Toy Brokers and the Toy Industry (Licensing)
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- Опубликовано: 21 ноя 2024
- The toy industry is so creative, it's truly difficult to invent a product that toy companies have not seen before.
7,000 new ideas are presented at Toy Fair alone every year!
Stephen Key and Andrew Krauss, inventRight cofounders, explain the nuances of inventing and licensing for the toy industry.
Stephen Key got his start in the toy industry many many years ago, actually!
Earn money from your ideas with the help of inventRight. We help you license your ideas, inventions, and products for passive income.
Find out how by calling +1 (650) 793-1477 or emailing support@inventright.com. Do you have the next big hit?
New to the licensing business model? Educate yourself first.
- Read “One Simple Idea”: amzn.to/4fwVVOT
- Explore inventRight’s Free Inventor Resources: bit.ly/3AaGko2
About Stephen Key, inventRight Cofounder
Stephen Key is an award-winning inventor, renowned intellectual property strategist, lifelong entrepreneur, author, speaker, and columnist. He has over 20 patents in his name. The dozens of concepts he has brought to market have retailed in Walmart, 7-Eleven, and Disney stores and parks worldwide and been endorsed by Michael Jordan, Alex, Trebek, and Taylor Swift. He has defended his patents in federal court against the largest toy company in the world, Lego.
In 1999 he cofounded inventRight with inventor Andrew Krauss to teach others his unique process of harnessing the power of open innovation in the licensing business model. His best-selling book about how to license an idea, One Simple Idea by McGraw-Hill, has been translated into six languages.
He has spoken at Stanford University, Florida State University, the University of Michigan, UC Merced, the USPTO, World IP Forum, University of the Pacific, Cal State Fullerton, Washington University in St. Louis, the Art Center College of Design in Pasadena, the Economic Development Agency for Northern Ireland, and many more.
He has written five books related to product licensing and intellectual property and is a longtime contributor to Forbes and Inc.
From 2018-2019, he was honored to serve as an American Association for the Advancement of Science-Lemelson Invention Ambassador.
In 2021, Mojo Nation named him as one of the 100 most influential people working in the toy and game industry.
In 2022, World IP Forum named him a “Most Influential and Inspiring Leader Of All Time.”
About Andrew Krauss, inventRight Cofounder
Andrew Krauss is an expert on licensing products ideas for passive income. He has been helping creative people bring their concepts to market with less risk and more success for 25 years as a cofounder of inventRight.
During his tenure as president, he grew the Bay Area Inventors’ Alliance group into one of the most active and well-established inventor associations in the country. In addition to advising the White House on innovation, he has been featured as a speaker at USPTO conferences and on NPR’s Science Friday.
About inventRightTV
inventRightTV is the leading source of information for people who want to earn money from their ideas for new products on RUclips. With 80,000 subscribers, average monthly views between 64,000-78,000, and average monthly impressions nearing 1 million, becoming an inventRightTV sponsor ensures you reach an extremely targeted audience of inventors, product developers, designers, and entrepreneurs. Email madeleine@stephenkeymedia.com for more information and to apply.
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inventRight, LLC. is not a law firm and does not provide legal, patent, trademark, or copyright advice. Please exercise caution when evaluating any information, including but not limited to business opportunities; links to news stories; links to services, products, or other websites. No endorsements are issued by inventRight, LLC., expressed or implied. Depiction of any trademarks/logos does not represent endorsement of inventRight, LLC, its services, or products by the trademark owner. All trademarks are registered trademarks of their respective companies.
Reference on this video to any specific commercial products, process, service, manufacturer, company, or trademark does not constitute its endorsement or recommendation by inventRight, LLC or its hosts. This video may contain links to external websites that are not provided or maintained by or in any way affiliated with inventRight, LLC. Please note that the inventRight LLC. does not guarantee the accuracy, relevance, timeliness, or completeness of any information on these external websites. The inclusion of any links does not necessarily imply a recommendation or endorse the views expressed within them.
Thanks so much, Andrew and Stephen! Here's the latest info according to my experience: You pay the broker hundreds of dollars to review your product idea. If the broker likes your idea, the broker will pitch the idea to the "Big" companies. Then if there's interest in the product the company will develop the product to their liking and build/pay for the prototype. It's to my understanding that a working prototype is not always necessary in order for the broker to pitch the idea. Hope this helps!
The inventRight team is so awesome! You're entertaining while loading us up with wonderful information. Love the shirts, I can totally see the two of you sitting next to each other in 30 years still helping everyone bring their ideas to companies....save the shirts and wear them then also!!! :D
Thanks Michelle! Check out this article about the fantastic strategies Michelle uses to stand out on social media: www.entrepreneur.com/article/281106.
lol...like an old married couple!
Thank you for this! And I love the shirts guys!
Thank you!
Love the pjs. 😜
Thank you!
Love the shirts.. Just having fun is what it is all about.
Love your shirts!! I have a toy invention that I want to submit. I have ordered your book. Is there a list of toy companies accepting submissions?
Yes, we have lists of companies, but you also need to know the skill of making your list as well. We both tech you how to make your list of companies as well as provide some. - Andrew Krauss, inventRight Co-Founder ( Call, email, book an appointment or request more info about how we can help by visiting us here. inventright.com/contact/ )
Stephen you're shirt is way cooler looking then Andrew's, not fair
thanks for the info I've had success selling my version of a marvel/hasbro toy and I will submit it soon :)
These guys are the best
Thanks Mike! If you would consider subscribing to our channel, that will help us grow.
you: how do you like the uniform guys? :)
us: Thanks! we hate it! :)
Thanks for all your get insights, much appreciated
You're welcome.
Hello,
At 2:24 they mention a company but I cant make out what it is. Can you some help please.
Thank you
Fat Brain Toys🧠
Love the shirts, really cute! =)
Nice shirts guys and great stuff thanks!
Thank you, Preston!
I chose this video for the shirts.
it does look like a pijama ! I laughed so hard
great video, thanks
I have been working on a concept that no one has ever thought of. It sucks sitting on something and can't afford patenting the idea. One day.. One day.
What is your plan for getting to market? You can license a simple idea without a patent. That's what we help and teach people how to do.
@@inventRight Two things. One, this is a my baby and licensing it out would just ruin it to no end. Sometimes the idea concept is worth more than money. Second, there is a greater potential than what a company would be willing to push it to.
@@inventRight Our options of getting it into the market, when that time comes, is to either crowd-source the funds and publicity and/or entice a few of my friends in the RUclips/Twitch gaming community to give it spotlight.
Best wishes!
So much information!
i have a lot of good ideas inventions but i am stoped at no gmax 1.2 freeware obtention...3DS is not found at our area.
2021 Yeah Andrew the shirts look like table cloth.
You guys are great!
hey, can you send me a link to "new product development" that you mentioned?
...ok then...sorry I asked.
life........
i haven 't any RH to continue this fabulous 3D project...i just wants some conseilours to obtain 3d print for my deleted society radied now...what i had to do, bad health break all the project...i was buider in gmax 1.2 freware...now Autodesk has take all the conrol of Gmax 1.2...
any recommendations about those legit toy brokers?
$200.00 I paid $twice that and my pony is still waiting, My broker hinted/sugested a prototype. I am still waiting.
Are you still waiting up to now? How are things going so far?
Come to South Africa and help me with my inventions
Hi Bonnie. We run our coaching program online and have helped product developers from 60 countries. You can reach us here to learn more: www.inventright.com/contact
i have make a lot of legaly papers at technopark Casablanca for models 3D but i hope obtain 3D prints INFORTUNALY I AM always alone.no helping hands...
❤
Thanks. - Andrew Krauss, inventRight Co-Founder ( Call, email, book an appointment or request more info about how we can help by visiting us here. inventright.com/contact/ )
Make your toy and sell it on Amazon.
Thats the tough part, you might need a lot of money to make enough to sell online before Cheap Chinese copies start to hit the market.
Making your toy yourself will require a lot of time too, most toy inventors have other full time jobs.
Great video guys. Please dont wear those shirts again!
Hello Steven and Andrew I have an idea for a toy and there's this company called Creative Group Marketing they have gave me an NDA to protect my idea and if the president of the company likes my idea he'll pitch my idea to many companies including the big ones,and if a company likes my idea they'll license it from me and I would share a small percentage of my royalties with the company.They have licensed many ideas for inventors and ideas of their own.What do think.
Hi, thanks for tuning in! We don't think inventors should have to split their royalties with anyone - ever. With the right knowledge licensing can be done completely on your own from almost anywhere in the world. We have tons of videos here and on our partner channels that should help get you started with the right materials to market your product and pitch companies yourself. Start exploring here and try to learn as much as you can!
Yes, however … even you told us how difficult it is to break into the toy arena. And supposedly, you have to enlist the help of someone like a toy agent … and if what I read is true, it’s standard practice to split the royalties with them. (The particular toy companies that are a good match for the game I’m working on are biggies.) I would absolutely love to be corrected! :)
… And I’m looking on the bright side as far as those shirts go-at least they’re not polka-dotted!
inventRightTV
What if I have an idea for a line of dolls? I already have a name for the line and slogans associated with it.I also have come up with a way to sell it to parents. I have the accessories it comes with as well as the outfit designs of the dolls. I have the name for the male counterpart as well as the doll's house, children, pets etc . The accessories are modeled after the company's pre-existing type of accessories that they like to already pair with their dolls and some they haven't .I had a list of about 20 slogans I thought of and I just heard them use one of the slogans I already had in pool of slogans. I have the color scheme as well as a" rough draft" of the logo. I also have another idea for another line of dolls that comes with an electronic counterpart. I also have various logos, slogans, and benefit statements for that as well and have the accessories listed for that line. I have social media campaign ideas for the dolls. I am designing the 4 different sell sheets myself. Two of the sell sheets are tailored towards MGA two of the sell sheets tailored toward Mattel. They both have different images so I'm catering to both of them separately . I'd like to add that these aren't new types of dolls they are "redesigned" dolls with a different name and a different story behind it. It's a marketing/branding/social media strategy with a story component to it. I made the sell sheets in photoshop and tried to make each one look like an advertisement for the dolls with slogans etc.
Have you pitched your ideas to toy companies for licensing consideration? The feedback you get is crucial to the development process. Thank you for watching.
inventRightTV I have not pitched my ideas yet because I haven’t filed my PPA. I just came up with the idea for two separate doll lines in October, and then I stumbled upon your videos . My first sell sheet is 95% complete . I also want to thank you for explaining the sell sheets so well because I was going to make a 10 page pdf complete with packaging and accessories . Now I know I just need one so thank you for saving me all that time . I have an AS in Graphic Design so that’s why I’m tackling the sell sheets myself.
i came up with the idea of a doll line tonight but i only looked into hasbro & mattel...both only want to pay 1.5% ....$1.50 out of every $100 so i think the inventor would deserve more than that but idk where to look
society sarl Design and games was radied for health reason...