Don Park discusses a possible career change and discusses his options:
1. Startup – pick an idea and raise it like a child.
2. Software Investing – build software for startups in return for equity.
3. Idea Investing – provide ideas to companies in return for equity and/or percentage of revenue generated from the idea.
#1 is the most difficult for me because I am practically drowning in ideas everyday, each one as alluring as supermodels.
I have done #2 before, made money on one out of three. Not a bad odd and I get to play around more often than #1.
#3 is what interests me the most at the moment. Companies often stagnate and can’t think outside the box. There is no big opportunities in teaching people how to think differently, but companies can use great ideas.
So I spend a few days with company executives, analyze their business, and come up with ideas and solutions. If I don’t come up with anything they find valuable, it’s a wash for me and cost the client no more than my travel expenses. If I do, equity, royalty, or consulting fee follows. It is a long term investment in my part, investing ideas instead of capital.
Idea Investing sounds so very interesting, Don. But do it yourself – that is, do #1. Start your own company. Look at the world’s emerging markets and how new ideas can make a difference there.