One Simple Idea - Stephen Key

[Likwid24]

Hey Mr. Key! It's nice to see that your in this forum and actually answering questions and giving advice. I'm actually almost done with your book. I was a little skeptical about it first but it came highly recommended by a few people in this forum. Now I wish I read it sooner. Even though I have pretty much done most of what you said such as filing a provisional patent and NDA's signed by people helping with my ideas, though book has been a huge help and has reinforced what I already knew.

I have already started creating a product and my partner and I decided to have it manufactured ourselves instead of licensing. We do have many other products that we will probably try to license down the road. We decided on the manufacturing route for this one for several reasons.

1) it is a very cheap product to make. Right now we are under 50 cents a piece which includes packaging and shipping

2) it is a product for a field that we are already in so we have a decent amount of connections

3) we have the capital available

4) we have what we believe is a good marketing strategy

5) we are determined to get make this product successful

6) we believe it will be a very difficult product to license because it might hurt some of the major paint brush manufacturing companies


If you would like to read a little more about my story and what I have accomplished so far then check out this thread https://www.thefastlaneforum.com/fastlane-millionaire-stories/30969-my-path-fastline.html

Thanks! I hope to hear from you soon and any feedback would be greatly appreciated!

P.S. I'm also thinking about ordering your program.

 

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[StephenKey]

Yes, you can both license and manufacture!

Hey Mr. Key! It's nice to see that your in this forum and actually answering questions and giving advice. I'm actually almost done with your book. I was a little skeptical about it first but it came highly recommended by a few people in this forum. Now I wish I read it sooner. Even though I have pretty much done most of what you said such as filing a provisional patent and NDA's signed by people helping with my ideas, though book has been a huge help and has reinforced what I already knew.

I have already started creating a product and my partner and I decided to have it manufactured ourselves instead of licensing. We do have many other products that we will probably try to license down the road. We decided on the manufacturing route for this one for several reasons.

1) it is a very cheap product to make. Right now we are under 50 cents a piece which includes packaging and shipping

2) it is a product for a field that we are already in so we have a decent amount of connections

3) we have the capital available

4) we have what we believe is a good marketing strategy

5) we are determined to get make this product successful

6) we believe it will be a very difficult product to license because it might hurt some of the major paint brush manufacturing companies


If you would like to read a little more about my story and what I have accomplished so far then check out this thread https://www.thefastlaneforum.com/fastlane-millionaire-stories/30969-my-path-fastline.html

Thanks! I hope to hear from you soon and any feedback would be greatly appreciated!

P.S. I'm also thinking about ordering your program.

Looks like you have many of the ingredients for success set up for this project. Love that you have a low price point, existing connections, capital and many other pieces in place to get your project up and running.

I hear from some people that feel they have to choose licensing or venturing. It's not an either or. You can do both.

Actually, the beautiful thing about licensing is that you can get a lot done in 2 - 4 hours a week if you stay focused on the things that get results. My business partner Andrew Krauss and I help our students do this. So even after starting this company, you can still license some other products.

I really like how you layed out the fact that you have all the required components to justify moving forward with this project. I wish you much success and would love to have you a student one day.

 

[rexxkai]

hi stephen,

i was just looking at the newspapers today, and i recognized that there has been a local fad going on with a certain product

do you think i should improve upon the fad and license the idea??

or should i not chase fads??

NOTE: it is a LOCAL fad- so should it be worth pursuing?

thanks for your time once again!!

 

[StephenKey]

hi stephen,

i was just looking at the newspapers today, and i recognized that there has been a local fad going on with a certain product

do you think i should improve upon the fad and license the idea??

or should i not chase fads??

NOTE: it is a LOCAL fad- so should it be worth pursuing?

thanks for your time once again!!

You have to go with your gut if you think something is there. Yes, fads can be a little harder to pull off. Everything need to fall in place at the right time. But if you can pull it off, the payoff can be big.

The great thing about licensing is that you don't need to risk a huge amount of your money and time. If you've only got $110 in a provisional patent application and the cost the make some sort of prototype and sell sheet. What do you have to loose. You only have experience to gain!

 

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[Jason!]

If you are going to pursue this idea, first to market is your best bet. Which means licensing to a big company who's going to get it out their in a big way really fast. Yes, there may be knock offs, but since you are with a big company, hopefully you'll make more money than the knock offs.

Thanks!

 

[StephenKey]

Your welcome

Thanks!

Your welcome.

I really enjoy educating people about licensing!

 

[JeremyDS]

Your welcome.

I really enjoy educating people about licensing!

Hey Stephen, it's awesome you're here personally answering questions! I'm only on Chapter 2 of your book but am enjoying it so far. Do you have any specific advice for licensing iPhone/Android app ideas? I figure finding a developer isn't too difficult, but what if that app is meant to be used by large companies like P&G or Amazon?

 

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[NewsletterScott]

One Simple Idea follows the idea to license ideas and rent them to medium size companies to take to market. I'm only part way through it, but do find it interesting.

What are the Forum's thoughts on Licensing?

Due Diligence

This was one of the best books I have ever read on licensing. Read it in three days actually...even took notes. If you want my notes send me a message and I will be more than happy to give them to you .

 

[StephenKey]

Licensing an APP

Hey Stephen, it's awesome you're here personally answering questions! I'm only on Chapter 2 of your book but am enjoying it so far. Do you have any specific advice for licensing iPhone/Android app ideas? I figure finding a developer isn't too difficult, but what if that app is meant to be used by large companies like P&G or Amazon?

Find other companies selling apps to big companies like P&G and Amazon. Those are going to be your potential licensees.

They already have the distribution channel set up. Just tap into it!

 

[StephenKey]

This was one of the best books I have ever read on licensing. Read it in three days actually...even took notes. If you want my notes send me a message and I will be more than happy to give them to you .

Thanks! It really means a lot to me that you liked the book so much.

 

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[Bowden]

I've read the book and currently as i type this I'm watching your videos on YouTube. TONS of valuable information through both channels. Hopefully I can be a student of yours one day as I can't afford it right now.

 

[Likwid24]

Just found out your coming to Manhattan in September. See you there!

 

[StephenKey]

inventRight radio show

I've read the book and currently as i type this I'm watching your videos on YouTube. TONS of valuable information through both channels. Hopefully I can be a student of yours one day as I can't afford it right now.

I'm glad you liked my book "One Simple Idea" and found it helpful. Yes, we have ton's of free info on our website about licensing. Another free resource is our radio show. You can check it out at http://www.inventright.com/inventright_invention_radio.shtml

My business partner Andrew Krauss and I really enjoy doing our radio show and always give great tips on how you can license your ideas.

 

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[Bowden]

I'm glad you liked my book "One Simple Idea" and found it helpful. Yes, we have ton's of free info on our website about licensing. Another free resource is our radio show. You can check it out at inventRight - Successful inventor Stephen Key helps you bring your invention or product idea to market through licensing.

My business partner Andrew Krauss and I really enjoy doing our radio show and always give great tips on how you can license your ideas.

Thanks for the link to the radio show. I'm not sure how I missed that on the website. Time to listen!

 

[crockbar]

Hi Stephen,

I'm glad I found this thread...I have considered buying your book before, but when i read the descriptions I didn't think it was the right book for me. But after reading what everyone has to say here and the feedback you are giving I am going to get it for sure because I think it will help me a lot.

Like one of earlier posters I have a good background in international business and work with a manufacturer and supplier to retail outlets so I also do have some connections in those areas. I do well, but I have also wanted to generate my own ideas for both products and services. I am hoping your book can help me get from just having ideas to products in the market. Thanks!

 

[StephenKey]

RE: Buying My Book "One Simple Idea"

Hi Stephen,

I'm glad I found this thread...I have considered buying your book before, but when i read the descriptions I didn't think it was the right book for me. But after reading what everyone has to say here and the feedback you are giving I am going to get it for sure because I think it will help me a lot.

Like one of earlier posters I have a good background in international business and work with a manufacturer and supplier to retail outlets so I also do have some connections in those areas. I do well, but I have also wanted to generate my own ideas for both products and services. I am hoping your book can help me get from just having ideas to products in the market. Thanks!

Great!

Let me know if you have any questions after reading the book.

 

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[Bill M.]

Mr. Key,

I'm glad you're on this blog. I just finished "The Millionaire Fast Lane" and just started your book. Lots of positive feedback on Amazon.com, so I decided to get it a try. I am sure I'll have questions for you when I actually start forming and going through the process. Anyway thanks for offering advise, I promise not to be too much of a pest. Bill

 

[StephenKey]

Mr. Key,

I'm glad you're on this blog. I just finished "The Millionaire Fast Lane" and just started your book. Lots of positive feedback on Amazon.com, so I decided to get it a try. I am sure I'll have questions for you when I actually start forming and going through the process. Anyway thanks for offering advise, I promise not to be too much of a pest. Bill

Hello Bill,

Enjoy the book and make sure to ask me a question or two when you get done reading it.

-Stephen

 

[Bill M.]

Mr. Key,

Completed the book and enjoyed it immensely. I have been pumping my wife for ideas, and she as a couple, one that I think I can design (or at least propose a draft), the other one is to technically complex (would require a lot of knowlege of electrical engineering). My question is can we sell an idea, which is largely a "wouldn't this be neat" idea, with no detail on how to design it, all we would be offering is an idea with a large market? On the other product, I need to start researching it and see if anything like it exists, if not I'll start the process. Thanks, Bill

 

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[StephenKey]

Technically Complex Idea

Mr. Key,

Completed the book and enjoyed it immensely. I have been pumping my wife for ideas, and she as a couple, one that I think I can design (or at least propose a draft), the other one is to technically complex (would require a lot of knowlege of electrical engineering). My question is can we sell an idea, which is largely a "wouldn't this be neat" idea, with no detail on how to design it, all we would be offering is an idea with a large market? On the other product, I need to start researching it and see if anything like it exists, if not I'll start the process. Thanks, Bill

Great question. If you are not a technical person, it will be easier to work on non-technical ideas. However, quite often you can just look at existing ideas and make an educated guess that........."if they can make that, they could make my idea". Other times you can contact a contract manufacturer to see if they can make it.

 

[StephenKey]

Just found out your coming to Manhattan in September. See you there!

I look forward to seeing you there. Make sure introduce yourself and say hi to me at the event.

 

[LightHouse]

I look forward to seeing you there. Make sure introduce yourself and say hi to me at the event.

Stephen, I have not read your book yet. But i just wanted to thank you for taking the time to get out there and engage your users/fans/readers. It goes a long way for both potential customers and previous ones. Glad to have you here, hope you stick around and interact with the community!

 

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[StephenKey]

Videos

I've read the book and currently as i type this I'm watching your videos on YouTube. TONS of valuable information through both channels. Hopefully I can be a student of yours one day as I can't afford it right now.

I'm glad you enjoyed the book. Those youtube videos are also at One Simple Idea By Stephen Key .

We also have a bunch of hour long interviews on the right hand side of our home page at inventRight - Successful inventor Stephen Key helps you bring your invention or product idea to market through licensing. with inventRight students that have licensed their ideas. There is no sales pitch for our course in these videos. It's just myself and inventRight Co-Founder Andrew Krauss interviewing our students about licensing their first idea. It's great info and totally free.

We'd love to have you as a student one day. We've been coaching and mentoring Inventors for 10 years, so we aren't going anywhere.

 

[30yomillionaire]

Thanks for writing it - for me it is complete opposite to fastlane book (as one is about making it internet - simple idea creating an actual product) - but it gives a few things to think about - I actually remembered now this one crazy idea I had years ago - but no way was I able to pull it off - with licensing I might try to give it a go

I'd tell more - but I just got to the chapter "How to protect your ideas"

 

[StephenKey]

One Simple Idea

Thanks for writing it - for me it is complete opposite to fastlane book (as one is about making it internet - simple idea creating an actual product) - but it gives a few things to think about - I actually remembered now this one crazy idea I had years ago - but no way was I able to pull it off - with licensing I might try to give it a go

I'd tell more - but I just got to the chapter "How to protect your ideas"

I think both books help you think outside the box.

Enjoy the book and ... YES, give it a go with the idea you have. As I talk about in the book, just make sure to "Study The Marketplace" to see how your product fit's in amongst existing products.

 

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[StephenKey]

Stephen, I have not read your book yet. But i just wanted to thank you for taking the time to get out there and engage your users/fans/readers. It goes a long way for both potential customers and previous ones. Glad to have you here, hope you stick around and interact with the community!

Your welcome. Everyone on the Fastlane forum has been great.

 

[rocksolid]

Thanks again for being a member and providing us with your valuable insight and experience.

 

[StephenKey]

Your welcome.

Thanks again for being a member and providing us with your valuable insight and experience.

Your welcome.

 

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[Emo6126]

Hello Stephen,

I just want to say I loved your book and did read it while reading Fast Lane. You have really inspired me to create. Dor a while I was searching for something that fits my personality. I work on projects quickly until its done and get bored easily so this was a nice fit.

I did have one questions. As far as a DBA, do I ask them to sign one along with the sell sheet or do I ask them to sign prior to sell sheet? This was something that confused me in your book.

 

[StephenKey]

One Simple Idea

Hello Stephen,

I just want to say I loved your book and did read it while reading Fast Lane. You have really inspired me to create. Dor a while I was searching for something that fits my personality. I work on projects quickly until its done and get bored easily so this was a nice fit.

I did have one questions. As far as a DBA, do I ask them to sign one along with the sell sheet or do I ask them to sign prior to sell sheet? This was something that confused me in your book.

What you are talking about is an NDA(Non-Disclosure Agrement), not a DBA(Doing Business As).

The answer is...... "It depends".

We give hours and hours of training on NDA's to our Students, so it would be hard to summarize in a few words.

Here are a few tips though. Many companies will not sign your NDA for various reason that would take too long to go into here. At the same time, their are definitely some situations that warrant you getting a company to sign your NDA at the very beginning and other situations, where you get a company to sign your NDA later after they want more info.

However, a lot of companies will be ok with sending you their NDA. Sometimes this will protect you, other times it's one sided and only protects them. You need to decide at that point if you want to sign it, red line(modify it) it or not move forward if you really don't like their NDA. Many companies NDA's look nasty on the surface, but once you understand the terms, you realize they are ok to sign. Please contact your attorney before signing anything.

Keep in mind that there are many reasons why companies don't want to rip you off. Here are just a few of the things that offer some measure of protection beyond an NDA.

You filled a PPA (Provisional Patent Application)
You filled a Patent
They don't want to get sued
They don't want bad publicity
You created a paper trail with emails

In 10 years of Andrew Krauss and myself coaching Inventors, we've never had a student have their idea stolen.

I have spoken to Inventors that have had their ideas stolen, but it's so rare!

What is 10,000 times more common is Inventors ripping themselves off out of their own fear. They are afraid and never call any companies to pitch it. When you don't take action on your idea, you are ripping yourself off.

At the same time, be smart. Understand how to protect yourself and take action.