Make it big - how to make money from your million dollar idea
Make it Big. How to make money from your million-dollar idea by Alicia Beverley, Published by Allen & Unwin, RRP $35.00
Fifteen inventors share their secrets from the “eureka” moment, when a great idea is born but the real work is just beginning, to finding success against all odds. The foreword suggests, “inventions are newborn babies and Make it Big will become the inventor’s handbook which bridges the gap from inspiration to commercial acceptance”.
It does this in five sections – Be a successful inventor; Turn your idea into a winner; Protect your product idea; Get more money to commmercialise your idea; and Licensing versus self-manufacturing your idea.
Alicia Beverley began inventing in the early 1990s and draws on her own experiences. She describes the five top attributes shared by successful inventors as the ability to persevere; pace yourself and your money; conduct comprehensive research and development; network and create a circle of advisers; believe in yourself and your product but don’t be afraid to walk away.
Why do some inventions make it and others not? The fledging inventor is offered a plethora of practical advice including a checklist of top 10 attributes of successful inventions.
Paul Willet, an engineer who revolutionised the baking industry with two labour-saving devices, provides a 15 point “torture list” which every idea withstands before being taken further.
Warren Wilson, the creator of Better Blocks (a competitor to Lego), endorses the need to be positive and persistent to succeed in inventing, citing his own progress as an example.
The author stresses the importance of research and development; she suggests making use of the internet, reading trade magazines, checking out the competition and constructing a consumer profile of the likely user of your product. Success is said to depend on commitment of time and effort.
This means a minimum commitment of a least ten hours a week while to progress financially she recommends an initial investment of $2000, though probably $5000 is essential. Depending on the product and circumstances, however, the amount could be $100,000 plus.
Make it Big provides inventors with direction for bringing the product to market and offers advice on when to do it on the cheap and when to bring in the experts.
The organisations the reader is directed to are Australian based, but a list of top websites has a mix of Australian and International sites.
The publication provides clear general guidelines which can also be followed by New Zealand inventors.
© 2008 L Donald
all rights reserved
Appeared in The National Business Review