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BOOK One Simple Idea - Stephen Key

Danzaland

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Apr 11, 2011
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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
 

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SpeedRacer

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May 16, 2011
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Licensing a great rental biz, but control seems limited to me once the deal is signed. How can you increase sales or raise pricing?
 

sharky

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Mar 2, 2011
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I'm currently reading the same book, and about half way through it as well, so far I am finding it to be a very interesting read. Being that entrepreneurs come in all different shapes and sizes, licensing is certainly one way to go about executing and monetizing on your ideas. Knowing that once the deal is signed you have the potential for a passive income stream for quite some time, in the meantime you could be working on licensing other ideas...not a bad way to go.
 

MJ DeMarco

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I bought the book because it seems to fit the Fastlane model, but haven't read it yet!
 

CEBenz

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Apr 16, 2011
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Stephen Key has been selling his info product for a while now. I understand he's done well financially with what he teaches, but make no mistake, his fastlane is his info product and book. I know MJ understands that, but wanted to make sure everyone else knew that to. Considering his being mentioned in The 4hour Workweek, I'm sure he has done very well.
 

Likwid24

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I'm have the book now and it's about 3rd or 4th in line to be read. I agree CEbenz, he make's most of his money off his book and his program. Licensing can be fastlane but hopefully you have a bunch of really good ideas because by the time you start making fastlane money from royalties you might not have enough time to enjoy it. I think if you come up with a product that will be very expensive to produce then licensing might be a good idea. If your product can easily be made then you can make a lot more money manufacturing it yourself. It is definitely riskier but also has a much bigger reward.
 
D

DeletedUser2

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I live in a area with lots of Laboratories, One of my friends makes it a habit of buying or licensing patents, and tech. He then takes them to manufactures and sales and distribution networks, and Licenses them the tech.
He does very well with that.

Since he is also a manufacture of a bio enzyme, he has alot of people in his network so can execute fast. He will also put up the money for prototypes, before taking them to the market.

I was impressed by the model, and would love to play there. but it definitely requires some skill to sort through all the tech that flows through those labs.

I have made some good money Licensing ideas from people, and executing on them. I usually pay very little upfront, and then sell to my lists.

I am also getting ready to license one of my info products to a CPA group, see if they can take it mass market.
should be fun to be on the other side of that one.
 

CEBenz

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Apr 16, 2011
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I live in a area with lots of Laboratories, One of my friends makes it a habit of buying or licensing patents, and tech. He then takes them to manufactures and sales and distribution networks, and Licenses them the tech.
He does very well with that.

Since he is also a manufacture of a bio enzyme, he has alot of people in his network so can execute fast. He will also put up the money for prototypes, before taking them to the market.

I was impressed by the model, and would love to play there. but it definitely requires some skill to sort through all the tech that flows through those labs.

I have made some good money Licensing ideas from people, and executing on them. I usually pay very little upfront, and then sell to my lists.

I am also getting ready to license one of my info products to a CPA group, see if they can take it mass market.
should be fun to be on the other side of that one.
You'll have to keep us posted on that one Zen. Sounds interesting. Of course, most forms of business fascinate me.
 

Graves

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Jan 31, 2011
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I really don't know how this book got five stars. It reads like an article that's stretched out to the length of a book.
 

clickster

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May 22, 2011
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I actually enjoyed this book a lot and it is definitely Fastlane. I am currently working on two products that I will be showing to potential licensees. The book was organized and also shows you step by step on creating your product to actually getting it to market and reaping the benefits. The book has a great wealth of knowledge that definitely outweighs its price and time used to read it.
 

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rexxkai

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I actually enjoyed this book a lot and it is definitely Fastlane. I am currently working on two products that I will be showing to potential licensees. The book was organized and also shows you step by step on creating your product to actually getting it to market and reaping the benefits. The book has a great wealth of knowledge that definitely outweighs its price and time used to read it.
hey clickster,

where you from?? cause i plan on taking the same path, but i'm in CANADA
 

clickster

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May 22, 2011
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I live in Toronto and yeah I don't it matters much where you live (licensing laws may vary a little). How's Vancouver? It's been raining for over a week in Toronto :nonod:
 

rexxkai

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vancouver's almost always raining from fall to april

recently it's been quite nice, not much rain-- probably once/twice a week

so which stage are you at in licensing currently?
 

rexxkai

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I live in Toronto and yeah I don't it matters much where you live (licensing laws may vary a little). How's Vancouver? It's been raining for over a week in Toronto :nonod:
vancouver's almost always raining from fall to april

recently it's been quite nice, not much rain-- probably once/twice a week

so which stage are you at in licensing currently?
 

Bowden

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Currently reading this book as well. Very helpful and the outline of the book is easy to follow.
 

clickster

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May 22, 2011
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vancouver's almost always raining from fall to april

recently it's been quite nice, not much rain-- probably once/twice a week

so which stage are you at in licensing currently?
Still designing the product and sending sell sheets to businesses. How about you?
 

rexxkai

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Apr 1, 2011
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Still designing the product and sending sell sheets to businesses. How about you?
haven't started on this path yet... it's always cause i keep postponing it thinking i don't have enough money to license ideas or because of other distractions--(from making coupon book to creating a website)

so now, my plans are to:
1. create a website (if it makes me millions, i will skip to step 3)
2. try licensing some ideas to get a feel which ideas work and which dont
3. bring one of my own ideas to market

either way, inventing a product has been something i have wanted to do since i was in elementary school, but forgot about my DREAMS and BECOMING RICH until finding the FASTLANE-- there was a time in high school when i thought i should just "settle for less" and become an architect and earning a mediocre salary and driving a civic (not a mercedes) and buying a puny house and just going whereever life takes me, not actually RUNNING AND CHASING DOWN MY DREAMS, GOALS, and WHATEVER I WANT IN LIFE

but now IM BACK !!!
 

rexxkai

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Hello everyone. I am glad everyone is finding my book helpful. If there are any questions I can answer please let me know. I am here to help.

Thanks,
Stephen Key
great book!!! thanks for the advice!!

couple questions-- out of how many ideas that are made into sell sheets until someone wants to actually license your idea?? and out of those that want to license your idea, how many of those ideas actually make it past the contract stage and make you money?
 

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Aspire4More

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May 24, 2011
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I'm also reading this book. I have a very unique idea in the toy category that I have not seen done. It would be easy to make and with the right toy company I think could be huge. I've done the patent searches, etc.

Thinking about getting a nice artist rendition of the concept. Trying to get a handle on what it would cost to make, I would think it could be easily incorporated into existing production lines.
 

StephenKey

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Nov 13, 2008
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Hello rexxakai,

Licensing is a numbers game. The more products you can work on and the more companies you can call for every project you work on.......the more likely you are to successfully license one of your ideas.

The big mistake i see people making is they invest to much money in one particular idea before they verify there is any interest in the idea.

So instead of spending $110 on a Provisional Patent, they spend thousands with a patent attorney.

Then on the prototype side of things they spend thousands again, when they could simply use a sell sheet instead.

I've had students of mine license their first idea they work on, while others licensed the second, third, four or fifth product they worked.

Most people with ideas never move past their first idea because they invested to much time and money in the idea before verifying there is any interest. However, people using the approach I teach can move on if their isn't any interest because they aren't married to the idea time-wise and financially.

I hope this helps you with the "Playing The Numbers" mindset I teach.
 

StephenKey

Bronze Contributor
Speedway Pass
Nov 13, 2008
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I'm also reading this book. I have a very unique idea in the toy category that I have not seen done. It would be easy to make and with the right toy company I think could be huge. I've done the patent searches, etc.

Thinking about getting a nice artist rendition of the concept. Trying to get a handle on what it would cost to make, I would think it could be easily incorporated into existing production lines.
Hello Aspire4More,

Toy's are a difficult category to license, but when they go big, they can go really big.

Just make sure to emphasize a market search (looking at similar products out there) and seeing how your product both competes and fits in amongst existing products.

What is in the marketplace is usually a better indicator for what will be successful than what has been patented.

Enjoy the book.
 

Aspire4More

New Contributor
Read Millionaire Fastlane
May 24, 2011
16
1
12
Hello Aspire4More,

Toy's are a difficult category to license, but when they go big, they can go really big.

Just make sure to emphasize a market search (looking at similar products out there) and seeing how your product both competes and fits in amongst existing products.

What is in the marketplace is usually a better indicator for what will be successful than what has been patented.

Enjoy the book.
Thank you for the reply and for being here on the forums.

I "feel" like an expert on the market based on all the toys my 4yr old has! :) He kind of keeps me up to date and I can tell through him when a toy is really hot. Anyways, I got the idea watching him play with his toys a certain way that he was improvising with the item. Similar to how you describe in the book I though to myself "this can be done much better, and could be made into something really cool".

What's nice is it can be made into several iterations and could be tailored to boys or girls etc. When I think of licensing success in toys I can't help but think about Thomas the Train and the huge sums that must have made for his creator W. Awdry. The toys, movies, books, games, party goods, and on and on. From one simple idea! I can't help but get excited about that.
 

Jason!

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Feb 28, 2009
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Rock on Stephen, awesome having you on here! Was just at Barnes and Noble yesterday to pick up your book. Only a few chapters in so far but I really like it. I agree with what you say about first to market, but I'm trying to figure out how to deal with copycats.

Take Silly Bandz for example; they launched and within a year had dozens of copycats, some that even acquired licensing deals with companies like Disney before they did.

I have a product i created that would be in a similar category. Completely original (but not patentable, from what my IP attorney tells me), targets kids and has a low retail price point. My concern though is that, like Silly Bandz, the second I take it to market I'll be copied left and right.

What would you recommend in a situation like this?
 

rexxkai

Lazy Noob
FASTLANE INSIDER
Read Millionaire Fastlane
Apr 1, 2011
247
91
62
Vancouver, BC, Canada
Hello rexxakai,

Licensing is a numbers game. The more products you can work on and the more companies you can call for every project you work on.......the more likely you are to successfully license one of your ideas.

The big mistake i see people making is they invest to much money in one particular idea before they verify there is any interest in the idea.

So instead of spending $110 on a Provisional Patent, they spend thousands with a patent attorney.

Then on the prototype side of things they spend thousands again, when they could simply use a sell sheet instead.

I've had students of mine license their first idea they work on, while others licensed the second, third, four or fifth product they worked.

Most people with ideas never move past their first idea because they invested to much time and money in the idea before verifying there is any interest. However, people using the approach I teach can move on if their isn't any interest because they aren't married to the idea time-wise and financially.

I hope this helps you with the "Playing The Numbers" mindset I teach.
thank you stephen for replying to my post!!

now i need to research if there is something such as a Provisional Patent in Canada
 

StephenKey

Bronze Contributor
Speedway Pass
Nov 13, 2008
109
191
152
Thank you for the reply and for being here on the forums.

I "feel" like an expert on the market based on all the toys my 4yr old has! :) He kind of keeps me up to date and I can tell through him when a toy is really hot. Anyways, I got the idea watching him play with his toys a certain way that he was improvising with the item. Similar to how you describe in the book I though to myself "this can be done much better, and could be made into something really cool".

What's nice is it can be made into several iterations and could be tailored to boys or girls etc. When I think of licensing success in toys I can't help but think about Thomas the Train and the huge sums that must have made for his creator W. Awdry. The toys, movies, books, games, party goods, and on and on. From one simple idea! I can't help but get excited about that.
Yes, you are an expert. And observing play patterns is an excellent way of coming up with new toys.

Keep up the good work!
 

StephenKey

Bronze Contributor
Speedway Pass
Nov 13, 2008
109
191
152
Rock on Stephen, awesome having you on here! Was just at Barnes and Noble yesterday to pick up your book. Only a few chapters in so far but I really like it. I agree with what you say about first to market, but I'm trying to figure out how to deal with copycats.

Take Silly Bandz for example; they launched and within a year had dozens of copycats, some that even acquired licensing deals with companies like Disney before they did.

I have a product i created that would be in a similar category. Completely original (but not patentable, from what my IP attorney tells me), targets kids and has a low retail price point. My concern though is that, like Silly Bandz, the second I take it to market I'll be copied left and right.

What would you recommend in a situation like this?
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.
 

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