Make Money Licensing Your Ideas
If you’re not super excited about risking a bunch of capital to create and sell a product, but you have ideas for products that fill real gaps in the market, you could become a freaking inventor.
This is a pretty nice passive way of earning recurring income over time.
A few things we have to be serious about though…
License fees for unknown unproven inventors are only going to be a couple percent at best.
Lots of ideas aren’t really worth anything (they need to be very specific so as to add value).
You need to become brilliant at networking and pitching (2 very difficult skills to master).
Oh and you need a feck load of luck.
But if you’re a technically minded person who always notices flaws in existing products, and you can punch up some diagrams and very specific literature on an idea (i.e so it does add value, and is worth something), and then even patent it, you could be on your way to a license fee driven lifestyle.
Our goal is to find multiple income streams, and the more passive the better.