In this conversation, Stephen Key, an inventor and expert in product licensing, shares his journey from creating innovative ideas to successfully licensing them to major companies. He discusses the power of licensing as a business model for creatives, the importance of execution over mere ideas, and the role of mentorship in achieving success. Key also reflects on his early successes with products like Teddy Ruxpin and the significance of understanding intellectual property in the licensing process. Throughout the discussion, he emphasizes the joy of seeing his products in the market and the continuous learning that comes with being in the innovation space.
Takeaways
-Licensing ideas can be a lucrative alternative to starting a business.
-Many successful products do not require patents to be licensed.
-Companies prefer to work with creative individuals who are passionate about their ideas.
-The execution of an idea is often more important than the idea itself.
-Mentorship plays a crucial role in navigating the licensing process.
-Understanding the market and consumer needs is key to successful product development.
-Networking and building relationships with companies can open doors for inventors.
-Continuous learning and adaptation are essential in the innovation industry.
-Successful licensing can lead to long-term royalties and financial freedom.
-The joy of seeing products in the market drives many inventors.
Today's guest, Stephen Key, can be found online at:
Website: ⁠inventright.com/
Website: stephenkeymedia.com/
LinkedIn: www.linkedin.com/in/stephenmkey
Your host, Scott Turman, can be found online at:
BrightRay Publishing: ⁠brightray.com/⁠⁠⁠
Entrepreneur Website: ⁠scottturman.com/⁠⁠⁠
LinkedIn: ⁠www.linkedin.com/in/scottturman/⁠
Keywords: inventing, licensing, intellectual property, Teddy Ruxpin, product development, royalties, mentorship, creativity, business model, innovation