One Straightforward Thought: Convert Your Dreams Into a Licensing Goldmine Although Letting Others Do the Work

A Important Strategy: Innovate, Defend, Pitch, License, then Repeat
Guide Assessment by Carla M. Paton

1 Straightforward Notion: Transform Your Goals into a Licensing Goldmine Whilst Letting Other people Do the Work… In 15 Minutes – The Innovator’s Summary of Stephen Key’s Best Selling E book, is a further time-conserving brainy offering in the In 15 Minutes Summary series by the corporate creator, 2 Minute Perception. When the book title is a mouthful, the nicely-organized contents, summarizing the most pertinent details of Stephen Key’s ground-breaking, One particular Simple Thought is not.

Critical is a licensing and innovation guru with about 13 patents to his name and has accredited in excess of 20 items more than 30 years. He also runs a licensing course, “10 Actions to Carry Your Concept to Industry.” Important wrote his guide, One Easy Plan: Transform Your Desires into a Licensing Goldmine even though Allowing Other individuals Do the Work to enable other would-be inventors and innovators slice by means of the issues of bringing an concept to realization.

Some of the contents of Key’s work that the Innovator’s Summary addresses are how to come across the ideal concepts, shielding them, pitching them and putting the license deal. Once you discover your great idea, you ought to file a provisional patent to shield it for a yr when you current the strategy to various providers. When presenting, to set your self in a specialist light-weight, you will need to have a Benefit Statement and a Market Sheet.

One of the critical points of Key’s e-book is that by licensing your idea to a company, you are relieved from the hassles of managing a business, output, marketing, and sales. As a substitute, you get royalties and transfer on to your up coming excellent thought. Crucial also cautions from the typical procedures of acquiring and licensing layouts, which entail shelling out hundreds on prototypes and patents. Element of your licensing agreement with a company must be to have them make the prototype and file a patent.

Last but not least, opposite to typical thinking, making a new idea does not necessarily mean reinventing the wheel. Some of the very best thoughts are simple enhancements and tweaks to existing solutions and providers. On the other hand, to be a effective innovator usually means understanding your focus on marketplace very well and creating with that sector in brain.

What I appreciated most about the 15-minute Innovator’s Summary, was the well balanced appraisal of Key’s reserve that is supplied in the conclusion. Some of these critiques are a absence of detail for establishing ideas, the frustration that can occur with concept failures, the lack of information and facts about filing for a patent and the prospective risks of a PPA – provisional patent. Some great supplemental resources are also stated in the stop.

Whilst you would master significantly from reading Key’s ebook, be a intelligent visionary and help save that time for your future massive concept. Instead, go through this nicely-penned, concise 15-minute Innovator’s Summary and then get occupied.