by Sam Radocchia, Co-Founder at Chronicled // Blockchain // Forbes 30 Under 30
In a growing company, juggling side projects and a full-time job is often frowned upon.
Everyone is supposed to be focused on one goal and one goal only — building the company. Any work that appears to sway from that overarching goal is viewed in a negative light.
But side projects don’t actually have to steal focus away from the company’s main objective. They can be useful as an outlet for creative energy, as a way to develop employees, and even as a tool to bring in new clients.
It all depends on how you treat these projects. If they’re looked down upon and discouraged, you won’t see any of the benefits.
If leadership embraces the idea of passion projects and offshoots, some spectacular things can happen.
Think of it like a daily walk. It’s comfortable to take the same route every day because you see the same stores, the same people. There may be minor deviations, but usually you know what to expect.
But if you want to see something new, you have to take different streets.
The original path may be trustworthy and dependable, but it won’t ever take you out of your comfort zone or help you see things in a new light. It’s only when you change your route that you run into new people, hear new voices, find new restaurants.
That’s what your side projects are — little side streets that can lead you to new ideas.
Here’s why they’re so important:
I’m not advocating you split your attention between multiple time-consuming ventures. Honestly, 90% of your time should be focused on your core business and its requirements.
But sometimes, in order to get where you want to go, you have to take an approach that isn’t totally linear.
Our team at Chronicled established a company as a passion project called the Blockchain Art Collective (BAC), which is separate from the work we do with supply chains. Recently, we were helping an organization register art and antiquities through the BAC.
And now, that party has expressed interest in using our supply chain capacities to track pharmaceutical drugs — one of our core company solutions.
So what started as a side company ended up bringing our organization business. It wasn’t the most direct route, but it did open up an opportunity we might not have had otherwise.
Passion projects are often about giving people the time, permission, and resources to do something a little different.
These opportunities can be significant, say a sabbatical after several years of hard work. Or they can be smaller, more frequent breaks for people to pursue their interests.
Allowing employees to invest just 5% of their time at work into related projects can lead to major growth and new discoveries. In fact, it can help attract the younger generation of workers since 78% of Millennials believe being involved in side projectsis beneficial to their careers.
And outside projects give employees some leeway to work outside the strict confines of their normal day-to-day workload.
That outlet can be key to retaining employees for the long run. High turnover rates are costly, not just financially, but in terms of the human capital you lose and the negative impact it can have on morale.
Giving your team an outlet — even one that’s tangentially related to the work they’re doing — is a good way to foster individual growth and keep people from burning out.
Many people are actually more productive when they have a lot going on.
When they know they need to get several things done in a day, they work harder to meet those deadlines.
I started my first company while I was still getting my Masters. Looking back, it’s hard to believe I was doing all that at once. But that’s how I’ve always been. Even in college I gravitated toward interdisciplinary studies — combining what I learned in my logic or astronomy classes with what I was writing about in my English or anthropology classes.
I never felt like my company and my schoolwork were at odds. I never felt like any one of my classes pulled my attention away from the others.
Instead, I felt like they were compounding and creating new perspectives, thought processes, and ideas.
Side projects at a company don’t have to compete with the main goals. Ideally, team members will apply what they learn from those projects to their work — leading to new ideas, new opportunities, and a more flexible and innovative company
Originally published at medium.com
Determining whether your invention will be successful or not is an integral part of being an entrepreneur. Here are three reasons inventors are outsourcing the review process to increase efficiency.
When entrepreneurs and companies invent new products or technologies, they are understandably reticent to share their ideas with outsiders. After all, the business landscape is cut throat. They do not want to risk giving away their competitive edge. Still, most entrepreneurs are aware they need some feedback to ensure that their ideas are viable. They may form an internal review team to analyze their prototypes and conduct a market analysis.
While this choice may seem logical, internal invention reviews can be a waste of time and money. External reviews are a smarter choice. For instance, consider independent taste testers, who food companies outsource sensory testing of their products to in order to capture a broad and objective range of preferences. Beware of in-house reviewers, who are often incapable of delivering the objective analysis and insights you need to make sure your product does not fail.
We will come back to the point about internal reviews inherently being nonobjective. There are additional reasons to outsource the invention review process. For starters, internal reviews can require significant time and money. Since the team members tasked with the review are employees, they may have to balance this assignment with their other responsibilities.
Generally speaking, internal reviews can take up to 30 hours at minimum, although they can take up to 30 days at larger companies. If you are paying employees over $75,000 per year (and, in the case of an attorney, far more) and you assign several people to the task, you are looking at thousands of hours and potentially hundreds of thousands of dollars to conduct your internal reviews, when they could be working on developing the top ideas and technologies instead. Be aware of where you’re spening money, as very little of your review expenses should be on the front end.
In addition, internal reviewers are not necessarily trained to conduct these types of analyses. A quality product study includes thorough research into your market, competitors and patent prospects. Someone who is not trained to vet ideas for commercial potential will not be able to generate the level of insights and recommendations you need to screen a technology. By comparison, external teams specialize in product analyses.
Privacy can be a concern when inviting outsiders to review your ideas. However, a non-disclosure agreement or confidentiality clause can prohibit external reviewers from revealing any sensitive and proprietary information. There are both legal and business incentives to adhere to these guidelines as the reviewers want to build a reputable business and are not in the business of stealing ideas for themselves. If the right safeguards are in place, you can trust that the review process will not expose your business’s important competitive information.
Here are three ways in which an outside review is more advantageous than an internal report.
Unlike your team members, review agencies focus solely on compiling invention reports. They can turn around an analysis much faster than your internal staff, and it will include a SWOT analysis, competitive research and intellectual property (IP) research – all the information you need to decide whether to move forward.
While some consultants charge high rates, many third-party vendors offer fast and affordable services. Instead of paying salaried employees to produce a lackluster review, you can secure a top-quality analysis at a fraction of the cost, freeing up your employees to concentrate on the development of your best ideas and IP assets.
I promised we would come back to this and saved it for last because I cannot stress it enough. When it comes to evaluating your commercial prospects, objectivity is everything. You need input from professionals who have no stake in the product’s performance. A third-party team is solely concerned with getting you informed answers and giving them to you with no pretense. Their jobs and egos do not depend on your product’s success. Those are the people you want reviewing your invention because then you will have solid feedback and perhaps fresh insight into whether your idea can be successful.
The worst thing you can do for your company is go to market blindly or with misinformation. Sourcing high-quality evaluations from professional invention reviewers will provide you with the necessary knowledge to help your company succeed. Whatever the reports contain, it will give you the knowledge to make informed decisions and develop ideas the world really needs and wants.
by Dan Dowling Contributor Entrepreneur Magazine
I was horsing around with my dog the other day — I promise this is an article on entrepreneurship — when something extraordinary happened.
We’d been playing tug-of-war with her red doggie blanket when, after 10 minutes of tugging, I finally managed to wrench the festering rag from her clenched, bulldog jowls. I flashed the blanket about like a torero, bowed, then I flipped it behind me and hid it on the small of my back.
Sugar searched frantically for a minute while I sniggered and snarked. Finally, my inner villain satisfied, I dropped her prize in plain view at my feet. Here’s where it gets weird.
“Here’s your blanket, Shoog!” She looked at me vaguely, and again went searching for the missing blanket that was no longer technically missing.
“Sugar, come!” She bounded on the couch and traipsed behind me, actually walking over her blanket at that point, and continued ransacking the living room. That’s when it hit me:
This dog fully believes the blanket has disappeared and that she’ll never see it again. So even though she technically sees the red blanket, the visual (and even tactile) information does her no good. The blanket does not exist.
Bewildered, I picked up the dog rag and gave it a casual flick — “Looking for this?” Sugar’s ears popped up, her pupils dilated, then she dashed at me, mouth a’foaming, for the prize that she had literally stepped on 20 seconds earlier. Because it existed again.
If you are convinced that something is unattainable, you will be unable to reach it no matter how hard you work. This thing could be waved about you, you could stumble over it, you could wake up next to it without ever realizing it is there because you will still be blind to it. Just like poor Sugar.
So, to all you entrepreneurs out there hustling and grinding every day, it’s time to up your mental game.
Tony Robbins says that taking more action without belief isn’t going to change anything. You need to actually believe the time you spend working is moving you toward your inevitable success, otherwise you’ll find yourself an entrepreneurial Sisyphus, perpetually pushing your boulder up the hill with no results. Because that’s your belief, your negative results will continue reinforcing the negative belief until you change the (freakin’) belief.
You have complete control over this self-fulfilling prophecy. So dedicate yourself to a visualization routine. And it’s gotta be daily.
Lie down, sit down, go outside, stay indoors — whatever’s most comfortable for you that you can repeat daily. Then, instead of jumping right into your visuals, you’ll want to prime yourself for five minutes with gratitude. This helps you hack your way into a positive mindset so that your visuals are as powerful as they can be.
Just walk yourself through the experiences that made a difference in your life: the people who never gave up on you, the miracles that got you through. Feel the joy and amazement and appreciation each of these memories brings. Once you’ve worked your way into some authentic smiles and you feel your mind lift, finish your 15-minute break with 10 minutes of visualization.
Get a crystal-clear picture in your mind of your “red blanket.” See yourself doing what you really want to do in your career, in your personal life, for your fitness, for the people you want to help. See yourself holding that prize, and feel yourself reveling in the accomplishment and satisfaction of it. See all the people you’re helping in the process — see the difference you’re making to your customers, to your friends, to your family. Feel joy in advance for these things already happening.
When you practice this daily — feeling gratitude and certainty for the things you want the most — you will stop worrying about the outcome of your work because you will be carrying the results with you in your mind and in your heart. Instead of finding excuses not to do work, you’ll always have reasons to do whatever it takes. Instead of your daily work feeling like an endless grind like Sisyphus with his boulder, you’ll approach your tasks with an easygoing attitude and a light heart.
But it has to be daily. Do whatever it takes to be consistent.
Start drawing a big X over each calendar day that you visualize, and make it a goal to X-out a whole calendar month. At the end of that month, I promise that you will have more accomplishments, more positivity and more momentum toward whatever is your red blanket.
It’s time for you to work on your mental game, too. Robbins says that mental aids like visualization are the key to getting started: “Most people have a belief in their potential no matter what anyone else tells them, and that affects how much action they take, which of course affects their results, and that result ironically reinforces their belief.”
When you change your belief — when you generate certainty and positivity through visualization methods — you motivate yourself to do what’s required of you because now you know your work isn’t for nothing. Every day that you work toward your goal, you’re taking a step closer to the goal that you know is possible.
The alternative is to keep telling yourself that your dreams are impossible, and to keep believing that nothing you do will make a difference. Your choice.
Action News Investigates has learned a lawsuit accuses a Pittsburgh-based invention promotion company of running a deceptive and fraudulent scam.
The class-action lawsuit says InventHelp and its affiliates took millions of dollars from inventors, who got virtually nothing in return. The company disputes the allegations.
Court records show InventHelp has convinced thousands of people to part with thousands of dollars to market their inventions. But the lawsuit says only a handful of inventors have made money.
After she saw an InventHelp ad featuring a caveman, Sherry Porter contacted the company about her idea.
“It was a pet collar with an LED light that went all the way around,” Porter said.
When Porter met with an InventHelp official at their office in Rochester, New York, she says the response was enthusiastic.
“She told me that it was a great idea. She said to me this invention could go as far as bigger animals, cows, horses, and she said possibly even to children,” Porter said.
Porter said she was skeptical.
But according to a class-action lawsuit filed in New York, InventHelp eventually convinced her to pay $700 and then another $9,000 to market her invention.
The lawsuit says InventHelp promised to send Porter’s invention to numerous companies. But when she followed up with those companies, she said, “they would write back and say they had already seen this product, that it had been on the market for years.”
She also got a book describing her invention.
“What Sherry received for that $10,000 was a hard-bound book very generally describing her invention that probably a third-grader could have put together,” said her attorney, Julie Plitt.
Earlier this year, the lawsuit says, an official at InventHelp’s Pittsburgh headquarters contacted Porter and said a company based in New York City called Abrams Gentile Entertainment was interested in licensing her invention.
But when investigators for Sherry’s attorney went to the office of Abrams Gentile, they found it vacant — nothing but empty boxes. The company’s name not even listed.
“As it turned out this company didn’t exist. The name of the company on the contract occupied vacant New York City space and to date that company hasn’t even answered the complaint,” Plitt said.
Porter did eventually receive a $500 check from another company affiliated with InventHelp.
“We believe that this $500 was a ruse in order to suck her into spending even more money with InventHelp,” Plitt said.
In their complaint, Porter and two other inventors accuse InventHelp and affiliated companies of running a “deceptive and fraudulent invention promotion scam that has bilked thousands of aspiring inventors and entrepreneurs into paying millions of dollars to Defendants for invention promotion services that Defendants do not and never intend to provide.”
When Action News Investigates called InventHelp’s PR office for comment, the voicemail was full. An email to the PR office bounced back as undeliverable.
Eventually, company spokesperson Lark Blasi responded, calling the lawsuit allegations “empty and frivolous” and saying, “We very much stand by our efforts on behalf of all of our clients, are pleased that a third party has shown interest in this individual’s idea, and are puzzled by the various inaccuracies in the amended complaint.”
In a letter to the court, InventHelp says it plans to file a motion to dismiss the lawsuit.
On its website, InventHelp says from 2015 to 2017 it signed submission agreements with 6,564 clients. But it says just 166 clients have gotten license agreements for their products, and only 49 clients — less than 1 percent — received more money than they paid InventHelp.
“In fact, all these people got was a large debt and dashed dreams,” Plitt said.
“I don’t take throwing money away lightly and that’s exactly how I feel, that I just threw that money right out the window,” Porter said.
In addition to the case filed by Porter in New York, a lawsuit making similar claims about InventHelp has been filed in Philadelphia. The company said it has not yet had a chance to review the allegations in the Philadelphia case.
When a company copied their invention, Natasha and Fred Ruckel began investigating — and got an inside look into how products are ripped off.
On Valentine’s Day in 2015, Natasha Ruckel and her husband, Fred, were sitting in their living room in Gilboa, N.Y. Natasha was improvising on the piano, and Fred was listening while messing around with the couple’s cat, Yoda. Fred noticed a ripple in the living room rug, forming a half circle on one side. Again and again he tossed toys into the ripple and a delighted Yoda darted in and out. Natasha looked up from her playing. “That’s when we came up with the idea for the Ripple Rug,” she says.
The Ruckels, who had spent around 25 years earning their living in marketing and advertising for brands from PepsiCo to ESPN to Hasbro, were already in the midst of creating their first venture: an app that provided a way for amateur photographers to monetize online images. But they both agreed that the Ripple Rug was a better bet.
A couple of days later, Fred went to Home Depot and bought some cheap pieces of carpet, and they got to work on a prototype. When they had that, they launched a Kickstartercampaign in May 2015, pricing the American-made product at $39.95, to test the market. Within 30 days, they received $15,000 in backing. They had the products made in Georgia for $15 each, and filled the orders.
The Ruckels were weighing their next step when, that fall, the opportunity of a lifetime hit. QVC, in conjunction with the Today show, hosted an ongoing competition called the “Next Big Thing” for entrepreneurs with new retail products. Participants presented their offerings on the TV program, and the winning products received an order from QVC.
Following an arduous vetting process — including proof of a multimillion-dollar insurance policy, a guarantee of having 1,500 items available for sale and sample videos of the Ruckels in pitch mode — Ripple Rug made the cut. “We drove into New York City, and at every exit, we practiced the pitch,” Fred remembers. “We were there by 5 a.m. and hardly slept the night before.”
They sold a few hundred units immediately. QVC bought 1,500 more and Ripple Rug became a top seller. “It was pretty damned amazing,” says Fred. “We were profitable out of the gate, which is virtually unheard of. It felt like a great moment.”
It was, and it wasn’t. Over the next 14 months, the Ruckels learned that coming up with a truly original innovation attracts not only devoted customers but also the kind of highly organized, deep-pocketed bootleggers who rip off products and systematically grind their inventors into the ground — both financially and emotionally. “It creates so much discord that you are willing to give up the dream of entrepreneurship and go back to your day job,” says Fred.
In the thick of battle, however, the Ruckels learned critical lessons: the importance of copyrighting assets before launching; the reality that people will steal everything from your marketing pitch to your product to your advertising photos; the need to continually patrol for ripoffs and take action. They also got a darkly fascinating glimpse of how ruthless, well-funded, deeply sophisticated bootlegging operations work — and how, with tenacity, vigilance, a good lawyer and the right strategy, they can be beaten.
To read how they won, here is the rest of the article:
Matt Adams from Online Growth Guru has written a blog post called How to start a business – the MEGA guide.
The guide is over 8,000 words but has been broken down into chapters. This article summarises the chapters, so you can get a feel for whether it will help you in your journey to becoming an entrepreneur or even an inventor.
The first section is about Matt himself, he talks about his failures and challenges in his first business. But he also explains the mistakes realised and lessons learned from being new to an industry that was hugely competitive and much more technically advanced than his ‘little’ start up.
After finding out more about Matt, there’s action points on how to create a business plan, these actions include
This section discusses the importance of short term sales techniques vs long term marketing strategies.
Some of the sales techniques discussed are:
The long-term growth strategies explained are:
Also, in this section, the article explains how to be strong in negotiations and make sure you close the deal at the earliest opportunity.
The biggest question on a lot of people’s minds is ‘How do I raise money to start a business’. The final section of the guide goes on to talk about ways in which you can acquire finance or a loan, so you can get going with your idea.
It also advises on some of the best ways to start a business with no money. Such as consulting or freelancing.
If you’re interested in reading the full guide, simply head over to the website page How to Start a Business: the MEGA Guide
Earlier today, iPEL, Inc., launched its new website and a brand-new model of patent monetization, which offers free and paid licensing options to operating companies. iPEL has also defined a set of business practices that a Non-Practicing Entity can follow in order to call itself an Ethical NPETM.
iPEL was formed with $100 Million in initial capital, in May of 2017, by Brian Yates, a well-known patent monetizer, and Rasheed McWilliams, a respected patent trial attorney. For the last year, iPEL has been actively building its worldwide patent portfolio, which currently includes more than 1,000 distinct patent families.
iPEL announced its Initial License Offering, available only through the end of 2018, which provides all companies an opportunity to secure a license to iPEL’s entire worldwide patent portfolio, through one of two licensing programs: (1) free licenses for small businesses and startups, and (2) paid licenses for larger businesses.
Both categories of licenses should be a welcomed change for operating companies, who historically learned of patents owned by one of Mr. Yates’ companies by being sued. Indeed, the dozens of NPEs that Mr. Yates has owned were often amongst the most active patent plaintiffs in the US and were responsible for more than 1,000 patent infringement lawsuits, against a majority of the companies on the Fortune 1000.
With iPEL, it seems clear Mr. Yates is intent on pursuing a very different monetization model. “It’s pretty funny,” said Mr. Yates. “Several people thought I retired or left the patent monetization business, because during the last year, I have not created dozens of new NPEs or filed hundreds of new patent lawsuits. But, I just turned 43 years old, and I have no desire to retire anytime soon. I love what I do and am incredibly proud of what we are doing with iPEL. And, even though it has been fun keeping the details of iPEL a secret, it’s going to be a lot more fun watching iPEL impact the entire innovation ecosystem.”
Although Mr. Yates and Mr. McWilliams would not share the full scope of what iPEL has planned, it is clear that they want to change the NPE narrative. Providing a defined list of best practices and clearly defined pre-litigation licensing options are definitely new talking points for NPEs.
Even the most vigilant anti-NPEs, however, will have a hard time criticizing iPEL’s offer to grant small businesses and startups a completely free, no strings license to its entire patent portfolio.
iPEL’s free license is available to any company whose gross annual revenues do not exceed $5 Million USD (or the equivalent in any other national currency) and is for a one-year term. Although the license is renewable, it is not available to affiliates or subsidiaries of larger entities that do not meet the revenue restrictions.
“We know that small businesses and startups are the most likely to engage in paradigm-shifting innovation” said Mr. Yates, CEO of iPEL. “Those companies are not afraid to take risk, to ask big questions, or to dream. Unfortunately, in almost all instances, those same companies cannot afford to buy all of the patent licenses they need in order to implement their new technologies. iPEL wants to help these companies succeed, by giving them a large portfolio of patented technologies, upon which they can freely build.”
“There is no reason patent licensing cannot and should not be a celebrated exchange of innovation and technology between those with rights and those who need to leverage those rights in order to produce and distribute products,” said Mr. McWilliams, President of iPEL. “Patent and technology licensing has been a part of the fabric of American culture since the earliest days of our history as a nation.”
“Regrettably, patent licensing has become a maligned practice over the last decade in the United States,” said Mr. Yates. “This has allowed the many benefits of patent licensing to lay unrealized, and for innovation to stagnate. My hope is that by giving free, non-exclusive rights to iPEL’s valuable patent portfolio, startups and small businesses will create more jobs and create exciting new technologies.”
Of course, there is a self-serving piece to what iPEL is doing as well. If startups and small businesses do successfully build on the patents in iPEL’s portfolio, then they will at some point becoming paying licensees. “Sure, it just makes good business sense really,” said Mr. McWilliams. “These small companies don’t have the ability to pay for patent licenses, and a patent infringement lawsuit could cripple them before they even get started. We’d love for them to build on our valuable technologies without worry, and once they can afford it, purchase an ongoing license. It is a win-win for everyone.”
At the end of the day, iPEL hopes this new, startup-friendly model becomes an industry standard. “Despite the false narrative that has been spread by many willful infringers, NPEs are a vital part of innovation and the global economy. And, at iPEL, we are holding ourselves to the highest professional standards, by giving all companies an opportunity to secure licenses on reasonable, pre-litigation terms. And, small businesses and startups should never be afraid of an NPE jeopardizing their company. For those reasons, we challenge the rest of the industry to follow our lead,” Mr. Yates said. “It is time for NPEs to stop allowing infringers to define us as a bunch of heartless monsters. Everyone should abide by the Ethical NPETM practices and support small businesses and startups. It’s simply the right thing to do.”
More information about iPEL’s Ethical NPETM criteria, its worldwide patent portfolio, and its free and paid licensing programs, is available at www.ipel.com.
The Cade Museum for Creativity & Invention is excited to announce that the 2018 Cade Prize is now accepting applications from inventors and entrepreneurs in the state of Florida. For the first time, the Cade Prize will award the top four finalists! The application fee is waived until June 22nd at midnight. Beginning June 23rd, the application fee will be $55.
For more information, please visit www.cademuseum.org or email Ashley Bryant at firstname.lastname@example.org.