Turn Your Ideas into Recurring Revenue (Greatest Hits)
"To build income you can hustle, but to build wealth you need to build something that doesn’t require your hands."
That's what this week's guest told me, and then walked me down an interesting path in building that elusive "hands-free" business. His angle?
Product licensing.
Product licensing is essentially selling your ideas to larger companies for a percentage of future sales. You don't have to worry about the design, manufacturing, marketing, distribution, or anything outside an initial pitch and perhaps a prototype.
Stephen Key is a master of this and has been doing it decades. He's the author of One Simple Idea, the bestselling licensing book, and the founder of InventRight.
In this conversation, Stephen shares how you can get started in product licensing without any big upfront investment, how to protect your intellectual property without a patent, and how to get big companies to take you seriously.
Full Show Notes and Free Bonus: Turn Your Ideas into Recurring Revenue