The benefits of product licensing for engineers

Not every engineer wants to start a company to launch their inventions. Engineers have the skills that can help a potential licensee sell more products!

We hear of companies all the time where an engineer is now running the company. But it’s actually a very small percentage. Many of the strengths that engineers have are not the strengths it takes to run a company. Product licensing is a perfect example of how to leverage your strengths as an engineer.

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How do you license an idea? How do you patent an invention? Learn how to become a profitable inventor and earn passive income from your creativity following the advice of inventors Stephen Key and Andrew Krauss. They are the world's leading experts on how to license a product idea. If you have an invention idea, inventRightTV is the show to watch.

Stephen Key and Andrew Krauss are the cofounders of inventRight, a coaching program that has helped people from more than 65 countries license their ideas for new products.

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[leonardcavalli]

Hello Stephen,
Thanks for this video! I appreciate everything you and Andrew have done and continue to do in this space!
I am a mechanical design engineer of 20+ years fast approaching burnout! When I stumbled onto InventRight a few years back it gave me what felt like a new lease on life. I knew instantly that I could not only do this, but in fact do it well! Unfortunately, several years later I still find myself unable to complete any of the many product ideas I have. I did not realize early on that my attention to design detail would be the thing that holds me back. As a design engineer I pride myself on the details, it’s what my job requires me to do. I always thought this would work to my advantage when licensing, but I was wrong. Our working lives are busy, and to find the required time to put so much detail into multiple side projects is very difficult!
It’s not easy letting go of the perfectionism we engineers practice, but I think less detail, and more simplicity is the answer when it comes to licensing.

[markwrichards]

Thanks Stephen. I just joined InventRight and have been connected with a coach (April).

I've always been a venture guy (I've owned manufacturing companies for 30 plus years with over 400 products developed) but want to expand our opportunities with licensing. I joined InventRight to learn how to identify and pitch companies on ideas we don't want to bring to market on our own because we don't already have the audience.

I think inventors significantly underestimate how difficult it is to find an audience sometimes and the expense of doing so can crush profits or make a great product idea a loser financially. Thank you for all you are doing!

[antoshaikh]

I am just waiting for your video . It really help me a lot, thank to all of you.

[SIMKINETICS]

Stephan's so right about this! I look at his message from the standpoint of an Electromechanical Engineer who started out designing an automated machine to process floppy disks in Silicon Valley in 1979, and continued to develop many various skills to make instruments, machines & robots in several industries from computers to biomedical devices. Decades later, I can wear many hats, and likely will need those abilities to expand a fundable development unit to create & test fully functional prototype(s) of an important disruptive technology in mechanical power transmission. This is a high-dollar product invention with broad exploitable markets, but with a great emerging focused market as a starting point; electrified personal transportation and sports!
Without really big funding, such a product development company can only go to the point of demonstrating this tech to big, established companies as prospective licensees who'll inevitably need to actually see, try and test it first. Although such a prototype development and build are probably necessary for a convincing show-and-tell, licensing to an established company with extensive resources is much quicker & more practical to succeed in the marketplace!

[Modeman]

Good info Stephen. You're definitely opening people's minds on licensing. Thanks for the post . Cody

[nathanwzorek]

I know you've said in the past that most products don't need a patent but I still don't know if I should eventually get a patent on a unpickable lock I designed

[Yadidout]

Hi Stephen,
Thank you for all your informative videos.
I’m a product developer, right now I’m focusing on kids and teenagers backpack, a lot of my friends like the idea.
Can you please send me trustworthy companies to send them my idea.
Thank you.