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« Economic Summit – This time from the Left | Main | The Liberal Mind – Tax Rates Don’t Affect Earnings »

11 June 2011

Comments

D. King

George,

I don't think most will understand the process and therefore the ass pain involved.
I’ll be happy to go through my experience, but fear it will be viewed as an advertisement.

George Rebane

Agreed, but do it anyway, please.

D. King

I’ll go through my experience.

I had had an idea for a shallow water buoyancy system for an ROV (remotely operated vehicle)

A closed loop system.

I proved the technology by building a prototype.

Watch the first part and then scan to 3:30.

http://www.youtube.com/watch?v=pyX5x6fwdtQ

I got a utility patent on the science (different than the easily obtained design patent)
You may have to down load a plug-in to view.

http://tinyurl.com/2g3vayv

Having a U.S. patent awarded and being published is a wonderful experience!

O.K.; now I need money. Where to get it?
I had already spent money on the patent and the prototype and the amount needed to build an ROV was more than I could afford. Since I cloaked my ROV intentions by calling it a water toy and only mentioning it in passing in the patent (companies harvest ideas by reviewing patents for the purposes of reverse engineering (stealing!) the technology) I decided what the hay, why not build a few cheap toy prototypes and see if I could interest pool toy companies.

http://i666.photobucket.com/albums/vv22/David-C-King/BTTpic.jpg

http://s666.photobucket.com/albums/vv22/David-C-King/?action=view&current=SinkySwim.mp4

http://i666.photobucket.com/albums/vv22/David-C-King/Mermaid.jpg

http://s666.photobucket.com/albums/vv22/David-C-King/?action=view&current=MermaidProto.mp4

Were they interested? You bet they were! But they wanted me to make refinements.
Well, the refinement process was never ending. I made changes, they wanted more changes.
It got to the point where I asked them to commit. They said they might be interested at some point in the future. Starting to get the idea? They were going to keep me and my patent tied up as long as they could. This happened with several companies. For what I was asking, they would have come out way ahead…instead; they are now fighting each other in court.
Take a look at this. I submitted this diving lightshow idea to them and here is what I got!
Here is the block out of my muli-dive / rise lightshow and fountain I submitted 3 years ago.

http://i666.photobucket.com/albums/vv22/David-C-King/EpcotDivingLightShow.jpg

Here is their new diving lightshow.

http://www.swimways.com/kaleidomotion-p-77.aspx

No, not exactly the same, but where do you think they got the idea?
They have the money to play these games; I do not.
There is some solace for me though! The two companies I submitted to are now locked in a court battle over this, that either one could have avoided by dealing with me, and for a lot less!

http://news.priorsmart.com/great-american-duck-races-v-swimways-l3Th/

I could go on for hours, but would rather answer any questions you may have.

Mikey McD

As long as we are sharing war stories...

"Eat the “Rich”- That Which Is Not Seen

January 15, 2005 I started a business. August 1st 2005, my bank account balance was $70; that’s seventy dollars. In the next 3 weeks I had office rent to pay, payroll to make, student loan payments to make, business loan payments to make, various government taxes to pay [everything from business license to FINRA fees], grocery bills for my family, mortgage payment, etc. I couldn’t even sell my paid-off car quick enough to cover my expenses. I didn’t have a friend or relative I felt comfortable hitting up for a loan. But I had three weeks and 8 previous months of hard work in my favor.

Insert Lots of deep breathes and prayers.

I trusted my business model and my abilities to execute. I increased my daily hours of work from 12 to 18 hours a day [I would work from 6:30 am-6:30pm, break for dinner and nursery rhyme time with the family before heading back to work from 8:30pm-2:30am]. I was charged by passion that my business model was right [on multiple levels] and that I was called to this vocation. I don’t remember ever being tired. I remember my nervous stomach rejecting coffee but accepting mountain dew.

I regret not having sincere time for friends and family during this period of my life.

Enter August 31st 2005. I did not miss a payment. I paid every bill on time and in full. This small victory projected my attitude even higher. September, October, November, and December of 2005 are still a blur. I do remember feeling 10 feet tall and bullet proof, except on Friday nights. It was on Friday nights that my body would pay me back for the transgressions I made against it previously in the week. I can’t remember a Friday night in 2005 or 2006 when I was not sentenced to the bathroom with violent stomach illness. I grew to hate Fridays. I blamed my Friday night “episodes” on the previous week’s combination of sleep deprivation, extreme stress and my steady diet of Mt. Dew.

Sometime in 2007 I got my life back. My Friday nights were often (not always) free of illness, I was back to only 12 hours of work a day and my diet was far more balanced (no more Mt. Dew!). My success in 2007 also projected me to a point where I paid an extremely high amount of tax. 4 months of my 2007 earnings went to pay taxes. In 2008 I attained the status of ‘rich’ by Obama’s standards and over 5 months of earnings went to pay taxes. Oh how I wish I could have used those tax payments to pay off student loans, my business loans or to treat my patient, trusting and encouraging wife to a nice dinner. Early in 2008 the financial crisis struck and revenues plummeted. The previous years savings were used to bridge the business through late 2008 and early 2009. I did not want to lay off any employees during that mess though it would have lowered my stress level and protected my savings. I retained all my employees (using savings to make payroll) and lived to work another day.

What will future years bring?

I tell my story in hopes that those intent on hating or targeting ‘the rich’ will see how human ‘the rich’ are. May the collectivist see the God given traits/personality of capitalists who take incredible risks, sacrifice health, sacrifice relationships, and work extremely hard to earn a living for themselves and their employees as neighbors; as humans. "

Douglas Keachie

Did your employees sit around and do nothing while you paid them a check anyways? Or were they actively engaged in activities which contributed to the business rebound? If the latter, then you were not doing charity work. During the lean period, did you pay just as much in taxes, or will you be income averaging over the next three years, paying less taxes?

Douglas Keachie

If you are not in farming or fishing, what benefits will accrue to you taxwise, for your years of loss, in place of income averaging?

Douglas Keachie

Since I saw no responses here, I sent my own "Other Voices" column in to The Union. Enjoy your coffee this morning.

Todd Juvinall

No one responds here to such ridiculous comments to Keachie. Without real life experience in business we just don't care to respond to a book learner.

Mikey McD

Did your employees sit around and do nothing while you paid them a check anyways? MY EMPLOYEES WERE ACTUALLY BORED DURING THE SLOW 'SEASON'; SPENDING TIME SURFING THE WEB AND EVEN READING NOVELS. Or were they actively engaged in activities which contributed to the business rebound? THE TURNAROUND (STILL HOPEFULLY IN PROGRESS) CAME ABOUT BY A RISING STOCK/COMMODITY MKT. SOLE PROPS (OUTSIDE OF FARMING) CANNOT 'INCOME AVERAGE' ANYMORE (NOT SINCE THE 1980S I BELIEVE). I did not feel any tax benefits in the lean years and more importantly I had less to reinvest thanks to the high tax years. The problem arises from the progressives belief that what I earn first belongs to The State (the collective).

George Rebane

I saw DougK's Union piece this morning, and since it mis-featured me and this post so prominently, I thought a response would be appropriate. It is posted here - 'Keachie Again Misreads Rebane'.
http://rebaneruminations.typepad.com/rebanes_ruminations/2011/06/keachie-again-misreads-rebane.html

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