It just takes one simple idea to launch an inventor’s career, especially if they find a great coach! Business Partners, Stephen Key and Andrew Krauss, have an inventor’s coaching practice, inventRight.com. They help turn dreams into a licensing goldmine. What is Open Innovation?
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Have you ever purchased something and thought, “What a simple idea; I wish I would have thought of that!” In this product launching series we will explore how one gets their product into the marketplace. How does one solid connection lead to another to build momentum? What are the latest, fastest ways of getting a product into the marketplace without creating a manufacturing business? What makes it possible?
I was fortunate to Skype Andrew in for several mentoring conversations. He is rich in knowledge, generosity, and passion for helping others succeed, building a successful life and business for him and his family along the way.
Andrew and Stephen, 17 years as partners, have created a virtual business with 20 employees in remote areas across the country. They changed their thinking from coaching locally to coaching globally. Why not explore how to help everyone everywhere? Find out how they met and decided to develop a coaching practice.
Hear about Andrew’s inspiration. His father immigrated to the United States from Germany when his father was 24 years old. He, like most immigrants, are highly motivated to build a new life in the United States. His father, a tool and dye-maker, invented one of the 1st computerized machine centers in the world. Listen to more about that story. Shyness and tremendous strength, what is that all about? Do creatives need more coaching than others? Why or why not?
Mentoring Tips for Listeners
Answer the following questions after you listen:
- Buy Stephen Key’s book, One Simple Idea (2016). You can get a 20% discount from Amazon if you order on my website homepage, www.wementor.com.
- What is Andrew’s best suggestion for getting over his shyness? Is it an idea you would try?
- Do you float on what you already know or are you putting yourself in situations where you are stretching and putting yourself on the line to grow and evolve?
- What is a good next step for you? How are you pushing and reinventing your work and your business this week?
- What does Andrew believe are the best ways to learn about marketing?
- Where is your passion? Are you passionate about running a business?
- How does Open Innovation work?
- Listen to Stephen’s youtube channel below.
Mentoring Conversation Resources
- Licensing Products https://www.youtube.com/watch?v=Cnx6ErHMAIY
- Stephen Key: “One Simple Idea for Startups” | Talks at Google
- Invent Right Bootcamp http://www.inventright.com/bootcamp-program
Andrew Krauss. Business partner with Stephen Key of inventRight.com, a coaching business for inventors. Andrew was born and raised in California’s Silicon Valley, where he grew up being surrounded by passionate innovators—and what he identified early on as an unhealthy obsession with venture capital. When he discovered licensing, it was like a light bulb went off. “Everyone gets excited about raising money,” he said. “But licensing is much more sexy!” For one, there’s so much less financial risk—and yet still so much opportunity. He got excited about teaching inventors how to harness the power of open innovation and continues to be as excited, if not more, today.
As the day-to-day manager of inventRight’s operations for over thirteen years and its head coach, Andrew has seen it all—and coached inventors through it. “At this point, our students have experienced every scenario you can possibly imagine,” he said. “Whether it’s communicating with a company that has never licensed an idea from an outside inventor before or signing a multi-million dollar deal, we’ve done it.” He continues to be inspired by the opportunity to work with people who are not only passionate about their ideas, but also committed to making money from them.
He began coaching inventors over fourteen years ago as the President of the Inventors’ Alliance group in the San Francisco Bay Area. Andrew grew Inventors’ Alliance into one of the most active and well-established associations in the inventors’ community across the country. His expertise in the field of innovation was federally recognized when he was asked to advise the last president council on what changes could be made to the United States Patent and Trademark Office to better serve independent inventors. He has also been featured on National Public Radio’s Science Friday and as a licensing expert at USPTO conferences.
Several years ago, spurred by the feeling that the Bay Area was getting just a little too crowded, Andrew moved to Henderson, Nevada with his wife, where they are raising their daughter.
“Every day someone tells us how much we’ve helped them, and that means the world to me.”
Stephen Key. Stephen is the founder of the coaching business inventRight.com and is the award winning author of One Simple Idea (2016). He has successfully licensed more than 20 simple ideas in fields as diverse as the toy, beverage, athletic, music, and drug industries.
Collectively, his creations have sold more than half a billion units and generated billions of dollars of revenue. Along the way, they have enabled him to design the Licensing Lifestyle of his dreams, which includes living in Lake Tahoe and traveling around the world for months at a time with his family, all while managing his business affairs merely with an iPhone. His course has attracted more than ten thousand students around the world whom he teaches to do the same.
”Launching A Product” Series: One Simple Idea, Episode 83 www.inventright.com