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One Simple Idea: Turn Your Dreams into a Licensing Goldmine While Letting Others Do the Work [Kindle Edition]

Stephen Key
4.7 out of 5 stars  See all reviews (243 customer reviews)

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Book Description

Turn your great idea into millions—without lifting a finger!



Yes, a good idea is enough to build a fortune! Too many people think production, marketing, and distribution are essential to the entrepreneurial process. As One Simple Idea shows, you can hand these tasks off to others—and make big money in doing so.



Stephen Key, a highly successful entrepreneur whose creations have generated billions of revenue, offers the simple, effortless secret to success: license your simple idea and let others do the work. Breaking down the process of generating and licensing a product idea to a large company, he explains why you don’t need to reinvent the wheel: Simple improvements to existing products can be very successful endeavors—and the most lucrative.



The old method of bringing products to market through prototyping and patents doesn’t work anymore. It’s cheaper and more profitable to do it Key’s way. One Simple Idea gives you everything you need to tap into the marketing and sales power of partners and licensors for maximum profit.



Editorial Reviews

About the Author

Stephen Key has successfully licensed more than 20 simple ideas that have generated billions of dollars of revenue. His “10 Steps to Bring Your Idea to Market” course, which can be found at www.inventright.com, has attracted more than 10,000 students around the world.


Product Details


Customer Reviews

Most Helpful Customer Reviews
130 of 137 people found the following review helpful
5.0 out of 5 stars An essential guide to getting paid for your ideas! March 13, 2011
Format:Hardcover
I really like this book because it has opened up a whole new avenue for me, and showed me with simple descriptions all the areas where I was doing it wrong. I almost felt stupid that I did not know about provisional patents. I thought the only way to protect your ideas was the traditional patent route, and the 10-20 thousand dollars that route can cost. I did not know that a simple provisional patent, that can be filed for $110 would give me even more protection than a patent the first year I filed it. And that I could get a company to pay for my patent when they license my idea! How can you not love this book?

Stephen Key walks you through the steps of taking your idea from birth all the way through getting some company to send you royalty checks every quarter. You come up with the idea, then follow the steps laid out to getting paid for that idea. You do not need to have really brilliant ideas either. A simple product improvement can be licensed. A manufacturing change can be licensed. A procedure change can be licensed. The list is pretty endless in regards to what you can do. Can you take an existing product, change it slightly, and use it for some other non-related use? Yes you can, and you can get paid to do it!

Here is how this book will help me. I started writing ideas down in a small five inch notebook on may 4, 2004. I date all the ideas, my memory is not that good. I have 7 of these notebooks filled with ideas, changes, upgrades, etc. I take notes on a voice recorder in my car because ideas always pop in my head while I am driving. I know a lot of people get ideas in the shower, but I was on a nuclear submarine a long time ago and got in the habit of taking very fast showers because we can't waste water.
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66 of 71 people found the following review helpful
Format:Hardcover
One Simple Idea is a practical, real-world guide that will help you take your ideas and get them to market with minimum investment of time and money. It is a great read that motivates the creative genius inside to think outside of the box, dream big, and get paid for it. One Simple Idea is a 5 star book and a steal for anyone interested in turning ideas into cash.

Part 1 focuses on how nice it will be once your ideas pay off and you are earning extra income.

"Find Your Million-Dollar Idea" (Part 2) really kicks off the valuable information in the book. This section offers great advice on what makes an idea valuable and marketable. Key emphasizes simplicity and how small ideas can make big money. While this part is good, I think it's also the weakest section in the book. Key only offers three creative thinking methods to come up with ideas . . . each just a paragraph long. He focuses on other idea generation methods that are simpler, but creative thinking techniques can unlock tons of great ideas in my experience. Going in depth here would make this book too long, but it would have been nice to include some additional recommendations for idea generation. For a book that is really strong in this area, check out Thinkertoys: A Handbook of Creative-Thinking Techniques (2nd Edition). It makes a great companion to One Simple Idea: Turn Your Dreams into a Licensing Goldmine While Letting Others Do the Work

Also in Part 2, Key gives an "idea litmus test" (70-73) to measure the ideas that you dream up. This is a great tool and a step that could be easily missed.
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78 of 87 people found the following review helpful
3.0 out of 5 stars Not life changing August 21, 2011
By Il
Format:Kindle Edition|Verified Purchase
So I read this book about 5 months ago. After I finished it, I started writing a review but got sidetracked. I was just looking up new books to read and saw that this book had 111 undeserving 5 star ratings, so I am now re inspired to finish my review and caution others. Unfortunately I can't remember all of the things I wanted to say about it, but I do remember finishing the book and being completely unsatisfied. This review is based off what I could remember and the notes that I took.

I had a few a few ideas that I was hoping to bring to the marketplace. With all of the 5 star reviews I thought for sure this book would be enlightening and the "key" to my shortcomings. Unfortunately I was completely wrong. The only way this book can be that great, is if you've never heard of provisional patents or that you can license an idea. I was not that familiar with licensing, so I could appreciate that concept alone. Basically you come up with an idea, file a provisional patent and present the idea to a licensing company who handles all of the production, marketing and sales. You receive a royalty from the sales and you now have more time to license more ideas. If you've never heard of provisional patents, look it up.

Idea Lab's comment about the book's repetitiveness is completely accurate. It's like a 7th grade essay that repeats the same points in the same manner to drive a point home. Here's a list of the redundancies you'll read:

-The most marketable ideas are usually simple ones; small improvements to existing technology
-He has 20 licensed products under his belt
-The conventional way of developing and licensing an idea is dumb and unnecessary, i.e.
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Most Recent Customer Reviews
5.0 out of 5 stars Irreplaceable!
Hands-down the best book I've read on licensing- actually, the best book I've read that was written for entrepreneurs overall! Easy to read and far beyond theory... Read more
Published 3 days ago by Joseph M. Reilly
5.0 out of 5 stars Wow, this book is incredible! I am an ...
Wow, this book is incredible! I am an avid reader and College instructor and have never read a book that delivered such a powerful message in such a user-friendly format. Read more
Published 4 days ago by Dr Robert Logan
5.0 out of 5 stars GREAT BOOK !!!
GREAT BOOK !!!
This is one of the best books on Ideas/Patent information out there!
Do NOT proceed without the knowledge of Stephen Key.
James D. Piscioneri
Published 4 days ago by James
5.0 out of 5 stars Game Changer
I read "One Simple Idea" in the midst of undergoing treatments for Stage IV cancer. My career was over as a corporate attorney, and I was lost in searching for what I... Read more
Published 6 days ago by Sherri
5.0 out of 5 stars read tons of various books from the greatest entrepreneurs and experts...
My business all started a year ago with "One Simple Idea", followed by Stephen's other book "One Simple Idea for Start-Ups and Entrepreneurs". Read more
Published 9 days ago by A Kerneis
5.0 out of 5 stars How would you like get paid for your ideas? This book shows you how...
Absolutely a must read if you want to create a PHENOMENAL stream of income without needing to slave for many years nor spend the time/money in starting your own company. Read more
Published 10 days ago by Dickson
5.0 out of 5 stars A very exciting journey...
Amazing book for covering all of the bases in the inventing/licensing game! This book has provided plenty of fuel and direction to my life's creative mission. Read more
Published 10 days ago by Andrew C
5.0 out of 5 stars This book will end up landing me a licensing deal!!
I can't say enough about this book as well as its companion follow-up. In its pages, the author has been my personal coach, helping me to kick my fear to the curb as well as... Read more
Published 11 days ago by Amazon Customer
5.0 out of 5 stars Excellent book.
If you want to know how to get your idea into production, this is about a good of a start as you can get, so buy this book and get started. Read more
Published 24 days ago by John P. Haran
5.0 out of 5 stars All the info you need!
I have been reading and rereading this book to suck in all the tips. I am now at a point in my product development that I can cold call companies. Read more
Published 1 month ago by dragon421
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More About the Author

Stephen Key is a successful award-winning inventor and entrepreneur, having licensed over 20 products in the past 30 years. A holder of over thirteen patents, Stephen's products have sold in Wal-Mart, 7 Eleven, Disney Stores and theme parks worldwide and have been endorsed by basketball great Michael Jordan and Jeopardy host Alex Trebek. Stephen's innovative Spinformation rotating label has been licensed for use on many products including a product called Accudial. Accudial shows parents how to dose their child's liquid medication by weight versus traditional age, making it more accurate. Stephen is also a member of the Board of Directors of Accudial Pharmaceuticals. Accudial is the recipient of the Product of the Year Award for Canada as well as a finalist in the 2011 Edison Awards.
Recognized as an outstanding leader in the field of innovation, Stephen has appeared on national television numerous times, including an appearance on the CNBC show "The Big Idea with Donny Deutsch" and as an expert guest on "Dr. Phil". Stephen has been interviewed by national magazines, newspapers, and authors such as Tim Ferris ("The 4-Hour Work Week") and Donny Deutsch ("The Big Idea"). Stephen was also a consultant on the first season of the hit ABC reality TV show "American Inventor", created by Simon Cowell. Stephen was a keynote speaker at the US Patent & Trademark Office 14th Annual Independent Inventor Conference in November 2009.
Along with business partner Andrew Krauss, Stephen co-founded inventRight, a company dedicated to educating inventors, entrepreneurs, or anyone with an idea the necessary steps to build wealth through licensing. Stephen is also the licensing and inventing expert at AllBusiness.com (A Dun & Bradstreet Company).
Stephen has a new book from McGraw-Hill titled "One Simple Idea" is available in book stores nation wide as well as online through Amazon and Barnes & Noble. In this new book Stephen will inspire readers to license (rent) their ideas to Fortune 500 companies using his simple 10-step system.
For more information please visit:
www.inventright.com
www.spinlabels.com
www.inventornotes.com



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