Learn how to make money from your ideas w/ Stephen Key & Andrew Krauss.
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 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 launch an idea. With product licensing, you don’t have to write a business plan, raise money, manufacture, market, sell, or distribute your product.
Visit inventRight.com for more info.
Need some help with your idea? Contact us: Phone: +1 (650) 793-1477 Toll Free: +1 (800) 701-7993 Email: stephen@inventright.com, andrew@inventright.com LinkedIn: www.linkedin.com/in/stephenmkey/, www.linkedin.com/in/invent/
Hi Stephen, I've got a question. I'm seeing that many companies in the toy industry have something in their website in their terms and conditions where they state that any product or idea submitted are for them to use in any way they want without compensation. I take it it's not safe to submit ideas to these companies right? And how do I find companies without that policy?
@@inventRight yes, here is an example with TY inc. " All Submissions will forever be the property of Ty. Under no circumstances will Ty be required to treat any Submission as confidential. "Ty will be entitled to use the Submission for any commercial or other purpose whatsoever, without compensation to you or any other person sending the Submission.". What does this mean??
I have a idea, all the people ( personal friends) I have mentioned it to, said it’s something they would 100% buy it. My question is do I just make a couple at home before finding a company to make them?
I’ve heard in some cases these big public companies can take a year to do due diligence and respond with a proposal even if they initially like your product- especially if it’s a packaging play and have multiple patents - utility and design. I learned from Steven that packaging plays are big deals and bigger deals take more time.
trademarks and copyrights are also the main tool of these companies to avoid any taxes by keeping all the profits for themselves by creating a company in ireland that owns every bit of trademarks copyrights etc etc apple all over the world have to pay their licensing fee to the apple in ireland that only have 2% corporate tax so that companies such as apple would keep 98% of their profit instead of paying almost 50% taxes
@@inventRight In the video it was stated that one does not put paying for the patent into the contract. If that is something I require how do I make sure it gets done? Just on a handshake?
@@inventRight So if it's not in the contract it's just a handshake agreement? I currently have interest from 2 companies in a product I've prototyped and gotten a PPA on. If things go well I would like for them to pay for the patent against future royalties. I've read one simple idea multiple times and have purchased more than one copy 😁
@@hart.jones.3335 I would be a little reluctant to do a handshake agreement unless someone I known for a long-time. It’s best to have everything spelled out in a contract .
Great information and insight. I was concerned about wasting people's time with a bad idea and design. And I really appreciated you taking the time to give me some feedback on my design. Thanks!
@@Kenny-uc1yp you’re not wasting anybody’s time. Companies are looking for ideas. You just need to make sure you have a good idea that cannot be found within minutes on Google and it fits their product line.
knew you guys from your amazin content but did not know damon Kali, i ve been on analysis paralysis fear your name it mode and this is giving me courage, hes so right i am stuck but if someone asks me about my inventions he ll be stuck hearing me talk about it for more than an hour haha
Yes. And 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/ )
UGH I work about 50 hours per week. Night shifts! I don't have time to contact companies all day. I can't afford the gateway program either. One day..... 😊
You can do this! You really can. - 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/ )
So happy to hear that Stephen is motivating you. He's good at that. ;-) 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/ )
This video gave so many tips on getting into Walmart. Sorry it didn't give you what you needed. - 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/ )
Hello, I have a product, prototype, and ppa. I've contacted 2 companies/manufacturers (there aren't many companies in this niche market), both of them have shown interest and my product is under review. One company has given feedback on manufacturing difficulties, we are awaiting approval from other licensors(nfl, ncaa) who are involved with the product. What is the best way to follow up?
Sounds like you have some interest. We can help. - 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/ )
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/ )
I don't have that info, but Chad probably does. I wish him much success with this product and hope sales grow over time. - 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/ )
Keep it real? Lets get someone who havê something about ter, se modelante it a little,(almost everything) and out a ring and that's it! Haha! No! But thanks for to put your step forward for I can prove it!
Thanks for 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/ )
Of course. Reach out to us. Here's our contact info. - 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/ )
That's great. Let us know if you need help. - 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/ )
Thanks! - 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/ )
I completely agree and that two accounts should be allowed. I have a Linkedin account for my work as a medical courier with a national leading medical transportation company. I use my Linkedin account for my work, but I'm also a researcher of modern railroad mergers and local history of railroads, as well as a train photographer. I feel I NEED two Linkedin accounts to separate my job from my other vocation of railroad history and photography...PLEASE give me two accounts!
I hear ya'. - 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/ )
You can reach out here. - 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/ )
I love your videos Marc. Giving us an insight to what the manufacturers want and look for. I just wish it was easier to contact you with some products I have, the emails and website seem to filter out my submissioms. Either way thanks for the videos and keep them coming!
Currently negotiating with the 2nd in charge of a half billion dollar a year company. They Definitely try to take advantage of you if they think they can. Luckily I have been at this a while and was able to keep things moving in a good direction. Is it normal for them to want to do a limited run to test the market before signing a licensing agreement? We do have a confidentiality agreement. I have a utility patent pending. I'm trying not to be annoying with too many questions as they have asked what I would want in a licensing deal. Should I email and ask their intentions or give them a few weeks to get back to me? I last heard from them yesterday.
@jamesh2492 I look for companies that don't necessarily make similar products but have the manufacturing capabilities to make my products. Most companies are looking to expand into different markets were as companies who already make similar products can view new products as competition.
Yes, you can license from anywhere. We've had members in over 65 countires. - 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/ )
So happy I found your channel. I’ve had ideas throughout the years and was always intimidated to look into it bc it was so rarely spoken about. Thanks for sharing. 🙏🏽
I always wonder when folks say "absolutely no funds" . You mean you don't even have $60 for a provisional patent? I'm sure you do. I encourage you to license your ideas. You can do this. - 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/ )
Great video. I've always felt like if I introduced my idea to a company, what is keeping them from making one small change and stealing the idea? I've looked into patents, but it's a little expensive for me.
In 25 years it hasn't happened to one of our members because they conduct themselves professionally. It can happen of course, but not yet to our folks. - 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/ )
If I want to approach companies operating in different countries, I need to secure protection for my idea in those specific regions. However, this process can be costly and time-consuming, even just for filing applications, let alone obtaining granted patents. How can I effectively protect my idea through patents in multiple countries while minimizing costs ?
Great question for the provisional patent application. Have them sign in NDA. Make sure they work with inventors. Do a background check to make sure they treat people correctly. Do not show them your intellectual property only show them the benefit of your first.
