- "Stephen Key offers actionable advice to entrepreneurs on how to transform their conceptual ideas into tangible products that can be licensed. He advocates for building companies that rely on external manufacturers to produce, market, sell, and distribute these products. This approach involves converting abstract concepts into licensed products, making them feasible and marketable."
Creating the Life of Your Dreams – Turn Your Ideas into Marketable Ideas
Instead of working for a company, think about your entrepreneurial enterprise giving you time, money, energy, and freedom to enjoy the work of your choice and live the life of your dreams. The gap between you and your life of dreams is your ability to convert your ideas into salable ideas. A well-thought-out idea can set us free from a stressful life depending on a job hanging under the sword of an employer. The wonderful age of the internet has multiplied the chances of transforming your idea into a reality that can give you the life of your dreams.
Age Of Open Innovation – Licensing Goldmine
The author has taught people to license their ideas for many years. He teaches about licensing your ideas in the age of social media. New tools were never easy when you could sidestep the cumbersome prototypes and charter processes. The age of the internet has revolutionized the world of sales since global corporations. Small businesses no longer have to fight for shelf space that needs time and money. It has opened new horizons of opportunities for creative people.
CEO or CIO – Which Hat Fits You Better?
An idea is just an idea unless it is in the real world generating revenue for the manufacturers and who can sell it in the marketplace. There are two ways of selling your idea, one is doing it yourself, and the other is hiring a company for this task. The CEO’s job is to create or expand an existing company for marketing and distributing the product (Chief Executive Officer). If you are the innovation director of your ideas and responsible for creating them, you are the CIO(Chief Innovation Officer).
Exploring your Big Idea
If you have wondered if the products could have been made better with innovation by making a small change with a big impact, or you have thought about some product for your specific need. It means you have the potential to create ideas hiding from plain sight. However, manufacturing, marketing, and selling a product is more difficult and cumbersome than licensing a product idea.
Finding a Marketable Idea for a New Product
Backward innovation is the graveyard of ideas that were never chartered. Without creating a new market for your ideas first, creating an idea for a new market would never work. Developing an idea without qualifying and identifying the market is a sure recipe for failure. So, study the market before.
Creativity in a Product Idea is the Key
Creativity will go a long way in finding new ideas by looking at different things with a fresh perspective. It will help you come up with an idea and develop it into a marketable new product. One can easily do it by finding inexpensive, fast, and easy ways to prototype them. The scope of entrepreneurs has increased sixfold because companies depend on their ideas owing to the financial burdens of r&d.
Substantiate and Prove Your Idea
Before chartering your idea and introducing it to the market, proper homework of research on its financial viability must be done. In other words, you must be able to demonstrate your idea to a potential buyer of your concept by explaining its practicability.
Will it Sell? Is it Doable? Should you Prototype or not?
You must be able to answer these questions before introducing your product to the market. For example, who are the potential buyers, why would people buy it, and where will they buy it? Can you distribute it through existing channels? And other similar questions concerning viability practicability before prototyping and introducing a product into the market?
Protect Your Idea
Before renting out your creations, ensure they are protected through extra safeguards other than simple patenting. Simple patenting is inadequate and risks your intellectual property.
Smart Ways to protect your idea by controlling each step of the process
Because ideas change over time, and their final form may differ from their initial ones. Therefore, gathering relevant information about patent law is important before formally filing a patent. Key suggests provisional patent applications to this end. They give you more room for control and flexibility to keep up with a changed form of your final idea. Showing your idea only to the attorney or the people you trust and making it mandatory to sign a confidentiality agreement is highly advised. Rather than publicizing your great ideas, you should find the right potential licensees only.
Advertise Your Idea
Once you have come up with a big idea with market potential and target audience, have filed a provisional patent, and an agreement is reached with the licensee. Next, it is time to publicize and pitch your idea by presenting its viability through visual representation. Finally, it is time to find a licensee who will bring your idea to market.
Build Selling Tools that Create an Advantage
Potential buyers of your idea are interested in knowing the advantages of your idea. So you must be able to showcase the benefits of your idea by using tools to show the advantages of products that consumers like and find irresistible. It would be best if you offered advantages through attractive presentations that show the edges of your idea by assigning some numerical values compared with other products.
Synopsis; Submit Your Idea to a Potential Licensee
After creating a unique idea with marketable properties and protecting your intellectual property, the step ahead is knocking on the right doors. The last step is where many people choke. You have to get out of the fear of knocking doors of big companies. The litmus test of the success of your idea is the answer to a simple question, “does it solve a problem?”. Finding the right doors means identifying markets that can buy your idea and then finding the potential good manufacturers interested in your ideas. When big firms are interested in an idea by an independent developer, they’ll outrightly show their willingness to purchase it.