Disability Entrepreneurs are persons who don’t let their physical challenges hold them back from achieving their entrepreneurial vision. To be a successful disability entrepreneur requires commitment, tenacity and a healthy dose of creativity. In this post, guest author Patrick Young provides some useful information and tips for budding disability entrepreneurs.
Physical Limitations, Unlimited Business Possibilities
Disabled individuals are a highly underutilized asset in the workforce. Unfortunately, having a disability means you are statistically more likely than your able-bodied peers to suffer with un- or under-employment. Don’t let your disability stand in your way of success. We’ve got answers to your most common concerns about becoming a disability entrepreneur, starting a business, managing a business, and ways to pay for your entrepreneurial endeavors.
Here are a few tips on how to use your big ideas to become a disability entrepreneur and start your small business:
Consider sticking close to home
One of your greatest obstacles as a disability entrepreneur will likely be transportation and ease of mobility. If you have the space, you can always run the business out of your home. Options that don’t involve strenuous physical labor include accounting, crafting, graphic design, article writing, and marketing consultation.
If you choose a business that requires keeping up with inventory, consider investing in inventory management software. SquareUp explains that these programs can help you keep a close eye on your company’s cash flow, keep real-time track of inventory, and forecast upcoming needs. By paying attention to your supply chain, you can ensure you always have products available and in stock, so your customers aren’t having to wait. You can sell items from home through Amazon, Etsy, and the even the Facebook Marketplace. Shipping has been made remarkably easier over the last few years, and UPS now offers on-call pickup and will happily drop by your home office for same-day pickup, if necessary.
Seek out special funding
There are many loans and grants available for alternately-abled entrepreneurs. These will vary by state and may not be available for every type of business. Disabled World claims there are currently more than 1,200 grant programs available through the federal government and more than 55,000 available at the state level or via private foundations. If you are a veteran, you may also be eligible for special assistance through the VA. Military.com notes that a veteran-owned small business (VOSB) may be eligible for tax benefits that can make it more affordable to own and operate a business, regardless of whether it’s home-based or not.
Know where support is available
The process of becoming a disability entrepreneur and starting your own business is daunting for everyone. The Small Business Administration offers numerous entrepreneurial resources for people with disabilities that can help you make informed decisions and locate possible tax provisions and incentives. Depending on where you live, you may also have access to local support from your Chamber of Commerce or workforce development agency. SCORE is another invaluable pool of knowledge that can help you connect with a mentor in your industry. DIVERSEability, an online magazine dedicated to the professional advancement of people with all varieties of abilities, offers more information on resources available for disabled men and women.
Push your limits
They say that the first step is always the hardest. This applies to many situations, but especially when starting a business. But you don’t have to relegate yourself to plugging away at a computer in order to enjoy success. Surviving Disability asserts that disabled people have ample opportunities when it comes to more conventional careers. Baking, childcare, and doing home repairs are all areas that you shouldn’t be afraid to explore.
You don’t have to have full control over your body in order to control your financial future and become a disability entrepreneur. Some of the most successful people throughout history have had physical limitations to overcome. FDR, Ray Charles, and Stephen Hawking are just a few that come to mind. While you may never be president, play in front of sold-out crowds, or crack the code of the universe, there is nothing stopping you from being the boss.
Patrick Young is an educator and activist. He believes people with disabilities must live within a unique set of circumstances–the outside world often either underestimates them or ignores their needs altogether. He created AbleUSA to offer helpful resources to people with disabilities and to provide advice on navigating various aspects of life as a person with disabilities.
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.
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.