The Entrepreneur Forum | Startups | Entrepreneurship | Starting a Business | Motivation | Success
  • Please Leave the Politics to CNN and FOX.
    Just a reminder that political topics/memes are prohibited, unless discussed within the realm of business and investment, for example, the impact the new Treasury Secretary might have with BTC. Please help keep the forum free of politics. (And I promise to do better myself!)
  • Join 60,000+ entrepreneurs who are earning their freedom and living their dream.

    "Fastlane" is an entrepreneur discussion forum based on The C.E.N.T.S Framework outlined in the two best-selling books by MJ DeMarco (The Millionaire Fastlane and UNSCRIPTED®). From multimillionaires to digital nomads to side hustlers who are grinding a job, the Fastlane Forum features real entrepreneurs creating real businesses with one goal in mind: Freedom— both financial and temporal.

    Download (Unscripted) Download (Millionaire Fastlane) Register
    Registering for the forum removes this block.

BOOK One Simple Idea - Stephen Key

Remove ads while supporting the Unscripted philosophy...become an INSIDER.

StephenKey

Bronze Contributor
Speedway Pass
Nov 13, 2008
109
194
152
One Simple Idea has been nominated for a small business book award! It'd mean a lot to me if you voted for it: http://bit.ly/1XXhxFy. Thank you.


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.
 

Don't like ads? Remove them while supporting the forum. Subscribe.

MattR82

Gold Contributor
FASTLANE INSIDER
Read Millionaire Fastlane
I've Read UNSCRIPTED
Speedway Pass
Oct 4, 2015
881
1,381
435
38
Brisbane
I was pretty blown away by the quality of rendering done by a graphic design artist on upwork. 10 different examples of my product to get feedback on. All for... 50 bucks :D

I voted for your book the other day Stephen. Along with the millionaire fastlane it is one of the best books I have ever read - and saved me thousands. Oh my god, I was so close to making some massive mistakes. The two hit combo whenever I talk to people who are interested in business books. TMF and one simple idea.

One thing I have noticed since deciding on attempting the licensing route: I am focussed more on the creative side and am actually thoroughly enjoying myself. I haven't thought about money, or how much I can make from this or that etc. I am discovering my creative side is by far more pronounced than I had ever thought.

Eventually, I still want to learn more about manufacturing though.
 
Last edited:

Bigguns50

Platinum Contributor
Read Millionaire Fastlane
Summit Attendee
Speedway Pass
Feb 12, 2013
1,576
2,968
680
Sedona, AZ
Hi Stephen !

I own One Simple Idea AND the revised and expanded version. GREAT reads and excellent resources to have on my shelf.

Question: LifeTime Brands. Reputable ? If I understand .... they help inventors get their ideas on shelves. I'm thinking the companies they represent pay them somehow ? Would you recommend using them or not ?

I sent them one of my two ideas today....the one without a PPA. The other one I have has a PPA. I have prototypes of both.

Thank you in advance and THANK YOU for contributing here !
 

Rudynate

Contributor
Read Millionaire Fastlane
Mar 3, 2016
82
84
69
San Francisco, CA
Obtaining those is not the easiest thing to do right now, because the field is very crowded, but it can be done. Thanks for reading!

It's true, everybody these days has an idea for an app. But what make software patenting difficult is that the Supreme Court and the Federal Circuit are hostile to software patenting at the moment and the law regarding software patenting changes with each new decision.
 

Woodsman81

Contributor
FASTLANE INSIDER
Read Millionaire Fastlane
I've Read UNSCRIPTED
Dec 10, 2017
85
71
64
39
Alma co
Amazing book Stephen!!! Thank you

It doesn't look like you have been around here for a while, but going to ask anyway.
In your book there was a patient on the spin formation label already, and you patented the manufacturing process. Did you have to pay royalties to the owner of the original patent to manufacture the labels?
Thanks,
Ray
 

Mason

New Contributor
Read Millionaire Fastlane
I've Read UNSCRIPTED
Feb 19, 2015
30
9
20
Colorado
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

Hi Stephen,

I just finished your book. Excellent book and I really appreciate you bringing it into the world! Luckily, I had the critical thinking and prior knowledge to do everything right up to the point of finding licensees. However, after I filed my PPA I was searching further and I did, just like in your book, found the exact same patent as what I had "invented".
I remember you filed for how your product was manufactured instead, so that you could then license the product. This is also an available option for me and I would like to pursue it on a few of my ideas.

I have researched my product thoroughly and I know how it is made, but not the names of the machines in the assembly line that will do the work which I assume isn't an issue. I can give the broad overview of how it will be done and what materials would be used. The product is currently not in the market, but something similar is and I can make very simple modifications to make this a manufacture process. I have a few questions if you don't mind helping?

Can I write up an essay of how this is accomplished and file another PPA and then start contacting licensees? When they find the expired previous patent I can tell them I have the patent pending on the manufacture process of my product, thus making me eligible to license the product. Correct?

Additionally, I am in the united states. Do you have any trust worthy patent companies I can use once I strike a deal with a licensee to write this manufacture process patent?

Thank you for your time!
 

MHP368

Gold Contributor
Read Millionaire Fastlane
I've Read UNSCRIPTED
Speedway Pass
Aug 17, 2016
809
1,243
376
34
Sahuarita AZ
On my way back from the yearly sedona vacation I found out I had this on audible under the "not started" tab , purchased it years ago.

I remember as a kid being an "inventor" seemed like such a cool idea. To this day i'll occasionally see some TV ad for Some 19.99 product and slap my forehead "why didn't I think of that?"

So the book lays this out beautifully and I think it adds a tool to your toolbelt , the forum is littered with people who built prototypes / manufactured / spent money on lawyers and the product had no legs - apparently their is a better way.

Also, lets face it - although big picture "who you become" on the journey to financial freedom is a huge benefit but...once you're retired or semi retired I think you may wish all those hours wasted learning SEo and marketing copy etc etc hadn't occurred right? I mean that's the whole point - time's the one thing we can't buy more of so, I'd much rather have 15% of something then 100% of nothing (and be out time and money for the effort)

Still, almost makes it seem...too easy? , not that stephen can be faulted for that, as I said he lays everything out beautifully and he's gotta sell books (and consulting services for this path apparently)

One part is saying a provisional patent is fine because shelf space determines the real winner, in a sense that's probably more true today then it was when this book came out (the speed that products are made and sold) but , malls also don't really have "stores" so much anymore! , commercial real estates in a death spiral (all my local malls and strip malls are like 90% clothing stores, have been for a decade or so)

So who are you licensing to these days? , I guess the same main players abound but with huge online presence, are these companies really that hungry for someone who adds a widget to a knick-knack? , the same problem with idea creation "buy catalogues, checkout websites for new hip stuff, go shopping!" , well , where's the low hanging fruit? its all just inane consumer junk (which is fine I guess, I'll gladly retire early selling consumer junk if I can)

none of this seems like it would need an advanced degree to flesh out

but is this licencees creating this stuff? , it almost looks like you could take pictures of common household products and put them on a wall and throw darts at them. An intern could do that.

Now these look a bit better, but they also seem like you'd need some foundational skills to get that initial idea going, and many of them are private companies or kick-starters

It'd be interesting to see what the landscape is like today for this method, a quick google reveals a bunch of companies that seemingly middle man things (kensaq, inventmyidea, allinoneinvetions) , apparently selling shovels to the gold miners is covered pretty well!
 

Walter Hay

Legendary Contributor
EPIC CONTRIBUTOR
Speedway Pass
Sep 13, 2014
2,853
11,661
2,453
World citizen
Having spent some time trying to find a way to licence my life saving Fire Safety system to help Blind people actually find the exit, I have looked at quite a few companies that act as middle men and it looks grim.

It seems that most are not trustworthy, including some that have been in business for many years. So far I have not found any such company that I would trust with my idea.

Very thorough due diligence is advisable before entrusting an idea to an organization that offers to get your product to market.

Walter
P.S. I have followed the DIY process set out in Stephen Key's book and every company I have contacted in the life safety and fire safety industry seem content to let blind people die in building fires because their businesses are prospering without the effort needed to introduce something new. I don't even suggest that my idea has multi billion dollar potential, but if they gave the subject even slight attention it would be obvious.
 

MHP368

Gold Contributor
Read Millionaire Fastlane
I've Read UNSCRIPTED
Speedway Pass
Aug 17, 2016
809
1,243
376
34
Sahuarita AZ
life saving Fire Safety system to help Blind people actually find the exit
Interesting synchronicity , I met the inventor of this thing on my vacation (on the way home is when I discovered I had stephens book on audible never listened too)

I could put you in touch with her id youd like walter , maybe you could pick her brain.

A few things she mentioned , at one point walmart was interested but she didn't like the deal.

Sharktank wanted her on but a friend cautioned against it.

She does commercial sales and wholesale now and seems to be doing alright.

Did you know someone blind who died in a fire walter?
 

Walter Hay

Legendary Contributor
EPIC CONTRIBUTOR
Speedway Pass
Sep 13, 2014
2,853
11,661
2,453
World citizen
Interesting synchronicity , I met the inventor of this thing on my vacation (on the way home is when I discovered I had stephens book on audible never listened too)

I could put you in touch with her id youd like walter , maybe you could pick her brain.

A few things she mentioned , at one point walmart was interested but she didn't like the deal.

Sharktank wanted her on but a friend cautioned against it.

She does commercial sales and wholesale now and seems to be doing alright.

Did you know someone blind who died in a fire walter?
Thanks for the link to her site. What a great product. It is evident that she thought outside the box, and came up with what was a high tech solution. The idea itself was simple, but the execution was brilliant.

By studying the site I was able to work out the steps she went through to get it to the point of being marketable and I congratulate her on being able to navigate those steps.

One of my biggest problems is that when people think of inventions they think of products, but in the case of my safety system the product is almost incidental. The product is an essential element but would be nothing without the process of installing the product in the manner I describe to make it useable by a blind or visually disabled person. It is non technical and could be installed by unskilled labor.

I have a manufacturer capable of producing the product at low cost.

Someone whose blind relative died in an apartment fire because she couldn't find the exit told me about it years ago, and that prompted me to work out a solution.

Walter
 

Don't like ads? Remove them while supporting the forum. Subscribe.

Kid

Gold Contributor
Speedway Pass
Mar 1, 2016
1,436
1,313
429
It'd be interesting to see what the landscape is like today for this method, a quick google reveals a bunch of companies that seemingly middle man things (kensaq, inventmyidea, allinoneinvetions) , apparently selling shovels to the gold miners is covered pretty well!

So far I have not found any such company that I would trust with my idea.
One of prominent companies of this sort did 95% of revenue from fees and 5% of deals they helped license.

The problem grew so big and was so systemic that made gov to pass a bill that this kind of companies have to officially disclose how much money they make from fees and how much from successful licensing.

So if you got one idea then i also wouldn't use those companies.
If you have source of income and idea is just a minor side thing,
then maybe but i would keep going on my own, even if they'd say that "no retail store was not interested".
 

Natbros2020

New Contributor
Nov 21, 2020
5
1
11
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
Hello mr. Key,

I was looking for your book (in Italian language) but I couldn’t find it.

has been translated in Italian ?

thank you
 

Sponsored Offers

  • Sticky
MARKETPLACE Fox Web School "Legend" Group Coaching Program 2021
Yeah, your youtube channel is incredible and all the videos I have seen so far are really great...
  • Sticky
FEATURED! Introducing... WEALTH EXPO$ED, A Short Story By MJ DeMarco
Finally! I just launched a short story on Kindle (FREE if you have Kindle Unlimited)! After...
  • Sticky
MARKETPLACE You Are One Call Away From Living Your Dream Life - LightHouse’s Accountability Program ⚡
I planned to make a separate post for this video but it is useful here as well for anyone...
  • Sticky
MARKETPLACE Lex DeVille's - Advanced Freelance Udemy Courses!
Last promo of the year.. Get the training you need now or miss it. Promo Code: FINALHOUR...
  • Sticky
MARKETPLACE Kill Bigger Incubator
UPDATED POST: Hey Guys! I wanted to give a quick update on what this program has become. In...
  • Sticky
MARKETPLACE Grow Your Business With a Book (An Unorthodox Marketing Strategy That Built One of the Largest...
Are you looking for a new, lesser-known but potentially very lucrative source of leads to your...



Forum Sponsor

sponsor

New Topics

Fastlane Insiders

View the forum AD FREE.
Private, unindexed content
Detailed process/execution threads
Monthly conference calls with doers
Ideas needing execution, more!

Join Fastlane Insiders.

Top Bottom