How to License Your Million Dollar Idea: Everything You Need To Know To Turn a Simple Idea into a Million Dollar Payday, 2nd Edition (Paperback)

by Harvey Reese (Author) "This is a test..." (more)
Key Phrases: invention marketing companies, domestic representative, willful false statements, United States, New York, Patent Office (more...)

Editorial Reviews

Product Description
TURN YOUR GREAT IDEA INTO A GREAT BIG FORTUNE...

We all have great ideas, and every day, ordinary people turn their simple, clever ideas into products or services that earn them millions in royalties. So what separates those who earn money exploiting their ideas from those who dont? The answer is in your hands; this book gives you all the information and all the motivation you need to turn your ideas into money without investment or financial risk.

In How to License Your Million Dollar Idea, Second Edition, Harvey Reese, a successful new product developer, consultant, and licensing agent, reveals his system for creating commercially profitable ideas and his secrets for turning them into lucrative licensing agreements. Not only will you find nuts-and-bolts information on the licensing process, youll also learn how to formulate an idea and find the motivation to grow that idea into a fortune.

Totally revised and updated, this Second Edition covers recent changes in patent law and how the Internet has impacted modern licensing. Reese includes his proven step-by-step process for formulating an idea that manufacturers are willing to pay for, researching its authenticity, obtaining patents, finding prospects, negotiating the deal, and beyond. Filled with examples of successful, well-known licensing ventures, How to License Your Million Dollar Idea, Second Edition also features an expanded appendix of sample patent forms, licensing agreements, disclosure statements, publications, contact information, and more.

From the Back Cover
TURN YOUR GREAT IDEA INTO A GREAT BIG FORTUNE...

We all have great ideas, and every day, ordinary people turn their simple, clever ideas into products or services that earn them millions in royalties. So what separates those who earn money exploiting their ideas from those who dont? The answer is in your hands; this book gives you all the information and all the motivation you need to turn your ideas into money without investment or financial risk.

In How to License Your Million Dollar Idea, Second Edition, Harvey Reese, a successful new product developer, consultant, and licensing agent, reveals his system for creating commercially profitable ideas and his secrets for turning them into lucrative licensing agreements. Not only will you find nuts-and-bolts information on the licensing process, youll also learn how to formulate an idea and find the motivation to grow that idea into a fortune.

Totally revised and updated, this Second Edition covers recent changes in patent law and how the Internet has impacted modern licensing. Reese includes his proven step-by-step process for formulating an idea that manufacturers are willing to pay for, researching its authenticity, obtaining patents, finding prospects, negotiating the deal, and beyond. Filled with examples of successful, well-known licensing ventures, How to License Your Million Dollar Idea, Second Edition also features an expanded appendix of sample patent forms, licensing agreements, disclosure statements, publications, contact information, and more.

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Product Details

• Paperback: 240 pages
• Publisher: Wiley; 2 edition (June 28, 2002)
• Language: English
• ISBN-10: 0471204013
• ISBN-13: 978-0471204015
• Product Dimensions: 10.9 x 8.4 x 0.7 inches
• Shipping Weight: 1.2 pounds (View shipping rates and policies)
• Average Customer Review: 4.1 out of 5 stars See all reviews (16 customer reviews)
• Amazon.com Sales Rank: #153,450 in Books (See Bestsellers in Books)

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Customer Reviews

Most Helpful Customer Reviews

232 of 260 people found the following review helpful:

2.0 out of 5 stars I hope I'll be able to find something better than this book., October 29, 2004

By	Josh - See all my reviews

I have found this book very difficult to enjoy. To begin with, the first chapter is spent telling me that I can do it! The writing is condescending and achieves the opposite of the intended motivation. The cartoons are stupid and not comical.
While reading you'll quickly learn that the author offers a service to you, the aspiring inventor. Reese, as your partner, will take your idea, help you develop it, package and pitch it, and negotiate the contract. In exchange you split the royalties with him. This sounded like a great idea to me: Your idea combined with his knowledge and skills could produce great results. It's a win/win.
So I looked into his website. For him to consider your idea, you must pay a 175-dollar fee. The concept is that this fee is nominal compared to typical lawyer fees. Its object is to prove that you are serious and so that Reese is not swamped with ideas. The real payday for Reese is when you get paid too with royalties for licensing your idea.
I am a college student and cannot afford to swing 175-dollars so easily, so I requested that he waive the fee and hear my idea. I assured him I was serious and that I believed my idea had great potential. After all, the big money is in the royalties, not the 175-dollar initial fee. Reese declined the offer. He said that it would be poor business practice to offer different prices to different people.
I am very objective, and I am not offended that Reese declined my offer. But, to address Reese's inability to modify prices, consider that car dealers negotiate prices, department stores have sales, and of course, Amazon will sell you this book for less than your local bookstore. I quote Reese from page 68, "While we're on the subject of fees, if the price quoted is more than you can afford, it's quite appropriate to ask if the attorney can come down a bit."
Reese unintentionally enlightened me to the nature of his operation. The 175 dollars is so important for a very good reason. The 175-dollar fee may seem nominal compared to the fees of a lawyer, but Reese is dealing with many more clients than a lawyer. One thousand ideas submitted is worth $175,000.
I know that if you're reading this review you have an idea, you don't know what to do with it, and you can't afford to spend thousands of dollars on a lawyer to find out. Reese knows this too. This is perfect marketing.
I'm not suggesting that Reese doesn't do what he claims. I'm sure he takes ideas and markets them and makes money for himself and the inventors. However, I question what percentage of submitted ideas he acts on. If he was successful with a significant percentage, it may have been lucrative for him to at least hear my idea. The message Reese sent is clear: The 175-dollars is more relevant than the potential of the idea.
I give this book two stars because I commend Reese for his clever approach at earning a buck. I feel he is unethical, and he condemns most of his own practices in this book. However, when it comes down to the bottom line, Reese isn't breaking any laws, and he's trying just like you and me for that million-dollar payday.

56 of 64 people found the following review helpful:

5.0 out of 5 stars Sane, sensible and honest, August 3, 2002

By	C. Scherer (Langley, WA USA) - See all my reviews (REAL NAME)

Harvey Reese gives excellent and straightforward advice on what I used to think was an awesomely complex topic. Structurally, the book is well organized, simple to follow and written in language anyone can understand. His style is intelligent and interspersed with humor, examples, and concrete information. He not only details the steps, (he loves lists) he also tells the reader what to avoid and why. And he addresses the human issues. He talks about frustration, disappointment, commitment.

Reese demystifies the legal mumbo-jumbo and makes the subject of licensing understandable to anyone. I've read hundreds of "how-tos" in the business genre, many that vastly oversimplify difficult subjects. This one tells it all - the good, the bad and the ridiculous. Ultimately, it is both believable and usable. Reese's book is an outstanding and inspiring resource for anyone with ideas.

28 of 30 people found the following review helpful:

5.0 out of 5 stars A Step by Step Guide For Turning You Ideas Into Income, April 11, 2004

By	Edward D. Miller (Saratoga, CA USA) - See all my reviews (REAL NAME)

Let me start by saying what this book is not. This book is not a detailed step by step guide to patenting. Nor a detailed legal guide to structuring a licensing agreement.

This book is a guide to help everyday people make money by designing and licensing nearly anything to companies looking for new or differentiated products. Mr. Reese offers up a clear and fresh perspective on the whole process from idea development to setting up meetings to contractual agreements. He covers how to patent & copyright, and guides you through when and how to contact an attorney.

Mr. Reese challenges the reader to become product developer, not an inventor. What this means is that if you can help companies make money and gain an edge on their competition, they will be more than happy to give you a percentage of the sales. There are lots of inventors that are good inventors but weak in the selling and licensing of their hard work. This book articulates what steps there are between an idea in your head and money in the bank.

This is by far the single greatest collection of practical wisdom I have found relating to everyday products and their licensing. My only complaint is that I wish I had discovered this book sooner.