Usually quarterly (four times a year), the manufacturer pays you a royalty on every unit they sell. The manufacturer handles the marketing, manufacturing, distribution and basically everything else required to bring the product to market. Licensing is renting your idea to a manufacturer. I think licensing is a bit of mystery to many people. In this interview, we’ll explore how this advisor to American Inventor rents his ideas to Fortune 500 companies.ġ- What exactly is licensing, and why is it a good option for people with ideas but little time or patience? Coupled with refined cold-calling skills, Stephen meets with some of the most influential marketing executives in the world. He specializes is creating simple products or improving upon existing products, often using nothing more than a single-sided drawing or photograph. There are no multi-year product development cycles. It seldom takes him more than three weeks to go from idea to a signed deal. First, he consistently earns millions of dollars licensing his ideas to companies like Disney, Nestle, and Coca-Cola. Stephen is somewhat famous in inventing circles for two reasons.
Two months later, I used a few recommendations of his - shared over the customary gin tonic - to help a friend double overseas sales in less than two weeks in New Zealand and Australia.