Is Licensing Too Good to Be True?
Вставка
- Опубліковано 15 жов 2024
- In this video, Stephen Key and Andrew Krauss delve into the world of licensing and why it's a game-changer for inventors.
With 25 years of experience mentoring inventors, they share valuable insights on why licensing is a compelling alternative to starting a business from scratch.
Stephen Key and Andrew Krauss discuss the misconception that patents are essential for success. While many believe a patent is a must, they reveal that many successful licensing deals do not involve patents at all.
Instead, the focus is on the speed of getting new products to market and leveraging existing distribution channels.
Tune in to learn how licensing can be a low-cost, low-risk way to bring your invention to life.
Earn money from your ideas with the help of inventRight. We help you license your ideas, inventions, and products for passive income.
Find out how by calling +1 (650) 793-1477 or emailing support@inventright.com. Do you have the next big hit?
New to the licensing business model? Educate yourself first.
- Read “One Simple Idea”: amzn.to/4fwVVOT
- Explore inventRight’s Free Inventor Resources: bit.ly/3AaGko2
About Stephen Key, inventRight Cofounder
Stephen Key is an award-winning inventor, renowned intellectual property strategist, lifelong entrepreneur, author, speaker, and columnist. He has over 20 patents in his name. The dozens of concepts he has brought to market have retailed in Walmart, 7-Eleven, and Disney stores and parks worldwide and been endorsed by Michael Jordan, Alex, Trebek, and Taylor Swift. He has defended his patents in federal court against the largest toy company in the world, Lego.
In 1999 he cofounded inventRight with inventor Andrew Krauss to teach others his unique process of harnessing the power of open innovation in the licensing business model. His best-selling book about how to license an idea, One Simple Idea by McGraw-Hill, has been translated into six languages.
He has spoken at Stanford University, Florida State University, the University of Michigan, UC Merced, the USPTO, World IP Forum, University of the Pacific, Cal State Fullerton, Washington University in St. Louis, the Art Center College of Design in Pasadena, the Economic Development Agency for Northern Ireland, and many more.
He has written five books related to product licensing and intellectual property and is a longtime contributor to Forbes and Inc.
From 2018-2019, he was honored to serve as an American Association for the Advancement of Science-Lemelson Invention Ambassador.
In 2021, Mojo Nation named him as one of the 100 most influential people working in the toy and game industry.
In 2022, World IP Forum named him a “Most Influential and Inspiring Leader Of All Time.”
About Andrew Krauss, inventRight Cofounder
Andrew Krauss is an expert on licensing products ideas for passive income. He has been helping creative people bring their concepts to market with less risk and more success for 25 years as a cofounder of inventRight.
During his tenure as president, he grew the Bay Area Inventors’ Alliance group into one of the most active and well-established inventor associations in the country. In addition to advising the White House on innovation, he has been featured as a speaker at USPTO conferences and on NPR’s Science Friday.
About inventRightTV
inventRightTV is the leading source of information for people who want to earn money from their ideas for new products on UA-cam. With 80,000 subscribers, average monthly views between 64,000-78,000, and average monthly impressions nearing 1 million, becoming an inventRightTV sponsor ensures you reach an extremely targeted audience of inventors, product developers, designers, and entrepreneurs. Email madeleine@stephenkeymedia.com for more information and to apply.
------------
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.
Reference on this video to any specific commercial products, process, service, manufacturer, company, or trademark does not constitute its endorsement or recommendation by inventRight, LLC or its hosts. This video may contain links to external websites that are not provided or maintained by or in any way affiliated with inventRight, LLC. Please note that the inventRight LLC. does not guarantee the accuracy, relevance, timeliness, or completeness of any information on these external websites. The inclusion of any links does not necessarily imply a recommendation or endorse the views expressed within them.
THANKS Stephen ~ Read the book and I've been following you for a while now. I have some GREAT ideas and it just might be time to sign up with you guys. Thanks again for the info!
Hey guys i'm just a teenager and I have NO idea what to do if I want to invent something. I have a good idea on inventing something but I have no experience at ALL. I've seen kids actually getting millions off of simple things they have made. So my main questions are, how do I build the prototype on what I wanna make, who do I turn to, and most importantly what do I do after that to actually get people to be interested in my product and actually get me paid. Please answer thanks :)
+Adonis Parra Hi Adonis, thanks for watching! It's awesome you already know about licensing! Pick up a copy of "One Simple Idea" at your local library to help you get started - it lays out the basic steps of inventing and licensing an idea. If there's a Maker Space in your area, you could meet like-minded folk who are into inventing too there.
I'm still smiling from the other videos. Laughter is good for the heart. Thanks for all that yall doing!
+kami jackson thanks for the kind words!
Hi Stephen and Andrew, i got 2 questions for you guys. (maybe for your next video)
Question nr.1: If i got a new idea for a new product do i pitch the idea ( with a PPA) to just 1 company and then wait for there decision (a couple of days) if they are interested to develep and market my product, or do i pitch the idea to as mutch manufacturors as i can all at once?
Question nr.2: If multiple company`s are interested in producing my idea/product is
it adviseble to playout the company`s against each other, in respect of the royalties percentage if the have more or less the same distrubution channels/stores?
A fan from Holland with ideas.
+2nd_PLATOON We recommend submitting your idea to multiple at companies at once, for sure. The DRTV industry is an exception though. There aren't very many companies in that sphere and they review new ideas much more quickly. If multiple companies are interested, congratulations! Usually the better deal rises to the top.
So if you allow a company that licenses your idea to acquire the patent, don't they then OWN the patent?
+Joe Simone Great question. No you do not let your licensee acquire your patent. Basically they're renting the idea from you. Your contract/ licensing agreement will have minimum guarantees. So if they do not hit certain sales, you get your idea back to license to someone else.
Thank you for the great videos guys... I'm still plucking away and trying to get my first shot.
+GreenJelly Gaming 661 thanks for watching!
I am giddy right now.
People are brainwashed to "THINK" they have to go into manufacturing because that's basically the only business model they teach in Business . I know because I took beginning business classes ( and although I did not graduate with a degree in business ) that is what I was taught . I also know someone who did graduate and has a bachelors in Business and they think that way too, because that is what they were taught . Thank Goodness I found the book The 4 Hour Workweek , by Tim Ferriss ( which is where I first learned about Stephen Keys as well ) and because of that, was FINALLY able to find a a better way. You guys are so on point it isn't even funny ! A few months ago I actually called the S.C.O.R.E. office and signed up for a mentor . I am currently saving up for the InventRight class, and was feeling like I could get a head start in the meanwhile and contacted S.C.O.R.E to get a mentor who can guide me locally too. I could NOT find a "licensing " mentor listed anywhere in the 50 States . And to date ( several months later ) after contacting them I still have had NO response concerning my request about a licensing mentor ...none whatsoever. If it wasn't for Tim Ferriss and You many would still be working harder not smarter , so Thank You both for your books and videos . You have allowed and graciously given us the freedom to believe and realize that we can do it too.