Why do people with great inventions fail?
The inventRight system was created to help inventors succeed. The guide explains, in explicit detail, the ten steps every inventor must take to license his or her invention. Licensing an invention is an extremely low-risk avenue to bringing your product to market– with potentially great returns.
inventRight co-founder Stephen Key has generated millions of dollars in royalties through licensing, and you can too. Licensing your invention doesn’t have to be expensive, overwhelming, or frustrating. What do you need to know? What do you need to do? Our guide helps teach the independent inventor. The success stories attest: the inventRight system works.
As a marketing consultant for the past 15 years, I thought I knew it all. But, I highly recommend (5 Stars) this course to even some of you who think you know it all. Now I am able to submit my products to large corporations with confidence. I don't see how I would have been a successful inventor without Stephen and his knowledge.
— Andrew G., New York
What is licensing?
Licensing is, essentially, “renting” out your invention to a company. In exchange for the rights to produce his or her product, a company pays an inventor a percentage of the sales generated from that product. Unlike attempting to manufacture your own invention, licensing demands few upfront costs. But it does require dedication and most importantly, thoughtful advice and sound information. Unlike many other services, inventRight doesn’t offer inventors generalities or non-specifics – instead, the system lays out clear, definitive steps that can be applied to any industry and every invention. InventRight also offers inventors a service unparalleled in the industry: a full year of phone support.
I recently became aware of inventRight and its products and services. I purchased the home study material and found its contents easy to understand and extremely helpful. If you are an inventor and overwhelmed by the process of inventing and marketing your idea, this is a great place to get the help you need.
— Aaron S.,
Dublin, CA
Have you asked yourself any of the following questions?
- Should I file for a patent?
- Do I need an attorney?
- What companies do I call?
- Do I need a prototype?
Probably. But have you answered these questions?
- What’s the benefit of my invention? Can I state it in one sentence?
- How will my invention be manufactured?
- What are the advantages of filing a provisional patent application?
- How much is my invention going to cost?
Thousands of resources exist to help inventors license their inventions, like product submission companies, books, CDs, television shows, and product development companies. Yet, thousands of great inventions never make it to the retail shelf. What does the inventRight system offer that’s different?
The inventRight system helps inventors anticipate the most challenging roadblocks to licensing their inventions – and how to successfully overcome them. Other resources exist. But they don’t offer a complete process and they don’t offer the ability to interact regularly with the creators of that process themselves. InventRight offers accessibility. Write, e-mail, telephone. InventRight is committed to providing inventors with all of the support they need, whether that means reviewing their sales sheet, holding a brainstorming session, or simply offering reassurance.
Stephen Key developed the inventRight system after licensing over twenty of his own inventions, completing the ten steps himself again and again. His inventions have sold across the United States and around the world in such retailing giants as Wal-Mart, Target, and Disney theme parks and stores. His products have been endorsed by celebrities such as Alex Trebek of the television show “Jeopardy” and basketball player Michael Jordan.
Experienced and inexperienced inventors alike have succeeded from the inventRight system.
I realized that licensing is a more cost-effective way to bring products to market, particularly for a stay-at-home mom like me. Stephen taught me to see products from a retailer’s perspective (cost, shelf space, customer understanding) and to translate that information into the all-important “Benefits Statement.” And he teaches you how to do it all with minimal investment.
But, the most important thing I learned from Stephen is to keep putting products out there - to learn from the experience and try again.
I licensed my second invention, Shoe Clues, with almost no investment and about five hours worth of work. I now have four licensed products with several other products in development. And my income exceeds my investment on each product.
— Shelley Hunter, Mom Inventor
Learn how to successfully license your invention, or your money back!
The ten-step inventRight system includes three audio CDs and a 200+ page comprehensive guidebook with sample non-disclosure agreements, contracts, cold calling practice cards, and much more. The course also comes with one year of phone support. If you have any question about something not covered in the course, call. Need help closing a licensing deal? Call. Co-founders Stephen Key and Andrew Krauss have over thirty years of inventing and licensing experience – if there’s a question they can’t answer they’ll definitely find someone who can.
Any time I had a question I just picked up the phone, and believe me I did call. Once, when I was doing my 1st patent search I got stuck so I called. The inventRight guys are so nice, helpful and encouraging. They gave me some ideas to try and they worked. Along the entire product developing process I knew anytime I had any question all I had to do was pick up the phone. Stephen really walked me through the whole process. He really seems to enjoy passing his knowledge on and watching you succeed.
The inventRight system is a GREAT tool with a wonderful support system.
Karen H.
Here’s a sample of the information and advice offered in the inventRight system.
Creating a Marketable Invention
- The creative process
- Refining ideas
- Feedback
- Doing research
Bringing Your Invention to Life
- What’s necessary
- Your one-sentence benefit statement
- Visual evidence
- Inexpensive prototyping
Protecting Your Inventions
- What IS a patent?
- What’s patentable?
- Background research
- Choosing a patent attorney
- Hidden costs
- The reality of rejection
- Personal patent experiences
Making Contact
- Why we all hate cold calling
- Making a hit list
- Finding the right phone numbers
- Who to call
- What to say
Submitting Your Invention
- What you do and don’t need
- Understanding corporate America
- Visual evidence
- Learning from “no”
Licensing versus Manufacturing
- Factors to consider
- Risk assessment
- Doing research
- Where’s the money?
Negotiating Terms
- License business terms
- Advances
- Royalty rates
- Guarantees
- Performance requirements
- Territories
Signing a Contract
- Reviewing and signing a license
- Boiler plate language
- Termination clauses
- Patent ownership
- Patent protection/policing
- Attorney input – when? How much?
- Contract management
Policing Your Invention
- Maintaining a relationship with your licensees
- Stay in touch with the market
- Trade magazines
- Ripped off? What now?
Litigation – Does Anyone Really Win?
- The real cost
- Assessing what you want before suing
- Pursuing other methods
- Plan for the long haul
- Negotiating with your own attorneys
Don’t Quit Now – It’s a Numbers Game
- Review what you’ve learned
- Don’t stop with one invention!
- INVENT
- Submit, submit, submit
- Multiple licenses = financial gain
- Managing your product ideas
"Successful inventor Stephen Key, who's opinion I respect, is one of the first people whose advice I sought when I started my company four years ago."
— Tamara Monosoff, Best Selling Author and CEO of Mom Inventors Inc.
Send me the 10 Step System Now!
Act now and receive a FREE BONUS Resource CD. This Bonus CD is packed with thousands and thousands of resources.
- Mass Merchants Contact Info
- Drug Stores, Big Box Retailers, Apparel, Sporting Goods, Electronics, Toys, Hardware, Industrial Goods, And More. . . .
- If you can’t find the right merchant – just use our free phone support.
- Royalty Calculator
- Over 30,000 US & International Patent Attorneys and Agents
- Licensing Agents & Licensing Attorneys
- Graphic, Web & Prototype Designers
- List Of Invention Contests
- List Of Inventors Association In The US & Abroad
- Over 15,000 Tradeshows
(Find the tradeshow that’s right for your invention!) - Sample Licensing Terms Sheet, Licensing Agreement & Confidentiality Agreement
- Manufacturing and Market Research Tools
- And More…
The best part is if you act now you will receive this valuable resource CD absolutely FREE. It’s our gift to you when you order the inventRight 10 Step System.
Send me the 10 Step System Now!
“Stephen Key, a successful inventor himself, works diligently to help others learn how to make money developing products without spending a fortune. His inventRight philosophy dovetails perfectly into what is required to prosper in the world of Open Innovation because the winning concepts are often those that are creative and well-articulated without being fully developed into finished products.”
Michael Collins, CEO of Big Idea Group and Author of, “The Million-Dollar Idea in Everyone.”
Stephen Key is a leading expert in the field of invention and writes for AllBusiness.com, one of the premier business sites on the Web. He writes a new article every Monday, Wednesday & Friday.
Stephen interviews people like John Calvert from the United States Patent Office and John Osher, inventor of the Spin Brush that sold his tooth brush invention for $475 million dollars, and Steve Wozniak, co-founder of Apple Computer. You can read some his latest articles below.
AllBusiness.com - Inventions and Product Ideas
| 07/03/2009 04:00 AM |
| Pitching In-Person: Is it Necessary? |
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People always ask me, “Steve, do you fly out and pitch to potential licensees in person?” And the honest answer is, sometimes yes and sometimes no. It’s very important to establish a relationship with a future licensee, especially at the beginning. This means talking on the phone and then maybe moving to e-mail. If you are able to (and can afford) to spend time with the people you’re going to be working with, that’s priceless. |
| 07/01/2009 05:00 AM |
| The Importance of Teamwork |
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I can’t stress the importance of teamwork enough. As I’ve said before, I’ve relied on the strengths of my partners my entire career. When I first began inventing, I had one partner. I came up with the ideas and he drew them. Together, we submitted our work to companies over the fax machine – the Internet didn’t exist! It was as fast and as simple as that. Today, that’s not the case. Huge changes in technology have been made, and those changes are reflected in ... |
| 06/24/2009 04:00 AM |
| The Importance of Reading Your Contract Closely |
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I want to stress something very important. The process of developing a contract between a licensee and licensor can be lengthy. Term sheets are debated and compromises are agreed upon. The party that writes the contract has an advantage (because they’re familiar with the language used and exactly what that language implies). More often than not, this will be the company you’ve submitted your idea to (as contract writing is expensive). And in this event, it is imperative you read the ... |
| 06/22/2009 07:00 AM |
| How do you prepare to speak to thousands in another country? |
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At the time this blog is posted, I’ll be traveling with and speaking at the “Booming in the Bust 09” Global 1 Training Symposium – in Australia! I’ve spent the last few weeks intensely preparing and I’m excited. I recently wrote about the benefits of becoming a licensing agent; that’s the topic of my presentation on the three-city whirlwind tour through Brisbane, Melbourne, and Sydney. |
| 06/19/2009 05:40 AM |
| Exciting New Spinformation Development |
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I’m happy to update you that a new application for “Spinformation” has been developed! This new application is called “Accudial“. It will be applied on liquid OTC (over-the-counter) medication for adults and children, such as cough and cold and allergy medicine. |
| 06/17/2009 04:00 AM |
| How to Become a Licensing Agent: Generating Wealth through Licensing. |
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I want to describe several of the benefits of becoming a licensing agent. In the past thirty years, I’ve brought over twenty different products to market through licensing. The beauty of licensing is hard to beat: it’s low risk and low cost. I can’t think of any other profession on this earth that allows you to collect royalties, anywhere and anytime, simply by imaging an idea. The concept of licensing is simple: you create an idea, submit that idea to a company, and are paid ... |
| 06/15/2009 05:35 AM |
| Does Anyone Really Need Your Idea? |
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On June 6th I gave a lecture about how to become a licensing agent. I enjoy speaking events because they provide me with opportunities to interact with inventors before and after my presentation. I love listening to their stories and learning from their experiences. |
| 06/12/2009 06:45 AM |
| Can You Lose And Still Win At The Inventing Game? |
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One frequent inventRight forum poster, Ron, was recently featured on “The Pitchman” with Billy Mays. We all enjoyed watching the show; Ron was great on TV and truly loves his product. But as the program ended, I realized that Ron shares many of the same sentiments I once did – sentiments that can often prevent a product from being as successful as it could be. |
| 06/10/2009 04:00 AM |
| Invention TV Shows - Helpful Information or Entertainment? |
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I’ve noticed a wonderful trend on television lately. There are a bunch of new programs about innovation. I was once interviewed to be a judge on the ABC show “American Inventor”; although I didn’t win the position, I was later asked to do some behind-the-scenes consultant work. I recommend checking out some of these programs for information, but mostly for your entertainment! |
| 06/08/2009 04:00 AM |
| Customer complaints. How do you handle them? |
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Customer complaints. How do you handle them? In the seven years that have passed since inventRight was founded, we haven’t received many. But the ones we have, we take very seriously. Some of them seem to come out of left field. Is it us? Is it them? Was he or she just having a bad day? It’s hard to know, but at the end of the day, the answer doesn’t really matter: a complaint is a complaint. |
