How to Successfully License Consumer Products

IPWatchdog Unleashed

Our conversation this week takes us into the world of product licensing, and what we discuss will no doubt come as a bit of a shock to many patent practitioners and innovators in the high-tech and life sciences industries. This week I speak with Stephen Key, who is an inventor, entrepreneur, author and the founder of InventRight, which is a coaching company that helps independent inventors and startups learn how to license their inventions and ideas to industry. Unlike many who operate in the invention space and cater to independent inventors, Stephen has been and continues to be a successful inventor in his own right, having licensed many of his own inventions, and even having been forced to chase an infringer into a patent litigation case once upon a time.
I always enjoy talking with Stephen because for so much of the generation the patent and innovation industry has fallen apart thanks bad policy decisions and increasingly bad decisions from the Supreme Court and Federal Circuit. But as Stephen will tell us, there is a part of the industry that continues to work very well, and precisely as designed.
If you are an inventor of a consumer product there are reputable companies looking for inventions and ideas to bring to market, and their business model is built on taking products to market over and over again, and they are in constant need of new products and improvements. They also realize litigation is wasteful when you are dealing with products that often have a 1-, 2- or 3-year shelf life, so they are willing to do deals that allow them to quickly get products onto shelves and into the stream of commerce, and inventors get paid.