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Steven Key discusses the steps to take after licensing your idea to a company following the initial celebration. He emphasizes the importance of staying involved rather than waiting passively for royalty payments. Key encourages creators to actively assist their licensed company in selling more products. He also highlights the need for self-protection to ensure that the product successfully reaches store shelves. Key suggests building strong relationships, which are crucial for the product's success in the market. Ultimately, staying engaged and proactive can aid in maximizing the product's potential.