#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.