The Power of Licensing with Stephen Key, Co-Founder of inventRight

Stephen Key is the Co-Founder of inventRight and the world's leading expert on how to license a consumer product idea. He has licensed more than 20 products on his own and was a 2018-2019 American Association for the Advancement of Science-Lemelson Invention Ambassador. He has also published several best-selling books, including One Simple Idea and his latest, Become a Professional Inventor: The Insider's Guide to Companies Looking for Ideas. 

Stephen's inventRight coaching program has helped product developers from more than 65 countries learn how to license their ideas. He co-founded Inventors Groups of America to educate and empower inventors and inventing group leaders and inventYES, a free global program for high schoolers.

In this episode…

Any inventor who wants to protect their idea and their rights should consider one thing: getting a patent. 

As an inventor, you should learn as much as you can about patents—and some professional advice from a good patent attorney wouldn't hurt along the way. You'll also need to find relevant and up-to-date resources about patent protection from experienced individuals and organizations.

However, the power of a patent lies in the value it provides to the holder. A valid patent can be used for licensing and provide good royalties to the holder, but only if done right. The language used in the patent is also essential and can cause different interpretations of the patent by patent examiners, a jury, licensee, and investors.

Stephen Key, Co-Founder of inventRight, is Rich Goldstein's guest in this week's episode of the Innovations and Breakthroughs Podcast, where he talks about the power of patents and licensing. They discuss Stephen's strategies for coming up with new business ideas, his licensing tips, and how technology has impacted the work of inventors.