What makes a good business idea? Evaluating your ideas!

How do you evaluate your ideas? During this video we’re going to discuss the difference between a complex idea and a simple idea.

Learn how to make money from your ideas.

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Call: [phone]

Hi, this is Stephen Key and Andrew Krauss. We are here to help you make money from your ideas. We started our company inventRight over two decades ago to teach people how to license (aka rent) their ideas to companies in exchange for royalties.

This process is called “product licensing.”

On our channel, we show you exactly how you to take an idea and license it to companies in exchange for passive income.

Today, you do not have to start a business to make money from an idea.

With product licensing, you don’t have to write a business plan, raise money, manufacture, market, sell, or distribute any longer.

If you have a product idea and need some help, please contact us at:
Phone: [phone]
Toll Free: [phone]

Email us:

Learn how to start a business, how to become an entrepreneur, how to protect intellectual property, how to patent an invention, how to stop people from stealing your ideas, how to prototype an idea, how to contact companies looking for ideas, how to design a product, how to make a sell sheet, how to make a promo video, how to negotiate a licensing agreement, how to get a higher royalty rate, how to do market research, and how to work with inventRight.

Stephen Key and Andrew Krauss are the cofounders of inventRight, a coaching program for entrepreneurs that has helped people from more than 65 countries license their ideas for new products. They are also the cofounders of Inventors Groups of America, an organization that hosts a free, popular monthly educational meeting for inventors online. They have more than 20 years of experience guiding people to become successful entrepreneurs.

inventRight, LLC. is not a law firm and does not provide legal, patent, trademark, or copyright advice. Please exercise caution when evaluating any information, including but not limited to business opportunities; links to news stories; links to services, products, or other websites. No endorsements are issued by inventRight, LLC., expressed or implied. Depiction of any trademarks/logos does not represent endorsement of inventRight, LLC, its services, or products by the trademark owner. All trademarks are registered trademarks of their respective companies.

Reference on this video to any specific commercial products, process, service, manufacturer, company, or trademark does not constitute its endorsement or recommendation by inventRight, LLC or its hosts. This video may contain links to external websites that are not provided or maintained by or in any way affiliated with inventRight, LLC. Please note that the inventRight LLC. does not guarantee the accuracy, relevance, timeliness, or completeness of any information on these external websites. The inclusion of any links does not necessarily imply a recommendation or endorse the views expressed within them.

[keithharo]

One of Stephen's best of all time. This is why these guys are number 1.
Seems simple, but these insights only come after years of refining their experience
down to easy to understand truths.

[ellakater]

FABULOUS video! You are so kind and helpful!

[inventRight]

Absolutely 100%, we have members in over 65 different countries.

[macariosanchez]

That is as clear as water. Thank you boss

[emveo]

You are like santa claus in the invention world, i love it

[jonmichaelroberts]

Thanks & a question or 2... one of your criteria is patentability. I assume that's for big/complex ideas? You guys often point out how often you can license a product and the company doesn't even want to patent it. As we know most patents can be worked around anyhow.
This begs another question, if I have hundreds of ideas, do I really even need to pay the $65 to have "patent pending" on my sellsheets. For 10 ideas that's $650 I'd rather not spend if the ideas aren't huge money earners. And in many cases I know the patent office would limit my claims so much my patent would end up not being that useful anyhow. But really it's about how does that "patent pending" really do for my pitching. If the company probably won't steal it anyhow, maybe it's not always worth even the $65 if they aren't even going to paten it in the end?
(I'm a designer/advertiser with 25 years experience so sell sheets cost me no cash to make, so I love the idea of paying nothing at all to try to pitch a bunch of ideas)

[adibiip]

Great advice! It's important to think about patentability before investing money in your invention

[rugby]

Stephen, great content as always and I'm excited to get your new book, "One Big Idea", once it is out.

[maplehouseknives]

Does the provisional patent work for international inventors? I have an idea/invention for the "kitchen." I've done my research. Nothing exists that's even remotely similar. I've built a functional prototype, and I use it weekly. My invention idea can be 3D printed, perhaps even using recyclable materials. This idea makes using it safer than without. This idea is something nobody has seen before. I live in Germany and would like to license or even sell the idea. Where do I go from here? Thanks for your videos, they're a great help!

[Danmyrealtor]

I have what I think is a good idea for a bowling accessory. Any suggestions on how to start the process? It’s simple and fun.

[Dynamofoe]

Thank you Stephen! Reference points at 06:00 - do we do all 3 steps and only submit *after* PPA is approved by USPTO? How long does PPA approval usually take? I have many ideas (50-ish) to try to market but anxious (scared as hell) to start (BIG fear of rejection that I need to hurdle)… thank you!!! 🙏🏽🙏🏽🙏🏽😊😊😊

[dukefleed]

Great!
Thank you, Stephen.
Could you make a video about the terms that should the licensor come up with in the licensing agreement?

[richardcrum]

It's so simple I can believe no one's ever invented it lol . See you real soon my friend. You guys are team.

[richardcrum]

All u asked is Yes and you don't need to be in college to use it, I have a winner trust me Stephen you gotta believe in me like I believe in you. I just need your help. Everything I hear from you and Andrew I have the device for market.

[faizalfaiz]

When you say license, do you mean patent? Or what ?

[zeeshankhan]

do i have to submit any additional requirements while submitting PPA in USA... ??? i am from PAKISTAN 🇵🇰 and pakistan national...
or is it same for everyone ???

[isi_kebulan]

if i am outside the United states, can i licence my product with a Us company?