How to license your product ideas
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Күн бұрынGet all your questions answered on LinkedIn with Andrew Krauss and Stephen Key, Thursdays at 10am Pacific. / stephenmkey
Learn how to make money from your ideas.
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Call: +1 (650) 793-1477
Hi, this is Stephen Key and Andrew Krauss. We are here to help you make money from your ideas. We started our company inventRight over two decades ago to teach people how to license (aka rent) their ideas to companies in exchange for royalties.
This process is called “product licensing.”
On our channel, we show you exactly how you to take an idea and license it to companies in exchange for passive income.
Today, you do not have to start a business to make money from an idea.
With product licensing, you don’t have to write a business plan, raise money, manufacture, market, sell, or distribute any longer.
Visit our website inventRight.com for more information.
If you have a product idea and need some help, please contact us at:
Phone: +1 (650) 793-1477
Toll Free: +1 (800) 701-7993
Email: support@inventright.com
Email us:
stephen@inventright.com
andrew@inventright.com
Learn how to start a business, how to become an entrepreneur, how to protect intellectual property, how to patent an invention, how to stop people from stealing your ideas, how to prototype an idea, how to contact companies looking for ideas, how to design a product, how to make a sell sheet, how to make a promo video, how to negotiate a licensing agreement, how to get a higher royalty rate, how to do market research, and how to work with inventRight.
Stephen Key and Andrew Krauss are the cofounders of inventRight, a coaching program for entrepreneurs that has helped people from more than 65 countries license their ideas for new products. They are also the cofounders of Inventors Groups of America, an organization that hosts a free, popular monthly educational meeting for inventors online. They have more than 20 years of experience guiding people to become successful entrepreneurs.
New videos every week, including interviews with successful entrepreneurs. Learn from the best! Pitch us your story to be featured on inventRightTV: youtube@inventright.com.
Get your own inventing coach by contacting inventRight at #1-800-701-7993 or by visiting www.inventright.com/contact.
inventRight, LLC. is not a law firm and does not provide legal, patent, trademark, or copyright advice. Please exercise caution when evaluating any information, including but not limited to business opportunities; links to news stories; links to services, products, or other websites. No endorsements are issued by inventRight, LLC., expressed or implied. Depiction of any trademarks/logos does not represent endorsement of inventRight, LLC, its services, or products by the trademark owner. All trademarks are registered trademarks of their respective companies.
Reference on this video to any specific commercial products, process, service, manufacturer, company, or trademark does not constitute its endorsement or recommendation by inventRight, LLC or its hosts. This video may contain links to external websites that are not provided or maintained by or in any way affiliated with inventRight, LLC. Please note that the inventRight LLC. does not guarantee the accuracy, relevance, timeliness, or completeness of any information on these external websites. The inclusion of any links does not necessarily imply a recommendation or endorse the views expressed within them.
@lorindapeterson3195 6 ай бұрын
Hi Stephen !!! Listening and loving it !!❤
@inventRight 6 ай бұрын
Thank you for watching and commenting!
@minnielouoliver9183 4 ай бұрын
@@inventRight One great video that let you asked about your many projects that are ideas Ready. ❤? Ladyredoliver 31:13 ?
@tacklengrapple6891 Жыл бұрын
Hasbro’s Spark portal is basically a contract you sign that states that in the event you get a licensing deal for your product submission that your royalty rate will be NO MORE than 1.5%.. meaning it could be even less. This is WELL below industry standard, and you have essentially pre-signed a contract before your product is even accepted. It’s hard to describe without swearing how low down, dirtbag lawyery this is for us inventors! Mattel’s says the same thing. If there’s a back door into these two biggest companies I’d love to know, but I’ve also read that the people in charge dislike when inventors skip the portal.
@inventRight Жыл бұрын
It’s very simple.Those portals are for beginners. And unfortunately beginners, take a lot of time, energy, and money.
@inventRight Жыл бұрын
Also, I would never submitted an idea through a portal. And definitely I would never pay to use a portal. It’s about building relationships.
@aaronawoodard 10 ай бұрын
IDK, I tried to use one of those inventor help sites or commercials a while ago (they were basically an everything portal I guess), and the person that responded to me had an ideology a lot like these guys... I simply had the 'idea' and wanted them to figure out implementation, as it was well within their capabilities. Hel, I will even tell the comment section since I really only ever wanted maybe 5 or 10 k a month, since it was likely a lot cheaper than any fees would come out to be. PlayStation can incorporate their own memory duo stick ports to their latest controllers and BOOM functionality on top of functionality. Of course, I don't recall if I had ever send the idea on directly to Sony (so I did before posting this) although you know I will be trying to contact them now. They just dropped a controller with a display in it and it got dragged through the mud for only being able to wirelessly stream from the PS5. Some companies just don't listen to their fan base, then wonder where everyone goes...
@ImbentongBentongTrimond Жыл бұрын
Keep on commenting and liking guys it helps inventors and aspiring inventors like us find this platform thru KZfaq algorithm!
@inventRight Жыл бұрын
Yes, you’re absolutely right. Thank you!
@inventRight Жыл бұрын
Thank you. Keep Inventing! - Andrew Krauss, inventRight Co-Founder
@andrewforgie561 19 күн бұрын
Worth my time! Super grateful! 🙏🏻🙏🏻🙏🏻
@inventRight 19 күн бұрын
Very glad to hear that, thank you for commenting and being a subscriber! That really helps our channel grow.
@elaineadolph1333 2 ай бұрын
Thank you I am loving this.
@theresamoleski6518 Жыл бұрын
Great information delivered with great energy!
@inventRight Жыл бұрын
Glad you enjoyed it!
@devis_v_ssha Жыл бұрын
well if it isn't two of the most smart qualified men on the planet creating another great show, question: what platform to create a sell sheet.
@inventRight Жыл бұрын
Thank you so much for the kind words. Create great marketing material is so affordable now I would only hire an expert graphic designer. I would never design with myself. You still need to be the Art Director though. Thanks for watching!
@devis_v_ssha Жыл бұрын
@@inventRight oh okay, I got it. Subscribed. what if I wanted to for example "upgrade the milk jug in a big way" are these companies to big?
@inventRight Жыл бұрын
Not necessarily. Everything’s done regionally.
@elaineadolph1333 2 ай бұрын
Thank you for this insightful Podcast .❤️🔥😂
@johnmelkonyan1036 Жыл бұрын
InventRight is doing a great job to educate inventors. What I would like to know if you can license your product to more than one company and also how much does it cost to become a student Thank you in advance for replying to my questions
@inventRight Жыл бұрын
Hello John. Licensing to multiple companies is a little difficult but it can be done. and for your second question we have different programs for people’s budgets and time commitments. Are you passionate about this industry?
@johnmelkonyan1036 Жыл бұрын
@@inventRight Yes,very much so. Do I call 800 number to get more information about licensing my patent or you can provide me with a phone number that I can talk to someone ? Thank you very much!
@inventRight Жыл бұрын
He is my direct email stephenkey@inventright.com Or just call me 209 480 8603 Thank you Stephen
@johnmelkonyan1036 Жыл бұрын
Thank you so much ! I will be in touch tomorrow with all my details. Thanks again !
@inventRight Жыл бұрын
Looking forward to speaking with you John!
@danmyself5341 Жыл бұрын
Great information !
@inventRight Жыл бұрын
Thanks Dan. Keep Inventing! - Andrew Krauss, inventRight Co-Founder ( Call, email, book an appointment or request more info about how we can help by visiting us here. inventright.com/contact/ )
@inventRight Жыл бұрын
Thank you so much Dan!
@chrissmit6439 Жыл бұрын
Hi Andrew, sure happy discovering your channel.
@inventRight Жыл бұрын
Thank you so much for watching Chris!
@inventRight Жыл бұрын
Thanks for the kind words Chris. Keep Inventing and keep watching! - Andrew Krauss, inventRight Co-Founder ( Call, email, book an appointment or request more info about how we can help by visiting us here. inventright.com/contact/ )
@chrissmit6439 Жыл бұрын
@@inventRight Anytime Andrew, it is nice to find channels that are intellectually stimulating. Yours is one. It opens different perspectives and also promotes the idea of thinking. "Thinking is the best tool for creating ideas", would be another way of understanding this concept. And like exercising, the more you exercise, the better you get at it.
@73roadrunner1 9 ай бұрын
I wonder why you two haven't made a T.V. show about successful inventors that " inventright " has helped. I think you'd be swamped with more business than you can handle !
@Ralph-mq1gx 19 күн бұрын
I'm new to your party, loved this information
@inventRight 19 күн бұрын
Thanks for watching! How did you find this video? We've got many more resources for you to enjoy and learn from.
@Awakemorethanmost1973 11 ай бұрын
Hello. I have an idea and an actual working prototype that I use daily. I am a Commercial painting contractor. My product saves time in my occupation. As we all know, time is money.
@inventRight 11 ай бұрын
Those are the best ones!
@bobbynorth6387 Жыл бұрын
you guys are good!!
@inventRight Жыл бұрын
Thank you so much!
@inventRight Жыл бұрын
Thanks Bobby! Keep Inventing! - Andrew Krauss, inventRight Co-Founder ( Call, email, book an appointment or request more info about how we can help by visiting us here. inventright.com/contact/ )
@bobbynorth6387 Жыл бұрын
@@inventRight am [trying] not say something rude to these people;i read thier contract i signed??crap!! nice if they gave me a list to call geeezz!!thow me a bone here people; throw me some scraps here??am i supposed get of hold of people'companys??? went to hasbro; submitted my tables thier??wtf is going on???i lose my temper they might tell me goodbye!!geeezzz ha ha
@bobbynorth6387 Жыл бұрын
@@inventRight am a old vet;rasied two kids on my own;i got a temper!! ha ha
@jamesoneal7364 10 ай бұрын
What I need to know is what's the best way to get started and what I need to watch out for
@inventRight 10 ай бұрын
Keep watching the videos!
@JC11378 14 күн бұрын
Tim licensed to Joseph Joseph? I LOVE their brand! I’ve have several products from them and they’re wonderful, high quality products that last!
@bacanyork6106 10 ай бұрын
Good morning how can i licences my new tool idea before showing to the tools companies
@inventRight 9 ай бұрын
Before? You need to show it to them so they can license it. - Andrew Krauss, inventRight Co-Founder ( Call, email, book an appointment or request more info about how we can help by visiting us here. inventright.com/contact/ )
@pageofmoskof Жыл бұрын
Hello, I have been watching your videos thank you for the precious information. I didn't come across it yet and I was wondering what you would suggest about beverage licensing? Which would be the smartest way to do it? would be great if you can make a detailed video about it. Thank you again
@inventRight Жыл бұрын
We don’t see beverage licensing. You need to have a unique package or a process, but just the formulation is extremely difficult to license.
@inventRight Жыл бұрын
No, we don’t see beverage licensing. If you have a unique package or a different type of process, then maybe. But just a formulation is not enough to license.
@cantthinkofnameyeah7249 10 ай бұрын
Man it would be a pleasure to meet you both
@inventRight 10 ай бұрын
I travel quite a bit. What city are you in?
@cantthinkofnameyeah7249 10 ай бұрын
@inventRight Orlando, Florida! I'll also be in Novi, Michigan for the injection mold and design expo from the 20th-21st this month.
@scottgardner1934 15 күн бұрын
I want to report that you guys are great. Lol
@Kelleynolimit Жыл бұрын
When should you file Intellectual Property vs a patent or utility patent?
@inventRight Жыл бұрын
Kelly, thank you for this question. First of all intellectual property, is the things that you have created. Maybe a product, the name of your company, content, manufacturing process, software, etc. The way to protect your creativity/your intellectual property would be with a provisional patent application, a non-provisional patent application, trademark, copyright and protecting trade secrets.
@charlesbeachboard6832 Жыл бұрын
Learn about provisional patents. The USPTO has videos on KZfaq
@Purpleangel7 5 ай бұрын
🙏
@inventRight 5 ай бұрын
Thanks. Keep Inventing! - Andrew Krauss, inventRight Co-Founder ( Call, email, book an appointment or request more info about how we can help by visiting us here. inventright.com/contact/ )
@jacob79001 Жыл бұрын
Hey guys, I'm trying to find your video where you spoke with the CEO of an international hardware company but haven't been able to, can you help me out please? Thank you
@inventRight Жыл бұрын
We’ve done so many interviews. It’s hard to find all of them.
@matthewotremba9230 Жыл бұрын
When cleaning out Mom's House after her passing I should have called Guinness records As I think she held a Record for the largest accumulation of " AS SEEN ON TV " Items ever
@inventRight Жыл бұрын
They’re very popular!
@JMCNYC79 Жыл бұрын
So, are you saying not to submit an idea to a manufacturer tryst has a submission portal? I’m a toy inventor… so only Hasbro is good to submit to through the portal? If not the portal how then?
@inventRight Жыл бұрын
Find another way. They have many inventor relationship people. LinkedIn is a great way. Portals just don’t work.
@donnellm5435 Жыл бұрын
I like the crack analogy 😂😂
@inventRight Жыл бұрын
Thanks for watching!
@inventRight Жыл бұрын
Thanks Donnell. A little over the top, but it get's the point across. ;-) - Andrew Krauss, inventRight Co-Founder
@TamaraEllison 3 ай бұрын
I invented my tiny travel trailer around Thanksgiving during my HOMELESSNESS.
@marymccoy8789 Жыл бұрын
Hi I have a patient pending but it’s for the trucking industry
@inventRight Жыл бұрын
Feel free to give us a call at 650-793-1477 - Andrew Krauss, inventRight Co-Founder ( Call, email, book an appointment or request more info about how we can help by visiting us here. inventright.com/contact/ )
@mariejke 22 күн бұрын
Belated question, what is the best trade show for an invention that is simultaneously office furniture and sports equipment?
@inventRight 21 күн бұрын
I’m not quite sure. Office furniture is a tough one.
@mariejke 16 күн бұрын
@@inventRight Oh thanks for the reply. At least there's nothing wrong with my web search skills. It seems like similar products to mine have been at SXSW trade show...
@peterhellyar4265 11 ай бұрын
hellooo I have at least 20 inventions, two of which I am currently working on, I am blessed with ADHD so the paper work is a struggle, is licencing an easy thing to do????
@inventRight 11 ай бұрын
I think so.
@Helen-qj8pm 10 ай бұрын
How do we license our product? Do you have a book on this?
@inventRight 10 ай бұрын
Yes www.amazon.com/One-Simple-Idea-Revised-Expanded/dp/1259589676/ref=mp_s_a_1_1?adgrpid=57603526033&hvadid=274724203331&hvdev=m&hvlocphy=1022632&hvnetw=g&hvqmt=e&hvrand=191230293331452934&hvtargid=kwd-294928065536&hydadcr=15179_10362783&keywords=one+simple+idea&qid=1693774058&sr=8-1
@JMCNYC79 Жыл бұрын
These videos are great but an ad ever minute and 30 seconds is too much. Way too much. I know they’re free to watch and all but holy moly! That’s a lot of ads!!!
@inventRight Жыл бұрын
KZfaq has an audience that would like to be targeted to this content. They drive me crazy too.
@JMCNYC79 Жыл бұрын
@@inventRight Ah, I see. Well I’m so appreciative of these videos. You guys are amazing! Thank you so much. ❤
@inventRight Жыл бұрын
Thank you for watching!
@matthewwutzen2645 5 ай бұрын
When will you have another online live event?
@inventRight 5 ай бұрын
Great question! Our sister organization Inventors Groups of America hosts a live meeting on the last Wednesday of every month - subscribe to the IGA newsletter to always be in the know. inventleader.org
@CognitiveDissident. Жыл бұрын
I'm working my way through the process of pitching my first licensing deal, unfortunately I'm not an InventRight student. Being on my own I've become a bit confused about how to get a manufacturing cost. My impression is that licensees will want that information from me, but I'm not quite sure how to make that happen. I couldn't find any videos anywhere on KZfaq describing the process . . . any thoughts on where to learn about this? Thanks so much for all you do, InventRight team!
@inventRight Жыл бұрын
Find a contract manufacture. Have them sign an NDA with work for higher language. So there’s no coownership. You will probably need CAD drawings. If not, just get a rough estimate. Don’t recommend getting that estimate overseas unless you have reliable and confidential resources.
@jamesoneal7364 10 ай бұрын
This is my first time watching your show I am New at this one show I watched wanted me to pay $75 for the license
@inventRight 10 ай бұрын
Be careful
@florenceanancy4698 Ай бұрын
How can I join your team because you can be trust ,then I bring my idea out it's mind blowing
@Purpleangel7 5 ай бұрын
You know I signed that NDA one time when I was giving my ideas to a patent company. Then about two years later I see my invention made😭😭😭 I didn’t work with the patent company because they wanted too much money upfront
@inventRight 5 ай бұрын
What makes you think there is a correlation between those two events? It's possible but highly unlikely that they are related. Watch this video. It addresses this exact same topic. kzfaq.info/get/bejne/aquVqa-Ql9-3l3U.htmlsi=zRzZf7yIItCOBJJs - Andrew Krauss, inventRight Co-Founder ( Call, email, book an appointment or request more info about how we can help by visiting us here. inventright.com/contact/ )
@samspianos 8 ай бұрын
I only have one idea to sell
@inventRight 8 ай бұрын
That’s great!
@elaineadolph1333 2 ай бұрын
@suggesttwo Жыл бұрын
Mike Partney venture capitalists.
@inventRight Жыл бұрын
I don’t know Mike.
@annneikajeancharles9261 6 ай бұрын
A bird into a tree? 😂 (don’t ask me why that’s the only thing I captivated)
@inventRight 5 ай бұрын
Cool. Keep Inventing! - Andrew Krauss, inventRight Co-Founder ( Call, email, book an appointment or request more info about how we can help by visiting us here. inventright.com/contact/ )
@shannondunham2809 10 ай бұрын
So I have a creation. I don't know which is better. Lisencing or patenting and controlling everything.
@shannondunham2809 10 ай бұрын
How do I find out what would be best for my product
@inventRight 9 ай бұрын
Good question. Book a call with us here. inventright.com/contact/ or call us at 650-793-1477 and we'll tell you about the benefits of each. Then you can decide. - Andrew Krauss, inventRight Co-Founder ( Call, email, book an appointment or request more info about how we can help by visiting us here. inventright.com/contact/ )
@shannondunham2809 9 ай бұрын
Perfect thank you
@420BudNuggets 7 ай бұрын
Shoutout to Brazilian women 😂
@inventRight 7 ай бұрын
Great!
@hilldog3450 Жыл бұрын
Hello:))
@inventRight Жыл бұрын
Hello!
@inventRight Жыл бұрын
Hey Hill Dog. Thanks for watching! - Andrew Krauss, inventRight Co-Founder
@bsdiceman Жыл бұрын
First
@inventRight Жыл бұрын
Nice!
@inventRight Жыл бұрын
Thanks Brandon! - Andrew Krauss, inventRight Co-Founder
@JCleanerS 11 ай бұрын
What if I need more then average help?❤
@inventRight 11 ай бұрын
What do you mean by average help?
@MakerMark 11 ай бұрын
You guys need an audio engineer to level out the audio on these videos. One person is faint one is loud. Then the next video is loud or the music is way higher than the voice.. gosh hard to listen to...
@inventRight 11 ай бұрын
Thank you!
@RefreshingJohn Жыл бұрын
For every solution concept, there are many embodiments that can achieve the same results or solve the same problem. So, structurally, its not difficult to have an embodiment but if other structures can achieve the same results, such that one set of claims cannot cover all these embodiments, then its hard to have a strong patent. Is this a common problem facing most inventors? If so, whats the solution to resolve this bottleneck?
@inventRight Жыл бұрын
Everybody worries about Patents. Most products on the market or not patented. You don’t need a patent to License your product idea. In fact, most of the products that we see get licensed there’s no issued intellectual property. And yes, someone can always work around your invention.
@inventRight Жыл бұрын
Do not let patents stop you from going forward.
@RefreshingJohn Жыл бұрын
@@inventRight I am in singapore. Any way i can get help?
@inventRight Жыл бұрын
We have students and over 65 different countries. Please reach out to us if you need help at support@inventright.com
@thenewpathmedia 7 ай бұрын
I created an amazing board game and need help. I’ve manufactured a small order from China to play test, but now I’m stuck. Need help bringing to the world.
@inventRight 6 ай бұрын
You should consider getting help.
@shannonstewart4792 Жыл бұрын
I really wish your videos match your titles. The two of you waste so much time debating back and forth and having fun. THEN, the constant ads make it difficult and frustrating to watch. Please be more direct and concise with the content in relation to the videos title. I'd like to know HOW to license my patented product POST covid? Are sale sheets STILL the industry standard? Who should you send them to? How to send them Fedex or email. Do you need a demonstration video, etc.
@inventRight Жыл бұрын
Thank you for watching!
@Milwaukeemoto 7 ай бұрын
They need to be entertaining and informative not your direct teachers on youtube
@zeeshankhan33733 Жыл бұрын
andrew and stephen.. respected SIR/MENTOR,S i have a question it might be silly... but today i was thinking. why there are no big names other than INVENT right. for this specific category..like inventing and licensing mentors .. is it still worthy in 2023? as we see if any other trend comes to market, for example. cryptocurrency. hundreds of trading platforms . hundreds of training platforms..comes to market.. but there aren't any other name ..is this field of invention and licensing is still alive today ??
@inventRight Жыл бұрын
That’s a very good question! Product licensing is on fire! Open innovation is growing by leaps and bounds. Here’s a link of a few products that are for sale that I’ve been licensed. inventright.com/buyers-guide/
@inventRight Жыл бұрын
Also note, most people want others to do the work for them. At InventRight we require “you”to do the work with our support and education.
@zeeshankhan33733 Жыл бұрын
@@inventRight waow... i have seen the list of inventions....simply i would say amazing... invent right= ( stephen/andrew ) you guys are precious gems...
@inventRight Жыл бұрын
Thank you so much! Andrew and I love this business. We also love when people are successful. Thanks for watching!
@AyanlehAhmed-rp1bs Жыл бұрын
@@inventRight I have emailed couple of companies including new soda which accepts kitchen gadgets and also Marc portney but I haven’t even had a no or yes from them . I what should I do? Sometimes even a no actually makes me happy because it shows that they took there time seeing if it was worth the shot
@bobbynorth6387 Жыл бұрын
yea [forsalebyinvento]r out of pa;yea they got me for $ 12000 grand; my [robotables] coffee tables that run around your house??thses people never call or throw me a bone;nothing;geezer its just sits thier on their web page dyeing of loneness'yea you were right?? crap!! i got go hustle up some companys that might want to look at them??great!!
@inventRight Жыл бұрын
It’s always important to do your homework on any company you plan to work with. Thank you for commenting.
@bobbynorth6387 Жыл бұрын
@@inventRight yea your so right on that!! geeezz!!
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