FRIDAY HIGHLIGHTS: Why Didn't I Think of That?
 By Sonya StinsonEntrepreneurs in the Friday morning plenary session – Why Didn’t I Think of That? – told the stories of how they turned innovative ideas into profitable businesses. Moderating the talk was Daymond "The Shark" John (pictured right), brand expert, author, consultant, creator of FUBU fashions and star of the ABC show "Shark Tank." Michael McCoy, inventor of the iPad case known as the Cloak, and Chris Spencer, CEO of WV Custom Design, the company that produced an innovative device for athletes called the HydroMax™, made up the panel. With both panelists being part-time entrepreneurs, John got the discussion rolling with this question: At what point do you decide that the business is worth investing all your time? Spencer said that because providing stability for his family is a top priority, he wants to wait until he’s reached a comfortable level of financial security before giving up his day job. An accomplished athlete who was All American in baseball at San Francisco State University, Spencer said the inspiration for the HydroMax™ came out of his own experience with dehydration while playing sports. The product he created consists of a 16-ounce water bladder that mounts onto a football player’s shoulder pad, giving the athlete access to water at all times. McCoy, an engineer, partnered with Quirkey.com to launch his iPad cover. The website runs weekly business pitch contests in which people submit ideas and the company staff picks a winner from those that receive the highest votes online. "I sold the idea that the iPad and Apple market was huge and would bring a lot of new members to the Quirky community," McCoy said. All three entrepreneurs emphasized the importance of market research and understanding your business goal. They also shared tips on how to find a manufacturer for an invention and how to navigate the patent process. |
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