8 Mistakes I've Made Licensing My Ideas
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- Опубліковано 23 лип 2024
- inventRight cofounder and leading product licensing expert Stephen Key describes the biggest mistakes he's made licensing his ideas.
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.
Mistakes 8:
1.Thinking I had to do it all by myself (Get A Great Partner)~Advice
2.Listening to other people (Watch who you listen to)~Advice
3.Stop being so stubborn (join with others)~Advice
4.Stay involved (Stay focused & build relationships)~Advice
5.License the right ideas (No seasonal stuff license stuff that sells all year round)~Advice
6.Stop stoping so soon (Get 100s of nos)~Advice
7.Stay in the industry long enough(Stay in 1 industry)~Advice
8. Don’t be stressed (breathe)~Advice
Part of the learning inventor process is also bravely sharing one's errors with others.
Alley Cat Agree! Same principal can totally be applied to us a human species...and life 🙀
Well done Steve, In order to be master you first have to learn to serve and when you are master you still serve but in a masterly way . And you are a master.
Thank you for being so humble and sharing your secret regrets! Best lessons learned are from other people's mistakes.
Some of my biggest take away from this video: Stay in the same industry, focus on every day items (birthdays, anniversaries etc), 30 No's is just getting started, when you get a no ask why not also, ask what else are they looking for.
Great content, thank you!
Love it! Thanks for watching!
Thank you for your time.
So clear, so true. Thank you, Stephen, for sharing your experience with us and doing so in such an uplifting way. Kudos on synthesizing your mistakes and follwing insights.
As always, priceless!
Thank you for sharing, absolutely love your videos!
Thank you very much for the video Stephen!
Thank you Nick!
What a gold mine! 8 mistakes I'm now going to avoid. I do have say that the time spent with the family may totally been worth that hit. I like to think that we can always make more money, but can never make more time...I'd say those 6-months of spending it with the fam was perfect timing and time well spent ⛱️ Really appreciate you sharing your mistakes! Look forward to hearing 8 more of your mistakes...aka "learning moments" 🏄
Thank you very much Sef. Everyone please check out Sef's new UA-cam licensing channel! Great advice and content. ua-cam.com/channels/VTdy5afTFCkejcS43QXAuA.html
great advice !
Thanks for sharing your mistakes with us -- great lessons
Thank you for watching! We just published some new videos about Stephen's biggest mistakes as an entrepreneur, which you may enjoy.
Speaking from experience. Seems honest to both himself and his viewers. AND he's got "Frosted Mini-Wheat" cereal in the background... I believe I have just found my mentor.!.
Have you read his book "One Simple Idea"? A lot of people love it! www.amazon.com/One-Simple-Idea-Revised-Expanded/dp/1259589676
Thanks for the knowledge. I'm full of ideas but trying to educate myself. Is there any wings out there? I'm going to keep learning. Thanks again for the knowledge.
We have many educational resources on www.inventright.com/
Dear Stephen, Thank you so much for all the videos you've posted. I really learnt a lot.
I have a question, Considering that I am from India, are there any ways I could protect my ideas. Could you please elaborate on this.
You are welcome Thaslim. Yes, you can a provisional patent application (PPA) in the U.S. from anywhere in the world. We have had members from more than 40 different countries learn from us and put our steps into practice. Thank you for watching.
Great key points
Thank you for the feedback!
This is a great video share. Kudos to you. 👊🏻
Thank you!
Love your videos. Very helpfull.
Glad to hear it!
inventRightTV if it’s you Mr.Key,
I tried to add you on LinkedIn 😄
Don't want to over talk it, but I really appreciate your show and really helped me out a lot. 🏅😎👍
Thank you Joe!
Thank you, Stephen.Your videos are amazing. I have many ideas that can be successful and I would like to know if I can send my ideas with an explanation by e-mail to the company, without being worried if the company can steal my idea ? should I make first a patent before contacting the company? Because you said in the other video that you can send directly your idea to companies but I didn't get if was that for those that were patent or no? Thank you so much in advance, your answer will be so helpful.
Hi Rouissi. These are really great questions. We believe the best thing to send to a potential licensee is a sell sheet. Here's an article that outlines how to create an effective sell sheet: www.core77.com/posts/55950/How-to-License-Your-Ideas-For-New-Products-Using-a-Simple-Sell-Sheet. Getting some protection before reaching out to companies is important. We are big proponents of provisional patent applications, which you can file for just $70. This article outlines the many benefits of provisional patent applications: www.forbes.com/sites/stephenkey/2018/01/08/dont-file-that-patent-yet-file-a-provisional-patent-application-first/#4784a92a57fe. The 10 steps you need to take to license an idea are detailed at length in Stephen's book "One Simple Idea": www.amazon.com/One-Simple-Idea-Revised-Expanded/dp/1259589676. Thank you for watching.
Awesome video.
Thanks!
If I get the opportunity to pitch my product to a company, should I have them sign an NDA before sharing info and showing them the prototype?
Hi Steven. This is John from Texas. Getting ready to join Invent Right as a student. I Have one quick question for you. Besides holidays, is there a bad time of the year to submit ideas to companies ?
I'm always surprise when UA-camrs and great content creators are thanking us for watching. They did the awesome work, not me!
That being said, I'm always surprise as well why viewers are not more generous with a free, fast "thumbs up" to show respect and help YT algorithm.
Thank you for commenting!
@@stephenkey3137 My pleasure master Key.
You are my inspiration!!!
Best one yet!
It's crazy how the media and academia use the big guys, Bill Gates, Jeff Basos, Elan Musk, etc, etc as models. Those guys are the exceptions! The lessons are learned by studying the guys who failed. I have made about seven low probability fatal errors that are obvious now looking back! Having a mentor and guidance is priceless in avoiding situations that can make or break a career of invention and innovation.
Robert Brignati Well said! Couldn't have said it any better. Here's a high ✋!
I like your #2 the best. Not listening to others advise-feedback (I am expert at that !) Regarding your #1. I don't think I can find anyone who enjoys cold calling businesses (I definitely hate it).
I agree, even family. I had an invention idea in 1969 discussed with father, he said great idea keep thinking like that, but nothing more. no help no steps
9 or 10 years later I read an article in Pop Science or Mechanics, and some guy took same idea, patented it, and sold for 8 million. Now I listen to a point,
but stay on track with my own judgement and plan. People will even discourage because they are jealous or competitive esp peers. fuck um all, do you thing.
How can you prevent people from stealing your ideas?
Stephen I have an idea, that probably like most, I have thought about night and day about creating. My problem is that to me it is "company specific". There are other companies in the market that could use this product, but I have a fairly good history with this one company because I used to be employed by them and parted ways on good terms. Issue is, do I design the concept for just this one company or do I alter it to make it universal so that I can market to the other companies? Or do I make multiple designs fitted for each company for when I call them?
Creating your sell sheet with a specific company in mind isn't a bad idea. You could always change up the marketing for other companies slightly.
Sometimes jealous people really don't want you to make money so they bring you down by saying it's not a good idea. I think also they could be jealous cos you came up with a great idea and they didn't. Trust your own gut intuition rather than negative people's comments. Just do it. 😉😊
Hi I've enjoyed listening to your advice. Do you have recommendations on reputable companies to approach to license ideas? thanks
HOW DO I TAKE MY idea TO A pharmaceutical COMPANY DO I GET A PROVISINAL PATENT OR WHAT ?PLZ HELP
Contact us here: www.inventright.com/contact
Stephen, your book “One Simple Idea” started me on an adventure eight years ago… my main interest I took public in 2017. It’s been wild! You are the man 😎😎😎
I want your help on a very well used item that I have created a better addition to. Very simple but now out there yet. I need to license this idea. Let’s partner? 🙏🏼 I’ve never licensed something before.
Unfortunately, I don’t partner. Strictly education.
Here's some free advice- the chair you are sitting in, the Herman Miller Aeron, comes in 3 sizes: A, B, and C. You are in a B and you need a C. Just wait until O'Mara, Fedewa and I cut a licensing deal with Herman Miller next month...your Aeron-enhanced sit-stand desk will finally get the neck and back pain preventing chair base upgrade it has needed since the world started spending 4-10 collective hours a day in them!
Thank you for caring about me!
Stephen Key and thank you for meeting with mt sister and me after tour talk at the USPTO the last time you were in dc. You suggested
@@stephenkey3137 how do I take MY IDEA TO A pharmaceutical COMPANY DO I GET A PROVISONAL PATENT OR WHAT DO I DO ?
You CAN EMAIL AT MARCOS33NS@GMAIL.COM
give me the author of the yelow book on the undeground please.
Is there any chance of talking to you live by phone?
Yes. You can reach Steve at stephenkey@inventright.com and the inventRight office at www.inventright.com/contact. Everyone who signs up for our coaching program this month will receive an introductory call from Steve.
how do I go about finding an illustrator to help me bring my idea to life??
Good question. What kind of industry are you inventing? People like Kenny can help you: ua-cam.com/video/DPRv7lJYM1Q/v-deo.html
I definitely need help but can't do the price
Have you considered our Academy program? It's a more affordable option to work with us, and Academy students have licensed their ideas. Here's how our student Brian Jones, who just licensed an idea, described the benefits:
“The webchat-style format is easy to navigate. The focus is on the quality class time, because the interface is simple and straightforward.
The coaches are not only knowledgeable, they're down-to-earth. Their focus is on imparting as much knowledge to each and every student as possible. They're honest about the licensing landscape and often relate their personal experiences/use their licensing stories as teaching tools. We learn and laugh.
One of the best parts is the diversity. Twice a week for an hour, people from different backgrounds meet for a common cause: To license our products. Regardless of background, race, or location, we encourage each other. It's a positive and supportive time. We celebrate just for giving a good try.
Each student is at a different stage in the process, which is cool because one person will ask a question that others may not have considered. We all benefit. The program is filled to the brim with valuable information not readily available elsewhere. Also, Design Studio is second to none.
Keep in mind, this info must be applied for success." www.inventright.com/what-we-offer/ir-academy
🔥🔥
I wish I could afford it i just have watched every one of your vids
Can all intellectaul properties be licenced
Yes
I have 3 new pieces that I have came up with that's way better then what's on the market now But I'm disabled so yeah I'm poor as the sand is! So If you was me what would you do?
Educate yourself making use of our free resources and other trusted experts online, make use of the many free resources the United States Patent & Trademark Office offers, including legal help, and get in the game.
Hey brother do you have any advice for me?
you should talk something at first about yourself and your ideas .
I would love to illustrate for you guys. I used to design toy packaging for Funtastic Toys. Let me know. Thx! (Taking your advice)👍🏽 if I don’t hear from you, you’ll be hearing from me again. 😆
Illustrate what? Sounds intriguing.
inventRightTV sorry. I meant that I would love to illustrate the ideas for inventors and to design the packaging. I also worked for Gayla industries designing kites and packaging as well as Mylar balloons. Now I design t-shirts for ‘trademarks’ promotion products. I would love to get back into the toy and package design world. See: WondrousWorx.com for more examples. Thx for the reply! I’m gonna “TELL MY FRIENDS!”👍🏽
inventRightTV let me know if you want me to send some samples of my work. Jpgs for now, but I do have a few actual packages I can send you. Thx!🙏🏽
can you license a copyright
Yes
💪
Stephen I know you have an LLC for your design work. Does having an LLC make you appear more professional, compared to just an name and email? I would imagine it's not mandatory, but having an actual "design" name seems authentic.
Basically companies only care about the ideas you're showing now. Not what you done past. An LLC is a business entity. My business inventRight is an LLC. It's the type of business structure of your company. So I don't think it matters at the very beginning. But never signed a licensing agreement in your personal name.
Stephen Key Okay thank you, and as far as signing I don't believe I covered that in your book. I know for legal reasons to not sign with your name. But what would be the alternative signing method? And how will gain access to your royalties?
When Stephen was licensing his ideas, the company he created for legal purposes (like signing contracts) was Stephen Key Design. The royalties were paid to Stephen Key Design, aka Stephen. Please know we are not lawyers and this is not legal advice. You can read all about the benefits of LLCs online.
The alternative method without an LLC would be to do it under a Sole Propietership. Here's a little article that goes more in-depth into that: www.thebalance.com/sole-proprietorship-398896
Hope that helps!
Thanks Sef!
Hey this advice is free lol
We have lots more free advice about how to bring your ideas to market on inventRight.com: www.inventright.com/
inventRightTV : the site is very nice, thank you !
This guy UA-cams
HELP!!!!!!!!!!!!!!!!!!!!!!!
Reach us here: www.inventright.com/contact
@@inventRight I love this show
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