Learn how Kathryn licensed her idea in the candy industry.

[StephenKey]

Learn how Kathryn licensed her idea in the candy industry.

by StephenKey » Fri Jan 14, 2011 12:52 pm

StephenKey

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Hey everyone,

Sorry I have been absent for a while. Things have been busy, busy over at inventRight.


We just interviewed Kathryn B. She told us how she licensed her idea in the candy industry. You won't believe what she has to say. I have not had much luck in the candy industry. We all learned a lot from Kathryn's experience. You will learn how much money it took, did she need a prototype, how she protected her idea and much, much more.


Visit our site to watch the free video of the interview. http://www.inventright.com/kathrynsignup.shtml

If you want to see some of the inventions that I have brought to market visit my site here: http://www.inventright.com/skproducts.shtml

Keep inventing,
Stephen Key

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[Tania]

Re: Learn how Kathryn licensed her idea in the candy industr

by Tania » Fri Jan 14, 2011 11:13 pm

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edit

Last edited by Tania on Thu Mar 03, 2011 1:38 pm, edited 1 time in total.

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[Tom C]

Re: Learn how Kathryn licensed her idea in the candy industr

by Tom C » Sat Jan 15, 2011 9:17 am

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Stephen, good to have you back!
I listened to the interview with Kathryn and it was excellent. She is another one of your students that took a simple idea (in my mind, but as she explains in the interview it takes a lot of time and energy to succeed) and succeeded in licensing the product. It is one of those ideas that I look at and say to myself, "It has to be out there already, it's so simple". But, as she explains in the interview, http://www.inventright.com/kathrynsignup.shtml
she had a few bumps in the road to get the deal done. Congrats to you Kathryn and good luck with your next idea! Also, Congrats to you Stephen, for another success story that we can all learn from by listening to the interview. Just out of curiosity, how many licensing deals have all of your students completed over the years? Thanks

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[StephenKey]

Re: Learn how Kathryn licensed her idea in the candy industr

by StephenKey » Sat Jan 15, 2011 9:52 am

StephenKey

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Thank you Tom and Tania! - It's great to be back!

First...... Pam (One Second Needle) is not an inventright student, just a good friend. We interviewed her recently and you can listen to her story over at inventright.com. What a great story.

Tom. Over the year we've had many successful inventright students, including yourself...You can see a few of them on our website, also you can see a few products that I have brought to market.

Thanks,

Keep Inventing!!

Stephen Key

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[StephenKey]

Re: Learn how Kathryn licensed her idea in the candy industr

by StephenKey » Mon Jan 24, 2011 12:56 pm

StephenKey

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We had a great interview with Pam Turner recently. Listen to what she said about her journey to get her product to market. It was painful.

http://www.audioacrobat.com/play/WjQXzpMx

----------------------

Stephen Key is a successful award-winning inventor who has licensed over 20 products in the past 30 years. He is a board member of Accudial Pharmaceuticals, Inc. and has a new book "One Simple Idea: Turn your dreams into a licensing goldmine while letting others do the work" due to release Spring 2011 from McGraw-Hill. Along with business partner Andrew Krauss, Stephen runs inventRight, a company dedicated to education. Teaching inventors and entrepreneurs the skills needed to successfully license their ideas. You can listen to the weekly radio show on inventing.



Preorder One Simple Idea now and get access to our database of over 1300 companies looking for ideas.
Visit http://www.inventright.com to learn more.

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[Let-Them-Fly]

Re: Learn how Kathryn licensed her idea in the candy industr

by Let-Them-Fly » Mon Jan 24, 2011 2:46 pm

Let-Them-Fly

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Over the year we've had many successful inventright students...
Stephen Key

Hello Stephen,

Can you be specific please? Since Inventright has been in business, how many "students" have taken your course, and out of those, how many have products available to the public?

Thanks in advance,
Frank

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[StephenKey]

Re: Learn how Kathryn licensed her idea in the candy industr

by StephenKey » Mon Jan 24, 2011 5:02 pm

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Frank,

Very good question. First of all InventRight is a very small company. It was started about 10 years ago when I started to talk about how to bring a product to market through my experiences. We are an educational company. When students sign up they get a year of unlimited support from us. They need help, they just pick up the phone and call us. Along with CD's and workbooks and the phone support I teach an online class every Thursday. Even with all the support we give our students a small percent are able to bring a product to market. It's a tough business.

I decided 10 years ago that I did not want to be an invention submission company and sell services. You have to be in control of your own destiny. Contests, inventions submission companies, product evaluations have been around forever and I have never found them to be successful. You have to stay with this business a long time. It's not a lottery. It needs to be a passion. I found out what is most important is to work with companies directly and get direct feedback on how to improve your product. Without that feedback you are flying in the dark. A lot of companies will promise you success. Our company can only help with your journey. I can not guarantee anyone success, not by a long shot. At the end of the day it's not my product and have no control over good or bad ideas. It's their idea.

As I said before a lot of people think InventRight is a big company. But it's actually very small. Andrew Krauss and myself personally work with our students and they can call anytime. I am sure you have looked at our website and reviewed the testimonials.
http://www.inventright.com/success.shtml

Getting back to your question. It's a very small percentage. But, I think what is remarkable is that we teach people and empower them to open doors in any industry. We empower people to take action. I love what Andrew and I do.

By the way, I did not take any offense by your previous post on a different thread. On many occasions people have questioned our business practices. I don't think the truly realize what we do.

I have seen your work. It's outstanding. Also your paintings are incredible.

On another note, if you listen to my blog talk radio and read my blogs all the material that I sell I give away for free.

Please when you have a chance take a look at some of the work I have done.
http://www.inventright.com/skproducts.shtml
I am still licensing ideas today. I am sorry to go on and on. Call me sometime. 209-668-9478

Keep inventing,
Stephen Key

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[Roger Brown]

Re: Learn how Kathryn licensed her idea in the candy industr

by Roger Brown » Tue Jan 25, 2011 8:20 am

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Frank, unfortunatley the percentage is always going to be small of those that succeed. Look at what Stephen posts.

Stephen Key is a successful award-winning inventor who has licensed over 20 products in the past 30 years.

If you look at it from face value that is less than one product a year. But, if you look at it from the view point of how many others can make that claim, he is doing very well.
Some may claim that since he has a course he is selling and a book he is selling his success should be higher. But higher compared to what? He is higher than the average Inventor.
I have licensed 9 products in 10 years. So, I am just under one a year too. I have helped numerous Inventors that contacted me avoid going into debt from lack of knowledge of this business. I have helped several get their products licensed and am working with others now.

The problem is your percentage of losses will always be higher than your percentage of successes because even given the best advice people all have different degrees of drive. Unless I took on each person that contacted me and did everything for them I am at the mercy of how well they execute what they have been given.
If you and I had the same pitch and presented it to the same group of people our results could be very different.

Then, even given the best advice if your product is not marketable your chances of failure are high. That is why I tell people just because you have a patent does not equal marketability. All it means is you have a patent.

So, when you look at numbers it is not always black and white as to why.

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[Let-Them-Fly]

Re: Learn how Kathryn licensed her idea in the candy industr

by Let-Them-Fly » Tue Jan 25, 2011 8:36 pm

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Thanks Stephen and Roger,

@Stephen - Please know that I was not attempting to offend anyone or catch anyone in anything with my questions; it is questions I ask ANY company I am researching. Business education and hearing of successful inventors trials, tribulations, and recommendations are an envaluable help! The "first impression"/"face value" of your website (and from those who promote you in the forums) is YOU are the man with the plan, BIGTIME, and if people will just join your program, they're in the money, so for my own resolution I had to ask.

Education and teaching techniques/tricks of the trade are absolutely essential when one is pursuing licensing on their own, so I whole heartedly support programs like yours and Roger's. The differences between the two of you is that you advertise "success stories" as a result of your program and Roger just stresses the "program". (lessons, personal experiences, recommendations, examples, etc)... that's why I asked about how many of your students were a success. I also realize that even under the best circumstances, securing a profitable licensing deal is a challenge... Please, be upfront about that?

My MAIN beef in all of the discussion is those who, like Jack so eloquently put it, are "profiteering from the dream chasers". The main reason I no longer work FOR any particular funeral home, is most operate under that same principle (as do many businesses), except instead of dream chasers, we deal with the bereaved... in either case it is fairly easy to talk them into spending a LOT of money that in most cases, they don't have! I would be lectured: "This is a business and we have to make money" and "there's ways to do it so the family can't come back on you".... well, I'm sorry, but I'd rather be poor as Job's turkey than to make money like that and I WON'T! Infact, the Federal trade Commission will strip a practitioner of their FS license AND business license if they are infact caught doing such.

The point being: If "I" must toe-the-line when dealing with those who may not know and understand everything involved and REQUIRED/NOT REQUIRED, other businesses should have to also!

Some type of "I agree/I don't agree" disclosure as to the percentages/averages/references should be available to the public BEFORE they are allowed access to the inventor services the business offers. If they sign the disclaimer and STILL jump in over their heads, then they're fair game for the sharks, BUT, if they pose ANY questions or concerns, the business is required by law to address them. Everyone knows where EVERYONE stands, period! If you get ripped off it's your own fault and you have no recourse.... if you get ripped off and it's the providers fault they loose their state and business licenses, and, if the amount exceeds $10,000, JAIL freaking TIME!!

ONLY when the crooks KNOW if they get caught they'll be punished, and examples are made of a few, will the industries overcast of rip-off companies end!

Do you hear this, UIA? Your organization should be at the FOREFRONT of the "Invention Submission/Assistant Companies Reform Act"... if you want to do something that will REALLY benifit the industry, there it is! If there's no one in the industry who has the guts to step forward with this, I fully intend on starting a grassroots movement by contacting elected officials and demanding accountability!

Where's the Tylenol?

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[Roger Brown]

Re: Learn how Kathryn licensed her idea in the candy industr

by Roger Brown » Tue Jan 25, 2011 9:24 pm

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Frank, I fully understand your beef with the funeral business. My Dad had terminal lung/brain cancer. We knew he had a short time to live. So, we started making funeral arrangements. The funeral director said we were smart to do this now and not wait until he died.
He walked us into the casket showroom and pointed out that most families that come into this room are grieving from the recent loss of a loved one and don't want to be in the room to begin with so they quickly pick the first casket they see. The first casket you see when you walk into the room was the most expensive.
That was a life lesson in marketing and how others feed of the less fortunate.

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