S6E17 Scott Putnam | Invention, Licensing, and Venturing

Being an Engineer · 25 Apr 2025 · 48m · Episode 17

What this episode covers

Scott Putnam, founder of Inventor's Edge and inventor of the Swat-N-Scoop, discusses the divergent paths of licensing versus venturing for physical products. He highlights the common engineering trap of perfectionism, advising inventors to use 'good enough' prototypes to validate market interest before investing heavily in manufacturing. Putnam shares his personal journey of pivoting from a complex scoop design to a successful Amazon product, while offering strategies for navigating Amazon knockoffs and understanding patent claims.

Other shows on the same ground, closest first.

  • Product Startup · 37m

    116: How to Turn an Invention into a Product Business

    Tom Gray, founder of Make48 and former Handy Camel executive, explains how inventors can transition from hobbyist to business owner by choosing between licensing or building a startup. He outlines four critical assets for success: a refined prototype, a concise sales video, a one-page sales sheet, and proper IP protection. Gray advocates for a 'stepping stone' manufacturing strategy, using short runs and aluminum tooling to validate the product with real users before committing to expensive steel tooling. He emphasizes that this iterative approach reduces risk and increases the likelihood of securing licensing deals or investment.

  • The Hardware Entrepreneur · 26m

    #044 - When not to start a startup - how to license your idea (Part 1), with Stephen Key of inventRight, USA

    Stephen Key of inventRight explains why licensing an idea is often superior to starting a company, citing his work with Tim Ferriss and his own experience launching a skull-shaped guitar pick. Key argues that speed to market and avoiding the heavy lifting of operations are critical advantages of licensing, whereas entrepreneurship requires wearing many hats and managing significant risk. He advises inventors to sell the benefit of their idea first using low-cost 3D renders rather than building expensive prototypes, and to use provisional patent applications (PPAs) for perceived ownership while targeting companies with open innovation programs.

  • It's Only a Prototype · 5m

    Introducing: It's only a Prototype Podcast

    Phil Staunton, founder of product design consultancy D2M, and co-host Tom Constable introduce the 'It's Only a Prototype' podcast, which explores the messy realities of launching physical products. Staunton draws on 15 years of experience and his own failed product launch to highlight the high failure rate of hardware ventures, noting that even top investors see only one in ten successes. The hosts outline key upcoming topics, including re-shoring manufacturing from China, handling intellectual property issues, and dealing with cheap imitations.

  • Product Startup · 38m

    125: Pitching Your Invention to Big Product Businesses

    Dougal Grimes, Vice President of Innovation at Spin Master, explains how inventors can successfully pitch to large toy companies like Spin Master and Hasbro. He outlines a three-stage pitching process: a concise promotional video, a physical proof-of-concept, and demonstrating manufacturability and safety. Grimes emphasizes that pitches should lead with consumer-facing features rather than technical details, acting as a promotion for the final product. He also details the licensing model, including option agreements and advances, which support inventors during the 18-month to multi-year development timeline.

  • The Hardware Entrepreneur · 28m

    #046 - When not to start a startup - how to license your idea (Part 2), with Stephen Key of inventRight, USA

    Stephen Key of inventRight explains how inventors can license ideas using a Provisional Patent Application (PPA) instead of launching a startup, arguing that PPAs provide sufficient protection against copycats in fast-moving markets. He details the steps for writing a strong PPA, including conducting prior art searches and defining unique points of difference, while warning against relying solely on patent attorneys who may have financial conflicts of interest. Key also shares lessons from his career, such as the importance of working for startups early on and using non-disclosure agreements when seeking external help to avoid co-ownership disputes.

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