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Published on May 25, 2014
Making money through inventions and licensing are discussed with Stephen Key, who unlocks the secrets of getting a foothold into the marketplace with your own ideas. Improving existing ideas, the investment required to launch products, and how to pitch ideas to companies are all discussed (plus the importance of watching Shark Tank), all in this Lip News interview hosted by Daniel DiPiazza.
GUEST BIO: Stephen Key is a bestselling author, successful award-winning inventor and entrepreneur, having licensed over 20 products in the past 30 years. A holder of over thirteen patents, Stephen's products have sold in Wal-Mart, 7 Eleven, Disney Stores and theme parks worldwide and have been endorsed by basketball great Michael Jordan and Jeopardy host Alex Trebek.
EPISODE BREAKDOWN: 00:01 Welcome to TLN. 00:10 Introducing Stephen Key. 01:00 Bringing ideas to market and common misconceptions about product development. 06:00 The framework for coming up with an idea and improving on existing ideas. 11:30 Removing the barrier of self-doubt and the process of pitching an idea to a company. 18:00 Licensing costs, rejection, and becoming a professional inventor. 25:10 What's next for Key and his advice to aspiring inventors. 28:20 Thanks and goodbye.