Want to take on a challenging and risky business venture? Great, become an inventor! Typically, less than 3% of all patent holders every profit from their inventions. Inventors who choose to launch their own business venture around their product will immediately face the following: High up front expenses: patent prosecution; product development, manufacturing and production Profits, if… Continue reading Inventing Success: Situations and Solutions – Moving Forward, Part I
Many promising inventions fail to achieve success in the marketplace. Why? There are many reasons. In today’s blog, I want to discuss three key pitfalls that can and must be avoided for an inventor to achieve success with his or her product. Below are three common pitfalls, more specifically, thought processes that must be avoided: I… Continue reading Inventing Basics: Three Key Pitfalls You Must Avoid to Succeed
In the previous post I stated: The PedEgg product has earned over $450 in revenues since 2007. It is just one of many DRTV product successes. Below is how the sentence should have been stated: The PedEgg product has earned over $450 million in revenues since 2007. It is just one of many DRTV product successes. Oh well, sorry… Continue reading DRTV Basics Part 2: Testing
Internet-enabled gadgets from laptop computers, to tablets, smart phones and now smart watches give us instantaneous and continual access to news, sports, and content of every ilk imaginable. Who needs TV any more? TV as we know it is dead, right? Wrong! According to A.C. Nielsen, the average American watches about 5 hours per day of television.… Continue reading Your Invention on TV: DRTV Basics
Picture Thomas Edison, toiling away in the late evening hours trying one after another type of filament in his new invention to turn electricity not into heat, but into light. He just tried another filament that looked promising, but it burned in two and produced no light. Another failure. The inventor is classically portrayed as a… Continue reading Inventing: It Takes a Team
In every workplace on the planet, water-cooler conversations (are there still “water coolers?”) often revolve around the blame game: what went wrong and who’s going to get the blame? Quite often the person blamed wasn’t at fault or even involved, but he or she had the misfortune of being a convenient target. Unfortunately, the blame game… Continue reading A & R: What it is and Why it Matters to Your Business
[et_pb_section bb_built=”1″][et_pb_row][et_pb_column type=”4_4″][et_pb_text] Entrepreneurs must be prepared to take risks, sometimes spectacular risks. Billionaire technology mogul, Elon Musk, famously accrued $165 million from the sale of his share of PayPal to eBay. He then invested virtually all of it into three speculative ventures: Solar City, SpaceX, and Tesla Motors. The latter two required much more… Continue reading Near Zero: Tragic or Magic?