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One Simple Idea is a great primer for anyone looking to invent, patent, create, and sell products!
Stephen Key knocked this book out of the part with proven pathways for finding a marketable idea, protecting it, and bringing your product to market.
Grab your copy of One Simple Idea here
Main Theme:
- Learn the smart new-school way to invent, create, and sell products.
- Step-by-step instructions for how to invent, protect, and sell your idea to companies.
Key Takeaway #1 – Licensing a product idea is often easier and faster than trying to manufacture and sell a product by yourself.
- It takes a tremendous amount of time and capital to manufacture, patent, and sell products. It's much easier to “rent” your idea to a large company who will do all the work so you can sit back and collect royalty checks.
- Stephen learned that it's smart to build income streams that don't require your hands or daily presence.
- Become the Chief Innovation Officer of your company and get paid to discover great new products and improvements to existing products.
Key Takeaway #2 – Discover highly marketable product ideas that have a high probability of success
- Before investing a lot of time and money on a product idea, make sure it's marketable and companies can make the product.
- Study the market to learn all about your competitors, how your idea fits in the market, what new value your product offers, customer avatar, and potential sales.
- Instead of creating a new market for your idea, create an idea for what's missing in needed in an existing market.
- Create an evolutionary idea not a revolutionary one.
- Most marketable ideas are those that solve problems, address needs, or satisfy desires.
- 4 step litmus test – Does it: solve a problem, have a wow factor, have a large market, use common production methods?
Takeaway #3 – Quickly protect your idea by filing for a Provisional Patent Application over a full patent
- Provisional Patents only cost $65 – $135 and are a great way to quickly protect your idea so you can move forward without spending thousands of dollars on a full patent
- You can use NDA's (non-disclosure agreements) to give you confidence in sharing your idea with potential licensees.
- Quickly protect your idea with PPA's and NDA's so you can spend your time doing what really matters – selling your ideas!
Final Thoughts
- Consumers like you and me are the best people to come up with great ideas because we're using the products every day.
- Unlike the old-school way of thinking, creating and validating products can be quick and cheap if you do it correctly.
- Licensing products and collecting royalties is a great way to earn passive income.
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