You may have heard people say (including me) that ideas aren’t worth anything. An idea just sitting in your head can’t truly help anyone, and you definitely cannot make money from it until you execute and create.
Well – today’s guest on The SPI Podcast, Stephen Key (who you may remember being mentioned in The 4-Hour Work Week by Tim Ferriss) would most likely disagree, because you can get paid for your ideas. He has, and with over 30 different ideas that he’s licensed to other companies, he’s making millions.
Have you ever heard of the Teddy Ruxpin bear, or perhaps Lazer Tag? That’s Stephen’s doing, plus he’s got a whole lot of other product ideas that he’s earning royalties from.
The primary focus of this episode is mainly offline products, however he’s generating a massive amount of passive income (in one of the truest forms) by licensing his ideas and having other companies create those products, and then pay him royalties when those products sell.
After this interview, the gears in my head were definitely turning.
Stephen helps break down the process of licensing your ideas in this episode, and shows us that it’s not actually all that far-fetched, and not all that expensive either.
As he says:
“There’s no business that can return this high of revenue for under $200, guaranteed.”
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