Putting it all on the line for an idea.
As I mentioned the other day, I’m working on something pretty big right now that is taking all of my time. And by big I mean VERY big. I’m devoting (almost) all of my time to an idea. And by this time next year, I’ll either be a very rich man, or I’ll just be another year older.
I have learned through my experience as an online entrepenure that you have to risk your time (and sometimes your money) to pursue an idea. Sometimes that idea is a good one and you make money. Other times that idea is a dud. Usually you don’t know which it will be until you step up to the table, throw in your ante, and read your cards.
Over the last year I’ve had about 20 ideas to bring in revenue. I’ve put about 10 into action, and have had great success with 2. A 10% success ratio may not seem very good, but those 2 ideas put a good chunk of change in my pocket.
You have to have ideas, and you have to try them out.
What is my new idea? I’m a physicist by training, and have been working on a Ph.D. in chemical physics for over a year now. I’ve been able to do this because of E-Bay and internet marketing. Anyway, my research combined with that of a collegue has led me to an interesting idea about hydrogen storage.
Basically, I have come up with a novel system for storing hydrogen safely and at low cost. It invloves nano-technology and surface chemistry. I can’t tell you any more because we have yet to obtain patents, and it is very technical. But my collegue and I are forming a company to research and develop this techology.
Right now, we are in the process of forming the corporation (Fuel Sponge Technologies, Inc.) and doing preliminary theoretical calculations for our system. If those calculations show that our system has promise, we will begin raising money for further research via grants and sales of stock.
Our goal is to raise about $500,000 for the first year, which should allow us to develop and build a working prototype within that time. At that point, we will probably begin forming partnerships with other companies developing hydrogen energy products and/or aquiring other hydrogen technologies. Or we’ll position ourselves to be aquired by a larger company and take the fat pay-day.
Or the technology won’t work and we’ll move on.
Either way, we tried.
I’m pretty excited about this project. And I’m sure that if I can get the science to work, then I’m looking at one big ass success.
Unfortunately, all of this has very little to do with internet marketing. Do not fret, though. I’m still working on a product for physics students that I will launch soon. I’ll keep you updated about the launch process and my results. I’ll also keep you up to date on what is going on with Fuel Sponge Technologies, Inc. Sort of a primer on technology start-us for those that are interested.
March 10th, 2008 07:43
Really great. It helps the new people like me on generating income through net..
March 20th, 2008 02:36
Thanks for the great tips. To me, making money from blogging is like becoming like an addictive sport
Some times I think of it as a gamble too, since it takes me a lot of time. I am trying to use my expertise in advanced IT topics to write
interesting articles and your are my main reference. Thanks again.