Turning an Idea into a 9-figure Business
What do an electrical engineering degree, degree in Mandarin, law degree, and an MBA all have in common?
They all belong to our next guest, Devin Miller who’s built as many businesses as he has degrees. Devin is the type of entrepreneur who has 10 new ideas for breakfast, throws out 20 before dinner, and has another 10 by the time his head hits the pillow.
Learn how he vets these ideas and turns them into profitable business ventures – many worth 7, 8, and 9 figures. You’ll follow along on his journey as he ideated and built his first Diabetes Wearables business, as well as what he came up against during his merger with another business entity. This episode is jam-packed with useful tidbits on market validation, monetisation, and patents – of which he happens to be an expert.
What you will learn in this episode
In this episode we’ll cover everything from:
- Learning how to take a business idea and validate it in the market
- When, where, how, and why a pivot is needed in order to grow
- The importance of having an integral network of mentors and connections
About Our Guest
Devin Miller has founded and co-founded several 7 and 8 figure businesses. He has also founded his own patent and trademark law firm, Miller IP Law.
In addition to founding and running his own patent and trademark law firm, he is also the co-founder of several start-ups including a multi-million dollar business for wearable glucose monitoring. He also runs a product development company that helps startups and small businesses with developing their ideas and products.
Devin has sold a business he started in MBA school to another company. He kept some equity in the new business – that is now a 9 figure business. He has also purchased a small family business for his kids and nieces/nephews to work at.
Connect with Devin Miller
(5:15) While Devin won’t choose a favourite child (he has four), he did reluctantly admit to having a favourite business: The diabetes wearables business was the first he started (and his first love). Learn more about how it came to life.
(10:08) Finding your market share is important when building a business. Walk through Devin’s thought process as he dived deep into all the applicable markets before solidifying his niche.
(16:38) Devin regularly sees one of the biggest misconceptions for entrepreneurs. Here’s what you can actually expect.
(27:05) “Who is bringing what to the table and how much is that worth?” This kicks off every conversation about a merger, but is often the biggest roadblock. Learn Devin’s tips on keeping discussions moving forward.
(39:19) Patents. Do you have them? Do you need them? Is it worth defending? Everything you need to know from someone who’s been on both side of the fence.
(54:14) One top tip to take away – well, two: 1) If you have an idea you’re excited about, write it down, and come back to it a week later. If it still excites you, then it’s time to explore it further. 2) Don’t underscore the importance of a business plan. What are you building, who’s going to buy it? WHY does it matter? These foundational questions are, surprisingly, overlooked by a lot of gung-ho engineers. Do your research and take it slow because great things often take time.