to be sending out an idea in the next week to potential licensees. Wish me luck, thank you for creating and being so dedicated to making your program truly unique! Respectfully Grant Logsdon
Wishing you luck, Grant! Thank you for the kind words.
Thank you very much for sharing this precious info with us Mr. Key !!!
I know that your biggest ideia is yet to come !!!!
Thank you for the video, it was what I needed.
Ur the best Stephen! Loved being an inventRight student! You are the most humble and unselfish person. I admire you for that! Can’t thank you enough 😊
Thank you for the kind words! I love this business!
How do I become an investRight student?. This looks like its so much fun!
Oscar Bareiro it is a great program! You can go to inventRight.com to check it out😀
"the royalties were coming in like crazy". Stephen, have you done a video on "royalty accounting" or "auditing" (is all I can call it, perhaps there is a specialised name?)? What I mean is when a company starts producing your idea, how do you track or ensure you're getting your correct amount of royalties? Any company can (in theory) simply say we produced and sold x amount and here's a payment of 5000 USD for that month... then (if you were able to audit that truthfully) you find they produced 10 times as many and they should have paid you 50k, not 5! (for example). How does one track or audit something like that?
Here in Brazil we use www.royaltycontroller.net
@NonyaBusiness! Get to know the companies and get the companies to know you. Have more than one idea. Work on getting trust.
If you're a one-idea inventor it's extremely difficult. They need to know that if they treat you badly you'll stop showing them more good ideas in the future.
NDA's are a good start
@@thenamelessone123this is bad advice imo
Yup I mean if they do what you claim, it would be fraud, so it's less likely they will commit fraud than not for your licensing agreement, however perhaps a strategy is to target a public company, even then they often don't report individual product sales and comes a different set of problems
So honest, so raw and helpful. This video inspired me. I can see my idea on the shelves without spending $5000 on a utility patent
Thank you for watching!
Stephan, I'm learning so much from your videos. First, how to present my pillow on the sell sheet. My pillow is vitally important for the safety of our children's head and neck, while in their car seats. Thank you, much appreciate. Maggie
Thanks for the good video and sharing. Got your(updated) book. All the best!
Thank you!
I've been wondering this for awhile! Thanks Stephen!
Thank you for watching, please share with your friends!
I LOVED!!! this video. Thank you so much for doing it. Straight to the point an informative. I have tons wonderful ideals and this helped me.
Awesome. You may enjoy reading Stephen's bestselling book about licensing, which can be found on Amazon and in libraries in the United States: amazon.com/One-Simple-Idea-Revised-Expanded/dp/1259589676
This Is So Valuable To Me. Thank You💖
Excellent, Entertaining, Informative video as usual Mr.Key. I see that one person keeps giving you the thumbs down. Must be a bot. No matter how much GOOD you do, somehow can't please everyone. Keep up the good work.
Thank you for the kind words!
Great inspiration and knowledge. Thank you
Thankyou for your transparency it really emphasises your authenticity 👌🇦🇺
Thank you so much for watching!
Thanks for the information. I just ordered "One Simple Idea".
Thank you!
I am so pumped after watching this!
Great video Stephen!! Nice to see the transparency!!
Glad you enjoyed it! This information is priceless. We're happy to share it so people can set realistic expectations for their inventing goals.
@@inventRight Woah!! haha !! I didn't expect a reply!!
I've been binge watching your channel for the past 2 days.
I was wondering if you had a video discussing "NNN" agreements with the 'worlds' workshop.. aka China'??
or even better yet; securing a patent in China - and whether or not that actually dissuades copy-cat factories there from reverse-engineering and producing your product
** Not sure if the above are mentioned in podcasts, haven't binge-watched -that- hard yet haha
I'm doing a small project in an emerging nascent global industry. It's pretty basic, but would like to know how to protect myself when getting my semi completed prototypes made there. It's a real shame when you can't support local because they usually either are: 1) too expensive, 2) don't the proper equipment/tooling to make it or 3) lead times and general work attitude are poor compared to overseas counterparts
Thank you for your knowledge, I have an idea but what what I want to know is how to protect yourself from someone or another company stealing that idea?
Instead of focusing on how to protect your idea, you should focus on how you're going to bring it to market and profit from it. Thank you for watching!
Great video! You've given me great motivation to get things done, just started and got a few spreadsheets set up with companies to call.. I need to figure out the PPA process for the UK though
Thank you Daniel!
Thanks for sharing the figures! Read your book - nice thanks Steven!
Our pleasure! Thanks for reading. If you enjoyed the book, leaving a review helps us a lot.
Thank you Steve for the insight, plus for put to bed the lingering thought since the past upload about about the 53 cent royalties check. :)
Thank you!
I guess my question is, especially with something like the Wall Ball idea, what's stopping a company from saying 'Great idea!' and completely cutting you out of the loop? Can you even patent something like that, or an existing item in unavailable colorways?
Great video. Thank you for sharing!
Steven's the man! Thanks for the info
Always love all your video's. I assume this is just a tiny snippet of all you have invented or? Great meeting earlier as well and I am going to look into that Edison group you had mentioned, thanks!!
That’s great. Wonderful speaking with you today.
Its been very informative watching this video . Thanks
Glad it was helpful!
Great information, I guess you really know the right people to contact and the right process to follow to make this happen, which I lack and want to learn. I have some great ideas just don’t know where to start and license. Congrats 👍
Thank you for sharing!
Love the video and the old commercials of your inventions
On social media, we just posted a new commercial with inventor Jeff Davenport's Pop n Hit Practice Bat. So fun!
Thanks for the info!!! Great video!!! your giving me hope to become one of the greats, thanks!
You can do it!
I just bought the yellow book!! You're the author? I can't wait to get it, and thank you for everything you do!
Thank you!
Stephen you mention on your book a simple idea that a company was waiting for your student to get approve or not and you encourage her to file another patent that will include protecting the 1st ppa submitted is this another way of protecting or extending IP?
@Fred Davis What about having the company your sending your ideas to should you have them sign an NDA first or what’s to keep them from stealing your idea if you don’t pat. First??
Thank you Steven your video's are great info they are helping so much people wow you guys
Thank you for watching!
Great video! Please tell us more. I was all super interesting about the process you had to go through. You talk about licensing your products. How many did you patent, how many companies patent it for you, and how many did you just licence and not patent? Ps I remember those turn labels!
Hi, thank's for the Videos !
Do you recommend to get a patent before, for when you go out to determine if anybody want's it ?
Our strategy is to file a well-written provisional patent application first. More about that here: www.inventright.com/component/k2/licensing-library/301-don-t-file-that-patent-yet-file-a-provisional-patent-application-first
Thanks for your videos. What if you pitch your idea to a company and they don't like it but behind your back they use it. How do you protect your idea from them stealing it.
This is a brilliant channel. Thanks for creating.
At 2:10 who did you send your paper concept too? 🤔
That’s a great question. I believe it was Aladdin they made lunch boxes in the 90s
@@stephenkey3137 for people who have so many ideas and want to get a few out there in the market and at the sametime earn some money or something worthwhile, what would you tell them or do you have a video to link here in this comment… you could make the video and then create the fresh 2020 video link.
Would be good if you could create a video asking people what do they think people or their own self would need during or after this 2020 event…
Hi! These are very good videos, give me such a different perspective. I have a couple of questions though. When you take the idea to a company aren't you afraid that they steal your idea? Do you need a patent to prevent that? Can you license a product without a patent?
From my experience and watching their videos. They recommend you file a ppa (provisional patent application). Do your homework first to see if anything is out there like yours...You can also see if you can have them sign a nda ( non disclosure agreement)
I have alot of experience in construction ! Mechanics electrical and painting ! I have so many ideas dont know what im waiting for ! Like the thought of not having to go through all the paper work and years of research trying to get a product in the stores
Nice. Check out this overview of the licensing process to see if it interests you: www.inc.com/stephen-key/how-to-launch-a-product-without-starting-a-business.html
Hi thanks for all the usefull information your share. I am wondering if there is an in between situation between licensing and manufacturing? say your have not only many invention ideas but these are supported by a certain vision. Ok people want to sell but maybe someone wants a little more than that, they want their products to reflect that vision because all these inventions came from a place of heart. is there possibly a way for the toy company to acknowlege and see value in that and sell the products under a different trademark for instance? hope this long question is clear.. thanks for your time and dedication!
Awesome info ..thanks man 🤙🏼
A stand up person in truth and thank you very much .
Rey you mention on your book a simple idea that a company was waiting for your student to get approve or not and you encourage her to file another patent that will include protecting the 1st ppa submitted is this another way of protecting or extending IP?
This is a great video, extremely informative!
Glad it was helpful!
When I saw the sweater vest I knew he made a killing
Lol
Hey Mr Key... Love your videos and definitely learned alot through your content. At 7:33 you said get it to a company to see if they like your idea or not. Well what happens if they pretend they don't like your idea but then turn around and copy it some how. I'm sure you have went over this, if you can steer me to the video I would greatly appreciate it! Thanks again!
OMG yes, we have so many videos on this. Go to our channels home page and search for "steal" or "rip off" and watch the videos. Here's the link th-cam.com/users/inventRight - Andrew Krauss, inventRight Co-Founder
Thanks Steven always an inspiration!
Thank you!
Thanks so much for your video! Very helpful. QQ - how would you know that, when you bring your prototypes to the company, you make sure that the company doesn't simply steal your idea before settling on a licensing contract? As I am in the very beginning of my licensing journey, I am curious as to how that works. Afterall, a lot of these ideas are simple ideas that can easily be copied where companies can save up on those royalty cost. Learning a lot - thank you!
Hi Tiffany. The art is in who you approach to work with, how much you reveal, and when. We've created quite a few resources about protecting yourself. Here are some:
30 Ways to Make Sure You Profit From Your Creativity: th-cam.com/video/FhJCUVybgZ0/w-d-xo.html
Companies Do Not Steal Product Ideas. Here's Why: th-cam.com/video/FhJCUVybgZ0/w-d-xo.html
Don't Let the Fear of Your Idea Being Stolen Hold You Back: www.entrepreneur.com/article/242069
Without This Clause, Your Rights to Your Idea Are at Risk: www.inc.com/stephen-key/without-this-clause-your-rights-to-your-product-idea-are-in-danger.html
Keep researching, asking smart questions, and don't hesitate to reach out! www.inventright.com/contact
Wow this is very inspiring, thank you !
I'm interested in licensing the product idea (I have a prototype made) to a major company. Do I need a Patent Pending application submitted before I take it to the company or is it enough to have my notes with dates in my possession before submitting the idea to them? How do you make sure that they don't steal your idea? Thank you.
Please know we are not attorneys and thus cannot give legal advice. From a business perspective, filing a PPA is a low-cost way to begin establishing perceived ownership, so we highly recommend it. For more advice, please get in touch with us. You can email us at andrew@inventright.com, call us at 1-800-701-7993, or set up an appointment at your convenience using this link: www.inventright.com/contact
Thanks for sharing. I'm a subscriber!
thanks steven I'm about to put out a major idea soon and I needed this advice
How did it go?
@@tonyakay9731 I had trouble settling on the design and I have switched career paths. I could finish it if I wanted to be insanely busy, but I feel that I have lost lost the passion for it, since my passion is now for my new career.
@@THERE.IS.NO.DEATH. thanks for your reply!! Wish you all the best!
Thank for share so much valuable information.
Thank you!
Invaluable. THANK YOU
Fresh Oxygen thank you for watching!
Great info, very inspiring.
Thank you Mr Stephen.
Hi Stephen! My name is Paula, I live in Buda, Texas and have a question for you. When you said your method is to build a prototype, do a sketch, and get it to a company to see if they like it, instead of getting a patent how do you know they wont' steal your idea if your product does not have a patent or etc.?
Very inspiring video, thank you Stephen :)
Thank you for watching!
You were in Modesto going down to Monrovia?? Wow what a journey!!
do you patent the idea before proposing it to someone ? thanks
Thank you for sharing. I love you. May God bless you more success. Amen.
thanks for sharing your experiences. I don't subscribe to anyone but did it for you.
But there's no subscription mark next to your name! Thanks for watching.
Thank You for such good information.
You're welcome Justina.
Thank you for Insights!
You are so welcome
Thanks Stephen that was very helpful 👍
Your an inspiration!! Do you apply for provisional patent before submitting??
Yes
Thanks InventRightTV!! Can you share the process to patent an idea ? and cost behind it ? So that one can use it for licensing.
That is our specialty! Please get in touch with us: www.inventright.com/contact
Good Stuff, sir. Thank you!
Thank you for sharing all this great information!!!
You are so welcome! Please subscribe if you haven’t already.
-Stephen
@@inventRight i subscribed after a couple videos, now I've watched every video available in your channel more than once!!! I will become a formal student one day.
Thank you so much for replying. I appreciate that you subscribed, it means a lot to our channel. If you want more information you should subscribe to inventRight there’s over 350 hours of videos alone. Our LMS or learning management system has more information on licensing than anybody in the world. And it’s only $29 a month.
Once again, thank you so much!
Make sure you tell your friends if they have an idea do something about it!
Thanks for the Half-hearted encouragement
Anthony Cerra Jr. thank you for watching!
Thanks Steven!💪🏾
Thank you for the info. I’m trying to figure out the right steps in selling a idea or a prototype. Question: If I have a company make a working prototype for me on my idea and then take that prototype to try to sell it to companies, would my idea be protected? Do I have to have a patent before I get a prototype or do I have to have a prototype to pitch a idea to wallmart. I’m sorry I’m trying to understand how everything works.
Could I just take my ideas that I have in my notepad and actually have a meeting with wallmart before anything and show them my ideas? Before I make a prototype or would that leave my ideas/inventions unprotected?
If you work with a prototyper, have them sign an NDA. - Andrew Krauss, inventRight Co-Founder
YOU ROCK!! THANKS SO MUCH!
Thank you!
Hi, Stephen! Awesome Video! Thanks!
Thanks for watching inventRightTV! We can't wait to share your story here with our audience, Mike!
You’re the best Mike!
Sir you really have done some awesome inventions!! I would highly appreciate if you made a video on how to earn fame through your invention
and that too by selling it to a company.
Thank you Stephen !
Thank you!
Here's always been one of my big questions. How do you know when you send an idea to a company or something like that, that it wont get stolen? I guess I'm not familiar with how that process works. I periodically get what I think are cool ideas but don't know what to do with them.
Hi Demo Gorgon. There are many things you can and should do to protect your ownership of your ideas. Take advantage of the following resources we've made on this important topic:
www.entrepreneur.com/article/324629
www.inc.com/stephen-key/30-ways-to-protect-your-product-ideas.html
th-cam.com/video/-4GHbs7pYto/w-d-xo.html
th-cam.com/video/grMrn6mwX3s/w-d-xo.html
One of our favorite tools is a provisional patent application, which is an inexpensive form of IP that allows you to describe your invention as "patent pending" when you begin contacting potential licensees. Thank you for watching.
If you're new to licensing, definitely check out Stephen's bestselling book "One Simple Idea": www.amazon.com/One-Simple-Idea-Revised-Expanded/dp/1259589676
Great video! What did you tell the companies when you went to show them your products?
Keep watching the videos!
Thank you sir for the valuebale information
Awesome video, very inspiring!
Thank you Sean!