[kictanet] - don't be a statistic: Ten Inventors who "changed the world" but got a raw deal from their Billion dollar inventions

[Mwanah Cephas Okoth]

This article speaks to the real.

Thanks for sharing.

On Mon, Oct 29, 2018 at 9:55 PM Patrick A. M. Maina via kictanet <
kictanet at lists.kictanet.or.ke> wrote:

> This amazing article includes "everyday" products/technologies you have
> probably used recently e.g. Bic biro pen, Segway, Computer Mouse, Polio
> Vaccine, Fidget Spinner, Karaoke Machine and WWW (hypertext). Can you
> imagine the inventors got a raw deal? In most cases other people profited
> from the inventor's brilliance due to failure to protect their IP.
>
> Some fascinating takeaways:
>
> That *magnetic stripe *on your debit/credit card: apparently the inventor
> didn't realize its value and failed to patent the idea. A multi-billion (if
> not trillion) dollar oversight.
>
> Sometimes you just don't know the real potential of your idea/creation and
> this can lead to disastrous decisions. Especially when a bunch of people in
> flashy suits tell you that "ideas are worth nothing" - yet they want to
> meet you in their posh office for hours to hear your ideas. Others hold
> elaborate competitions with pomp and prestige; offering you a chance to be
> a celebrity. But hold on, time is money; why would someone spend precious
> time listening to (or evaluating) "worthless" stuff? Perhaps its not as
> worthless as they want you to think...?
>
> Inventor of *LED (light emitting diodes)* was way ahead of his time and,
> though he foresaw a future with LEDs, he didn't take smart steps to ensure
> that he was part of that future. Now LED bulbs are a billion dollar
> industry - and he doesn't get even 1 cent in royalty.
>
> Just because people don't "get it" immediately doesn't mean your idea is
> worthless. You could be ahead of the curve and the market just needs time
> to catch up (which can be months or years or even decades). Only *strategic
> patience* (long term thinking) can keep you grounded and ready for
> opportunity when it finally knocks. If you must, shelve your "failed" idea
> for another day, and work on others, but *never* *ever* give it away!
>
> The* Bic biro pen* inventor sold his patent for US$2Million, which turned
> out to be "peanuts" because more than *1 Trillion* Bic pens have been
> sold to date. Due to *information asymmetry*, that sweet buy-out deal
> might not be a fair valuation. Resist the 100% offer. Keep a small
> percentage to get royalties in perpetuity.
>
> You cant lose what you never had. Protect your ideas and push back (or
> walk away) when offered tempting, but strategically lousy, short term deals.
>
> Here's the article:
>
> 10 Inventors Who Made No Money on Their Inventions
> <https://www.pcmag.com/feature/353795/10-inventors-who-made-no-money-on-their-inventions>
>
> 10 Inventors Who Made No Money on Their Inventions
>
> Meet 10 people who had the spark of genius but weren't able to translate
> it into a fat wallet.
>
> <https://www.pcmag.com/feature/353795/10-inventors-who-made-no-money-on-their-inventions>
>
>
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-- 



*Cephas O.M *

*Convener*
*CyberSpeak LC* <http://cyberspeaklc.com>
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