In the entrepreneurial world, there’s a common mentality that ideas on their own are practically worthless. Execution, on the other hand, is what counts.
Derek Sivers even has a handy little conversion chart that explains the relationship:
AWFUL IDEA = -1
WEAK IDEA = 1
SO-SO IDEA = 5
GOOD IDEA = 10
GREAT IDEA = 15
BRILLIANT IDEA = 20
NO EXECUTION = $1
WEAK EXECUTION = $1000
SO-SO EXECUTION = $10,000
GOOD EXECUTION = $100,000
GREAT EXECUTION = $1,000,000
BRILLIANT EXECUTION = $10,000,000
But in today’s show my guest, Nate Dallas, shares how your ideas DO have value — if you can get them in the right hands.
He and his brother earned $300,000 in passive income by licensing one of their ideas to Mattel. They didn’t have to design it, produce it, or sell it. But they found someone who could, and they cashed the checks.
And to be fair, Nate will be the first to tell you these kind of results aren’t typical — but he’s proof they ARE possible.
Nate’s actually a dentist by day, but a pretty serious side hustler by night, and on this call we take a deep dive into the world of product licensing.
It’s the perfect side hustle for people who are constantly coming up with ideas but not knowing what exactly to do next. Don’t worry about the next step! Let someone else deal with it — but do it in such a way that you get paid for your creativity.
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- The story behind his deal with Mattell, that eventually earned $300,000 passive income.
- Why he turned down a 7% royalty deal for a 3% one.
- How to protect ideas from being ripped off.
- How to go hunting for leads on LinkedIn.
- The pros and cons of using a licensing agent, and how to find one.
- Why Nate likes to side hustle, even though he has a successful career and dental practice.
- The myth of the completely original idea.
- Nat’s tips for brainstorming and capturing product ideas.
- Suggestions on how to quickly and cheaply prototype your product idea.
- The game he decided NOT to license and sell directly — and the innovative way he went to market.
- Nate’s #1 tip for Side Hustle Nation.
- Nate’s website
- Nate on LinkedIn
- Nate on Twitter
- One Simple Idea: Turn Your Dreams into a Licensing Goldmine While Letting Others Do the Work
- The James Altucher Show
- Corked Wine Party Game
What do you think? Any side hustle ideas rattling around in your head that some big company might be interested in?
If you want to learn more about product licensing, I sat down with Stephen Key in an example-filled episode. Later, I met one of his students to learn about how an inventor can manufacture creativity.
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Stock photo by AnemStyle via Shutterstock