Styles in smart People are getting Rich – Part III
Here is the continuation of Part II…
Get your idea patented
To let science make you rich, when you come up with a groundbreaking idea, don’t just write a publish it, but get it patented as soon as you can. Without this, you will not be able to make any money out of it. Or worse, someone else might steal the idea from you.
Getting a patent is not free. Therefore, you have to make sure that your idea is worth it. However, underrating your idea may also be a blunder when other people develop it into a bigger and better invention.
To get you the idea of the importance of patent, take a look at the case between SSL (Satellite builder Space Systems/Loral) and ViaSat Inc.. The SSL was found guilty of infringing on the patents of ViaSat Inc. by building broadband satellites for its competitors.
This cost SSL a total of $100 million. This was the largest settlement in a commercial satellite communications intellectual property matter.
Sell your idea’s license right
What can you do with a patented idea? There are two options. Both can prove that science make you rich. You either develop the idea into an invention, or you sell your ideas to an institution that is interested in doing it for you.
The second option, selling your license and copyright of patented idea, is easier. It also gives certain amount of money that you can retain in your own terms. Of course, it is your idea after all.
How much can you make from giving a company the full right of your idea? It depends on how worth it your idea is. You and the company decide the price. A good negotiation skill will help a lot in this case.
Take a look at Microsoft’s success. Their patent is valued at 185,004. Being an intangible asset, patent cannot be assigned to monetary value.
Develop your groundbreaking idea into a billion-dollar company
The best way to let science make you rich is to run the engine yourself. Develop your idea into a groundbreaking invention which can lead you to the top chart of business.
One of the richest scientists, Gordon Moore, is an electrical engineer. He studied at San Jose State University, University of California, and California Institute of Technology. He is known for the Moore’s Law.
Moore’s Law observes that the number of transistors in a dense integrated circuit doubles approximately every two years. He published this groundbreaking idea in 1975. Initially, the paper was published in 1965 before it was revised one decade after.
Moore is the co-founder of Intel. He successfully turned his groundbreaking idea into a money-making engine. He is now 87 years old living happily with his $6.7 billion net worth.
Conclusions:
The business idea may have tendency of transformation while an invention keeps its certainty. A country like Sri Lanka treats the science with Prestige and sometimes the future of the students not been guided. Please take these ideas to your friends who are with science based academic Backgrounds. Let their inventors come alive with a new phase. One invention is equal to million dollar idea if it tapped the market or created its own.
