– don’t be a statistic: Ten Inventors who “changed the world” but got a raw deal from their Billion dollar inventions

Something we tend to ignore in stories like this is that perhaps because
the technology was not patented it allowed it to spread further and faster
than it might have otherwise.

On Mon, 29 Oct 2018 at 21:54, Patrick A. M. Maina via kictanet <
kictanet@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
> <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.
> <www.pcmag.com/feature/353795/10-inventors-who-made-no-money-on-their-inventions>
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