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What do you do when everything that was working suddenly stops?
At age 50, Stephen Key watched the royalty income from his successful Spinformation invention drop to zero. With a family to support and an office to keep running, he had to figure out what came next.
In this episode of inventRightTV, Stephen shares how he went from feeling like he had hit rock bottom to starting over and building Hot Picks, a guitar pick company whose products eventually reached more than 10,000 stores worldwide.
He didn’t know the music industry. He didn’t even play guitar. But by trusting his instincts, finding the right partner, testing his ideas before investing heavily, and building the right team, he found a way forward.
It’s one of the lessons behind Stephen’s book, “The Power Mindsets.” Drawing on decades of experience bringing products to market and helping other people pursue their ideas, Stephen identifies nine mindsets he believes can help you overcome obstacles, adapt when things don’t go according to plan, and keep moving forward.
Order "The Power Mindsets", a #1 Hot New Release on Amazon: https://www.amazon.com/dp/B0HFH7BGRQ/
Topics discussed:
— What to do when you have to start over
— Starting over at age 50
— How mindset helps you overcome setbacks
— Testing a product idea before investing
— Finding the right business partner
— Building a team and raising startup capital
— Using trade shows to test product demand
— Turning a simple guitar pick into a successful product
— Product licensing and entrepreneurship
— The Power Mindsets
Chapters:
0:00 Introduction: When You Hit Rock Bottom
0:35 The Hot Picks Success Story
1:00 The Spinformation Years: Making Millions
2:01 The Moment Everything Stopped
3:02 How to Get Back on the Horse
3:28 The Guitar Pick Opportunity
4:18 Breaking the Mold: Skull-Shaped Picks
5:02 Why Not Having Expertise Was an Advantage
6:00 Keys to Coming Back From Setbacks
6:36 The Importance of Protecting Your Ideas
7:00 Gateway: Pitching Your Idea to Companies
8:58 The Mindset Shift That Changed Everything
10:03 Tip #1: Test Before You Invest
10:57 Tip #2: Find the Right Partner
11:40 Tip #3: Build a Team and Raise Capital
12:25 Tip #4: Test at Trade Shows
13:17 The Moment I Knew We Had a Hit
14:10 From Idea to 10,000 Stores
14:35 The Power of Mindset: Nine Things You Need
15:28 Why I Sold the Business
16:03 Final Thoughts
------------------------------------------------------------------------------
Have a great idea, but struggling to get companies to respond?
Getting your product in front of the right people and getting them to take it seriously is the hardest part of licensing a new product. Gateway was created to help bridge that gap by connecting inventors with companies actively looking for new products.
Learn more about Gateway and submit your product for review by the Gateway team: https://inventright.com/gateway
🎥 Subscribe to inventRightTV for weekly videos on licensing, product development, entrepreneurship, patents, and bringing ideas to market.
For over 25 years, inventRight has helped inventors license inventions.
⭐ Testimonials from inventRight clients: https://inventright.com/success/
🏆 Products licensed with inventRight help: https://inventright.com/products/
→ Contact inventRight: https://inventright.com/contact
Disclaimer:
inventRight, LLC. is not a law firm and does not provide legal, patent, trademark, or copyright advice. Please exercise caution when evaluating any information, including but not limited to business opportunities; links to news stories; links to services, products, or other websites. No endorsements are issued by inventRight, LLC., expressed or implied. Depiction of any trademarks/logos does not represent endorsement of inventRight, LLC., its services, or products by the trademark owner. All trademarks are registered trademarks of their respective companies.
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.
At age 50, Stephen Key watched the royalty income from his successful Spinformation invention drop to zero. With a family to support and an office to keep running, he had to figure out what came next.
In this episode of inventRightTV, Stephen shares how he went from feeling like he had hit rock bottom to starting over and building Hot Picks, a guitar pick company whose products eventually reached more than 10,000 stores worldwide.
He didn’t know the music industry. He didn’t even play guitar. But by trusting his instincts, finding the right partner, testing his ideas before investing heavily, and building the right team, he found a way forward.
It’s one of the lessons behind Stephen’s book, “The Power Mindsets.” Drawing on decades of experience bringing products to market and helping other people pursue their ideas, Stephen identifies nine mindsets he believes can help you overcome obstacles, adapt when things don’t go according to plan, and keep moving forward.
Order "The Power Mindsets", a #1 Hot New Release on Amazon: https://www.amazon.com/dp/B0HFH7BGRQ/
Topics discussed:
— What to do when you have to start over
— Starting over at age 50
— How mindset helps you overcome setbacks
— Testing a product idea before investing
— Finding the right business partner
— Building a team and raising startup capital
— Using trade shows to test product demand
— Turning a simple guitar pick into a successful product
— Product licensing and entrepreneurship
— The Power Mindsets
Chapters:
0:00 Introduction: When You Hit Rock Bottom
0:35 The Hot Picks Success Story
1:00 The Spinformation Years: Making Millions
2:01 The Moment Everything Stopped
3:02 How to Get Back on the Horse
3:28 The Guitar Pick Opportunity
4:18 Breaking the Mold: Skull-Shaped Picks
5:02 Why Not Having Expertise Was an Advantage
6:00 Keys to Coming Back From Setbacks
6:36 The Importance of Protecting Your Ideas
7:00 Gateway: Pitching Your Idea to Companies
8:58 The Mindset Shift That Changed Everything
10:03 Tip #1: Test Before You Invest
10:57 Tip #2: Find the Right Partner
11:40 Tip #3: Build a Team and Raise Capital
12:25 Tip #4: Test at Trade Shows
13:17 The Moment I Knew We Had a Hit
14:10 From Idea to 10,000 Stores
14:35 The Power of Mindset: Nine Things You Need
15:28 Why I Sold the Business
16:03 Final Thoughts
------------------------------------------------------------------------------
Have a great idea, but struggling to get companies to respond?
Getting your product in front of the right people and getting them to take it seriously is the hardest part of licensing a new product. Gateway was created to help bridge that gap by connecting inventors with companies actively looking for new products.
Learn more about Gateway and submit your product for review by the Gateway team: https://inventright.com/gateway
🎥 Subscribe to inventRightTV for weekly videos on licensing, product development, entrepreneurship, patents, and bringing ideas to market.
For over 25 years, inventRight has helped inventors license inventions.
⭐ Testimonials from inventRight clients: https://inventright.com/success/
🏆 Products licensed with inventRight help: https://inventright.com/products/
→ Contact inventRight: https://inventright.com/contact
Disclaimer:
inventRight, LLC. is not a law firm and does not provide legal, patent, trademark, or copyright advice. Please exercise caution when evaluating any information, including but not limited to business opportunities; links to news stories; links to services, products, or other websites. No endorsements are issued by inventRight, LLC., expressed or implied. Depiction of any trademarks/logos does not represent endorsement of inventRight, LLC., its services, or products by the trademark owner. All trademarks are registered trademarks of their respective companies.
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.
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