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Invention Book Review: How to License Your Million Dollar Idea

Title: How to License Your Million Dollar Idea: Cash In On Your Inventions, New Product Ideas, Software, Web Business Ideas, And More

Author: Harvey Reese

Cost: $15.72 At Amazon

Book Review

This is the now third edition of what has become regarded as a venerable basic bible for many inventors, whether rightly or wrongly. The focus of How to License Your Million Dollar Idea is extremely broad and incorporates, in its title and its contents, both “inventions” in the traditional sense, whether consisting of tangible products or software such as smartphone apps, and the far more amorphous and intangible licensable ideas like new methods of doing business on the web.

That said, the author may have weakened the focus of a generally valuable book by trying to do too much in one book. The sections discussing the licensing of software, for instance, have a bit of a flavor of being simply slapped together and added at the last minute without any real depth. The topic is clearly worthy of more detailed treatment, and the reality is that the intellectual property issues involved there, by themselv es, are relatively complex, and almost necessitate a fuller treatment addressing some of the ways in which patent, copyright, trademark, and trade secret principles can overlap and interact.

There is increasingly, it seems to me, a real need for a book that focuses in on the sole topic of generating, protecting, and licensing new methods of doing business on the Internet. While the once rising star that was Groupon, for instance, may have become somewhat eclipsed recently, the story of how that concept was developed and how it so quickly became popularized has a host of lessons for the creative inventor lurking in it. Groupon was hardly the first such phenomenon, and the next Groupon, or Facebook, or… is undoubtedly out there, today not more than a glimmer in a person’s eye. This book hints at that amazing prospect, but does not really attempt to fully explore it.

How to License Your Million Dollar Idea has also been criticized by some for engaging in a bit too much promotion and marketing of the author’s own invention marketing services, but I think that any mature and worldly wise reader will be able to spot such statements and take them with a grain of salt.

The strength of the book is its description of the licensing process, drawn from the author’s own experiences and knowledge of the contemporary marketplace. It is less helpful when it comes to methods of generating ideas, although he does spend some time on it, and gives some concrete historical examples, but without a truly fleshed out analysis of the brainstorming process that led to the spark of invention. This may be less troubling for those of us who already have a head clogged full of innovations, who really need specific knowledge as to how to convert all that creativity into a marketable commodity.

How to License Your Million Dollar Idea is also relatively weak on concretely presenting steps to take to protect a licensable idea or concept. In summation, while there is much of value here, this may not necessarily be the best book to begin with if you are new to the subject area.

(Paperback and Kindle Editions are available of the book).

January 30, 2013
How To Invent Something
So I take it you are wanting to know how to invent something. So let’s cut to the chase.

In this article I’m going to give you some techniques that you can apply almost immediately in order to invent something new, original and potentially brilliant.

Follow the process below.

How To Invent Something Right Now

You are more likely to invent something in an area or topic that interests you than some random field or topic you haven’t given much thought to.

You are also more likely to be innovative around an expertise you already have, because you (often unknowingly) have in-depth knowledge that others don’t necessarily have.

So to start I want you to start off by getting an old-fashioned notepad and pen.

Step 1: What Inventive Areas Interest You

Got it (seriously you need to get it and do this right now). This is your canvas. Now write down 5 fields or areas that interest you. You can be quite general for the moment. Golf, football, cooking, anything that comes to mind.

Don’t whine that you have no interests; everyone has interests.

Write down the first 5 that pop into your mind.

Step 2: Choose The Best One

I want you to look over that list, and seize upon one of the keywords that gives you the most excitement. You should actually feel this excitement as you look at it.

If you don’t get an immediate rush, then rush over to the next keyword.

Choose one right now.

Step 3: Get More Specific

You are wanting to know how to invent something specific right? So you need to get more specific. You need to drill-down. Go to the next page on your notepad, and write down sub-topics that fall under the main topic you chose. So for example, say you chose ‘Golf’. Sub-topics might include ‘golf putters’, ‘golf balls’, ‘golf shirts’ and the like.

Write down as many as come to mind, there’s no limit, but try get down at least 10 sub-areas here.

Step 4: Choose The Best One (again)

Similar to Step 2, you should now choose one of the topics you wrote down that generates the most excitement.

You’ll be amazed at how some sub-areas of something you think you love are completely boring to you, and others generate interest and excitement.

So choose one that does for you.

Step 5: Draw On The Visuals

Ok now you’ve chosen the niche area, and I’m going to show you how to invent something in your chosen niche. It all starts by thinking visually. Your subconscious brain, the place where ideas and inventions flow from, is an incredibly visual system (think of your dreams).

So I want you to go back to your notepad, and start drawing. Drawing you say, aghast? Yes drawing (or sketching or doodling). There’s no one watching you, and no-one cares if you’re not Rembrandt.

Sketch out several pictures of your chosen topic. So if you’re chosen ‘potato peeling’, then sketch out what comes to mind for a potato peelers. If you’ve chosen ‘dog snacks’ then sketch out some of those.

Already you might start getting some invention ideas coming to mind. But don’t worry if you don’t, they should come soon enough.

Got those sketches handy?

Step 6: Improve Upon It

This is really the crux of the entire how to invent something process. How can you improve upon what you have just sketched?

Ask yourself the following questions (and try and answer them). Do this slowly and carefully. This is the part where you are most likely to learn how invent something from your chosen niche.
1. What little thing can I tweak?
2. What is superflous to the design?
3. What can I add to this that will make it more efficient?
4. What are the problems with this ‘thing’? What slows it down, what hinders the process, what is essential to it?
5. What part of this can become a spin-off to another product?
6. What other, completely new uses can I make for this product? What is the craziest (and funniest) way to use this product?
7. If I was teaching someone else how to invent something new relating to this, what would it be?
If you go through these thoroughly, ask yourself these questions and ponder them deeply, something inventive should come of the process.

Conclusion

I hope you have learnt how to invent something new from the process above. Repeat it as often and as much as you like. You’re likely to get better and more creative each time.
January 29, 2013
Invention Book Review: One Simple Idea by Stephen Key

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

The author, Stephen Key, offers a very direct and simple guide to how to license an idea without going through the entirety of the often complex and expensive traditional patenting process, while still attempting to obtain some level of protection for your concept against poachers and interlopers. He relies on his own substantial track record of successfully licensing over 20 different products over three decades and successfully getting a good number of them sold by major retailers and obtaining celebrity endorsements.

Part of the method he describes in One Simple Idea ($13.73 at Amazon) involves filing for what is known as a provisional patent, at a total cost of only $110. He takes you step by step through the process, and makes it clear th at if you are at all competent and literate, this is something you can do on your own, without incurring gigantic legal bills.

One Simple Idea is filled with real life “war” stories from his own experience, which will rapidly inspire many to develop further the new ideas already percolating in the back of their heads. He makes it clear that a licensable idea does not have to be one that turns the technological world upside down, but often can merely be one that adds valuable new features, uses or capabilities to existing products.

Stephen Key also emphasizes the realistic perspective that, unless you are very lucky or have come up with that incredible once in a lifetime concept, you need to try to develop several or even many innovative ideas to finally develop a few that are readily licensable and that will generate substantial licensing income.

He focuses on the characteristics that make an idea marketable and valuable and presents a few methods of cre ative thinking to try to come up with such ideas without the need for an engineering degree or a major machinist’s workshop.

One Simple Idea is a well rounded book with sections on how to promote and pitch your idea once you have developed it and obtained some measure of intellectual property protection for it. Stephen Key even goes into what kinds of provisions to include in your licensing agreements and a number of common pitfalls to avoid. The book is clearly one for beginners, but that’s a good thing, as we were all beginners once. What he does not do is talk down to you or makes the contrary mistake of thinking that some things simply need no explanation, an error all too many such introductory books on the subject make.

The book contains a valuable appendix listing some readily available resources which ultimately can be a tremendous time saver. The overall length of 256 pages winds up seeming just about right, as the author does not pad it out with empty fluff, instead getting right down to the heart of the matter with an economical writing style that is easy to glide through.

One Simple Idea is available at Amazon in both a Hardcover and Kindle Edition.

January 25, 2013
How To Make An Invention
The Basic First Step after the Great Idea

You have the great idea. It may not change the entire world (although it might) but it will definitely change your world by bringing something into the world that wasn’t there before, or that truly is the better mousetrap.

Either way there is something that has to happen immediately after the great idea for most of us to do anything with it.

How To Make An Invention, otherwise known as prototyping, is about getting the idea out of your head onto a sketchbook and physical object.

How To Make An Invention Prototype

Once an individual comes up with the great idea, the next step is to make a working prototype. Often people have great ideas that might work or would sort of work but they do not turn them into anything concrete to make sure they do work. After you get something that works, then you can figure out if it is worth using. You can figure out the costs, the benefits, what types of materials could make it stronger, better, and more effective. You can streamline and improve upon something that works. Until you have something that works you cannot work with it.

Why do you have to have a prototype again?

The prototype is the first stage of invention design. In summary:
1. To show that your great idea works
2. To have something to protect, whether it is a design or a completely new invention
3. To have something to market and sell.
How To Get To A Prototype?

Once you have the great idea there are a lot of different ways to get the first run prototype.

Make An Invention Yourself

You can learn how to make an invention yourself both physically or digitally.

Build It Physically

A lot of people, including many who are not mechanically inclined, find a way to make their own prototype in their garage with some simple or not so simple tools. This is usually a more economical way to go about the invention design process.

Build It Digitally

Did you know that there is a lot of excellent inventor software available that allows you to digitally build and construct your prototype.

Leverage the Community

Local schools and businesses can be great sources for resources, information and skills that can enable you to build your invention design prototype, and some of these people the local community college may have some students looking to build something as a school project, or the local college with an advanced engineering program or art program may have some students too. For the computer savvy there are 3-D printing options that you can work with to develop highly precise parts. There are businesses that may let you leverage some of their staff like auto shops. Confidentiality agreements should be part of the process to protect your idea. This can also be very economical because you can leverage the experience of people who have knowledge you do not without paying them a lot.

Hire Professional Prototype Builders

This can be a lot more expensive than other routes. On the other hand if the idea is fully formed there can be benefits as well. Often these businesses have marketing and other types of business ties to plug into that you may not have yourself. And they may know more about getting a prototype made than you do. Just keep an eye on the costs.

Ultimately there are a variety of ways to get your invention design made. Just get it made so you can get onto the great part, which is selling your new invention.
January 18, 2013
The Einstein Factor Review

I have probably read hundreds of invention books over the years, and I still come back to The Einstein Factor on a regular basis for its directness, ease of application, fun and originality.

The Einstein Factor is all about implementing simple, yet astonishingly effective, creativity techniques to come up with highly original ideas and inventions. The most important of all is what Win Wenger, a renowned educator and innovator in his own right, called the Image Streaming method.

Image Streaming is essentially about tapping into your subconscious mind’s innate stream of consciousness that you have intentionally learnt to block out over the years, such that you are consistently overwhelmed with images, colors, ideas, memories and so forth. It is almost like going into a dreaming state, except that you are fully awake and describing your experiences in real time to a person or an audio recorder. Once you gain practice at Image Streaming, essentially practice at unblocking your mental filters, it can be overwhelming and revealing to tap into that unlimited font of originality and innovation that is your subconscious mind. For an inventor looking to expand their inventive creativity, Image Streaming is a powerful tool.

Win Wenger provides easy to follow instructions on how to get into the Image Streaming mindset and how to get through any stumbling blocks created through years of suppressing our streams of consciousness.

Once you become adept at general Image Streaming (which doesn’t take long for most people), you can then use some of the more advanced techniques to direct it at any particular direction you choose. In my case, as in yours, it will most likely be coming up with new inventions and invention ideas.

The more advanced techniques offered in The Einstein Factor include ‘Beachheading’, a way to transport yourself to a parallel universe filled with inventions for you to bring back home to earth, and ‘Borrowed Genius’, a way for you to mould yourself into Einstein or any genius of your choice and see the world through an inventor’s eyes. It also offers you with the opportunity to develop your own toolbox to find ways, that most suit your psychology and needs, to invent and become an inventor in the true sense of the word.

I’ve used the techniques from this book for over a decade, and am always amazed by the inventions and innovations it produces. Moreover, it provides me the ability to think originally about the world, to think visually, and to have some fun while being creative.

January 17, 2013