Fashion And Cosmetic Companies That Have Offices In Miami How To Invent A Billion Dollar Product and Personally Gain Very Little

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How To Invent A Billion Dollar Product and Personally Gain Very Little

In 1930, a young engineer was sent by his superiors to work on the site of a Minneapolis body shop. The reason for the actual visit was to see the performance of his employer’s workhorse, industrial-grade sandpaper, in action when a car door is being sanded. The young man’s name is Richard Drew.

While in the repair shop, the young Mr. Drew was exposed to harsher working conditions than before. The shop floor was noisy, dirty and, well, pretty disrespectful. Considerable profanity related to the difficulties repairers experienced in trying to match the painted panels and striping to the bodywork perfectly. I was completely devoid of basic tools other than a steady hand and line of sight.

Richard Drew was curious and began looking at options that would simplify the process of applying multiple colors of paint to the car body for a crisp finish. His invention was ingenious, elegantly simple, and remains the standard in every “do-it-yourself” toolbox to this day. He created “masking tape”. There are very few paint jobs done in homes and businesses that do not use masking tape to protect and finish edges.

Arthur Fry was also looking for a simple answer to a personally vexing problem. When Mr. Fry attended church Sunday services, he constantly lost his place in church hymns. He disliked the crooked, or “dog-eared,” pages. He didn’t want to hurt or hurt the hymn. The bookmark would simply be out of the hymn.

He is also a resident of the Minneapolis area and decided to look for a solution at his place of work. Mr. Fry went to his colleague Spencer Silver. Spencer Silver was researching new adhesives with minimal stickiness. He borrowed a bit of Spencer’s prototype glue and smeared it on the edge of a small square of paper. When applied to paper, the glued squares stuck together but were easy to remove without damaging the host paper.

In the 1970s, Frey and Spencer’s employers trademarked their invention and began trying to market their products. Initially, there was little consumer interest. Then, in 1979, the company, which was about to give up, decided to give it a wide range of tastings in office supply stores. The response has been overwhelming. The post-it note was born.

Masking tape and post-it notes were commercialized internationally by the giant (now) 3M Company of Minneapolis. Employees Richard Drew, Arthur Fry, and Spencer Silver invented much-needed and valuable consumer products that have generated billions in sales and profits for 3M. But in all three he was a 3M employee.

In most companies, certainly mature ones, employees sign a release that transfers all rights to their work to the employing company. Drew, Fry and Silver signed such releases and he was rewarded by 3M accordingly. But they were rewarded not as entrepreneurial inventors, but as employees. Bonuses and pay raises are always welcome, but there was no profit participation available for their big advancements.

These men were working and creating on company hours using company resources and had released all rights to their work to 3M. They worked for a great company and did a good job, but they couldn’t claim more for the profits generated by their creativity.

Imagine the wealth and fame these inventors would have had had they commercialized these products themselves. Not everyone has an entrepreneurial spirit. In fact, most people shouldn’t quit their paid jobs to pursue the chimera of launching a product or business. But the opportunity to create the next masking tape, the Post-It Note, is snatched away by someone here in America every day.

As an entrepreneur, you are fully exposed to the whims of the market. As an employee, you enjoy a corporate cocoon with layers of resource and asset protection right at your fingertips. But think about it. If you could invent the next new product advancement in the hope of commercial success, would you be content with bonuses and raises? I know what I do

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