Episode Summary
Executive Summary: In this episode, Lewis Howes interviews his mentor and friend Chris Hawker, a prolific inventor with over 70 products brought to market. Chris shares his journey from a teenage aquarium maintenance business to creating successful products like the PowerSquid and Onion Goggles. He emphasizes that great inventions come from personal experience and solving real problems, and that execution is more important than the idea itself. The discussion covers the invention process, licensing vs. manufacturing, the importance of design, and the value of mentorship.
Main Topics: The Invention Process and Finding Ideas (Priority: 5/5): Chris explains that the best invention ideas come from personal experience and solving a problem you personally face. He advises against trying to get rich quickly and instead focuses on creating products that fulfill a genuine need. Licensing vs. Manufacturing (Priority: 5/5): Chris outlines two paths for monetizing an invention: licensing (easier, less risk, royalty-based) or starting a company (harder, more control, higher potential reward). He personally prefers licensing as it allows him to focus on creativity. The Importance of Execution and Design (Priority: 4/5): Chris stresses that there are no million-dollar ideas, only million-dollar executions. Great design is not just aesthetics but also function and user engagement. He uses the Onion Goggles as an example of a product that succeeded due to excellent execution. Mentorship and Adding Value (Priority: 4/5): Both Chris and Lewis discuss the mutual benefits of mentorship. Chris mentored Lewis early in his career, and Lewis added value by being Chris's personal trainer. They emphasize that mentorship should be a two-way street. The Role of Research and Avoiding Confirmation Bias (Priority: 4/5): Chris warns against confirmation bias when researching an idea. He recommends thorough patent and market research to avoid costly mistakes, and suggests using third-party experts like patent attorneys. The Reality of Product Timelines and Success Rates (Priority: 3/5): Chris notes that the average time from idea to marketplace is three to six years, and that even successful inventors only 'bat around 300' (30% success rate). He cautions against expecting overnight success.
Key Arguments: Great inventions come from personal experience and solving a problem you personally face, not from trying to get rich. Execution is more important than the idea itself; there are no million-dollar ideas, only million-dollar executions. Licensing is often a better path for independent inventors because it allows them to keep their day job and avoid the risks of manufacturing. Great design includes both aesthetics and function, and it engages the user emotionally. Mentorship should be a two-way street where both mentor and mentee learn and add value. Thorough research is essential to avoid confirmation bias and costly mistakes. Product development is a long process (3-6 years) with a low success rate, even for experienced inventors.
Data Points: Products brought to market: Over 70 - Chris Hawker has helped bring over 70 products to market, with about a third being his own ideas. Products currently on market: About 35 - About half of the 70 products are still being sold, as products have a life cycle. Units sold in first year (algae scraper): 35,000 - Chris's first successful product, an algae scraper, sold 35,000 units in its first year. Typical royalty rate for inventors: 5% - The typical royalty rate for a licensed product is 3-8%, with 5% being normal, based on wholesale sales. Time from idea to marketplace: 3-6 years - The average timeframe from idea to marketplace for an independent inventor is three to six years. Success rate (batting average): 300 - Chris estimates his success rate at around 300 (30%), meaning not all products succeed. Hot Dog Slicer units shipped: Over 1 million - The Hot Dog Slicer is expected to ship well over a million units in its first year. Investment return for Hot Dog Slicer inventor: Over $500,000 - The inventor of the Hot Dog Slicer invested $10,000 and is projected to earn over half a million dollars in revenue.
Pivotal Quotes: "There are no million-dollar ideas, only million-dollar executions." — Chris Hawker: Chris emphasizes that the idea alone is not enough; successful execution is what creates value. "All the best ideas that I've experienced come from personal experience." — Chris Hawker: Chris explains that the most successful inventions solve a problem the inventor personally faced. "In a really great mentorship relationship, the mentor learns just as much from the mentee as the other way around." — Chris Hawker: Chris highlights the mutual benefits of mentorship, using his relationship with Lewis as an example.
Implications: Listeners learn that successful innovation requires solving real problems, thorough research, and excellent execution. The episode encourages aspiring inventors to consider licensing as a viable path and to seek mentors who can provide guidance while also benefiting from the relationship.
About The School of Greatness
Lewis Howes is a New York Times best-selling author, 2x All-American athlete, keynote speaker, and entrepreneur. The School of Greatness shares inspiring interviews from the most successful people on the planet—world-renowned leaders in business, entertainment, sports, science, health, and literature—to inspire YOU to unlock your inner greatness and live your best life.