you might be a part-time, low-risk inventor and still have a shot at a million-dollar payday.
Develop Inexpensive inventions
Some inventions take millions to develop.
Even inventing body-shaping underwear can be expensive: Sara Blakelyinvested her life savings in Spanx.
I never tried to sell the idea, but it cost me just $3 to create the vest.
How many $3 inventions can you afford to gamble on, versus $30,000 inventions?
Gary Dahls pet rock was a stone sold in a plain-looking box on a bed of hay.
Who couldnt afford to make that prototype?
Its estimated that thepet rock made $15 millionin profit for Dahl in just the first six months.
Probably not as good as youd like.
It always seems like an uphill battle to build (and keep) a decent amount in savings.
But what if your car breaks down, or you have a sudden medical bill?
Those might be viable options, but they have their own risks, like losing friends.
Fortunately, we now havecrowdfunding.
All through the process, other site users comment and vote on the ideas.
You have to be a member to submit ideas, but membership is free.
How much potential is there in this new business model?
Doege suggest using an agent, who will typically take 50% of what you make.
(Like this idea?
Click to tweet it!)
Bootstrap Your Way
Bootstrapping refers to using what you have and building from there.
That fee would buy me patent pending status that protects my idea for a year.
Obviously this bootstrap process works best if you start with something that costs very little to manufacture.
Maybe its time to start working toward that million-dollar idea.
Your Turn: Have you invented anything and taken it beyond notes and diagrams on paper?
Do you want to?
(Can you sense my millennial sarcasm there?)
You know which ones were talking about: rent, utilities, cell phone bill, insurance, groceries…
