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Stephen Key: Turn Your Ideas Into A Licensing Goldmine While Letting Others Do The Work
Episode Summary
Most entrepreneurs are more left-brained, while the right-brained people stick more with creatives. In this episode, Stephen Key shares how you can use both groups of people and turn your ideas into licensing goldmines. Stephen is an inventor, entrepreneur, and educator who has licensed and patented multiple products in three decades. He wrote the book One Simple Idea as a tell-all of how you can rent out an idea and create cash flow. If the worst ideas can roll in that income, imagine what a great idea would generate. Learn more about Stephen and get the full shownotes at https://baconwrappedbusiness.com/stephen-key/
Episode Notes
Most entrepreneurs are more left-brained, while the right-brained people stick more with creatives. In this episode, Stephen Key shares how you can use both groups of people and turn your ideas into licensing goldmines. Stephen is an inventor, entrepreneur, and educator who has licensed and patented multiple products in three decades. He wrote the book One Simple Idea as a tell-all of how you can rent out an idea and create cash flow. If the worst ideas can roll in that income, imagine what a great idea would generate.
Some Topics We Discussed Include:
- How to “Rent” your ideas vs selling them
- You can license anything
- Why you shouldn’t have the idea
- How to use “The Multiplying Effect” for exponential results
- What Stephen would have done differently if he were starting today
- Feeding the Idea Monster
- How to use “Design Schools” as Gold Mines
- How to make the first approach to licensees
- How to create easy leverage points to win over both sides of a deal
- Why you don’t need to have an eye for opportunity
- Why you don’t have to do much (or any) real work
- Should you have a standard licensing agreement?
- Other opportunities for licensing
- Potential profit as licensing agent
- Minimum guarantees and performance clauses
- Should you ask for money upfront
- Licensing the same idea to different industries
- Licensing to Coca-Cola
- Capitalizing off unmanufactured products
- Using the Ad agency as side door
- How to introduce yourself to ad agencies
- How to introduce yourself directly to a company
- Tapping the right departments and guiding your contacts
- Where to start when there’s too many companies to contact
- Taking advantage of Google product search
- Why the dumbest ideas in the world can still get licensed
- What markets and industries are hot
- Where to find product designers
- Where to start building key relationships
- Invention vs. innovation
- Is publishing really licensing?
- Reverse ghostwriting
- Creating for the marketplace
- Putting the pieces together, connecting to dots, and creating leverage points
- How Stephen become a Disney licensee
- Leveraging the name of bigger brands
- What is inventRight? What makes it different?
- Stephen’s thoughts on invention submission companies
- How to become an idea agent
- Finding a home for your idea
- Stephen’s upcoming projects
Learn more about Stephen and get the full shownotes at https://baconwrappedbusiness.com/stephen-key/
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