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Inventions That Made People Rich
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Many people have a million ideas, but rarely act on them. Even mistakes can sometimes mean millions – if the timing is right.
For a lake, one good idea can prove extremely fruitful, even if it is as ridiculous as something like a Snuggie. For example, the Slinkys born behind the sea machine went astray; Meanwhile, Furby was created evil after his creator was introduced to Tamagotchis, and he felt a desire too much to control.
Beanie Babies, created by Ty Warner in 1993, are a throwback to 90s toys filled with plush beans. Warner’s Ty Inc. which in one year made $700 million on par, selling hats for $5 each. By 1999, the company had sales of more than $1 billion.
Warner refused to sell toys in national chains like Toys-R-Us and Walmart, expanding the market in small, independent stores and creating a frenzy. Some are also delivered by Ty Inc. they were instructed not to sell more than a certain number to a customer. Capsules have started popping up on the resale market – many with five-figure prices.
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Since its inception, it has been estimated that Beanie Babies could have brought in nearly $6 billion for Warner.
Alex Tew got the idea to create The Million Dollar Homepage when he was a 21-year-old college student. In the advertising space, he would sell 1 million pixels for $1 each. Profit? It’s your guess.
The Million Dollar Home Site “sold” just 4 months after it went up in 2005. This all happened because Tew was studying to earn money while attending the University of Nottingham in England. And after the site started getting media attention and all the advertising space was purchased, he left and started his career as a marketing entrepreneur.
What if you had a blanket? Scott Boilen, president of Allstar Products, had the same idea, hence the Snuggie. Since 2008, more than 30 million Snuggies have been sold, representing more than $500 million.
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People wearing snuggies on blankets pose for a photo at Snuggies Pub in Denver April 25, 2009. REUTERS/Rick Wilking
Many people remember the silly ads in the early years for Snuggies: a family at a game, all wrapped in blue Snuggies, wrapped in other coats, surrounded by hats and bands, clapping, arms raised.
But some others remember the Slanket, which appeared on the shopping channel QVC and public airplanes in SkyMall years before the Snuggie.
“We’ve seen these products in catalogs for a while — I think before Slanket came out,” Boilen told The New York Times in 2009. “And we thought if we put it back smartly and could offer it at a better price, then people would buy it.”
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Coincidentally created by Richard James, The Slinky is now in the Toy Hall of Fame, with over 350 million sold and $3 billion in revenue.
James dropped the tension spring he was working on and kept it rolling across the floor – and the Slinky was born. But it didn’t happen quickly: James spent more than two years trying to make the toy last, experimenting with different formulas to get the perfect toy he envisioned in his head. Betty Slinky’s wife continues to run the business since she moved to Bolivia to worship. Anne died in 2009.
In its obituary, The New York Times found that the number of Slinkys sold around the world could fly more than 150 times.
Gary Dahl, an advertising executive, is known for cracking jokes. After listening to friends talk about the dangers of petting, he made Pet Rock in 1975 and raised nearly $6 million.
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It is marketed as a “free-of-care” kit, complete with an easy-to-use installation manual and a cardboard box modeled after a pet carrier. They were a rock hit and it turned into one of the biggest fads of all time.
San Jose-based Dahl tried to replicate his Pet Rock success with other ventures, though all else ultimately failed, including a book about the “unheard-of story” behind the pet parody and another fitness scam.
Furby, the craze of toy electronic hamsters and nocturnal toys, took over the 90s, but then quickly declined in popularity. But Furby remained a hot toy long enough to earn $500 million a year at its peak.
Fun fact: The National Security Agency banned Furbies from its office in 1999, according to a CBS article of the same day, which said the toy was “made into a Chinese spy” with the ability to listen in on intelligent conversations.
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They don’t have smart memory capabilities, according to Roger Shiffman, the man who heads Tiger Electronics, which makes the toy. However, they are known to often have problems – talking, walking and beating without stopping, sometimes in the middle of the night. Scary.
In the 1980s, Scott Stillinger invented the Koosh Ball – a ball of rubber fibers colored throughout its surface. Hasbro bought the Koosh ball for $100 million in 1997. Time magazine called it one of the greatest toys of all time.
Koosh Ball Inventor Scott Stillinger dived into the pond in front of his house with some of his Koosh balls. Acey Harper/De Life Image Collection/Getty Images
According to a 1995 Los Angeles Times article, the Koosh ball was born out of a desire to have something between the weight of a foam ball and a bean bag.
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As Stillinger’s company grew, so did the size of the Koosh balls. Even today, you can find more than a dozen types of Koosh balls. And by 1995, the business was already doing well: OddzOn, the first toy manufacturer, said that “millions and millions” had been sold for $5 each.
Big Mouth Billy Bass, the famous talking fish hanging in garages and living rooms, was created by Gemmy Industries in 2000 and has made millions. Although the earnings were never disclosed, some estimates estimate that the top donation of the decade earned $100 million.
Founder Joe Pellettieri took two years of tinkering to get Billy Bass just right – moving head, tail and motorized mouth, all singing in unison “Don’t Worry, Be Happy” and “Take Me to the River”.
Ken Hakuta became a household name in 1985 with the Wacky Wall Walker – an eight-armed lightweight octopus-like toy that, when attached to a wall, appeared to walk as gravity destroyed it. Millions to come.
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But Hakuta isn’t the only one who came up with the idea for the toy. He bought the rights to the original toy sent to his Chinese mother for $100,000 and began selling it in the DC area.
Sales were booming until a news item in The Washington Post came across his work and wrote about it. Strigo started with one of the biggest marketing fads of all time. More than 240 million were sold within a few months, which is about $80 million for Hakuta.
Years ago you could find them in cereal boxes like Corn Pops, but today you can find them on Amazon and some independent toy stores.
The Chia Pet – a clay figurine filled with water and covered in seeds that sprout greens – is a cultural icon. You can buy a Chia pet dog, cat, rabbit or even a president. Each week of the season, the company sells 500,000 units. At $16 a pop, that’s millions of dollars every year.
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Creator Joe Pedott credits his home in San Francisco and a butcher’s firm for the idea that eventually led to the infamous “Ch-Ch-Ch-Chia” sound heard in TV commercials for years until 2010. A toy is also included. in the New York Times column.
In 1963, Harvey Ball drew a face surrounded by a smile and filled with yellow for $45 in balls and badges for a living. However, they never registered this plan. Today, he owns the SmileyWorld project and earns more than $250 million a year.
Ball first drew a happy face for his company’s PR client, the United States Mutual Insurance Company. The only money he ever made from a simple sketch was the double digit dollar amount they sold it to a client.
The two brothers, Bernard and Moravia of Spain, met with blank faces in the power of laughter. The Spaniards, who wanted to start a new business, bought the legal rights to the tower with the now infamous slogan: “Good day”. Brothers
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