In my previous blog entry I spoke about ‘leveraging the wood chips’. Which is an old business maxim on how whatever we do has some kind of externality, off cut or by product which can be leveraged (very often sold) in some way to invent a new revenue stream. And while it may be obvious that many large business have such an opportunity, we also have this opportunity as individuals to realise the value of our wood chips.
Before I get into the what and how we can leverage our wood chips, let me share a couple of examples of well known brands, companies and products which are essentially ‘the wood chips’ – which incidentally comes from the obvious description of what we can do with timber off cuts from some kind of craftsmanship.
Vegemite: Australia’s largest brewers including CUB (now SAB) sell their brewers yeast (a form of woodship) to Kraft foods to make Vegemite from. All my Australian readers will now how big this brand and business is.
Paddle Pop: The Australian stick ice cream stalwart is actually what is called a ‘re-work’. The raw materials are the off cuts from other more premium ice creams in the factory.
Ruby on Rails: Is a software programming language that was developed for the building of Basecamp – a 37 Signals application. Which has now become a general programming language that was released to the public as an open source platform – as a gift.
LPG – LPG is synthesised by refining petroleum or wet natural gas. Liquid Petroleum gas can be used to run cars and heat homes. At first it was wasted, then it was captured and used.
Infact, many of the startups funds and Angel investing organsations are the wood chips of previously successful entrepreneurs.
My wood chips
In the first instance I took my Marketing skills into the web startup entrepreneurial scene when I launch rentoid.com. While I had virtually zero web and tech skills I made up for the gaps in project management, promoting my work and understanding consumer trends.
After I launch rentoid successfully as a ‘boot strapped’ business – this blog became a source of woodchips where I could further share and promote my ideas as they developed.
My Startup School, was the wood chips of rentoid and this blog – all pulled together as intense weekend where I share all my key learnings over 2 years into 2 days. Hence providing a valuable short cut to others entering the space.
Public Speaking is something that I have embarked upon more recently where I share ideas on business, the digital landscape and marketing. The real reason this is possible is due to the amount of pitching I have done in my own business endeavours. Without realising I became quite a proficient public speaker for which I am now regularly paid very well to do.
There are others, but you get the picture.
We all have some form of wood chips we can leverage and generate revenue from. Often at a higher rate in relation to the investment required to generate them – remember they are essentially an externality. We just need to stretch our imagination to see what they are, and most important let people know we have them on offer.
Happy wood chipping!