One Simple Idea - Stephen Key

[StephenKey]

Hi Stephen,

I'm currently reading your book (it's awesome!!) and have started coming up with several new ideas, but just had a couple of questions.

1. You mention that whoever is "first to market" wins. I'm planning on a redesign for a product, but I found that a few poorly executed models of the product are already being sold. However, those items aren't marketed very well if at all (made by small companies), and my designs would have some variations on it. I'm not sure of their patent status. Does this mean it's unlikely that I can license this idea? Or I can't start my own business to sell it and market it better? I guess what I'm getting at is: If there's already something similar on the market, does this mean I have to toss the idea?

2. I'm still curious about the pitching of ideas to companies and how to respond to their offer (if there is one). After you get your foot in the door, do you usually have to travel and meet with them in person for negotiations?

3. Where do I find a WFH agreement or NDA? Do I draft this myself?

4. Lastly, if my design has to do with packaging, would I pitch my idea to the large company (Johnson&Johnson, etc) or the manufacturer that actually makes the packaging?

Sorry for all the questions! I just started looking into this 2 days ago so everything is still new to me. Also signed up for your presentation with the NYC IAM in September. Can't wait to learn more and thanks so much for any help or advice!!

Here are some answers to your questions.

#1
Not at all. If you see something similar on the market..........that's a great thing. That confirms people are interested in such a product. If you come to the table with a variation.......that's great. Consumers and companies like to make incremental changes. An improvement to an existing idea is a great way to go!

#2
NO. You will almost never travel to meet with them in person. Phone and email is what I do 99% of the time. I don't have space on how to close a deal, but basically you will ask them questions and gather info to present a deal.

#3
I have samples of WFH and NDA in my course, however don't ever use samples or templates. Have your attorney review anything you use before you use it.

#4
Quite often, you want to go with someone smaller. A contract manufacturer that manufacturers for many companies can be a good way to go. Not enough space to really go into all the details here.

 

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[StephenKey]

Hi Stephen,

I read your book and with MJ's book it's definitely the best business book I read in a long time! I hope you can help with two questions I have.

- I currently have an idea for a product I want to license or manufacture. But I''m still not sure which way to go. Is it an option to do both, so on a small scale start manufacturing and marketing the product and parallel to this process start license-talks with companies? Can a part of the license deal be that I myself can also market the product, or is this really unusual?

- In your book it's mentioned that the best way to go is to start presenting your ideas to companies that are not top on your list, that way you van practice your speach etc. Can a situation occur that multiple companies are competing for a license? and is that something you take into account in negotiations? (I agree that this is a real 'sunny day scenario' , let's hope I get there!

thanks for all your comments in this thread, really helpful.

Yes, you could sell a different version or the same product into a different distribution channel. There are also other options. It just needs to make sense to your licensee. They wouldn't want to directly compete with you, nor would you want to compete with them.

Yes.......if you have companies competing for your idea. That would be great. You have to be careful about how you handle this. It's a great problem to have ! ;-)

 

[StephenKey]

Hello Everyone,

I'll be speaking in the NY and PA areas coming up real soon.

If you can make it , bring your copy of One Simple Idea and I'll be happy to sign it.

The organizers for the NYC event expect a couple hundred people to show up, so make sure to register early if you plan on coming and make sure to introduce yourself and say hi.

Monday, September 12th - Inventors Association Manhattan – New York Learn more here.

Wednesday, September 14th - American Society of Inventors – Philadephia, PA Learn more here.

- Stephen Key
One Simple Ideas Author and inventRight.com Co-Founder

 

[myfyna]

I met Stephen Key today. He was the speaker at the Inventors Associations of Manhattan. He was genuine. (didn't pitch his course) He taught 'Your 10-Steps to renting simple ideas to Fortune 500 Companies'. He made it simple and fun.

 

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[DeletedUser2]

Your welcome.

I really enjoy educating people about licensing!

Just curious, Do you do boot camps, or hold a class. Yours is one I would sign up for in a heart beat.
love you stuff, a hands on 1-3 day intensive would be great. brainstorm, to license in a weekend would be cool.

if you have them already, pls point me in the right direction! if not, may I suggest one?

 

[StephenKey]

Thanks ! I'm glad you enjoyed my talk.

I met Stephen Key today. He was the speaker at the Inventors Associations of Manhattan. He was genuine. (didn't pitch his course) He taught 'Your 10-Steps to renting simple ideas to Fortune 500 Companies'. He made it simple and fun.

myfyna,

Thanks !

I'm glad you enjoyed my talk.

I truly enjoy teaching people how to license their ideas.

-Stephen

 

[StephenKey]

Just curious, Do you do boot camps, or hold a class. Yours is one I would sign up for in a heart beat.
love you stuff, a hands on 1-3 day intensive would be great. brainstorm, to license in a weekend would be cool.

if you have them already, pls point me in the right direction! if not, may I suggest one?

zen*******,

We used to do a two day bootcamp, however we didn't find it effective.

People would tell us how great my business partner Andrew Krauss and I were and tell us that they finally get licensing. However, we noticed that people weren't licensing ideas.

So we added support.......and gave people the ability to call us whenever they got stuck. We found the support to be much more effective in helping people both get up and running and in closing deals.

So instead of a bootcamp, we provide training materials, webinars (live and recorded) and then give a year of unlimited phone support for all your projects.

-Stephen

 

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[evanwebb]

zen*******,

So we added support.......and gave people the ability to call us whenever they got stuck. We found the support to be much more effective in helping people both get up and running and in closing deals.

So instead of a bootcamp, we provide training materials, webinars (live and recorded) and then give a year of unlimited phone support for all your projects.

-Stephen

Is there enough info in the book to show someone who has never done it before how to develop and license an idea, or is it a "teaser" for the course you offer online? Is it a "what to do" book or a "how to do it" book?

Also, do you cover anything regarding licensing ideas of how existing companies could better utilize assets they already own? In other words if I notice an opportunity that would be easy for a company to implement, and they feel silly for not thinking of it themselves because it is so simple, how can I get paid for pointing that opportunity out to them?

Thanks for your contributions to this thread/forum. They are fantastic.

 

[StephenKey]

One Simple Idea

Is there enough info in the book to show someone who has never done it before how to develop and license an idea, or is it a "teaser" for the course you offer online? Is it a "what to do" book or a "how to do it" book?

Also, do you cover anything regarding licensing ideas of how existing companies could better utilize assets they already own? In other words if I notice an opportunity that would be easy for a company to implement, and they feel silly for not thinking of it themselves because it is so simple, how can I get paid for pointing that opportunity out to them?

Thanks for your contributions to this thread/forum. They are fantastic.

Good question. When my business partner Andrew Krauss and i decided to do the book, we decided to not make it like so many business books out there that tease the reader with ideas, but don't give you "How To" advice.

I think the reason why we have over 115 five star reviews on Amazon is because people appreciated all the "How To" advice in the book and the fact that the book wasn't just a bunch a philosophy without the "How To".

The book is based on my experience and Andrew's and my experience in coaching Inventors for the last 10 years. I feel like we really gave it up when we did this book. We had the attitude that we needed to write this book like it was going to be our last.

Your second question...
If you're idea is a non-patentable marketing type idea, then it's usually the kind of thing that might get you promoted for if you work at the company or get you a job as a consultant, but it's going to be hard to license. Never say never though. You might try pitching it to their advertising agency.

Your welcome for the contributions to the forum. I'm happy to answer peoples questions.

-Stephen

 

[BeachBoy]

Your book is at the cottage and I can't wait to read it!

 

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[StephenKey]

Your book is at the cottage and I can't wait to read it!

Well then get on over to the cottage and give it a read! ;-)

Enjoy the book.

-Stephen

 

[Rio328]

Thats a great book. I think licensing could be a really profitable endeavor especially when compared to the full patent approach which could take years and tons of money but I'm sure I will be able to provide some better input once I get my first idea licensed.

I had a couple ideas and after reading it I got started on working on bringing my first idea to market. In doing a patent search I found that my idea had already been patented in 2007 but do not know if it ever actually made it to market. Both One Simple Idea and The Millionaire Fastlane emphasize that the execution of an idea is just as, if not more important, than the idea itself.

Also you may want to check into finding a local inventors association in your area. The book talks about doing this. I'm in Austin Texas and found one here. Every month they have a guest speaker who has brought there ideas to market that attendees can later meet with and ask questions. If I would have found that book literally one week earlier, I would have been able to meet with Stephen Key himself as he was that months guest speaker.

 

[Rio328]

Oh Man, I didn't even realize Stephen Key was on this forum! That's awesome!

 

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[evanwebb]

Also you may want to check into finding a local inventors association in your area. The book talks about doing this. I'm in Austin Texas and found one here. Every month they have a guest speaker who has brought there ideas to market that attendees can later meet with and ask questions. If I would have found that book literally one week earlier, I would have been able to meet with Stephen Key himself as he was that months guest speaker.

I'm in Austin too. How do I get involved?

 

[SHHDlove]

Hey Stephen,

Just got done reading your book. I love your approach, because it actually seems very straight forward (though nerve racking when you actually start cold calling). I have a question about your approach to selling your spin-formation design. I have a product I'm developing that is also in the packaging design business. I'm curious about what your clients cared about when you presented the idea (aka, why did they care about it) and how your royalty deal was different from your other products you sold (such as the Michael Jordan Basketball hoop).

I really appreciate the response.

 

[StephenKey]

Hey Stephen,

Just got done reading your book. I love your approach, because it actually seems very straight forward (though nerve racking when you actually start cold calling). I have a question about your approach to selling your spin-formation design. I have a product I'm developing that is also in the packaging design business. I'm curious about what your clients cared about when you presented the idea (aka, why did they care about it) and how your royalty deal was different from your other products you sold (such as the Michael Jordan Basketball hoop).

I really appreciate the response.

SHHDlove,

That's a great question. Inventing new packaging is different than other industries. As you probably already know.....it's all about price. How much will the price of the package be increased (if any) and will that price increase justify the benefit? And will the benefit of the new package and increase purchases?

For example. My spin label was 10 cents a label in the beggining restricting it to only be on certain types of products. When i got the price down to pennies, the gates opened up and the spin label was able to be on many more products.

Also, you need to really understand manufacturing when you are doing packaging. It's one thing to come up with a great packaging idea.........but it's another thing to be able to produce it with existing machinery or with just slight modifications to existing machinery.

-Stephen

 

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[BeachBoy]

Please note that the price of One Simple Idea: Turn Your Dreams into a Licensing Goldmine While Letting Others Do the Work has increased from $11.48 to $14.19 since you placed it in your Shopping Cart. Items in your cart will always reflect the most recent price displayed on their product detail pages.

wow, this is quite the hike in price!!!!

I thought I had bought it but turns out it was still in my cart on amazon.

Now a 30% increase in price...

 

[LightHouse]

wow, this is quite the hike in price!!!!

I thought I had bought it but turns out it was still in my cart on amazon.

Now a 30% increase in price...

If $3 is an issue, this may not be the forum for you...

 

[BeachBoy]

$3 is not the issue, 30% is the issue

If you buy penny stocks looking at $ change and not % changes...

It will not stop me from buying it once I get to it, I just think it's unusual for a book to go up in value, and by this % on top of it.

 

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[HenkHolland]

I think it was sold too cheap in the first place. One simple idea, just like MJ's book, is worth every penny, whether it is sold for $11.48 or $14.19 or $25.00.

BTW, I got the TMF book as a present.

 

[pro]

Stephen: In the case of the guitar picks, you did the business development/marketing. However, in other ventures you just licensed.

What are your most successful licensing students doing from the following options:

1) Licensing only
2) Licensing and marketing
3) Finding people with patents and doing the licensing or marketing for them

 

[Komelika]

Just ordered my copy. I'll tell you one thing, if I get nothing else out of this forum (unlikely) I will have a hell of a book list on queue!

 

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[StephenKey]

Stephen: In the case of the guitar picks, you did the business development/marketing. However, in other ventures you just licensed.

What are your most successful licensing students doing from the following options:

1) Licensing only
2) Licensing and marketing
3) Finding people with patents and doing the licensing or marketing for them

Yes, that is correct. I licensed all my ideas and ventured the guitar picks product.

I would say most of our students are licensing their own products. People come to us at many different points. One thing we see is someone that has 10,000 units in their garage and a web site nobody visits. They are frustrate with venturing the idea themselves and decide to go the licensing route. Many say they wish they knew about the licensing route earlier, but it didn't really cross their mind.

 

[StephenKey]

Just ordered my copy. I'll tell you one thing, if I get nothing else out of this forum (unlikely) I will have a hell of a book list on queue!

Komelika,

Enjoy the book. Let me know if you have any questions.

-Stephen

 

[Arno]

Hi Stephen,

After reading your book for the second time and having come up with an Idea I thing really has a chance to succeed, I still have some doubts about patenting. When to apply for one and when this is not necessary. Could you maybe explain a bit more about that?

In your book you mention that products with short Product Life Cycles usually don't require a license. But if that's the case why would a company then pay out royalties?

The product I'm thinking about is comparable to the idea of having a soft case for your Iphone, but then for a completely different consumer product category. The production process should be pretty simple, because all you is the material (nothing fancy) made into a specific form. In your opinion should such a product require a patent (I know, i'm not giving you a lot to work with here ;-)..?

I hope you can answer my questions. Thanks!

 

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[Motavi]

Great book Stephen, I already finished reading it. I have always wanted to be an inventor when I was young and your way is the best way! Now all I need to do is focus! Too much noise.

 

[CommonCents]

A friend presented me with a great new existing product enhancement/improvement. Almost a bridge product combining two existing ones that could be a new category. A prelim check says there is nothing out there similar. Lends itself perfectly to license to all kinds of clothing/apparel manufacturers/brands. Just ordered your book to help with the process. I'll keep ya posted.

 

[StephenKey]

Hi Stephen,

After reading your book for the second time and having come up with an Idea I thing really has a chance to succeed, I still have some doubts about patenting. When to apply for one and when this is not necessary. Could you maybe explain a bit more about that?

In your book you mention that products with short Product Life Cycles usually don't require a license. But if that's the case why would a company then pay out royalties?

The product I'm thinking about is comparable to the idea of having a soft case for your Iphone, but then for a completely different consumer product category. The production process should be pretty simple, because all you is the material (nothing fancy) made into a specific form. In your opinion should such a product require a patent (I know, i'm not giving you a lot to work with here ;-)..?

I hope you can answer my questions. Thanks!

Arno,

You would want to sign a licensing contract on any deal you do.

Take a look at other products in your product category. Do any of them have patents? If not, these types of cases you are talking about may be obvious and not patentable. Yours may be different though. You will need to talk to a patent attorney for a patentability opinion

-Stephen

 

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[StephenKey]

Great book Stephen, I already finished reading it. I have always wanted to be an inventor when I was young and your way is the best way! Now all I need to do is focus! Too much noise.

Motavi,

I'm glad you enjoyed the book.

Yes, the world we live in has a lot of noise and so does our daily lives. I think you are "right on" to decide to focus.

I wish you all the best with your journey.

-Stephen

 

[StephenKey]

A friend presented me with a great new existing product enhancement/improvement. Almost a bridge product combining two existing ones that could be a new category. A prelim check says there is nothing out there similar. Lends itself perfectly to license to all kinds of clothing/apparel manufacturers/brands. Just ordered your book to help with the process. I'll keep ya posted.

CommonCents,

Yes, let me know how it goes.

-Stephen