Podcasts

The Power of Licensing with Stephen Key, Co-Founder of inventRight

By December 10, 2020
Stephen Key

 

Stephen KeyStephen Key is the Co-Founder of inventRight and the world’s leading expert on how to license a consumer product idea. He has licensed more than 20 products on his own and was a 2018-2019 American Association for the Advancement of Science-Lemelson Invention Ambassador. He has also published several best-selling books, including One Simple Idea and his latest, Become a Professional Inventor: The Insider’s Guide to Companies Looking for Ideas. 

Stephen’s inventRight coaching program has helped product developers from more than 65 countries learn how to license their ideas. He co-founded Inventors Groups of America to educate and empower inventors and inventing group leaders and inventYES, a free global program for high schoolers.

Here’s a glimpse of what you’ll learn:

  • The first idea Stephen licensed and why he loves inventing products
  • How Stephen helps companies come up with new ideas and make improvements on existing products
  • The invention that changed Stephen’s life and what he learned from the experience
  • Why don’t most inventors find success in their first ideas?
  • The power of patents, their limitations, and what they can be used for
  • Stephen explains how he adds value to his patents (and why) and the benefits of looking at patents from a business perspective
  • The successful strategies Stephen uses to license ideas without a patent
  • How technology has improved the work of inventors
  • Stephen’s advice to new inventors
  • Stephen’s coaching program and his target audience

In this episode…

Any inventor who wants to protect their idea and their rights should consider one thing: getting a patent.

As an inventor, you should learn as much as you can about patents—and some professional advice from a good patent attorney wouldn’t hurt along the way. You’ll also need to find relevant and up-to-date resources about patent protection from experienced individuals and organizations.

However, the power of a patent lies in the value it provides to the holder. A valid patent can be used for licensing and provide good royalties to the holder, but only if done right. The language used in the patent is also essential and can cause different interpretations of the patent by patent examiners, a jury, licensee, and investors.

Stephen Key, Co-Founder of inventRight, is Rich Goldstein’s guest in this week’s episode of the Innovations and Breakthroughs Podcast, where he talks about the power of patents and licensing. They discuss Stephen’s strategies for coming up with new business ideas, his licensing tips, and how technology has impacted the work of inventors.

Resources Mentioned in this episode

Sponsor for this episode…

This episode is brought to you by Goldstein Patent Law, a firm that helps protect inventors’ ideas and products. They have advised and obtained patents for thousands of companies over the past 25 years. So if you’re a company that has a software, product, or design you want protected, you can go to https://goldsteinpatentlaw.com/. They have amazing free resources for learning more about the patent process.

You can email their team at [email protected] to explore if it’s a match to work together. Rich Goldstein has also written a book for the American Bar Association that explains in plain English how patents work, which is called ‘The ABA Consumer Guide to Obtaining a Patent.’