#046 - When not to start a startup - how to license your idea (Part 2), with Stephen Key of inventRight, USA

This episode is Part 2 of my interview with Stephen Key of inventRight. Why two parts? Soon you can learn why I believe this topic deserves special attention.

Stephen Key, using a relevant Star Wars terminology, is the Yoda of "renting" ideas as Tim Ferriss referred to him. The question is still the same: do you really need to found a company?

In part 1 we discussed Stephen’s guideline on when to start a startup and when to license. He brought up also another point: should you sell a product first, or something else?

In part 2 we talk mainly about Provisional Patent Application (PPA), which is a cornerstone idea behind how licensing can generate profit for you. You don’t hear about this topic often as it’s something some people don’t want to talk about. Such people as patent attorneys. Another question Stephen addresses is why don’t companies steal your idea? There are many more topics we covered, such as open innovation, mistakes he made and the ultrafast round.

Enjoy this episode.

Raw transcript is available at: https://www.thehardwareentrepreneur.com

Show highlights can be seen below:

• What is a PPA and who is the best person to write it? - [2:02]
• Why is now the perfect time for filing a PPA and where in the world can you do that? - [5:06]
• What are the steps for a well-written PPA? - [8:49]
• Is intellectual property good for high tech startups? - [11:50]
• Can you do it on your own? – lessons from Stephen’s entrepreneurial career [15:31]
• Try to steal your own idea first - [17:07]
• If you could time travel and go back in time, what notes would you give yourself? – [21:38]
• Which book had the biggest impact on his career? – [21:57]
• The habit of structured chaos – [22:32]
• Some cultural differences that Stephen observed throughout his career – [24:10]