Turning an idea into a product can get expensive quickly, especially if you spend money on the wrong things at the wrong time.

In this video, inventRight cofounders Stephen Key and Andrew Krauss break down 10 common product development and licensing mistakes they’ve seen over the years — and what to do instead.

They explain why you should study the marketplace before spending heavily, when patents and prototypes may be premature, how to identify companies that are actually a good fit for your product, why manufacturing costs matter, and what rejection can teach you about your idea.

Whether you’re developing your first product or already approaching companies for licensing, these lessons can help you make better decisions about where to spend your time, money, and energy.

You’ll learn:

• Why studying the marketplace should come before spending heavily
• How spending money can create a false sense of progress
• Why you shouldn’t overprotect your idea too early
• When NDAs can create unnecessary obstacles
• Why understanding cost and manufacturability matters
• How to identify companies that are a strong fit for your product
• Why overcomplicating an invention can hurt its chances
• What rejection and company feedback can teach you
• Why working with the right people matters
• How to recognize the difference between persistence and stubbornness

Stephen and Andrew also share examples from their own experience working with inventors and licensing products, including mistakes they’ve seen derail promising ideas and lessons that can help inventors move forward more strategically.

Sign up here to get weekly reminders with the Zoom link so you never miss The Licensing Playbook LIVE: https://inventright.com/licensingplaybooklive

Chapters:

0:08 Welcome & Topic Overview
2:30 Real Success Story: Ceiling Tile Tool
9:08 Mistake #1: Spending Before Validating
12:00 How to Study the Marketplace Correctly
19:20 Using AI to Research Your Idea
22:15 Mistake #2: Over-Investing in Patents & Prototypes
27:10 Mistake #3: Wrong Approach to IP Protection
34:20 Mistake #4: Not Understanding Manufacturing Costs
38:00 Mistake #5: Poor Company-Product Fit
42:00 Mistake #6: Overcomplicating Your Product
43:25 Mistake #7: Not Learning from Rejection
46:00 Mistake #8: Choosing the Wrong Service Providers
48:40 Mistake #9: Not Knowing When to Stop
50:10 Book Recommendation & Mindset
50:15 Q&A: Infringement & Litigation
54:25 Q&A: Supply Chain Economics
58:00 Final Thoughts & Call to Action

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Ready to put the licensing process into action?

LicenseThis gives you inventRight’s complete 10-step licensing system, plus training, scripts, sample sell sheets, licensing agreements, and more — so you can move your product toward a licensing deal at your own pace.

→ Try LicenseThis free for 7 days: https://inventright.com/services/license-this

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For over 27 years, inventRight has helped inventors license inventions.

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Disclaimer:

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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 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.