This is the ultimate dream for most inventors – licensing your idea to multiple companies to increase your revenue stream. Can it be done? Yes! Let me show you how.
I was able to take something I did not even invent and license it in many different industries and different categories.
1. Rotating cups and canteens / Kitchen and housewares industry
This very simple idea is sold in every Disney theme park and stores worldwide.
2. Storybook pen and pencil sharpener / Back to School Category
3. Rotating Labels
Spices, nutraceuticals, coffee, water, alcohol, juice, food, medicines, vitamins
2. Promotional Cups
Theaters, convenience stores, sporting events
I was able to take a simple idea and license it in many different industries and categories. Here are a few things I’ve learned:
1. Open your mind
Can your idea be used in different applications? This is where you get to brainstorm and be creative. How can your invention be used in different situations and by different audiences?
2. Keep things separate
In order to license the same idea to different companies, make sure they’re not directly competing with one another.
3. Protect the innovation
Try to protect not only the “invention” but the “innovation.” This is not easy to do, but it can be done. You just need to think a little differently. Thank you for reading!
Stephen Key
– inventRight Cofounder
