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One Simple Idea: Turn Your Dreams into a Licensing Goldmine While Letting Others Do the Work
For as long as you can remember, you ve had a dream. You ve longed to see your product idea come to fruition so you never have to work for anyone else again.
Stephen Key has been living this dream for 30 years. The developer of such lucrative products as Michael Jordan s WallBall(r), the Spinformation(r) rotating label, and HotPicks(r) guitar picks, he knows better than anyone how to make a great living as an entrepreneur. Key develops ideas for new products, licenses them out, collects royalty checks, and doesn t look back. You can do it, too. All you need is "One Simple Idea."
In this book, Key reveals the secrets that helped him and thousands of his students including bestselling author Tim Ferriss turn their creativity into a passive income generator by renting an idea to a company, which takes care of R&D, production, marketing, sales, accounting, distribution, and everything else you don t want to do.
You ll be amazed at how simple the process of licensing an idea for profit actually is. Key explains how to: Keep your ideas safe without spending time and money on a patent Be your own boss without formally opening a business See your product go to market without footing a dime in expenses Make potentially big money without quitting your day job
The age-old business assumption that ideas must come from within organizations has been shattered. From global corporations to small businesses, companies have become so confident in outside entrepreneurs that licensing is now a $500 billion industry. Businesses need freelancers like Key and you to provide creative, marketable ideas for new offerings.
With "One Simple Idea," there s no prototyping, no patents, and, best of all, no risk. You can make the system work for you rather than the other way around."
Stephen Key has been living this dream for 30 years. The developer of such lucrative products as Michael Jordan s WallBall(r), the Spinformation(r) rotating label, and HotPicks(r) guitar picks, he knows better than anyone how to make a great living as an entrepreneur. Key develops ideas for new products, licenses them out, collects royalty checks, and doesn t look back. You can do it, too. All you need is "One Simple Idea."
In this book, Key reveals the secrets that helped him and thousands of his students including bestselling author Tim Ferriss turn their creativity into a passive income generator by renting an idea to a company, which takes care of R&D, production, marketing, sales, accounting, distribution, and everything else you don t want to do.
You ll be amazed at how simple the process of licensing an idea for profit actually is. Key explains how to: Keep your ideas safe without spending time and money on a patent Be your own boss without formally opening a business See your product go to market without footing a dime in expenses Make potentially big money without quitting your day job
The age-old business assumption that ideas must come from within organizations has been shattered. From global corporations to small businesses, companies have become so confident in outside entrepreneurs that licensing is now a $500 billion industry. Businesses need freelancers like Key and you to provide creative, marketable ideas for new offerings.
With "One Simple Idea," there s no prototyping, no patents, and, best of all, no risk. You can make the system work for you rather than the other way around."
257 pages, Kindle Edition
First published February 18, 2011
234 people are currently reading
2343 people want to read
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Displaying 1 - 30 of 74 reviews
February 14, 2012
This is a very informative book regarding licensing. My only complaint is that it could have been 50 pages. I felt as though I was re-reading the same thing chapter after chapter.
September 11, 2011
This is certainly a book worth reading but perhaps is not everything that you thought it would be when you first read the title.
The author certainly demonstrates how you can turn ideas into products that you license to others but he seems to gloss a little over the fact that there is still plenty of research and hard work that you'll need to do to convert. There is no doubt that he has been able to achieve this and that anyone else could and some of his experiences and suggestions in the book will certainly save you time and money. However, success is more than just 'one simple idea'.
All it does take is one idea but you may have to go through hundreds of other ideas before you ultimately find the one that results in a pay day. The book seems a little light on the fact that it may prove to be a long and frustrating experience until you find that idea but none the less it is full of helpful hints and suggestions on making the concept more likely.
In many ways the book is an eye opening account of how all you need is a single good idea and the ability to take that to market. Too many people seem to think they need to own the idea from inception to manufacture. The books shows you methods by which you can turn ideas into success in a much shorter time frame that if you were to attempt to own the whole process.
The book is easy to read and well worth a look at for those interested innovators. Just don't forget you are still going to need plenty of luck and elbow grease.
The author certainly demonstrates how you can turn ideas into products that you license to others but he seems to gloss a little over the fact that there is still plenty of research and hard work that you'll need to do to convert. There is no doubt that he has been able to achieve this and that anyone else could and some of his experiences and suggestions in the book will certainly save you time and money. However, success is more than just 'one simple idea'.
All it does take is one idea but you may have to go through hundreds of other ideas before you ultimately find the one that results in a pay day. The book seems a little light on the fact that it may prove to be a long and frustrating experience until you find that idea but none the less it is full of helpful hints and suggestions on making the concept more likely.
In many ways the book is an eye opening account of how all you need is a single good idea and the ability to take that to market. Too many people seem to think they need to own the idea from inception to manufacture. The books shows you methods by which you can turn ideas into success in a much shorter time frame that if you were to attempt to own the whole process.
The book is easy to read and well worth a look at for those interested innovators. Just don't forget you are still going to need plenty of luck and elbow grease.
January 31, 2013
I was surprised at how helpful this book was. Normally, books that make grandiose promises (e.g. get rich by following three simple steps) are a complete waste of time. This book wasn't.
Stephen Key is an entrepreneur who discovered how to market his ideas. Instead of developing new products and manufacturing them, he simply licensed his ideas to manufacturers. When they used his ideas to make products, he collected royalties. (In many respects this is exactly what writers do when they "sell" their books to publishing houses.)
Because Key has marketed so many of his ideas, he has the process down to an art - from how to cold-call prospective buyers (renters, actually), to how to go through the licensing process. But most useful of all to people like me, who don't have a lot of product ideas, Key lays out the most important principle of marketing. "The most marketable ideas are those that solve problems, address needs, or satisfy desires," he says. And he's right.
Once you have an idea that falls into those criteria (writers, take note), Kay tells you what to do with it. Before you approach a buyer, find someone who has done it before, pick their brains, and then study your market. Knowing who your market is, and how to reach them, is the key (no pun intended).
Having made the mistake of not knowing how to reach my market on several occasions, I can attest to the value of Key's advice. If you are thinking of selling anything, read this book first. You may not get rich in a day, but at least you will understand the basics of marketing. Comment | Permalink
Stephen Key is an entrepreneur who discovered how to market his ideas. Instead of developing new products and manufacturing them, he simply licensed his ideas to manufacturers. When they used his ideas to make products, he collected royalties. (In many respects this is exactly what writers do when they "sell" their books to publishing houses.)
Because Key has marketed so many of his ideas, he has the process down to an art - from how to cold-call prospective buyers (renters, actually), to how to go through the licensing process. But most useful of all to people like me, who don't have a lot of product ideas, Key lays out the most important principle of marketing. "The most marketable ideas are those that solve problems, address needs, or satisfy desires," he says. And he's right.
Once you have an idea that falls into those criteria (writers, take note), Kay tells you what to do with it. Before you approach a buyer, find someone who has done it before, pick their brains, and then study your market. Knowing who your market is, and how to reach them, is the key (no pun intended).
Having made the mistake of not knowing how to reach my market on several occasions, I can attest to the value of Key's advice. If you are thinking of selling anything, read this book first. You may not get rich in a day, but at least you will understand the basics of marketing. Comment | Permalink
January 19, 2015
Long story short, this book is for skimming, not for reading. I can say I learned from this book, but the author repeats himself so much it is painful. Great intentions and great knowledge, but the book could have easily been 50 pages.
October 4, 2017
This book is definitely making it into my library. It's full of so much information about licensing that it's going to be my go-to reference for any licensing projects going forward. The advice might be a little too general to give you SPECIFIC advice for your industry but it does give you all the tools necessary to know WHERE to find the contacts you need and how to search for the right kind of information.
It's a bit of a heavy read. It's more of a book packed full of information. Stephen Key is a guy that is actually doing this and making a living off of it so it's like getting advice from a trusted mentor. Pure gold!
Here are his 4 Characteristics of a good idea:
1. Does it solve a common problem?
2. Does it have a WOW factor?
3. Does it have a large market?
4. Does it use common production methods and materials?
He goes over the important details like identifying if your idea will work first before investing too much time and money.
He explains prototyping and different options to manufacture your prototype (something really important for inventors to know)
There is information on how to safeguard your idea by NDAs and patents and explains your rights with intellectual property.
The book is packed full of contacts in the industry and explains how to sell your idea and cut a great deal. So it takes your idea from beginning to end and walks you through the entire process.
It's a bit of a heavy read. It's more of a book packed full of information. Stephen Key is a guy that is actually doing this and making a living off of it so it's like getting advice from a trusted mentor. Pure gold!
Here are his 4 Characteristics of a good idea:
1. Does it solve a common problem?
2. Does it have a WOW factor?
3. Does it have a large market?
4. Does it use common production methods and materials?
He goes over the important details like identifying if your idea will work first before investing too much time and money.
He explains prototyping and different options to manufacture your prototype (something really important for inventors to know)
There is information on how to safeguard your idea by NDAs and patents and explains your rights with intellectual property.
The book is packed full of contacts in the industry and explains how to sell your idea and cut a great deal. So it takes your idea from beginning to end and walks you through the entire process.
February 17, 2020
I started this book with high hopes as the first few chapters get you hooked and leave you wanting more. Only to have finished the book and felt a little let down on the actual insight. Licensing is a unique way to get paid for your idea without having to risk it all. I love the idea of solving problems and helping others, so I was drawn to the text..... Only to be let down with the depth of the subject matter. While this book is great for giving you an overview of the industry, I feel there's a ton more to learn to successfully bring an idea to market. This was blatantly apparent multiple times when the author plugged his own training and coaching services. Is it a good book, kind of.
June 4, 2019
This book was published before the America Invents Act became law, so some of the details regarding patents are out of date, but the information on licensing is extremely accessible for entrepreneurs and inventors. I'm not quite ready to stop using that word, inventors, as Mr. Key suggests, but I think this is a valuable read for the creatives looking to commercialize ideas.
January 29, 2016
The book is, in many ways, just like the title: one simple idea that is diced and sliced into many different versions of the self-same one simple idea. Despite being interesting, it just did not really hit the highest mark, yet maybe it wasn’t meant to?
The book takes a look at transforming ideas into marketable, actionable and income-generating propositions, primarily through licensing them to others who do all the hard work…hopefully. Whilst the book won’t help you put your thinking cap on, it will take you through many processes such as development, negotiation and sales, boosted by many real-life stories featuring those who have had some success with this sort of thing. The author himself claims personal success in this area, apparently licensing over 20 different “simple ideas” that have generated billions of dollars of revenue for the licensors.
It was an interesting read, harmless at least or reasonably inspirational at best. Some of the positivity possibly got lost through cultural translation; yet it was by no means a bad book. It has the capability of being a usable tool in your toolbox, but it probably won’t be the multi-tool you solely rely on
The book takes a look at transforming ideas into marketable, actionable and income-generating propositions, primarily through licensing them to others who do all the hard work…hopefully. Whilst the book won’t help you put your thinking cap on, it will take you through many processes such as development, negotiation and sales, boosted by many real-life stories featuring those who have had some success with this sort of thing. The author himself claims personal success in this area, apparently licensing over 20 different “simple ideas” that have generated billions of dollars of revenue for the licensors.
It was an interesting read, harmless at least or reasonably inspirational at best. Some of the positivity possibly got lost through cultural translation; yet it was by no means a bad book. It has the capability of being a usable tool in your toolbox, but it probably won’t be the multi-tool you solely rely on
May 3, 2012
Eh... this book was interesting and offered a very simple method for potentially getting your ideas to market.
But while the author keeps mentioning the thousands of ideas he's had and the 20 he's been successful with, he seems determined to keep rehashing the same two (a Michael Jordan backboard and a spinning label system). I would have loved to learn more about what didn't work, why, and so on.
I was also particularly sensitive to the fact that this book, above almost all else, was a blatant pitch for his "classes" on how to license products which he does through IdeaPow.com, for a mere $30 a month.
I am going to try the method he outlined to pitch a few ideas to companies for licensing. If it's successful, I'll be the first to write a glowing review and promote his website (and even sign up for it!).
If it's not, I'll update here as well.
But while the author keeps mentioning the thousands of ideas he's had and the 20 he's been successful with, he seems determined to keep rehashing the same two (a Michael Jordan backboard and a spinning label system). I would have loved to learn more about what didn't work, why, and so on.
I was also particularly sensitive to the fact that this book, above almost all else, was a blatant pitch for his "classes" on how to license products which he does through IdeaPow.com, for a mere $30 a month.
I am going to try the method he outlined to pitch a few ideas to companies for licensing. If it's successful, I'll be the first to write a glowing review and promote his website (and even sign up for it!).
If it's not, I'll update here as well.
January 9, 2018
Great read, very useful amd informative.
The book title is very honest. Stephen Key is very knowledgeable about licensing and breaks it down to simple steps. He doesn't use jargon and uses very simple examples to provide the reader with a thorough understanding of the point he is making. He does waffle on a little bit and at times it feels like the book could be shorter and he is just trying to fill up the book. If you are looking into how to license your ideas though this is the book you need to read.
The book title is very honest. Stephen Key is very knowledgeable about licensing and breaks it down to simple steps. He doesn't use jargon and uses very simple examples to provide the reader with a thorough understanding of the point he is making. He does waffle on a little bit and at times it feels like the book could be shorter and he is just trying to fill up the book. If you are looking into how to license your ideas though this is the book you need to read.
June 1, 2017
In terms of useful content I'd give it a five star rating. The process of licensing is far more clear to me now than before reading this book. I would say the author oversold a bit though, making it seem easier than it actually is to license an idea. And he repeated himself a lot. But overall it was worth the read.
July 6, 2012
Never think your ideas are too small or insignificant. Key Stephen shares how anyone can come up with a new product by taking existing products and thinking of ways to improve them. All it takes is one simple idea!
April 14, 2023
Meant primarily to expose you to a non-traditional process of turning your ideas into a profitable licensing venture, the book 'One Simple Idea' by Stephen Key can be seen as a step-by-step guide. It provides practical advice on how to think about ideas and licensing in a smart way and avoid spending a fortune to support them. He does so by backing up this concept with successful examples both from personal experience and the experience of others.
Stephen Key has made it his mission to pass on his philosophy and engrave it in your brain. This is a two-way sword since to achieve that, he does tend to repeat himself quite frequently. Either way, the author does seem to be successful in achieving his goals - he leaves the reader more knowledgeable, with a clear idea on how to start monetizing ideas through licensing agreements.
Mr. Key has stated several times in his book that he has patented more than twenty of his ideas, making him an expert in the field. After a quick search, I have confirmed my assumptions. In contrast, there are inventors which have patented thousands of ideas. This leaves me with a simple question. Although the author introduces a new, innovative and intriguing approach to licensing ideas, is it really the best approach?
Overall, this book left a positive impression me. It has encouraged me to think more critically and approach the world with more curiosity. Thank you Mr. Stephen Key!
Stephen Key has made it his mission to pass on his philosophy and engrave it in your brain. This is a two-way sword since to achieve that, he does tend to repeat himself quite frequently. Either way, the author does seem to be successful in achieving his goals - he leaves the reader more knowledgeable, with a clear idea on how to start monetizing ideas through licensing agreements.
Mr. Key has stated several times in his book that he has patented more than twenty of his ideas, making him an expert in the field. After a quick search, I have confirmed my assumptions. In contrast, there are inventors which have patented thousands of ideas. This leaves me with a simple question. Although the author introduces a new, innovative and intriguing approach to licensing ideas, is it really the best approach?
Overall, this book left a positive impression me. It has encouraged me to think more critically and approach the world with more curiosity. Thank you Mr. Stephen Key!
Read
March 10, 2023Stage one - Conceptualisation
Tools to test if there’s potential buyers
Google ad, ebay
Get the maths right - make sure the price is 5times your cost at least and it’s an acceptable pricing for customer
Charge between 50-200 as it seems premium yet customer who could afford are less fussy
Learn to build a business plan
Free money - non equity crowd funding
Stage two - production
Set up supply chain
Amazing relationship with supplier
Reduce costs and improve efficiencies
Use manufacturer that produce similar product and using due diligence when evaluating
Investigate directly and thoroughly
Stage three -selling
Inventory level
Great customer service and speed are small businesses advantages
Free of charge marketing channel
Website, social media page, YouTube
Branding
Incentives of word of mouth marketing
Positive Cash flow
Reduce lag time between supplier (payables) and customers (receivable)?
Tools to test if there’s potential buyers
Google ad, ebay
Get the maths right - make sure the price is 5times your cost at least and it’s an acceptable pricing for customer
Charge between 50-200 as it seems premium yet customer who could afford are less fussy
Learn to build a business plan
Free money - non equity crowd funding
Stage two - production
Set up supply chain
Amazing relationship with supplier
Reduce costs and improve efficiencies
Use manufacturer that produce similar product and using due diligence when evaluating
Investigate directly and thoroughly
Stage three -selling
Inventory level
Great customer service and speed are small businesses advantages
Free of charge marketing channel
Website, social media page, YouTube
Branding
Incentives of word of mouth marketing
Positive Cash flow
Reduce lag time between supplier (payables) and customers (receivable)?
December 3, 2017
If you have an idea that you want to market and turn into a reality, I would highly recommend reading this book. Stephen Key does a fantastic job sharing his experiences with the readers along with educating them every step of the way.
I have dozens of ideas and never knew where and even how to begin. I thought filing for a patent was the only option I had for protecting my ideas. I soon found out I was wrong. I found myself at a dead end because I did not have the money to file for one. Stephen talks about the different options people have to secure their ideas. I followed the 10 steps and executed my pitch to a high-end brand. I wouldn't be where I am if it weren't for Stephen. He prepares every reader what to expect during the process and helps them each step of the way.
I would suggest looking at his coaching program, InventRight, you will learn a great deal.
I have dozens of ideas and never knew where and even how to begin. I thought filing for a patent was the only option I had for protecting my ideas. I soon found out I was wrong. I found myself at a dead end because I did not have the money to file for one. Stephen talks about the different options people have to secure their ideas. I followed the 10 steps and executed my pitch to a high-end brand. I wouldn't be where I am if it weren't for Stephen. He prepares every reader what to expect during the process and helps them each step of the way.
I would suggest looking at his coaching program, InventRight, you will learn a great deal.
August 27, 2023
The book's main topic and theme: 5⭐
The fact of writing a 250+ page book about it: 1⭐
This book should've been 20 pages. After reading 15 out of the 20 chapters (of the expanded edition), I couldn't bring myself to finish the book and should've stopped after the intro.
It was a challenge to continuously read paragraphs of self promotion over and over. I did learn a thing or two (about patents), but it was not worth it after all the time spent on it. Also, most of the book is anecdotal, the author gives advices on "his method" because things worked for him, nothing more.
I wouldn't recommend this book, if you're interested in licensing do a google search instead and save yourself painful hours of reading.
The fact of writing a 250+ page book about it: 1⭐
This book should've been 20 pages. After reading 15 out of the 20 chapters (of the expanded edition), I couldn't bring myself to finish the book and should've stopped after the intro.
It was a challenge to continuously read paragraphs of self promotion over and over. I did learn a thing or two (about patents), but it was not worth it after all the time spent on it. Also, most of the book is anecdotal, the author gives advices on "his method" because things worked for him, nothing more.
I wouldn't recommend this book, if you're interested in licensing do a google search instead and save yourself painful hours of reading.
August 25, 2020
Interesting. Thought-provoking. This book is full of little gems of advice on what to do and how and what not to waste your time/money/effort on. Highly recommended to any person who has ideas worth bringing to this world - and making some money from it.
One downside is, that this book expects you to be in the business of coming up with ideas and licensing them to the companies (that's what Stephen Key does). This would be a career change for many. So you'll just have to find what parts are relevant to you.
Another challenge for me and probably many other people not living in the USA is to find what can be used and how in your own country.
One downside is, that this book expects you to be in the business of coming up with ideas and licensing them to the companies (that's what Stephen Key does). This would be a career change for many. So you'll just have to find what parts are relevant to you.
Another challenge for me and probably many other people not living in the USA is to find what can be used and how in your own country.
June 15, 2022
Purchased in 2018, this is the my first book by Mr Stephen Key. Since then I bought 3 more books by Mr Stephen Key: "Sell Your Idea With or Without a Patent", "Become a Professional Inventor" and "License Ideas Using LinkedIn".
From page 1, one can tell the book is written by a man who has worked in Open Innovation himself.
To me, Mr Stephen Key is a a true expert who generously shares his first- hand experience and insights.
Mr Stephen Key's books are professional textbooks in my opinion.
I work with them on a daily basis.
Highly recommended to anyone interested in Open Innovation.
From page 1, one can tell the book is written by a man who has worked in Open Innovation himself.
To me, Mr Stephen Key is a a true expert who generously shares his first- hand experience and insights.
Mr Stephen Key's books are professional textbooks in my opinion.
I work with them on a daily basis.
Highly recommended to anyone interested in Open Innovation.
July 12, 2018
The first book I read about idea and then product development. It covers everything from finding idea, testing viability of idea, prototyping, approaching licensee for your idea, protecting your idea and so on. The book is very informative but assuming the reader is based in the US. If you are not in the US we need to do some extra researches. Some links in the books are not available anymore. But most book content is still relevant, even in 2018 setting.
February 2, 2019
Generate lots of ideas to get one good one. Slight or incremental changes translate most rapidly and most profitably to market. Find a midsize player in the market and show it how licensing your idea can make it number two or even number one. File a provisional patent application to give you patent pending status with huge expenditure of time or money. The very best people to pitch your idea to are product managers in the marketing department.
February 3, 2020
Was hoping to get more out of this book, hoped to relate it to technologies I might want to license coming out of my research but this book focuses on cheap consumer products. That being said there’s still useful information about doing your homework on market research, potential licensees, prioritizing provisional as opposed to full patents. Also emphasis on the importance of being first to market for any product.
February 21, 2018
Depite frenquently plugging the standard self-help line of "...live the life of your dreams if you follow these X# simple steps..." I found the content exactly what I wanted to hear: a detailed guide through the product development for licensing process. I'm getting started on my own ideas right now!
January 16, 2020
I should probably have been more critical and done my research before digging into this one.
Unless you're super interested in licensing, there isn't much for you in this one.
With no experience in licensing yet, its hard to assess whether the strategies work. It does indeed sound easy. Experience tells me that nothing is that easy, but I may be wrong.
Unless you're super interested in licensing, there isn't much for you in this one.
With no experience in licensing yet, its hard to assess whether the strategies work. It does indeed sound easy. Experience tells me that nothing is that easy, but I may be wrong.
May 9, 2024
Seems very rare to be able to license an idea. Would love to see a review of someone who had success with this. Was a long read, the 10 steps is at the end of the book. The contract talks was interesting. Guessing like anything is a game of numbers. If attempt thousands of ideas over decades and hit on 20 that pay you for a good life it works.
February 17, 2019
Got a great idea? Stephen Key’s book “One Simple Idea” on “inventors” using a $70 provisional patent filing, NDA, sales sheet and a few cold calls (brrr) is the key to making money licensing your ideas to manufacturers for 5-7% royalties. Great, if slightly dated, read.
November 16, 2021
Book that is easy to read and teaches to simple tactics that are very important in the licensing process.
Love that he makes you visualize the life you can live by bringing simple ideas to market.
It’s only good when the concept he teaches are executed.
Love that he makes you visualize the life you can live by bringing simple ideas to market.
It’s only good when the concept he teaches are executed.
December 19, 2022
Started reading but quickly moved to skimming as the content doesn't really apply to all businesses. Also to note a lot of his work is actually selling his ideas, which is misleading as you'd think he would just be inventing.
May 25, 2024
invest in this book if u are looking to get the most reward for your idea
Clear language and covers all the bases. Will reread. Covers the basic licensing tasks from protecting your idea, how to approach companies, what to include in an agreement
Clear language and covers all the bases. Will reread. Covers the basic licensing tasks from protecting your idea, how to approach companies, what to include in an agreement
June 10, 2017
For someone who has read practically every business book on patents, bringing your idea to market and inventing, this was probably the best book I have found on licensing your product.
August 20, 2017
Really good info - wish there were more real world examples, they get a little repetitive. But he has a good system.
Displaying 1 - 30 of 74 reviews