Industries to Avoid If You Want to License an Idea

In this video, inventRight cofounders Stephen Key and Andrew Krauss dive into industries that are challenging for inventors to license their ideas.

Stephen Key explains why certain sectors, like food, fashion, packaging, toys, and automotive, require more effort and resources. For example, patents are often necessary, but some industries, like food recipes, cannot be protected by patents alone.

Stephen Key also touches on industries like packaging, where prior knowledge of manufacturing processes is critical to success.

The episode emphasizes that while these sectors are more difficult, they are not impossible to break into.

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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

inventRightTV is the leading source of information for people who want to earn money from their ideas for new products on YouTube. With 80,000 subscribers, average monthly views between 64,000–78,000, and average monthly impressions nearing 1 million, becoming an inventRightTV sponsor ensures you reach an extremely targeted audience of inventors, product developers, designers, and entrepreneurs. Email [email protected] for more information and to apply.

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