One Simple Idea By Stephen Key (Book Review & Summary)

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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About the Author

Chris Dunn is the founder of Skill Incubator. He is an active investor and entrepreneur with the mission of helping people learn Skills to thrive in today's economy. Chris spends his time testing and building multiple streams of income and investing the profits. Read more here.