10 Steps to License Your Product Ideas for Location Independent Passive Income (No Manufacturing Required) with Courtney Laschkewitsch

Could you turn a product idea into passive income, without starting a business or having to do it all yourself?  Courtney Laschkewitsch is a serial inventor who, with no prior experience, licensed six products after facing 51 rejections. Now, Courtney helps everyday inventors bring their ideas to life and earn passive income through the free resources on her website, Serial Inventing, and the company she works for, inventRight. Courtney lays out the inventRight 10-step product licensing business model and shows how she went from zero experience to multiple licensable products. We dig into what realistic timelines, costs, and mindsets look like when you want to bring your product idea to market by licensing instead of manufacturing. Courtney explains how licensing can let someone else build your idea while you collect royalties from anywhere in the world. You’ll learn not just the mechanical steps, but why so much of your success depends on persistence, handling rejection, and building skills many people overlook. She’s honest about the financial realities - what small checks look like, what good deals look like - and what terms in contracts you should always negotiate. If you want a clear, actionable path toward turning ideas into income without a massive risk, this episode gives you that roadmap.  Do you have a product idea that could help you earn passive income while you travel? I’d love to hear about it, and I hope you’ll share them sending me an audio message.  Tune In To Learn:  Why product licensing can let you earn passive income location‑independently without owning inventory or manufacturing  The first three foundational steps: doing market research, checking for prior art/patents, and defining what makes your idea unique  How to build prototypes or virtual models to show your concept  How to write a one‑line benefit statement and develop an effective sell‑sheet   Common myths around patenting and protection: what it does, the costs, limitations, and when it’s essential  How to build a hit list of companies, reach out sensitively to avoid unsolicited idea policies, and follow up well  Key negotiation levers beyond royalty rates: territory, exclusivity, distribution, wholesale vs net sales  How to decide when an idea is worth continuing vs when to shelve it, and how to improve your process as you iterate  And so much more  Resources:  Sign up for our FREE newsletter  Courtney’s website  The Serial Inventing Podcast  Want More?  How to Grow Your Location Independent Solopreneur Business in 2025 + Advice from 8 Years of Slow, Nomadic Travel with Jeremy Enns  10 Key Principles That Built a $40M Business While Traveling with Dan Demsky  How To Run A Profitable Local Business From Anywhere In The World w/ Neel Parekh  Thanks To Our Sponsors  Apple Card - Earn 3% back on the Apple products and services you love with Apple Card.  Smart Travel Podcast - Before you book, learn how to get the most out of your travel dollars. Follow Smart Travel on your favorite podcast app.