Hustle & Flowchart: Mastering Business & Enjoying the Journey Bob Serling - Inventing Products and Licensing Them for Evergreen Royalties
This is round two talking with Bob Serling on our podcast. Bob has worked with fun product ideas like skateboards and toys over the years and alongside guys like Tony Hawk. He’ll explain why it’s easier than you think to reach out to companies, big and small with your ideas and the best way to approach them, as well as why inventing is such a great side hustle for entrepreneurs.
On the low end, Bob has made $30-$40 thousand a year and on the high end and as much as $1.5 million. He’s got a proprietary process that has 37 questions which will stimulate ideas and discusses how he uses this method to come up with ideas for existing products that will make them better, easier to use or simply more fun the end user.
If you have any ounce of interest in inventing at all, you’ll want to listen to Bob’s take on his process and how he has succeeded without spending a lot of money upfront, hiring expensive patent attorneys or sourcing out costly prototypes.
“If you are developing products, you want to jump from thing to thing. It doesn’t hold you back, it actually advances you.” - Bob Serling
Some Topics We Discussed Include:
- Testing and having fun with invention ideas
- How to capitalize on your squirreling brain as an entrepreneur
- How to come up with an idea and sell it within days or months
- How to license your idea and cash out
- How to invent as a side hustle
- Finding potential people to buy your idea
- The specific kind of attorney you want working for you
- Why being a product developer is the ideal side hustle for entrepreneurs
- How much you can expect to make from royalty deals
- And much, more more!
Find Bob Serling here:
- Get Bob’s Free 5 Part Training Program on Inventing
References and Links Mentioned:
- Get the EGP Letter here
- Hustle & Flowchart Episode 46 with Bob Serling
- Bob’s podcast?
- Trade association list for research
- Amazon and Google Shopping
- Google News
- Fiverr
- Upwork
- Get Bob’s Free 5 Part Training Program on Inventing
- How to Be a Capitalist Without Any Capital by Nathan Latka