What do you think are the key benefits to inventors by adopting the License Your Idea, Not Your Invention type approach you both use?
Great Question Michelle. I have to say on my part it is a matter of time and labor. If you have only one idea and that is your only focus, building a business around it would probably be the way I would go.
My issue is that I have ideas in the toy, tool, kitchen, eyewear, medical, lawn and garden, and Pet industries. And I am always looking for more avenues to try. This causes a huge problem if you are looking at building a business around these ideas.
You have to learn each individual industry, have the products made,make sales and distribution contacts, Marketing/advertising, shipping and receiving, and any other issues for a business. I don't have time learn and establish this type of heirarchy for each industry I have ideas for. So I look for companies that are already established in these markets and contact them about adding my invention to their line of products. This also gives me the flexibility to move on to the next project.
Another factor is that markets are rollercoasters. When toys are going through a slump I can concentrate on tools or another industry that is having a better market. I am not putting all my eggs in one basket.
I have over 247 different inventions already drawn up and ready for presentation in various markets. The realistic thing is I know that not all of them are hit the ball out of the park ideas, but you also don't really know which ones are bombs. It comes down to that "one mans trash is another man's treasure" I have had ideas that I thought were okay, that I sent in a batch to a company to basically make the batch look bigger and it was the one that I thought was koay and not GREAT that they loved. So, you really don't know.
I have always said if I had the financial backing and resources from someone I would build a business producing the wide array of ideas I have. Until that happens or i hit the lottery I will utlize my best option, which is to license my idea out.