Stephen Key: Turn Your Ideas Into A Licensing Goldmine While Letting Others Do The Work

Most entrepreneurs are more left-brained, while the right-brained people stick more with creatives. In this episode, Stephen Key shares how you can use both groups of people and turn your ideas into licensing goldmines. Stephen is an inventor, entrepreneur, and educator who has licensed and patented multiple products in three decades. He wrote the book One Simple Idea as a tell-all of how you can rent out an idea and create cash flow. If the worst ideas can roll in that income, imagine what a great idea would generate.Some Topics We Discussed Include:How to “Rent” your ideas vs selling themYou can license anythingWhy you shouldn’t have the ideaHow to use “The Multiplying Effect” for exponential resultsWhat Stephen would have done differently if he were starting todayFeeding the Idea MonsterHow to use “Design Schools” as Gold MinesHow to make the first approach to licenseesHow to create easy leverage points to win over both sides of a dealWhy you don’t need to have an eye for opportunityWhy you don’t have to do much (or any) real workShould you have a standard licensing agreement?Other opportunities for licensingPotential profit as licensing agentMinimum guarantees and performance clausesShould you ask for money upfrontLicensing the same idea to different industriesLicensing to Coca-ColaCapitalizing off unmanufactured productsUsing the Ad agency as side doorHow to introduce yourself to ad agenciesHow to introduce yourself directly to a companyTapping the right departments and guiding your contactsWhere to start when there’s too many companies to contactTaking advantage of Google product searchWhy the dumbest ideas in the world can still get licensedWhat markets and industries are hotWhere to find product designersWhere to start building key relationshipsInvention vs. innovationIs publishing really licensing?Reverse ghostwritingCreating for the marketplacePutting the pieces together, connecting to dots, and creating leverage pointsHow Stephen become a Disney licenseeLeveraging the name of bigger brandsWhat is inventRight? What makes it different?Stephen’s thoughts on invention submission companiesHow to become an idea agentFinding a home for your ideaStephen’s upcoming projectsLearn more about Stephen and get the full shownotes at https://baconwrappedbusiness.com/stephen-key/Love the show? Subscribe, rate, review, and share!Here’s How To Rate and Review Us»Join the Bacon Wrapped Business Community today: Bacon Wrapped Business on FacebookBrad Costanzo on FacebookBrad Costanzo on LinkedInBrad Costanzo on YouTubeBrad Costanzo on Twitter This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit bradcostanzo.substack.com