Veronica is a self-taught designer from the San Francisco Bay Area who earns passive income from her creativity by licensing her simple ideas for new products.
By following inventRight’s 10-step process for earning passive income from your ideas, she has licensed pet products, toys, games, kitchenware, housewares, tabletop, promotional items, and arts & crafts — about a dozen designs in total, she says. A couple deals have fallen through, and more are on the way.
She spends around four hours a week working on her ideas, which she has been doing consistently for about 8 years. She says she gained momentum with licensing the past couple of years in particular.
“I have a few sketch pads with my drawings. It’s so funny to look through pages because some ideas have been licensed,” she says.
She designs new products in addition to her full-time job, meaning her creativity helps her earn passive income in the form of royalties.
She is signing a new licensing agreement often, so we had to learn more!
Do you think of yourself as an inventor? Why or why not?
“Although I have invented a few products, I prefer to call myself a product designer. The word inventor seems as if I’d have big shoes to fill.”
Where do your ideas for new products come from?
“My ideas come from products I have at home to browsing online sites to products on store shelves. I enjoy studying designs.”
What motivates you to invent?
“Being able to improve the lives of others even in a small way motivates me to invent.”
Have you always been creative?
“Perhaps I was always creative I just didn’t know it yet. My creativity flourished when I found Stephen Key and inventRight on YouTube.”
Please tell us about the products you’ve licensed.
“I have licensed pet products, toys, games, kitchenware, housewares, tabletop, promotional items, and arts & crafts.”
Examples Of Veronica’s Products On The Market
This patent-pending concept, which combines a keychain with a rollerball, was licensed to a promotional company. Promotional items are used as marketing vehicles — think of the giveaway items you receive from a conference or at an event. Over 130,000 of these key tags have already been sold!
No matter the weather, whether you’re in the park or the living room, entertainment will ensue with this clever 2 in 1 product.
Don’t believe us when we say that very simple ideas can be licensed? Veronica licensed this simple, beautiful set of three bowls to the housewares company Joie.
This line of dog toy products were created by Veronica and Marc Rumaner. Note: These were not licensed for royalties, which are a form of passive income; instead, they were paid a design fee.
Tell us about an obstacle you encountered on your licensing journey and how you overcame it.
“When I first started licensing, I thought that I had to do it all myself. I quickly learned that working as a team delegating tasks to each person with different strengths was the key.”
Have you filed intellectual property?
“Yes. I have a utility patent for a pet product and a few that are patent pending. My licensee paid for the utility patent.”
How has inventRight helped you earn passive income?
“inventRight has helped me in many ways. From learning about what to include in a sell sheet to reaching out to companies to negotiating licensing agreements, I’d be lost without inventRight.”
What is your advice for your fellow inventor?
“Everyone has the ability to be creative. One simply has to tune into their imagination. I can’t draw well, nor do I know how to 3-D render. I rely on my imagination. As kids, our imagination is vast. As we get older everyday commitments with work and life sort of put that imagination away. If one exercises that imagination consistently, prolific product ideas can come from it. Alternatively, when you quiet your mind, you facilitate mindfulness.”
Follow Veronica on LinkedIn here.