One Simple Idea, Revised and Expanded Edition: Turn Your Dreams into a Licensing Goldmine While Letting Others Do the Work, 2nd Edition

Create Sales Tools That Sell Benefits

THE BIGGEST myth about licensing is that you need to prototype and patent your idea in order to submit it to a potential licensee. While that might be the case with some big ideas, it is definitely not the case with most ideas. As I’ve said before, you don’t need an expensive prototype that looks like and works like a finished product to get a potential licensee to say yes to a simple idea. An inexpensive visual representation of your idea will do just fine (see Chapter 9). You also don’t need to spend $10,000 to $20,000 and wait three to four years for a patent to issue. You can protect your idea immediately ...