Monday, October 7, 2013
How to make money from an idea, without the risk
You see where I am going here.
According to the WSJ of Sept 30, 2013 (you need to get it, I am just hitting the high spots), 43.5% of Americans saw a business opportunity last year, way up from previous years.
But only 55.9% of Americans, the same as in past years, think they are capable of launching a business.
The percent of Americans who didn't launch because they feared failure is way up, too.
Here's a secret: The next step after an idea is not necessarily launching a startup. Sssh--don't tell.
But--before doing anything--inventors should protect the idea, usually meaning get a patent.
You might also want to do a prototype. Or do a survey--who would want it?
Then see what companies have gone into products or ideas like yours.
You may wish to approach companies one at a time--some want exclusivity.
Or you might want to license--say it's an item that won't be replaced soon--you want part of every sale.
Or if it would help all mankind--maybe give your idea away.
I guess I already gave away drive-through kitty litter. And, of course, it would help mankind. Maybe I could make money naming it--come on, entrepreneurs, be a sport.
Let's see, Kitty Gurney...no...wait, give me a minute. Something with Toonces--the Cat Who Can Drive a Car.