One Simple Idea: Turn Your Dreams into a Licensing Goldmine
|Written by Gene Quinn
Patent Attorney & Founder of IPWatchdog
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Posted: Jun 10, 2011 @ 9:53 am
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Recently I received a copy of the book “One Simple Idea,” written by Stephen Key of Invent Right. Key is an inventor coach and through Invent Right offers a home study program for inventors, which includes personal coaching, DVD lectures, a year of online training and more. His stories as a successful inventor himself, as well as the stories of his students and those who he consults with, form the basis of the lessons in One Simple Idea. I don’t recommend all that many books, although I am asked to review many. Without hesitation I recommend Key’s book and think it should be required reading for any motivated inventor.
Aside from strongly recommending One Simple Idea I have been struggling with how to do a book review. After all, I am a patent attorney and not a literary critic. But there is so much to like about the book and so much that I think Key nails as dead on accurate. Rather than quote pieces of chapter after chapter, page after page or line after line, I thought it might be a good idea to pick up the phone and chat with Key about the book, his approach to counseling inventors and what he has learned over the years. If there is one thing I love it is a great conversation about patents and inventing!
When I started my conversation with Stephen Key I observed that his book is full of great stories to drive home numerous excellent points and is full of action items. It has always been my belief that inventors are not unsophisticated people, but they are unsophisticated many times when it comes to inventing, particular newbie inventors. So I started by asking Key how he was able to write such an understandable and approachable book on a topic that mystifies so many people.
Key explained: “The way I have been educating inventors and entrepreneurs over the years is by telling stories. I wanted to give the reader a process. This is what you need to do to get your ideas and inventions in front of people. It is really 10 steps.”
As our discussion continued it became apparent that the reason Key’s book is rather unique is because that was the goal. “What was lacking in the market was a step by step guide,” Key explained. “I didn’t want to go over information that could be obtained elsewhere.” And while he does include a chapter on protecting your ideas and inventions, which discusses the patent process, this is not a patent process book in the sense that many other books are. While I probably wouldn’t explain the patent process quite the same way as Key, I identified no inaccuracies, which is saying a lot. With these types of books so frequently the patent stuff, which can be rather mystifying in and of itself, is all wrong. Key didn’t make any mistakes, was fair and accurate and took a cost-benefit approach to recommending patent protection.
In fact, as our discussion turned to patents he explained that he is not anti-patent at all. “I make a good living because of patents,” Key explained. “I have been in federal court suing over patents, so I am the biggest supporter of the USPTO that you will ever find. My question is when do you use those tools?” That in and of itself is excellent advice. I always advise my clients that a patent is a tool, a business asset, and time needs to be spent to define what it is that is hoped to be achieved in order to make the decision of when and how to pursue patent rights.
There is no doubt, however, that Key has what many would call a unique perception of what patent rights provide. But to hearing him talk about patent rights from a purely business context hit home; a true kindred spirit.
“Patents are perceived ownership because you really don’t ever own anything. Patents are just words. When you are in federal court you are going to argue about words and everything can be designed around. So you don’t need a patent, you need perceived ownership. that is why companies are going to pay me, because today it is speed to market and who owns the shelf space. They are your partner. They have everything that you are lacking.”
I could, and will, quibble about the “you don’t need a patent” line, but what Key is saying is perfectly accurate. He has been involved in litigation over his patent portfolio, which is 13 patents strong. In litigation he knows that the district court judge will construe the meaning of the claim terms and until then you really only have an idea about what the claims mean vis-a-vis the allegedly infringing product. He also knows that what gets deals done are good inventions and the belief that good rights have been or will be obtained. Without trying to put words in his mouth, based on the totality of our conversation I think it is probably more accurate to read the “you don’t need a patent” line as more of a caution about getting any old patent. You just don’t need a patent, you need to have ownership (or prospective ownership) over something that is deemed valuable enough to license.
Then Key rattled off a handful of patent thoughts that are too good not to provide:
- “You can cut two different deals, one if you get a patent and one if the patent doesn’t issue.”
- “I like that the patent system is slow. You never know what I have.”
- “I love continuations. I love hiding my hand.”
- “I know if I have a big idea I am going to need a wall of patents.”
Indeed, continuations are your best friend. If you get to the end of the patent process and you have some claims that are allowed you can peel those off and allow a patent to issue and then file a continuation to go back for more claims. If you filed a thorough, complete and broad application to start you can keep doing this over and over. A series of continuations isn’t right for everyone, but if you are making serious money on your invention you will likely be well served by continuing to seek ever broader patent protection.
As far as the patent system being slow, sometimes that can be an advantage in certain industries. In the areas where I do most of my work — software and Internet technologies — the patent process is woefully slow and needs to be much faster. It is, however, very true that many times deals get done because there is uncertainty involved. Litigations settle when both parties fear they could lose, and business deals get done when both parties have fear; perhaps one fearing no patent will issue and the other fearing a strong patent with broad claims will issue. So it is not crazy to hear someone praise a slower patent system, although that is not right for everyone.
Inevitably, given the tough economic times of the day, our conversation turned to the economy. Key is bullish. “You can look throughout history and when times are tough that is when some of the greatest innovations come forward,” Key explained. “When I really needed to make a buck was when I was the most creative. There is something about having your back up against the wall that makes you creative.”
But don’t quit your day job as you pursue a career in inventing! When I saw that in Key’s book (it appears early on) I knew the book was a winner. I can’t think of any better advice to provide, and it came with the familiar stories to make the lesson real. In our conversation Key said: “Like anything else you need to test the waters. You never want to put yourself in a situation where you are desperate. Inventing is something you can do while you are working.” So for goodness sake, have enough success under your belt that you have turned inventing into complete replacement income before ever making the decision to quit your day job.
So what makes One Simple Idea different? Key says: “What really makes a difference in the book is that I have been using this process myself for years. I have many students around the world who use these steps and it works. These are normal everyday people who see problems, who want to be creative.”
“I consider myself a no risk entrepreneur. I hate risk. When I go to Vegas I don’t gamble, but my business is the biggest gamble on the planet. I have reduced the risk, playing the odds, by having a lot of ideas, in a lot of industries. I increase my chances, and that is what the book does — help you increase your chances. Don’t chase your dream, but try. The last thing I want to do is sell a dream. My program and my book is about ‘you can do it.'”
“If you are looking at this to be the lottery you need to do something else. You should really love it. Be a professional. Invest in yourself through education.”
So what are you waiting for? As our conversation ended Key gave one final piece of advice: “Get off the couch and get in the game.” Amen to that. As you are contemplating getting into the game I strongly recommend One Simple Idea: Turn Your Dreams into a Licensing Goldmine While Letting Other Do the Work. The list price is $22, but sells on Amazon.com for less than $15. You will definitely get well more than $15 worth of information from this book, making is a must have for any inventor.
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About the Author
Gene Quinn is a US Patent Attorney, law professor and the founder of IPWatchdog.com. He is also a principal lecturer in the top patent bar review course in the nation, which helps aspiring patent attorneys and patent agents prepare themselves to pass the patent bar exam. Gene started the widely popular intellectual property website IPWatchdog.com in 1999, and since that time the site has had many millions of unique visitors. Gene has been quoted in the Wall Street Journal, the New York Times, the LA Times, USA Today, CNN Money, NPR and various other newspapers and magazines worldwide. He represents individuals, small businesses and start-up corporations. As an electrical engineer with a computer engineering focus his specialty is electronic and computer devices, Internet applications, software and business methods.