How do you bring a product that you invented to market? What are your options? And what are the benefits of deciding to license your idea instead of starting a company and doing everything yourself?
inventRight cofounder Andrew Krauss interviews two past inventRight students named Kirk Hyust and Brian. The Kirk wrench allows you to get into really tight spaces, a major benefit. Kirk and Brian share the story of how their unique wrench was invented and ultimately licensed. Like any good invention story, there are a lot of twists and turns! Kirk and Brian share prototypes of the initial idea and open up about their inventRight coaching experience. The wrench should be on the market before the end of the year.
Learn more about Kirk, who is now an inventRight coach: Kirk has been a building contractor for more than 25 years. He has always been an inventor, but it wasn’t until 2014 that he decided to dedicate himself to bringing his ideas for new products to life.
The first invention that he licensed is a wrench that can be moved into 800 different positions. Five months after he signed a licensing agreement to develop the wrench for the professional tool market first, he and his inventing partner Brian created and licensed a barbeque related product. They’re actively in the game together, reaching out to companies about a variety of products in categories including kitchen and pet as well.
“Inventing for me is more relaxed now. It's more fun because I’m focusing on ideas that are simpler. You don't have to stress yourself out about it,” Kirk said. “Brian and I have all these different ideas. We're just picking and choosing the ones we like; we don't get stressed out about it. We just follow the 10 steps every time, and play the game.”
One thing that he appreciates about living in the Midwest is that you can get anything prototyped in the Rust Belt easily.
“From 3D printing to aluminum to laser etching, everything is within an hour of my house,” he explained. “And that’s what I enjoy most about product development — coming up with an idea and actually making it work. I’m handy, and I have a lot of tools and a workshop, so I can literally almost make anything.”
Right now, he’s focused on inventing products that are easily produced and will appeal to a mass market.
“I just want to make sure people don't make the same pitfalls I made when I first started. If I would have gone the inventRight way from the very beginning, my path probably would have been a lot less stressful. It’s always a little stressful because you don't know the path!”
Kirk is fluent in Portuguese and in his down time, loves to cook and fish. For him, inventing is a leisure activity.
Stephen Key and Andrew Krauss are the world's leading experts on how to license a product idea. If you have an invention idea, this is the show to watch. Steve and Andrew are the cofounders of inventRight, a coaching program that has helped people from more than 60 countries license their ideas for new products. Visit http://www.inventright.com for more information and to join the one-one-one coaching program.
If you have questions about how to invent, how to be creative, design, how to do market research, prototyping, manufacturing, negotiating, pitching, how to sell, how to cold call, how to reach out to open innovation companies, licensing agreements, non-disclosure agreements, patents, copyright, trademarks, and intellectual property in general — subscribe to inventRightTV! New videos every week, including tons of entrepreneur success stories.
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Contact us at #1-800-701-7993 or https://www.inventright.com/contact.
This is the book you need to license your product idea: “One Simple Idea: Turn Your Dreams Into a Licensing Goldmine While Letting Others Do the Work.” Find it here: http://amzn.to/1LGotjB.
This is the book you need to file a well-written provisional patent application: “Sell Your Ideas With or Without a Patent.” Find it here: http://amzn.to/1T1dOU2.
Determined to become a professional inventor? Read Stephen's new book "Become a Professional Inventor: The Insider's Guide to Companies Looking For Ideas": https://www.amazon.com/gp/product/1653786256/
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