Licensing Vs. Venturing – What Sole Inventors Should Be Doing And What Not

This is where I am coming from: I have seen one of Stephen Key’s videos on LinkedIn, and I believe that this video is so fundamental for the work of a patent attorney that you must see it if you are one.

My long-time measurement result about creativity is this: 60% of the people, from garbage collector over train conductor and patent attorney to university professor , have zero (0) creativity. And you cannot do much about it. And the other 40% seem to be born with it. You can factually see it in their lives, often almost immediately after being born but at the latest in primary school.

And this is my long-time insight as a patent attorney: sole inventors are the most endangered species in this world because their creativity often destroys their lives. They often spend their savings and sell important assets, like their homes and their mothers’ homes, to fund their ideas. However, these ideas do not (always) make money.

What is Licensing and What is Venturing

Stephen Key’s video speech focuses on comparing and contrasting two business approaches: licensing and venturing, particularly in the context of product development and marketing. He opens the speech by posing a common question that he encounters: whether to manufacture and sell a product independently, in other words “venturing”, or simply to license it to another company.

He provides a clear and detailed comparison between two common approaches in product development, drawing from Key’s personal experiences to highlight the practical implications of each choice.

He aims to help these sole inventors and he wants to stop them from making mistakes. Highly recommended.

Continue reading here.