Turning Ideas into Millions (or at Least Avoiding Pet Rock-Level Failures)

When I ran the Innovations Project, I had the chance to speak with business groups, inventors, and economic development organizations. My favorite way to start a presentation was always with the same line: "Ideas are a dime a dozen—people who act on them are worth millions." Over four years, we evaluated thousands of inventions and product ideas, yet only about a hundred made it to market. That may sound like a small number, but those successful ideas went on to generate millions in revenue and royalties. The lesson? Good ideas are everywhere, but only a handful ever turn into something meaningful.

Through trial and error and many caffeine-fueled discussions, we figured out what separated winners from forgotten prototypes collecting dust in someone’s garage. Contrary to popular belief, success wasn’t just a roll of the dice. It wasn’t about lucky timing or market conditions. What truly mattered were three essential ingredients.

First, the product had to be uniquely superior in the eyes of the customer. If it wasn’t clearly better than what already existed—whether through higher quality, cost savings, innovative features, or problem-solving abilities—there was no chance it would gain traction. A product that is merely “as good as” the competition is as forgettable as last year’s viral TikTok trend.

Second, a sharp and well-defined product vision was crucial. Before development even began, successful projects had a clear target market, a strong product concept, and a well-thought-out plan. A common mistake was assuming that “everyone” would want the product. In reality, the most successful innovations focused on a narrow group of early adopters first, gaining momentum before reaching the masses.

Finally, every successful product needed a champion—someone willing to push it forward despite the inevitable obstacles. Most inventors weren’t suited for this role; they needed someone with the drive, connections, and business acumen to bring the idea to life. Without a relentless advocate, even the best ideas would stall.

One of the greatest examples of persistence was Dr. Spencer Silver at 3M. While trying to create a super-strong adhesive, he accidentally invented a weak, reusable one instead. For years, he searched for a purpose for his “failed” glue. Eventually, a colleague used it to stick a bookmark in a hymn book, and from there, the Post-it Note was born. Without Silver’s determination, this simple but ingenious idea would have never made it past the lab.

At the end of the day, there is no shortage of ideas. But turning one into a success requires more than just inspiration—it takes execution, strategy, and someone willing to fight for it. Those who master these elements? They’re the ones truly worth millions.

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Joseph Willmott, CEO, World Referral Network, jwillmott@worldreferralnetwork.com