Killer Innovations with Phil McKinney Stephen Key of InventRightTV on Licensing Inventions
Stephen Key joins us to discuss how inventors can successfully license inventions— their most valued ideas.
Licensing Inventions
Stephen has an extensive following on YouTube, where he coaches, mentors, and advises inventors. His channel focuses on those who have ideas but don’t want to start a business. Creative people want to do what they are good at but don’t always want to do the heavy lifting. This is where the licensing business model comes into play.
The first part of the process is recognizing that companies must keep innovating to stay alive. Then you need to deeply understand a specific company’s culture, business model, etc., and sell them an invention that fits what they are looking for. Licensing is all about finding that perfect partner that has everything in place today. If you come up with an idea, it is not copy-proof. When you market your product to an established leader, they can get it to market fast, protecting you.
Where Inventors Go Wrong
Most inventors who approached HP didn’t understand our product lines, strategies, customer segments, etc. If an inventor who had done their research came to me, the conversations would have been different. Product developers need to understand the company’s mission, vision, supply chain, costs, etc. Most inventors look at things only from their perspective, resulting in failure. Inventors need to invest time with potential licensees. In my ten years at HP, the winners at this were the ones who knew our mission, technologies, and competitors and had a plan of attack.
The 10G Challenge, InventRight TV and inventYes
There are many contests and programs to help inventors win. CableLabs is hosting a contest called the 10G Challenge, based on new services that will run on multi-gigabyte broadband networks. The prize is $50,000 in four different categories: Health, education, work, and entertainment. The best overall idea wins $100,000. At the end of it all, the inventor keeps their idea.
Stephen started his YouTube channel, InventRight TV, to give people a roadmap on how they can license their inventions. He also created inventYes, a free program that teaches kids how to license their inventions. It’s all about giving people the opportunity to see how they can change the world.
Check out Stephen’s YouTube channel here.
Check out his LinkedIn page here.
About our Guest: Stephen Key
Stephen Key is an author, writer, and leading expert in licensing consumer product ideas. The innovative packaging solution he brought to market has more than 20 patents and received 15 industry awards, including two Edisons. InventRight, the coaching program he cofounded in 1999, has helped people from more than 60 countries license their product ideas. Stephen has a popular YouTube channel inventRight TV, and writers for Forbes, Inc., and Entrepreneur.
In 2017, he cofounded Inventors Groups of America to educate and empower inventors and inventing group leaders. He is also the co-founder of inventYES, a free program for high school students worldwide. In 2020, he became a founding member of the United States Intellectual Property Alliance to help educate entrepreneurs and inventors on intellectual property.
To know more about Stephen Key and licensing inventions, listen to this week's show: Stephen Key of InventRightTV on Licensing Inventions.