Timing is Everything: Knowing When to Apply For a Patent!

Do you really need a patent to license your idea? In this video, Stephen Key dives into the industries where a patent is crucial for securing a deal, like tools, packaging, and medical fields. Big companies may require intellectual property before paying royalties, and I’ll show you how to strategically file a provisional patent application and possibly a PCT for global protection. It’s not just about rushing to file; I’ll explain how to plan your patent strategy, work with IP strategists, and even get upfront payments to cover patent costs.

Earn money from your ideas with the help of inventRight. We help you license your ideas, inventions, and products for passive income. 

New to the licensing business model? Educate yourself first. 

*About Stephen Key, inventRight Cofounder*

Stephen Key is an award-winning inventor, renowned intellectual property strategist, lifelong entrepreneur, author, speaker, and columnist. He has over 20 patents in his name. The dozens of concepts he has brought to market have retailed in Walmart, 7-Eleven, and Disney stores and parks worldwide and been endorsed by Michael Jordan, Alex, Trebek, and Taylor Swift. He has defended his patents in federal court against the largest toy company in the world, Lego.

In 1999 he cofounded inventRight with inventor Andrew Krauss to teach others his unique process of harnessing the power of open innovation in the licensing business model. His best-selling book about how to license an idea, One Simple Idea by McGraw-Hill, has been translated into six languages.

He has spoken at Stanford University, Florida State University, the University of Michigan, UC Merced, the USPTO, World IP Forum, University of the Pacific, Cal State Fullerton, Washington University in St. Louis, the Art Center College of Design in Pasadena, the Economic Development Agency for Northern Ireland, and many more. 

He has written five books related to product licensing and intellectual property and is a longtime contributor to Forbes and Inc. 

From 2018-2019, he was honored to serve as an American Association for the Advancement of Science-Lemelson Invention Ambassador.

In 2021, Mojo Nation named him as one of the 100 most influential people working in the toy and game industry.

In 2022, World IP Forum named him a “Most Influential and Inspiring Leader Of All Time.”

*About Andrew Krauss, inventRight Cofounder*  

Andrew Krauss is an expert on licensing products ideas for passive income. He has been helping creative people bring their concepts to market with less risk and more success for 25 years as a cofounder of inventRight.

During his tenure as president, he grew the Bay Area Inventors’ Alliance group into one of the most active and well-established inventor associations in the country. In addition to advising the White House on innovation, he has been featured as a speaker at USPTO conferences and on NPR’s Science Friday. 

*About inventRightTV*

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[fenilkapadia]

Great one!
what if my potential licenses are in europe, how we individual inventor can protect our products idea, design, process (as easy as U.S PPA) ?? Is epo unitary patent a good option???

[Scott-YouTubeAddict]

How common is it for the companies to pay all of the legal and patent fees

[HandSaversUSA]

A PCT, but without addition to your patent portfolio, can be an extremely expensive endeavor. I'm curious about the leniency a big company will have if you already have a design and utility patents. Phrased differently, will they put in writing that the product will be licensed if a PCT is aquired? It seems to me that such a demand shows real interest, but without reassurance, it may not be investatable. A PCT makes a patent in the USA look like a bargain, so if a big company want it, they should either back it up in a legal document or support it monetarily. Better yet, if they are that interested, make an offer on the patents and take yourself out of the added expense. That is a rare occurrence without prior sales,
as you are aware of Stephen.

[joseantoniocanorosas]

So you guys can help the inventor to close a deal with the big brands? if so, is that process included within the GATEWAY fee? thank you