The Key to Licensing: One Simple Idea is a weekly podcast dedicated to empowering the inventor community with the practical advice on how to license their ideas and get them on the market. We are here to share real stories of real people who have had there fair share of both ups and downs throughout the licensing process, and are here to teach us some of the KEY things we can take to keep moving forward on this journey.
If you are looking for help with licensing your products, inventRight will give you inspiration, motivation and action steps to move forward. Subscribe to the podcast and get a new episode every week. Post a review and go to www.inventright.com to learn more about licensing.
The Key To Licensing - Podcast 34 - Featuring inventRight Alumni Keanu Alfaro
The Key to Licensing - Hosted by Sylvia Pomazak. Featuring inventRight Alumni Keanu Alfaro
Keanu never knew what a product developer did. In 2018, he drew up a pocket knife on a piece of paper and put it away. Two years later, when he felt stuck in life and found the piece of paper in front of him, he decided to teach himself CAD while working a 9-5 job. When he came home, he would start working on his idea. He was about to start the process of getting a patent, but at 24 years old, it seemed overwhelming. Then he came across Stephen Key’s book “Sell Your Ideas With or Without a Patent.” He submitted his idea to 48 companies and 6 days later he got a yes.
He started working with inventRight expert licensing contract negotiator Paul Sorenson through the negotiations and says that he wishes he “would have found inventRight sooner”. With the help of inventRight resources and the support provided by working with a true expert, he licensed his original knife idea, and then he licensed another idea too right after that too! Wow. We’re impressed.
The Key To Licensing - Podcast 33 - Featuring inventRight Alumni Andrew Hodgson
The Key to Licensing - Hosted by Sylvia Pomazak. Featuring inventRight Alumni Andrew Hodgson
Andrew Hodgson: “You have to try and learn. The process works.”
Andrew’s idea came to him when his daughter was taking a bath and he wanted a way for her to keep water from splashing over the edge as she played. Being from the U.K., he knew he needed to tap into a larger market such as the United States. He started to do his research and found the inventRight coaching program. He knew he wanted to learn the 10-step licensing process, so he enrolled in the program and started to work with his coach. When he started to reach out to companies, he had a couple of no’s and many that did not get back to him, but he kept going and eventually found a small company in the U.S. that wanted to work with him. He knew the importance of their first call and making sure the company did not see him as “the crazy inventor,” but instead someone who was a professional. His bath tub product is now on the market!
The Key To Licensing - Podcast 32 - Featuring inventRight Alumni Joey Groves
The Key to Licensing - Hosted by Sylvia Pomazak. Featuring inventRight Alumni Joey Groves
Joey’s wife could never get her fingers into her wallet to remove her credit cards, which inspired him to come up with a simple solution to help with this problem. When he started to research how to commercialize an idea, he found a Facebook group that mentioned an inventor named Stephen Key. He read Stephen's book "One Simple Idea" and began watching inventRightTV videos on YouTube, and soon after that he signed up for the inventRight coaching program. He followed the inventRight 10-step process and got interest from two companies, but eventually they passed on the product. Instead of giving up, Joey used LinkedIn to find more inventor-friendly companies and continued to reach out. He found another company that liked his idea and he signed his first licensing deal. His product Charmbits are now selling on Amazon!
The Key To Licensing - Podcast 31 - Featuring inventRight Alumni Craig Isakow
The Key to Licensing - Hosted by Sylvia Pomazak. Featuring inventRight Alumni Craig Isakow
Craig Isakow – “It’s not about the ideas, it’s about the execution.”
In 2013, Craig created an eye-blocking cover for his webcam and started to test the market. Once he saw there was interest, he hired a freelancer and made use some additional resources to get prototypes made. Someone told him to go on the hit ABC show Shark Tank with his idea, so he begged a local library to create a 3D prototype for him. Then he took the prototype and along with his wife and brother, wrote a script for a persona named CJ to go on the show.
He got on the show because the producers loved the segment. He didn’t get a deal, but he moved forward nonetheless by setting up a website and selling on Amazon. In 2018, he officially left his day job and the company Spy Shutter reached out to him. After purchasing SpyShutter, he went into the promotional products space.
After signing up to become an inventRight student, he followed the licensing process and that’s when his side hustle really turned into his main hustle. With a lot of persistence, he signed a licensing deal with the company Kensington for his EyeBloc product with the help of his coach Terry.
The Key To Licensing - Podcast 30 - Featuring inventRight Alumni Craig Allen
The Key to Licensing - Hosted by Sylvia Pomazak. Featuring inventRight Alumni Craig Allen
Craig Allen – Licensing His Product in the Midst of COVID -19
Growing up watching his dad constantly fix things, Craig caught the bug. He approached a patent attorney, but then asked if instead of filing a patent he could file a provisional patent application and then market the product. The patent attorney had never heard of this approach but said sure, why not.
Later Craig found Stephen Key’s book “One Simple Idea,” which described that exact strategy for licensing an idea! After researching inventRight, it was the only company that really felt like it would be a ‘home’ for him, because he wanted to master the licensing process with the ultimate goal of becoming a full-time product developer.
He was humbled when his coach Paul Sorenson had him redo his sell sheet, and it took his product and interest from companies to the next level.
When Craig went to the 2020 New York City Toy Fair, every single company liked his product. He had two companies that were interested in moving forward and was about to hear from them when COVID-19 hit. Like many of us, Craig started stocking toilet paper and shared that “it felt like a dark time when I didn’t hear back.”
His coach Paul motivated him to keep going: “If the product is great, COVID-19 won’t matter.”
Craig’s faith, new sell sheet and video, and follow-up with those companies led to a company getting back to him within 48 hours, sending a contract, and him signing it on April 30th.
Be open to feedback, be flexible, learn the process, get out there and do it!
The Key To Licensing - Podcast 29 - Featuring inventRight Alumni Courtney Laschkewitsch
The Key to Licensing - Hosted by Sylvia Pomazak. Featuring inventRight Alumni Courtney Laschkewitsch
Courtney Laschkewitsch always has ideas. By the time she was in high school, she already had 300 of them written down! She didn’t want to start a business, so she needed another way of bringing her ideas to life.
She started doing research and found Stephen Key’s book “One Simple Idea” and fell in love with the business model of licensing. After applying to colleges and getting accepted, she decided she did not want to take on any student loan debt. So, she began attending community college, where she took business courses, and started a small jewelry business. However, she knew that licensing was still what she really wanted to learn.
She wanted to enroll in the inventRight program, and needed to have her parents’ support since it would be an investment of her hard-earned money and time. After doing A LOT of research about inventRight and learning about the program, she finally enrolled in six months of bootcamp coaching.
Courtney’s experience was transformational. She not only made an investment in her education, she received emotional support from her coach. While in the program, she received a licensing offer, but it ended up falling through. Still, she felt more confident having gained the experience and felt prepared moving forward.
Later, when she reached back out to a company that she had originally shared her idea with, they were not only interested in licensing that product, they also wanted to license three additional products from her!
Courtney’s keys to licensing success are trusting in the process, persistence, perseverance, and believing in yourself.