New Business Model Considered
Not long ago, I was working on a business plan to set up a local incubator program for garage innovators and inventors. In doing so, I realize that my former experience as a Franchisor Founder prior to retirement lent itself well to a potential franchising of such an endeavor. As I discussed this with an acquaintance he mentioned that; there is a possible business all of its own right there.
Yes, in fact this model could be used by an R and D department on a corporate campus, military research lab, etc. A university might do it too. No problem, they can buy a franchise, slightly modified of course, but that’s not an issue, regional variation will also need slight modifications. Now then, let me briefly explain the incubator; the setting would be a large aircraft hangar, or industrial building, with an executive office suite setup in front. In the open space in the large hangar would be partitioned spaces for the garage entrepreneurs, one per unit, or rather one concept per unit.
Maybe there is space for 30 units, instead of 16. Sixteen, which was the original number I picked due to 4 on a side, and a row of 4 and thus 4 out of the 16 ought to be winners or at least break even, the rest? Well, what the hell you know; high-risk, big gain.
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What is the Very Next New Thing?
As I’ve starting a search for the very next new thing, I been thinking about what this new thing should look like. In just about every field I can think of, people are always coming up with something new. There is new music, new fashions, new products, new services, new foods, new toys, new diets, new everything. It’s like new defines us as a culture.
But then certain new things, take off. They become the very new thing that people have to have, like the Gnu Pets, the hamster-like creatures that rocked the toy world this year. In the movie world, Avatar became hailed for its new breakthrough technology. In music, there were breakthroughs by Susan Boyle, whose voice transformed a frumpy 47-year old Scottish “old-maid” into a reburn music star with a new look, and Adam Lambert, who brought a glam gay style to the stage. And in fashion, things like UGG boots became the thing to have, even in the hot L.A. summer, people would wear them to show they were in style.
There’s even a short section in Newsweek or Time or maybe it’s People, where one writer categorizes pop trends as in, 5 minutes ago, and out and lists the rise and decline of the latest fashion or idea. But who are the trend setters and decliners? I haven’t even heard of half of the names, products, events, or styles listed. Is there some age group, some demographic that’s deciding what’s in, out, and so 5 minutes ago? And is that something that I have to take in to consideration as I search for the most interesting, spectacular, and fabulous next new thing? Or has the media become the new arbiter of what should qualify as the most exciting of whatever’s new?
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Eight Tips For Inventors Planning To File A Patent Application
1. When you get your stroke of genius and come up with an idea, WRITE IT DOWN! You need to create a record of invention before going any further.
You should list:
(a) A full and complete description of your idea;
(b) The date (very important);
(c) Your signature; and
(d) Dates and signatures of at least two people to witness and understand your having invented your invention.
2. Don’t blab about your invention to anyone without a written confidentiality agreement.
3. Keep written records of your progress in developing the invention:
(a) Write down all modifications, experiments, alternatives, and other details.
(b) Keep copies of any emails, notes, letters, text messages or anything documenting discussions with others.
(c) Keep receipts for anything that you buy for your invention, including parts, software, consultant costs, marketing costs, advertisements, or anything having to do with your invention.
(d) Yes, these records must be in writing and dated.
4. Assess the marketability of your invention.
Rule of thumb – total sales should be twenty times or more of the cost of inventing and patenting your invention. A suggested rule of thumb to determine whether your invention will sell well is that the total sales will be at least twenty times the cost of inventing and patenting it.
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