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Local entrereneurs pursue interesting business ventures

In last month’s article I promised to begin exploring each of the steps in commercialization of an innovative idea. Obviously the first step is to identify an idea or concept worth the investment of time and money. Sadly I have heard many times the words I hate to hear: “I had a great idea, but somebody else took it before I could, and they made a lot of money on my idea.” Or, “Everyone thought my idea was crazy, but look at how that so and so made a fortune with it.”

There are tried and true commercialization models that can be followed to help ensure your idea can be just that - yours. It is vitally important, however, to seek the kind of advice an office like ours can provide. It is also very important that you get to us as early as possible for an initial consultation, which could save you substantial time, money and effort and greatly enhance your chances for success.

I can almost always instinctively identify someone approaching me to discuss a new idea or concept. It does not matter whether I’m passing them in the hall, coming from a meeting, church, the mall or a scheduled appointment - the feeling of excitement I get and they have is unmistakable. Some of the ideas have been thought about for years, some are highly technical, some are simple in concept but could only be conceived by someone with years of experience, some are a result of involvement with a hobby, some are a result of on-the-job experience, and some are an idea that just came to them.

Here are some very different ideas local entrepreneurs are pursuing:

Broom Saver
Having owned Schmidt Concrete for several years, Alton, Betty and Eric Schmidt were losing money replacing brooms (more than $100 each) that they couldn’t properly clean and rid of concrete before it hardened. Their broom saver idea was simple, and the actual design could be accomplished because of their long-term experience in working with concrete.

They are just beginning to market the Broom Saver. I remember Alton and Eric saying when we started working on the product, “We had another great idea, but someone else took it and made a lot of money on it. We are not going to let that happen to us again.”

Plastiblock
Greg Siener approached me after working on an idea for years that he felt could change the construction industry through use of very special building blocks. He still needs some testing to prove his product will deliver the desired results, but preliminary tests are promising to say the least. Greg and his partners have complementary technical knowledge and skills that have led to the development of this concept. Encouragement from family and friends, coupled with knowledge and a great idea, have helped Greg keep moving his idea ever closer to commercialization.

Ya Ya’s Island
Ben Dallas came to the Innovation and Small Business Development Center for assistance in developing his concept of a world-class children’s entertainment center inspired and created for families and children ages 1-9. Motivated as the parent of three and soon to be four young children, he is an extraordinarily creative person. YaYa’s Island Paradise will be opening soon in Jordan’s Crossing Shopping Center behind Kentucky Oaks Mall and next to Cinemark Theaters.

PetCoke unit
Darren Jarvis and Mike Eck visited our center several years ago to get help commercializing their Mobile PetCoke (petroleum coke) Test Unit, a natural extension of their professional expertise. Their innovation will add a substantial number of engineering jobs, giving Matrix Engineering a truly national presence in its field.

Antenna Bird
We helped John Colson commercialize a scale-model airplane that attaches to car antennas. The idea was a direct result of John’s interest in and passion for flying, which he does as often as possible. Upon completion of his production planning, John intends to initially market his product at air shows, combining his vocation and avocation.

In the future, I’ll share with you a number of other local ideas in various stages of commercialization. They come in all shapes and forms, and perhaps the next great one could be yours. Next month I will expand on developing the idea.

Tom Hales manages the Paducah Innovation and Small Business Center, 401 Kentucky Avenue. The center’s services include business plan coaching and assessment; business valuation reviews; funding assistance; certification and permitting assistance; business start-up assistance; and seminars and workshops. Hales can be contacted at thales@kyinnovation.com or 270-443-2783.

Tom Hales manages the Paducah Innovation and Small Business Center, 401 Broadway. The center’s services include business plan coaching and assessment; business valuation reviews; funding assistance; certification and permitting assistance; business start-up assistance; and seminars and workshops. Hales can be contacted at thales@kyinnovation.com or 270-443-2783.