How To Turn Your Great $$ Ideas Into Reality
Ever wonder how people come up with their unique ideas and make them into super successful businesses? Me, too! I’ve seen the reality shows on television that are all about this. Typically, someone goes in front of one or more investors who have a pile of cash to invest. They pitch the idea, and if one of the investors likes it, it’s like instant success.
Of course, that’s not really how it works. What we don’t see is how much time and money the person with the idea has already sunk into their dream. And, we also don’t see all the work they’re going to do after the investors buys in. Still, it’s the dream we’ve all had at one time or another. To come up with a great idea and strike it rich.
I recently had the opportunity to cross paths with Deanne Bell, one of the hosts of “Make Me A Millionaire Inventor.” She’s seen all of this up close and personal, so I couldn’t resist the opportunity to get her take on some questions. Here’s her insights.
Deanne Bell On Taking Your Idea Big
Q: We all have an endless stream of seemingly awesome ideas. What’s your advice on how to tell a probably zero from a possible winner?
I can’t imagine a better question because I am a person that has zillions of ideas. The truth is that if you tell someone about your half-formed idea, the response is usually lukewarm. It takes a lot of time, skill, and talent to take what you have up in your head and to be able to confidently communicate that vision and/or product to another person – from engineering to a business plan and strategy. When choosing an idea, I would consider three main things: passion, market, and achieveability.
In terms of passion, there are countless trenches and gulches to overcome as you build a business and you need the grit to keep forging ahead. So as those ideas come and go, sit on them for a bit, let them simmer. The idea you truly believe in will rise to the top.
In terms of market, you need to know your numbers and know your customer. Countless inventors spend so much of their personal money developing an invention they think people should have, only to realize that no one actually needs it. Your closest friends and family are not your customers. You need to identify your target customer and understand whether your idea has the ability to make revenue and scale.
In terms of achieveability, you should have a plan for how you intend to turn your idea into a reality. An inventor’s own blood, sweat, tears, and time is one of the biggest resources an early-stage entrepreneur has, so choose an idea that feels within reach by leveraging your own expertise or networks – even if it is one baby step at a time.
Where To Start
Q. Okay, so we have what we think is a winner. What’s on your short list of most urgent things to do next?
Research. Make sure you are not infringing on someone else’s intellectual property (IP) and then determine if your invention’s IP is worth protecting. I don’t think that every inventor needs a patent, it depends on the nature of your invention, but understanding IP is not only about protection, it’s also about knowing your competition.
Then, start thinking about the foundation of your company – your company’s legal structure, your name, and brand.
And then dive in.
What Are The Roadblocks?
Q. What do you see as the most common impediment to taking a great idea to successful reality?
To follow up on diving in above, I think that the paralysis of not knowing what to do next is probably the biggest stumbling block as an inventor. Inventors have to get moving and have to build on that momentum. A lot of people freeze up because they don’t have money or the right connections, but there are a lot of free resources out there. For example, the U.S. government provides mentors at Small Business Development Centers across the country. I always tell inventors that you don’t need to know everything about your invention, but you need to know the right questions to ask and be willing to find people that have the answers.
Where’s The Money?!
Q. Shows like yours and Shark Tank provide access to investors that most of us will never get. What are your thoughts on how to find investors who are both serious and useful ?
Finding an investor is kind of like dating. Going into a pitch, inventors and investors know what they are looking for in the other, but then a certain chemistry takes over, or lack of chemistry. If ‘Shark Tank’ is like investor speed dating, then ‘Make Me A Millionaire Inventor’ is like investor matchmaking. I have two main roles on our show – one as a “coach” by preparing inventors for their big date (engineering makeover included), and secondly by setting up a well-suited investor & inventor with a pitch. Yes, I listen to what an inventor is ideally looking for, but there is also a lot of intuition involved to figure out what will be the best match for their business. But no matter how good a match may look in theory, it’s up to the investor and inventor to figure out if this it is a deal worth pursuing and if the relationship is worth continuing.
Handling Opposition
Q. What’s your mantra for forging ahead, in spite of any opposition or negativity that might be in the way?
I know it’s a common phrase, but I’m a big believer in turning lemons into lemonade.
I can use my own business as an example. When I had the idea for my company, Future Engineers, one of the first things I did was talk to a lawyer, who then proceeded to completely deflate my ambition and excitement (I say this with all due respect for my legal friends). To give some background, Future Engineers is an online platform for student invention challenges. That one conversation almost prevented me from starting my business, but I forged on.
After one year, our Future Engineers challenges received three national awards and then most recently was awarded an Innovation Research Grant by the US Department of Education. As painful as that initial conversation was, it actually put me on a path to success because it made me pivot our business strategy. Everyone will encounter obstacles, it’s how we deal with them that defines us. Furthermore, I truly believe that the success of a company is not its ability to reach a goal, but it’s the ability of a company to adapt and evolve as a company grows. So if you have a lemon-like encounter, then listen, pivot, and build your lemonade empire.
What Are You Waiting For?
So, what about those notes on the edges of journals or books? Those tiny reminders you’ve got tucked into the real or virtual post-it notes? When are you going to pick you favorite, the one that just speaks to you, and run with it? Remember what I always say. The future doesn’t care how you arrive there. So why not create it starting right now?
DEANNE BELL
Deanne Bell is an engineer, television host, and the founder & CEO of Future Engineers.
Prior to becoming a TV host (Make Me A Millionaire Inventor) and entrepreneur, Deanne designed opto-mechanics for military aircraft sensors and worked as a senior application engineer for a CAD software startup. Her previous television hosting credits include PBS, ESPN, Discovery Channel, National Geographic, and DIY Network.
Deanne’s company, Future Engineers, currently hosts a series of student invention challenges developed in partnership with NASA and the ASME Foundation as a joint commitment to the White House Maker Initiative. Future Engineers is a 2016 Small Business Innovation Research grant awardee from the US Department of Education and was named a Breakthrough Award winner by Popular Mechanics in 2015.
When Deanne’s not working, she seeks out global travel and outdoor adventure. She has hiked to the base of Mt. Everest, cycled from Seattle to Los Angeles, and backpacked solo throughout Asia. Here’s how to contact her:
Website: millionaireinventor.cnbc.com
Facebook: https://www.facebook.com/MakeMeAMillionaireInventor
Twitter: @MMinventorCNBC | #MillionaireInventor
Image credits.
