28 episodes

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 inventRight - Sylvia Pomazak

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    • 4.7, 25 Ratings

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 30 - Featuring inventRight Alumni Craig Allen

    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!

    • 33 min
    The Key To Licensing - Podcast 29 - Featuring inventRight Alumni Courtney Laschkewitsch

    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.

    • 40 min
    The Key To Licensing - Podcast 28 - Featuring inventRight Alumni Phil Case

    The Key To Licensing - Podcast 28 - Featuring inventRight Alumni Phil Case

    The Key to Licensing - Hosted by Sylvia Pomazak. Featuring inventRight Alumni Phil Case
    For 10 years, Phil Case would come up with new ideas for products and always wonder, “What do I do next?” An entrepreneurship class in college taught him how to write a business plan, but after seeing how much money it would take to run a company and bring a product to market, he figured there had to be a better way.

    He soon found inventRight cofounder Stephen Key’s book One Simple Idea which was exactly what he was looking for. Phil being a very “process and documentation driven person” liked how the book broke the product licensing process down into 10 steps.

    However, the one thing lacking was accountability. He knew about the 6-month coaching program inventRight offered, but it was out of his budget. He partnered with his best friend Bryan (also an idea guy), gave him the book, and asked him to team up. When they saw inventRight was running a contest for a free Bootcamp program to celebrate its 20th anniversary, they decided to enter.

    After their video entry was selected as the winner, Phil and Bryan started working with their coach on their first product.

    “Without a coach, we would probably still be working on a prototype,” he says. They finally started to reach out to companies and got interest on their initial idea and also started working on their second product.

    Phil and Bryan are continuing to follow up with companies that have expressed interest in their first product and applying the process to new product ideas as well. Great job guys!

    • 55 min
    The Key To Licensing - Podcast 27 - Featuring inventRight Alumni Taryn and Shy Omran

    The Key To Licensing - Podcast 27 - Featuring inventRight Alumni Taryn and Shy Omran

    The Key to Licensing - Hosted by Sylvia Pomazak. Featuring inventRight Alumni Taryn and Shy Omran
    “I win or I learn, but I never lose."

    “Play to your strengths and find others to complement you. The no’s are discouraging, but be kind to yourself and push through the hard part, and know that every single thing is not going to be what you love doing.” — inventRight student Taryn

    Taryn and her husband Shy would always come up with ideas. As their family grew, so did their ideas for more and more practical products.

    Taryn found our cofounder Stephen Key’s book One Simple Idea and read it a couple of times. Needing more, she decided to enroll in our Bootcamp coaching program, which she describes today as “the best decision she made.” One of the ideas they were working on was a product for their daughter who has Down’s Syndrome. After filing a provisional patent application (PPA) and submitting their sell sheet, Taryn and Shy got interest from a company within just a couple a months. With the help of their coaches Amy Jo and Paul Sorenson, they signed their first licensing contract for this product shortly thereafter. It will hit the market this spring.

    Taryn and her husband Shy work together as a team of inventors on licensing their products.
    Congratulations on licensing your product Taryn and Shy! Teams of inventors get the job done.

    • 32 min
    The Key To Licensing - Podcast 26 - Featuring inventRight Alumni Arkady Grigoryan

    The Key To Licensing - Podcast 26 - Featuring inventRight Alumni Arkady Grigoryan

    The Key to Licensing - Hosted by Sylvia Pomazak. Featuring inventRight Alumni Arkady Grigoryan
    “I win or I learn, but I never lose."

    After quitting smoking cigarettes, Arkady started to smoke, well, marijuana. Being a natural “clean freak,” he needed a way of storing his half-smoked joints, but no sanitary packaging or storage devices existed for joints that met his needs. He decided to bring his own product to market. Not knowing any better, he ended up spending $15,000 with an invention promotion company. Unfortunately, this company didn’t even teach him about the steps of the licensing process or discuss whether his product would be able to be manufactured. After going nowhere, and truly believing in the quote, “I win or I learn, but I never lose,” he decided to educate himself on what to do next.

    In total, he ended up investing about $82,000 trying to venture his product. He was losing trust, getting frustrated, and was about to pay for tooling when he found inventRight and made a list of the pros and cons of venturing versus licensing. He decided to license his product and learn the process. He binged watched all of the inventRightTV YouTube videos and read inventRight cofounder Stephen Key’s book One Simple Idea.

    Soon he became a student in the inventRight coaching program and began working with their coaches. By this time, he had two non-provisional patents and was working with engineers to make sure his product was manufacturable. Arkady states that the process “is not easy and it is not hard, but you have to commit, stay consistent, and be persistent.”

    He approached everything with a willingness to learn. While in the program and reaching out to companies, one of the engineers he had worked with previously started a new job in the cannabis packaging industry, and ultimately connected Arkady to the company he ended up licensing his product to. RoachPack was displayed at the Marijuana Business Convention in 2019 and is planned for distribution in March and he is continuing to work on other ideas as well!

    • 46 min
    The Key To Licensing - Podcast 25 - Featuring inventRight Alumni Mike Van Horst

    The Key To Licensing - Podcast 25 - Featuring inventRight Alumni Mike Van Horst

    The Key to Licensing - Hosted by Sylvia Pomazak. Featuring inventRight Alumni Mike Van Horst
    Michael Van Horst was working in real estate when he noticed that no one ever actually hung up their pictures on their walls; instead, they were always left on the floor. Why? He decided to come up with a solution to this all-too-common problem and started building prototypes of his idea from his home until he came up with a product that worked. Then he needed to figure out how to get it out into the world.

    Like many inventors, he was trying to figure things out on his own. He started by taking his prototype to trade shows and setting it up to be displayed in a booth, where he thought a lot of buyers would walk by, but that did not happen. Then he competed in a pitch competition and his invention was actually picked up by a DRTV company for licensing. At the time although he didn’t know what licensing was, he agreed to move forward with them. However, the product did not move forward due to price point.

    After spending a lot of time and money doing more trade shows, more pitch competitions, trying to venture through kickstarting, he signed up for the inventRight coaching program and began learning the process of licensing. After following the inventRight 10-steps process and getting a lot of NO’s, he received a Yes from one company and licensed his product.

    The Push-n-Hang is now selling at Ace Hardware, The Grommet, and on Amazon!

    And for his next product idea? He now knows how to save a lot of time and money by learning the process, getting help, and not giving up.

    • 33 min

Customer Reviews

4.7 out of 5
25 Ratings

25 Ratings

cindy/soulshine ,

All

Great info! Glad to listen to how people accomplished the goal of license with InventRight. 👍🏻

BrittyUhOh ,

What is the Key to Licensing?

The Key to Licensing is perseverance in the InventRight program.

Gabstacks ,

Selling their product is a podcast?

They continuously state the same thing every episode very vague and selling their product. Unsubscribed.

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