THE ART OF ENTREPENUERSHIP: HOW AN IDEA BECOMES A PRODUCT | CUT TALK RADIO | #73 w/ Stephen Key

Stephen Key is considered one of the worlds experts in product development and licensing. Where do really good products come from? How are they born? At one time or another almost everybody has one of those "great" ideas that they think the world would really benefit from. The problem is, most people don't know what to do with those ideas. Or they don't know they even can do something with them. Others think that only big "product developers" can make products or that in order to develop a product you have to quit your job, start a big company and spend tons of money.... All these are just myths. Stephen has spent his career showing ordinary people how they can transform their ideas into product that are found in stores WITHOUT quitting their job or spending very much money. This can be done through Licensing. Licensing is where you come up with an idea and find a manufacture who likes it and THEY make it and sell it and pay you a royalty each time they sell one. It is sort of like "renting" your idea to them. Stephen has helped thousands of people all over the world learn how to do this. He even has a YouTube channel with over 700 videos that help people navigate this industry.

0:00 - start
2:00 - quote of the day (Abraham Maslow)
5:10 - stephen's story / licensing products
7:05 - michael jordan backboard
14:55 - "spin labels" / how to make a cup fun
16:30 - dog toys / "what's missing in the market?"
24:48 - everybody has to start somewhere
36:50 - build a team - find like-minded people
39:46 - great ideas can come from anybody: licensing, marketing, invention...

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