Join inventRight cofounder Stephen Key as he chats with inventor and entrepreneur Mohamed Ali about his incredible journey from creating a childproof socket in Cairo, Egypt, to building a global business. Visit his website and learn more: https://ilock.eg/
0:00 - Turning $50 into $10M
0:45 - Solving child safety issues
2:06 - First prototype at home
2:47 - Finding One Simple Idea book
3:52 - Learning about licensing
5:07 - Filing a $50 patent
6:27 - Contacting companies for deals
7:41 - Using licensing money to grow
8:29 - Learning from partners
9:08 - Licensing globally, focusing on Egypt
10:34 - Adding minimum sales guarantees
11:13 - Wife’s role in marketing
12:36 - Starting manufacturing in Egypt
14:47 - Inspiring others to dream big
15:58 - Mindset is the real barrier
17:09 - Confidence through action
18:26 - From 18-hour days to balance
19:46 - Next dream: Inspire others
20:27 - Proving success is possible
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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.”
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