Many find it difficult to raise funds they need to promote their product. But there are ways to get around this problem by using a shoestring outsourcing approach I call OPM (other people’s money) contract type or, if you like, but OPM entrepreneurial approach-not only are most effective outsourced, but outsource partners set up all or most of the money. I have compiled a few stories of successful inventors in this newsletter to help give you some new strategies to consider when implementing your ideas.

Fred Culbertson

Culbertson knew from experience that turns slip often out of the screw head, and he decided it was needed was a screwdriver handle that never had to be transferred from the screw head. He thought that if could just turn the handle again, as with Socket Set, screwdriver would be easier to use. Culbertson thought the product would be the perfect item for Sears’ Craftsman tools line. The problem: Culbertson not have the skills or the money to make polished prototype, and Sears not usually buy from small vendors.

However, Culbertson was not about to let such a great idea to go with. He started on the attack in support machinist who made workable prototype; he found a local business already sold Sears to introduce the product; and then, when Sears showed some interest, Sears provided Culbertson names manufacturers already supplying the trademark craftsman tools. The deal was done, and now turns is sold in all major Sears stores. The final agreement manufacturer supplying private label products for Sears with Culbertson get a percentage of every sale on both the product idea and promotional efforts of its outlets that show its new product.

Shawn Ferguson

People who act as brokers services at hand is making OPM entrepreneurs. Ferguson was Emergency Medical Technician who noted that many people would prefer a short CPR courses, rather than the six- to eight-week course offered by the Red Cross. Ferguson started his business by getting the community college to offer short courses, he or his friends taught in return for a share of the revenue. Ferguson invited the class on home health care exhibition for a small fee. The show introduced the class to meet, and again friends of Ferguson led the class. Ferguson then branched out to become a full-fledged broker, set up workshops at events, trade shows, schools, businesses and other organizations, and promote the service to target customers. During this time, he used a group of service providers who were EMTs work as independent contractors, to provide training. Profit Ferguson made the difference was his share of the class income and total fees he paid to people who conducted the class.

John Lawler

Lawler worked for the airline and was both typical video screen in front of the aircraft and a new embedded system with screens in the back of each seat had many disadvantages. First, everyone had to watch the same movie at the same time, and in the case of large screen video, some could not see the image well. Also, if the image system went out, no one could watch a movie. To top it off, the whole system was expensive. A major problem of embedded systems with screens on each seat was that they were too expensive, costing between $ 500,000 and $ 1 million to put on the plane.

Lawler thought much better idea was just to have individual players, a movie that could hang on the back of the seat. A player would only cost $ 200 to $ 400 each, or less than $ 100,000 for a typical aircraft. Individual units could operate without the help of flight crews, and they could be leased to the plane. Passengers could then select the movies they wanted, and choose when they wanted to start, pause or stop the movie. The problem for Lawler was movie players had already found; His idea was just to have the producer of the movie player lease them to airlines. What role and what value he could add to his project?

Lawler solution was to create a role that permits the movies and reprogrammed players monthly. He took the initiative to work a deal to license movies with major movie studios, and then he made a deal with the studio for the license that allowed him to reprogram the players every month at a nominal fee. To sweeten his contract, Lawler rented movie players from the manufacturer, which was ready to front equipment Lawler because he had rent from the airline. Lawler offered the license, containing both charge player manufacturer and an additional fee for a license in movies and reprogramming players.

So if the product is too hard to introduce yourself, and you can not get any help, consider OPM program, introduce the concept with other people’s money. It just might work for you.