How many times have you come up with great ideas for products or entire businesses, but bailed on them because you didn’t want to be the one who had to take on the risk, the overhead, the complexity, the sleepless nights of building a business around them?
What if you could spend your time dreaming up nutty ideas and get paid for that and only that? What if you could hand your concept over to another company that had the capability to mass produce it, distribute it, handle all aspects of the business and then just write you a check every month for a percentage of sales?
Sounds like some wacky fantasy scenario…but it’s not.
I’ve become fascinated, over the last few years, by ways to leverage and scale ideas that allow you to:
- Bring cool things to life
- Minimize complexity, and
- Generate enough to live well in the world.
One of those ways is commoditizing knowledge and selling it in digital form online, also known as info-products. If you’re reading this, you probably already know about that approach.
But there’s an entirely different world that very few people know about—the wacky world of licensing—that allows you to accomplish this not just online, but in the real world with tangible products. And unlike info-products, often times, you don’t even need to create a product or prototype, sell it, manage the money side or market it…nothing.
You just need to come up with the idea and share it with the right people. Licensing fascinates me. I wanted to know a lot more about how it works.
So I turned to my friend, Stephen Key, an inventor and product creator who has licensed tons of ideas over the last 30 years that have sold hundreds of millions of units and generated, well, let’s just say serious money. Here’s what he shared:
Stephen has also become one of the leading authorities on licensing in the world. He’s been featured on all the fancy business TV shows, he runs a company called inventRight, speaks all over the place and, most importantly, walks the talk. He’s constantly coming up with ideas and licensing them to partners.
And he’s the author of a book I’d highly recommend, One Simple Idea: Turn Your Dreams into a Licensing Goldmine While Letting Others Do the Work, that essentially walks you through the entire process.
[FTC Disclosure – You should always assume that pretty much every link on this blog is an affiliate link and that if you click it, find something you like and buy it, I’m gonna make some serious money. Now, understand this, I’m not talking chump change, I’m talking huge windfall in commissions, bling up the wazoo and all sorts of other free stuff. I may even be given a mansion and a yacht, though honestly I’d settle most of the time for some organic dark chocolate and clean socks. Oh, and if I mention a book or some other product, just assume I got a review copy of it gratis and that me getting it has completely biased everything I say. Because, books are like a drug to me, put one in my hand and you own my ass. Ethics be damned! K, you’ve been warned. Huggies and butterflies. ]
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