By Lisa Lloyd
Wow! What an incredible experience this has been, thank you CNBC and the Big Idea with Donny Deutsch for the opportunity to share my story and help others find their success too!
As a quick follow up, here are a couple tips EVERY first time inventor must know before spending a dime!
1. Do your Due-Diligence! No one likes homework, but it the safest and surest way to success. Do a patent search, www.google.com/patents or www.uspto.gov. Don’t forget to do a good internet and store search too. Not only will this tell you how competitive your product could be, but it will build your confidence to move forward when it is time to spend money on Intellectual Property (patents, copyrights, trademarks).
2. Be creative with your financing. You are smart enough to come up with a good idea, don’t let your creativity stop there. Use your creative mind to think up finance strategies. When I started, I had NO money. I sold a car, I used my tax return and I struck a deal for royalties to my manufacturer.
3. Don’t let “No” Be the end of the road. My philosibhy is that “No” simply means “Not that way!”. So, find a new way from every no, it is amazing where you could end up!
4. Finally, get educated. I believe that those that fail, fail because of lack of knowledge, NOT lack of money! Read success stories online, watch Donny, join a local club that addresses the needs of your industry. There are also great websites with tremendous information for inventors like www.IdeaTango.com!
I can’t wait to see you on the show because you made up your mind that you were going to pursue your dreams!
By Lisa Lloyd