Rent Your Ideas! The Entrepreneur’s Alternative to the Burden of Investors, Overhead and Debt

‘Stephen Key is the Yoda of ‘renting’ ideas for serious passive income. From how-to to war stories, this is a great book’
-Tim Ferriss, author of the #1 New York Times bestseller The 4-Hour Work Week

There are a lot of costs and complexities when bringing a product to market and and many people get intimidated by that, even though they have great ideas. At a time like this borrowing money the government or banks is not easy and even more difficult from family and friends especially in these times. One Simple Idea  a Mcgraw-Hill publication, by Tim Ferriss show how Stephen Key accomplished dream by becoming the entrepreneur he always want to be and doing so by opening a business without a lot of risk, debt and overhead and explains how all can do the same.

What is needed is one idea and finding a company willing to market it for you and the ability of convince the consumer of the need for the product. This can be done by anyone explains Key, and he says that is the best part. The book has a ten step program on how to bring to market your product.

‘I don’t have a background in sales or marketing or engineering’, he says, ‘all I have are ideas. It doesn’t matter whether your idea is big or small. It doesn’t have to change the world. It doesn’t have to be the next best thing since sliced bread. And you don’t have to quit your day job to start creating and licensing ideas’.

The secret to making your ideas profitable, Key says, is to put your talent and your time where the market is: ‘Don’t be one of those nutty professor types who spends years and years and thousands upon thousands of dollars “inventing” something that can’t be manufactured or sold’, he says. ‘Don’t cling to an idea that isn’t working and that no company wants to license. Good ideas are those that sell- plain and simple’.

Key has successfully licensed more than 20 of his simple ideas which have generated billions of pounds in revenue. ‘My product ideas range from the simple to the silly to the life-saving’, he says. ‘I re-envisioned the plain grey guitar pick as a blank slate for new colours and designs—paisley patterns and skull shapes, to name but a few—as well as for marketing tie-ins, such as names of bands and artists. This simple insight upped a 25p purchase to a £1 purchase, and has sold 20 million picks. One of my most successful inventions is the Spinformation rotating label, which adds 75 percent more information to bottle labels and has sold more than 400 million units worldwide’.

The book covers how to:

Find winning ideas
Protect your idea without expensive patents
Create sales tools to bring your product to life
Find potential licensees and the right contacts there
Pitch your idea
Negotiate a win-win licensing agreement

Key says: ‘All you need to create the life of your dreams are the 10 simple steps for bringing ideas to market—and one simple idea. Then another simple idea. And another simple idea . . . You get the idea.’

Stephen Key has been inventing and licensing products for 30 years and has successfully licensed over 20 products in fields as diverse as the toy, beverage, athletic, music and drug industries. Collectively, his creations have sold more than half a billion units. His InventRight course www.inventright.com has taught ten thousand students around the world to do the same.

One Simple Idea by Stephen Key is published by McGraw-Hill, April 2011 and is availble to pre-order or buy using the banner link below.