One Simple Idea: Turn Your Dreams into a Licensing Goldmine While Letting Others Do the Work - Deepstash

Bite-sized knowledge

to upgrade

your career

Ideas from books, articles & podcasts.

created 8 ideas

What to do with the ideas you have.

One Simple Idea: Turn Your Dreams into a Licensing Goldmine While Letting Others Do the Work

One Simple Idea: Turn Your Dreams into a Licensing Goldmine While Letting Others Do the Work

by Stephen Key

STASHED IN:

10.4K reads

The Three Key Takeaways

Here are 3 lessons from One Simple Idea:

  • Eliminate the competition by partnering with them.
  • Get your foot in the door of manufacturers with referrals from established buyers.
  • For new products, always make sure they appeal to a sub-audience.

When you come up with ideas that are incremental improvements, they have the benefit of being validated already. If people buy red umbrellas, chances are they’ll buy green ones too. However, it also means that there will already be plenty of others trying to sell differently colored umbrellas.

Renting out your ideas means that in the end, you’ll stand for the product’s quality with your name, so make sure you live up to it.

Whoever manufactures your product better be good. But the best suppliers already have a lot of business, so how can you get a class A producer as a newbie?

Appeal To The Sub-Audience

Chances are you won’t stop at renting out one idea, because if you can get it to work once, you’ll want more of it. But there’s one pitfall you have to avoid when coming up with more products that are similar to your previous one: changing the target audience.

People who buy map sets wa...

Tips For Licencing: Look For Ideas

You do not have to be Einstein to have a break through idea. If you have ever been shopping, then you can come up with ideas. The key here is to focus on thins that really annoy you. If they annoy you then maybe they annoy others. This is a starting point for a new idea. Think about problems and ...

The traditional licensing model works like this. Find an idea, build an expensive prototype, spend a small fortune for patent protection and hope it sells. This is why most people don't think of licensing as a viable career because the barriers APPEAR too big to bridge. Proving your idea before y...

Tips For Licencing: Protect Your Idea

Contrary to negative belief; most companies do NOT want to steal your idea. The traditional way to protect your idea was to submit for patents. This is a very expensive endeavor.

PPA: This is a provisional patent application and costs $110 to submit. This gives you Patent P...

Pitching Your Idea

If you decide to bring your idea to market then you need to be schooled in business. This means you need money, management, and accounting, production, sales and marketing. Then after you have all this, you need customers. All of this is hard.

Pitching your idea to the big guys is the way t...

16 Reactions

Comment

MORE LIKE THIS

created 13 ideas

A Marketing plan doesn’t need to be 20 pages long to grasp the main points of your business. 💡

1

Comment

214 reads

created 9 ideas

This book is a delightful blend of inspiration and advice that businesses can follow to create an actionable content business model. It describes a six-step model you can use to do your marketing long before you need it, without even having a product, or spending a lot of money, so your entrepreneurial venture will be a guaranteed success.

9

Comment

1.96K reads

It's time to

READ

LIKE

A PRO!

Jump-start your

reading habits

, gather your

knowledge

,

remember what you read

and stay ahead of the crowd!

Takes just 5 minutes a day.


TRY THE DEEPSTASH APP

+2M Installs

4.7 App Score