Dec 26th

A Key Idea: Innovate, Protect, Pitch, License, Then Repeat

Book Review by Carla M. Paton

One Simple Idea: Turn Your Dreams into a Licensing Goldmine While Letting Others Do the Work…In 15 Minutes – The Innovator’s Summary of Stephen Key’s Best Selling Book, is another time-saving brainy offering in the In 15 Minutes Summary series by the corporate author, 2 Minute Insight. While the book title is a mouthful, the well-organized contents, summarizing the most pertinent points of Stephen Key’s ground-breaking, One Simple Idea is not.

Key is a licensing and innovation guru with about 13 patents to his name and has licensed over 20 products over 30 years. He also runs a licensing course, “10 Steps to Bring Your Idea to Market.” Key wrote his book, One Simple Idea: Turn Your Dreams into a Licensing Goldmine while Letting Others Do the Work to help other would-be inventors and innovators cut through the difficulties of bringing an idea to realization.

Some of the contents of Key’s work that the Innovator’s Summary covers are how to find the right ideas, protecting them, pitching them and striking the license deal. Once you discover your good idea, you should file a provisional patent to protect it for a year while you present the idea to multiple companies. When presenting, to put yourself in a professional light, you will need a Benefit Statement and a Sell Sheet.

One of the essential points of Key’s book is that by licensing your idea to a company, you are relieved from the hassles of running a business, production, marketing, and sales. Instead, you receive royalties and move on to your next great idea. Key also cautions against the conventional methods of developing and licensing designs, which involve spending thousands on prototypes and patents. Part of your licensing agreement with a company should be to have them create the prototype and file a patent.

Finally, contrary to conventional thinking, creating a new idea does not mean reinventing the wheel. Some of the best ideas are simple improvements and tweaks to existing products and services. However, to be a successful innovator means knowing your target market well and designing with that market in mind.

What I appreciated most about the 15-minute Innovator’s Summary, was the balanced appraisal of Key’s book that is given in the end. Some of these critiques are a lack of detail for developing ideas, the frustration that can occur with idea failures, the lack of information about filing for a patent and the potential risks of a PPA – provisional patent. Some great additional resources are also listed at the end.

Although you would learn much from reading Key’s book, be a clever visionary and save that time for your next big idea. Instead, read this well-written, concise 15-minute Innovator’s Summary and then get busy.

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