The President of OXO Wants to Pay You Passive Income for 10 Years

In advance of the housewares trade show in Chicago this weekend, Stephen interviewed Alex Lee, longtime president of OXO, about the company's policies on open innovation, working with independent inventors, and royalties. Stephen and Andrew's minds were pretty blown.

Stephen and Andrew stress the importance of presenting ideas that match a company’s product line and culture. They reveal that OXO is willing to review a variety of submissions, even sketches or rough prototypes, as long as the benefits of the invention are clear.

This episode offers advice for inventors on how to avoid common mistakes, understand open innovation policies, and improve their chances of getting their product licensed.

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 [email protected]. Do you have the next big hit?

New to the licensing business model? Educate yourself first.

— Read “One Simple Idea”: https://amzn.to/4fwVVOT
— Explore inventRight’s Free Inventor Resources: https://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 YouTube. 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 [email protected] for more information and to apply.

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