Stephen Key lives the life that many of my readers dream of: he develops ideas for new products, licenses them out, collects royalty checks, and doesn’t look back.
In his new book One Simple Idea, he explains how you can do it too. 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. I know I was. 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.