Are ideas opportunities?

I believe opportunities are floating around out there, waiting for anyone to realize.  Some people are better at recognizing them than others.  Few will seize them and manage to create a successful business venture.   Have you ever thought of an idea before someone else made lots of money with the same idea?  Here are two different sets of inventors who simultaneously have come up with a solution to the same problem.   Whether both idea’s will result in a business opportunity will depend upon their ability to raise enough capital, how quickly they get it to market, and if they have the marketing finesse to create awareness and demand for their finished product.

 Problem:  Riding a bicycle at night is dangerous due to poor visibility.  Solution:  Lighted rims.

Project Aura:  Jonathan Ota and Ethan Frier, two industrial design sophomores from Carnegie Mellon University are currently using a research grant to develop their Aura system.  ”We wanted to make a cool product that people will want to use, and in the process of using it, will make them safer,” said Ota.  Aura incorporates six groups of three tri-color LEDs embedded into both rims, which are powered by a dynamo generator built into the front hub. The rims start out appearing as two red circles when the bicycle is moving slowly, but transition through to white as it gathers speed.

Aura Video:  http://player.testing3.vimeo.com/23544972

Revolights: At the same time, inventor Kent Frankovich and partners Adam Pettler and Jim Houk are working on their Revolights system. It consists of two hoop-like assemblies each containing eight LEDs, that clip onto a bicycle’s existing rims. Powered by hub-mounted lithium-ion battery packs, the lights blink on and off at a rate set by the speed at which the wheels are turning.  Unlike Aura, which is meant to be used in conjunction with regular head- and taillights, Revolights is intended to serve as such lights. The system is designed not only to provide side illumination, but also to project light in front of and behind the bicycle.

Revolights video:  http://vimeo.com/27280439

Revolights partners have raised over $200,000 through innovative fundraising on a website called Kickstarter.  If you invest in their product, you get cool rewards like t-shirts with their logo on it.  Investing more than $200 will get you a free set of Revolights before the product goes to market.   Revolights will retail for $220, and plan to be available in stores by the end of this year.  Do the creators of Aura still have an opportunity?

Beth Carroll

TED-Ideas Worth Spreading: Bill Gates CO2=PSEC

From Fast Company

Bill Gates recently spoke at TED about how the world needs to attack reduction in CO2. As the tagline from TED suggests, his ideas are worth spreading. His 27+ minute presentation is embedded below. For my ENTR200 students, you might note he slipped in several “you knows.” Even the richest “guy” on planet earth is not perfect Hank