A key idea: innovate, protect, launch, license and then repeat
Book Review by Carla M. Paton
A Simple Idea: Turn Your Dreams Into A Licensing Gold Mine While Letting Others Do The Work … In 15 Minutes: The Innovator’s Summary Of Stephen Key’s Best-Selling Book, is another smart offer that saves time on the 15 minute summary Corporate Author Series, 2 Minute Insight. While the title of the book is a mouthful, the content well organized, which summarizes the most relevant points of Stephen Key’s groundbreaking work, A simple idea It is not.
Key is a licensing and innovation guru with approximately 13 patents to his name and has licensed more than 20 products over 30 years. He also teaches a licensing course, “Ten Steps to Getting Your Idea to Market.” Key wrote his book, A simple idea: turn your dreams into a licensing goldmine while letting others do the work to help other potential inventors and innovators overcome the difficulties of bringing an idea to life.
Some of the content of Key’s work that the Innovator Summary Covers are how to find the right ideas, protect them, launch them, and get the license agreement. Once you discover your good idea, you must file a provisional patent to protect it for a year while you present the idea to various companies. When presenting, to put yourself in a professional light, you will need a Statement of Benefits and a Sell Sheet.
One of the essential points of Key’s book is that by licensing your idea to a company, you free yourself 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 conventional design development and licensing methods, which involve spending thousands on prototypes and patents. Part of your licensing agreement with a company should be for them to 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 adjustments to existing products and services. However, being a successful innovator means knowing your target market well and designing with that market in mind.
What I appreciated the most about the 15 Minute Innovator Summary, was the balanced assessment of Key’s book that is given at the end. Some of these criticisms are the lack of details to develop ideas, the frustration that can occur with failed ideas, the lack of information on how to apply 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 a lot from reading Key’s book, be a smart visionary and reserve that time for your next big idea. Instead, read this concise and well-written 15 Minute Innovator Summary and then get to work.