#044 - When not to start a startup - how to license your idea (Part 1), with Stephen Key of inventRight, USA
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This is an episode on a topic that, I believe, should get more attention in entrepreneurship circles. My guest is Stephen Key of inventRight.
Stephen is literally one of the teachers of Tim Ferriss. He went to Stephen’s lectures and sought his advice on how he can make his business at that time, BrainQUICKEN more efficient.
Do you really need to found a company? This is the question we address in this episode. Stephen is a lifelong entrepreneur, inventor and a renowned intellectual property strategist.
This episode is split into 2 parts, because this way the topic can get more attention. In part 1 you will learn how Stephen helped Tim Ferriss and what he got in return unexpectedly. Stephen also discusses what the most important thing is today when you want to bring out a product to market. You can find out some guidelines from him on when to start a startup and when to license. And when you want to sell something, shall you sell the product first or something else?
Enjoy this episode.
Raw transcript is available at: https://www.thehardwareentrepreneur.com
Show highlights can be seen below:
- What do the Yoda of renting out ideas and the German Tim Ferris have in common? - [2:11]
- The Ferris effect - [5:25]
- Why has Stephen’s book gained such a tremendous success? – [7:52]
- The differences between starting a company versus renting out your idea - [10:38]
- A piece of plastic worth a quarter of a million dollars - [13:27]
- Do you want to stay creative or do you want to wear many hats? - [17:04]
- The benefits of selling the benefit first - [18:48]
- What are some safe approaches when communicating your idea to the licensee? - [22:34]