One Simple Idea - Stephen Key

[TedM]

Stephen,
I just watched your "fear" video. Thank you so much for sharing that.

 

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[StephenKey]

Stephen,
I just watched your "fear" video. Thank you so much for sharing that.

Hi Ted,

Thank you for watching!

 

[TedM]

Hi Ted,

Thank you for watching!

Sure. It really made a great impression on me.

I've scheduled an intro meeting with Andrew for this Thursday. I'm very excited about getting started working with you.

 

[CarrieW]

I just want to say how much I love this place

@StephenKey ty for your book and your contributions on this board

I have an idea that I am currently working on. (a very simple but yet very complicated multiproduct/multiuse multi industry idea) I got your book a few weeks ago from the library and I started reading it, I was getting very excited while reading an found I could not continue

I have gathered from this thread that there are very important things still within this book that I need to know so I am going to finish it tonight and try to get a copy of your second book on the way as well.

I have quite a few questions but I will reserve them for after I have finished the book, as the ones I have now will likely be answered and I will probably have different ones instead

without even going back to your book I am in love with this sell sheet idea cant believe I haven't heard about that before!

 

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[KLaw]

@StephenKey in your awesome book you state:

"At the very least, you must find the answers to these six critical questions:

1. Who are my competitors? Identify both the major players and the smaller players."

Do you or any others have any advice on how to effectively identify the mid level players? I am struggling with this. Thanks for the awesome book and your participation in this forum.

 

[TedM]

Do you or any others have any advice on how to effectively identify the mid level players?

Look for competitors/similar products at major retailers (Target, Home Depot, Amazon, etc.) where you'd expect to see your product. Look at all the brands and companies in that category, and go to their websites.

You'll be able to identify the size of the players pretty quickly.

That's what I am finding, as I work on my first product.

 

[Papillon]

Hello Stephen!

I just stumbled onto your thread while reading through the another one by 'Vigilante'.

Have read your entire thread and I really appreciate you answering questions here that are not in your book. Its helped me immensely.

The reason I'm posting is: while reading your thread another idea shot into my head..!
Its similar to your 'Michael Jordan Wall Ball' idea ~ I know you didn't bother with a PP.

Can I ask if you used any form of protection? IE: A form like 'AGREEMENT TO REVIEW IDEA'

The idea i have is SIMPLE ~ its basically a designed piece of plastic that i can make at home for a sell sheet, however this 'piece of plastic' sold in conjunction with one of their products, i believe could sky rocket profits for this particular item they sell.

The company is HUGE they are based in France, and the good thing is they WELCOME innovation/ideas submissions at their site!

I've had a quick look online in China for manufactures for this 'piece of plastic' cost would be around 50 cents depending on volume.

My 'piece of plastic' is NOT really patentable ~ what I have is really a way that this company can make a lot more sales.

My question is just about protecting the idea, I'm going to email this company and ask if they would sign a 'AGREEMENT TO REVIEW IDEA' form, I'll keep you all posted...

Stephen, I'd appreciate if you could answer the above, thanks.

Incidentally a couple of years ago I read 'One Simple Idea' that I borrowed from the library ~ in fact I've bought it and just started-reading it.

BTW, MARVELOUS video in post # 210 THANKS!

 

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[StephenKey]

@StephenKey in your awesome book you state:

"At the very least, you must find the answers to these six critical questions:

1. Who are my competitors? Identify both the major players and the smaller players."

Do you or any others have any advice on how to effectively identify the mid level players? I am struggling with this. Thanks for the awesome book and your participation in this forum.

@TedM is on the money. Identify as many similar products as you can, and find out who makes them. Big box retailers are a great start; you can do more research online as well.

 

[StephenKey]

Hello Stephen!

I just stumbled onto your thread while reading through the another one by 'Vigilante'.

Have read your entire thread and I really appreciate you answering questions here that are not in your book. Its helped me immensely.

The reason I'm posting is: while reading your thread another idea shot into my head..!
Its similar to your 'Michael Jordan Wall Ball' idea ~ I know you didn't bother with a PP.

Can I ask if you used any form of protection? IE: A form like 'AGREEMENT TO REVIEW IDEA'

Thank you for the kind words! No, I did not use any form of protection, because that idea was for the novelty gift industry. There is so much turnover in the novelty industry that protection isn't needed — makers are constantly on the prowl for new ideas. It's somewhat unique in that way.

Let us know how it goes.

 

[Eskil]

Hey Stephen,
I actually had my first phone chat with Andrew from your team the other day, and will probably sign up to InventRight here in the next couple of days. My quick question to you for now would be - how would the status of an established company's split equity affect licensing? Typically I know most of your students perhaps don't even have a company with existing sales, or they are a "lone wolf" type of operation at the time they contact licensees.

But what about companies that launch their product, and perhaps even have equity in it spread out to investors - what role does shared equity (through stocks or private investments) play when it comes to securing licensing deals from licensees later on? Does it affect your chances negatively?

Thanks

 

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[Bigguns50]

@StephenKey !!!

So great you're here.
I have your book. Read it and following it for a product I have.
1st 3d prototype was printed. Design changes made. 2nd print due soon.

AND...I stumbled upon another product and will follow the same process.

No questions....just THANKS !

 

[Papillon]

[QUOTE="StephenKey, post: 404335, member: 1735"

Thank you for the kind words! No, I did not use any form of protection, because that idea was for the novelty gift industry. There is so much turnover in the novelty industry that protection isn't needed — makers are constantly on the prowl for new ideas. It's somewhat unique in that way.

Let us know how it goes.
][/QUOTE]


Hello Stephen, thanks for your reply.

What I did as protection goes is simply 'a poor mans copyright' this IS legal in the UK, according to the UK governments website, however I'm submitting to a company that is based in France and sells WORLDWIDE.

Anyway, a hand drawing and plastic prototype, the 'a poors mans copyright all took me a couple of days to complete.

I submitted at the company's website, got a reply after 3 weeks, thanking me for the idea, BUT ...they say they are selling something similar in China, I requested a link for the product in China, they supplied it, however I could NOT find the item?

I have show them proof (Amazon) how this product would sell on its own or with the good selling product they already have.

I've left it at that, because at the end of the day what more can I do?

Like you say in your book: 'You Have To Have A LOT Of Lines in The Water' to be successful at this game, Ah...just as well I'm a MEGA Keen Fisherman then!

So its back to the drawing board {shops etc} to think up new ideas/inventions!

I'll be... BACK here to report!

 

[Semmy]

@StephenKey can you tell what the "Getting In!" ebook is all about at http://www.inventright.com/getting-in
is that an excerpt from your main book - so if I have that should I still buy and get the ebook?

edit: 1st February 2015: I just bought that ebook today, will add my thoughts here later.

edit: 3rd Febraury 2015: So this helpful ebook is like a mini-coaching for under $20 - it is your handbook how to get your first calls going to companies and introducing yourself the right way. Very helpful and another step toward getting live coaching if you want. With this you have no excuse not getting started - even if you do not have an idea yet!

Bonus: For all who have not listend to their 80 minutes extra sample class:
http://www.inventright.com/32-most-common-problems-sample-class

 

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[StephenKey]

Hi @Semmy,

I'm glad you enjoyed Getting In! Sorry I wasn't here earlier to give you a better description. Basically, we wrote that guide for those who are struggling with making contact with potential licensees — like how to identify the right person to submit your idea to, how to get someone to call you back, how to make the most of other ways of getting in, like attending a trade show. It's very how-to and specific. This is the step people struggle with the most, so we thought a guide would be useful.

Hope that helps, for anyone else who may be interested.

 

[Vigilante]

@StephenKey nice to have you back in the house for a bit! Your book continues to change lives, and we continue to recommend it. Hope you are well.

 

[PEBBLE]

Hi Stephen, great book! I'm really obsessed by this business model as a result. I am constantly been creative with ideas that always end up on the shelves eventually. Now it's time for me to beat them to it and get credit.

A few questions:

• when you send your sell sheet to the company. Are you supposed to send your NDA also? I feel like this is an extra step for the recipient and will more likely repel the person. Or do you get them to sign it after? (Please inform me in which order you go about the NDA process)

• do companies listen to your marketing ideas? I have an idea that might already be patented but it's marketed completely different.

• can you patent protein supplements? Is it the ingredients combination? How about clothes?

• if I wanted to find a mentor but didn't have the money to pay for your program. Is there anybody out there who has experience with licensing that I can make a deal with? For example, I have a great idea but would like to 50/50 with someone with experience. Is there any websites/ someone that do this? (Does that make me a product scout?)

Thanks in advance !

P.s. I just bought your other book on making the product since I have been working on a product for half a year. Would love to license it and skip a lot of the hard work but there is only 1/2 companies that I don't think they would be interested since they make their products from their garage.

 

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[StephenKey]

HI! Great questions.

1. No, don't send an NDA right away — you have the right idea. A better time to ask the company to sign an NDA is after you have communicated with them, they have seen your sell sheet, they are interested, and they are asking you for more info.

2. In general, no.

3. Good question. Neither are as easy to license as others, but nothing is impossible. I'm going to be writing some upcoming blogs about notoriously difficult arenas to license in — I'll come back later and post. There's a lot of nuance — and no hard and fast rules!

4. I wish I had someone to recommend you! Product scouts are few and far between. Good luck!

Yes — it's hard to license, almost impossible, when there are only one or two companies working in the product category. They don't have any incentive to innovate!

Sounds like you know what you're doing. Good luck!

 

[PEBBLE]

Thanks a lot Stephen

I guess my ideas is still worth a phone call and perhaps a PPA, I will regret it if i don't try, perhaps I could discuss with you privately? (Thought I would ask!)

It's kinda freaky that as I am listening to your Audio book on my smart phone and then to see a notifIcation that you replied to me on this forum.

I'm also reading ' patent it in 24 hours'

 

[StephenKey]

Sure, why don't you shoot me a private email to stephen@inventright.com?

 

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[PEBBLE]

Sure, why don't you shoot me a private email to stephen@inventright.com?

Email sent!

Thanks a bunch

 

[masterneme]

Hello Stephen,

I'm half-way through your book, it's awesome.

I have a question about licensing and I'd like to know your opinion and if any of the fellow fastlaners want to say something you'll be welcome.

I find fascinating the idea you present about being able to "invent" a toy, then going to a company and if they like it they sell it and you get paid.

What about videogames?

Let's say I have an idea of a fun game, I don't develop the characters just the gameplay as if I were making a toy prototype.

Then I contact Disney, Warner and so on and present the prototype.

Let's imagine that Disney likes it and they want to launch the game featuring X characters from Y movie.

We sign a contract where I can make use of their IP and they can make use of mine.

I "re-skin" the game, add more features, bla bla bla, finish the game, we launch it and we all make a ton of money, people have fun and so on.

As I see it, is win-win:

-They don't have to invest a dime
-It's a digital product with no manufacturing costs
-No logistics, no stocks and no infrastructure
-The work is almost already done
-The market will let you know if they like the product or not instantly
-If people don't like it you just take it out of the market or modify it until succeed
-The only risk involved is time

On paper looks great but I'd like to know what do you think about it.

Thanks in advance.

 

[Bellini]

@StephenKey, I just finished "One Simple Idea: for Start-ups and Entrepreneurs" Great book! Thank you for writing it. This is definitely one of those books that I will be be marking up and highlighting as I go along. ha

It was nice to see an entrepreneur lay out their progress and give so much helpful information. Sara Blakely is generous like that too. As is @MJ DeMarco .....and many others on this forum.

P.S. Gracias @Vigilante for recommending it to me

 

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[StephenKey]

Thanks for reading! So glad to hear that it was useful to you. Stay tuned for a second revised and updated edition in the works...

@StephenKey, I just finished "One Simple Idea: for Start-ups and Entrepreneurs" Great book! Thank you for writing it. This is definitely one of those books that I will be be marking up and highlighting as I go along. ha

It was nice to see an entrepreneur lay out their progress and give so much helpful information. Sara Blakely is generous like that too. As is @MJ DeMarco .....and many others on this forum.

P.S. Gracias @Vigilante for recommending it to me

 

[YoungGun]

@StephenKey , I have an app idea that is specific to one company. It is not a product, but a service that could be considered as a marketing technique. As well as, providing better customer service and getting people involved in the companies community. I really do believe that this idea will help them rise above their competitors. Can I still protect this idea? Or should I have to make and sell the app?
I enjoyed your book by the way!

 

[StephenKey]

@StephenKey , I have an app idea that is specific to one company. It is not a product, but a service that could be considered as a marketing technique. As well as, providing better customer service and getting people involved in the companies community. I really do believe that this idea will help them rise above their competitors. Can I still protect this idea? Or should I have to make and sell the app?
I enjoyed your book by the way!

Your idea sounds like it could be protected via a software patent. Obtaining those is not the easiest thing to do right now, because the field is very crowded, but it can be done. I would investigate further, possibly by starting to search for prior art first. Thanks for reading!

 

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[Vigilante]

 

[TedM]

Stephen's a really good guy. He genuinely gets a kick out of bringing new stuff out and helping people to do it.

 

[timmy]

Yes ...V....Great snapshot of time with Stephn Key.. What I love about it and Stephen is the simplicity of the products he comes up with.

 

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[welshmin]

@StephenKey

I want to truly thank you for the amazing work you have done with your books, with invent right and your many youtube videos. I have been searching for a while jumping from idea to idea for a business to focus on and I believe whole-heartedly I have found it in invention and licensing.

I would say I have a fair idea of the trials and efforts required going forward but also would like to ask a question:

In your experience what skills would be the most desirable to learn to succeed in this?

Example, sketching, graphic design, sales, etc. Currently, I am considering learning sketching. I also know full well how difficult this will be going from skill level Zero to a sufficient skill level to make it.

I have considered outsourcing this to freelancers, but I think that it might be necessary to have a base level that freelancers can then improve upon. At least... enough to get my idea across clear enough in a sketched format.

It would make the process of bringing ideas to life much quicker I think, even if what I sketch wouldn't be what is on the sell sheet.

Do you think it is worth learning to sketch?
Or would going directly to CAD be more valuable?

 

[StephenKey]

You're welcome! That's an interesting question. In the past, I've recommended joining a startup for those who want to learn about product development. That's how I learned a lot, fast, when I was just getting started. If sketching appeals to you, you'll certainly be able to make use of that. These days so much work can be outsourced affordably; really, go with what you want to learn. CAD is great, but you really need to have an understanding of manufacturing for it to be worthwhile. Being able to sketch your ideas would be powerful! Thanks for tuning in.

@StephenKey

I want to truly thank you for the amazing work you have done with your books, with invent right and your many youtube videos. I have been searching for a while jumping from idea to idea for a business to focus on and I believe whole-heartedly I have found it in invention and licensing.

I would say I have a fair idea of the trials and efforts required going forward but also would like to ask a question:

In your experience what skills would be the most desirable to learn to succeed in this?

Example, sketching, graphic design, sales, etc. Currently, I am considering learning sketching. I also know full well how difficult this will be going from skill level Zero to a sufficient skill level to make it.

I have considered outsourcing this to freelancers, but I think that it might be necessary to have a base level that freelancers can then improve upon. At least... enough to get my idea across clear enough in a sketched format.

It would make the process of bringing ideas to life much quicker I think, even if what I sketch wouldn't be what is on the sell sheet.

Do you think it is worth learning to sketch?
Or would going directly to CAD be more valuable?