I want to describe several of the benefits of becoming a licensing agent. In the past thirty years, I’ve brought over twenty different products to market through licensing. The beauty of licensing is hard to beat: it’s low risk and low cost. I can’t think of any other profession on this earth that allows you to collect royalties, anywhere and anytime, simply by imaging an idea. The concept of licensing is simple: you create an idea, submit that idea to a company, and are paid if that product is selected for manufacture and retail. I truly believe that licensing is the perfect business.
As is with most businesses, licensing is a numbers game. How many ideas can one individual generate? What about the ideas of other inventors and industrial designers? As we’ve learned, the use of open innovation continues to grow. Thousands of companies are constantly looking for ideas. I’ve put together a program that teaches individuals to connect these two markets: people with ideas and companies who need (and will pay for!) these ideas.
97% of all inventions never generate any money. This is because most individuals simply don’t know how to bring their product to the marketplace; they don’t have the knowledge of all the steps required to do so. The opportunities to generate wealth by successfully licensing all of these product ideas are enormous. Link the best and brightest minds with the companies who can benefit from them.
You can keep your day job. All you need is an Internet connection, a phone, a go-getter attitude, and to learn the skills necessary to be a licensing agent. Being a licensing agent fulfills the three qualities my father taught me are necessary to be wealthy: it doesn’t require the use of your hands, it has a multiplying effect, and it doesn’t require your physical presence. The sky is the limit for how much money you can make.
Stephen Key is a successful award-winning inventor who has licensed
over 20 products in the past 25 years. Along with business partner
Andrew Krauss, Stephen runs inventRight, a company dedicated to educating inventors about selling their ideas and the skills needed to succeed. You can ask questions and get advice on the inventRight forum, check out the resource center, and listen to the weekly radio show on inventing. Get In The News, list your invention to have media outlets find you for news stories.