I have spent the majority of my career licensing my ideas, and licensing is often what I make the focus of my blogs. But the other way of bringing your product to market is to venture your idea yourself – that is to say, to create your own small business, manufacture your product, and get it into retail stores or sell it online. They’re very different. They require different skills and you’ll spend your time differently. But each process should be looked at in the same way: as a delivery method for your idea. You need a system in place to deliver the idea you create to the marketplace and the consumer. How are you going to get it there? Too many people assume that having a good idea is enough. They think someone will just come knocking on their door, I suppose. But that’s not the case. You will have to fight to get your idea into the marketplace, and venturing or licensing is the battle you decide you want to win. I know that most inventors aren’t comfortable and don’t enjoy dealing with marketing and advertising and making cold calls, but delivering your idea is an equally important and necessary stage of the innovation process. You’re either going to find a company that is looking for an idea, has shelf space, and the resources to get that product made or you’re going to do it yourself. You must invent a good idea AND find out how to supply it. They’re inseparable. I hope inventors begin to see these two aspects in tandem and think about both when they begin to innovate. Both are doable and can be conquered!
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Stephen Key is a successful award-winning inventor who has licensed over 20 products in the past 30 years. He is a board member of Accudial Pharmaceuticals, Inc. and has a new book “One Simple Idea: Turn your dreams into a licensing goldmine while letting others do the work,” from McGraw-Hill. Along with business partner Andrew Krauss, Stephen runs inventRight, a company dedicated to education. Teaching inventors and entrepreneurs the skills needed to successfully license their ideas.
One Simple Idea is available in book stores and online book retailers nationwide. Visit www.inventright.com to learn more.
