In 1973, I invented Baileys
irishtimes.com
irishtimes.com
> We went back to the store, searching the shelves for something else, found our salvation in Cadbury’s Powdered Drinking Chocolate and added it to our formula. Hugh and I were taken by surprise. It tasted really good. Not only this, but the cream seemed to have the effect of making the drink taste stronger, like full-strength spirit. It was extraordinary.
They iterated, but not because they thought the product would taste great, but because it fitted nicely with business and marketing considerations: tax breaks and diary connotations. I guess it's serendipity that they found the combination so quickly, and would have otherwise given up after a while.
Quitters never win and winners never quit, but those who never win and never quit are idiots.
It's wishful thinking and daydreaming more than entertainment.
I wouldn't recommend it, but I can understand it.
That makes no sense. When someone plays the lottery they don't put their life on hold until they win. Nobody seriously plans their life around a big lottery win, most people just play it for fun, the feeling of anticipation just before the draw. After a draw takes place and they've not won, they just go back to whatever plans they had before. Gambling addiction is more serious, but many people are casual gamblers, including those that play the lottery every week. I don't play the lottery often, but I can see for most people it's a harmless activity.
You'd be surprised. Especially if we expand the "lottery" to cover betting (horses, etc), gambling, and such stuff.
If they could have much better results putting that energy to another use, then, yes, simplistically we can say that they are idiots.
That is pretty much the definition of survivorship bias, in that you never know which of those groups you fit into in advance (or possibly ever).
EDIT: Hmm, I guess you meant "fail at having running a successful startup?" Yeah, probably.
E.g. if one tries and fails 5 times and ends up nowhere (or in debt), another person that never tried but used the same time and effort and got to a 200K salary has it better.
They didn't know about the tax breaks at the time.
I love this quote. That was a great read.
NOTE: This isn't about what makes money. It's about what makes heroes.
If you don't have ideas that someone else buys, you'll remain the person with all the ideas and none of the money.
(And if your ideas are "heroic", it will 100% take a hero to fund them...)
I really like that phrase, because it takes the "conventional startup wisdom" that "ideas without execution are worthless" to the next and obvious-to-outsiders step - even a well executed idea than nobody will pay for - is, by definition, worthless.
Ideas are mostly worthless without proponents.
As an artist, most of my ideas are artistic and don't require money for the translation to value, but they still require time and skill. I constantly face the reality that I still have to make the art.
However we downplay ideas, it remains diappointing how many people lack them, and how often money undermines them.
It also applies to cults, the mad guy that claims to be Jesus is ignored until his first fan comes along and 'believes' him, this then enables others to 'believe' too.
This is an awful part of a great read.
http://www.dailymail.co.uk/news/article-2004273/Woman-design...
https://www.fastcodesign.com/3059055/the-true-story-of-milto...
I did want a piece of Boeing, though, and I did it the usual way - I bought BA stock. It's now worth something like, 100x what I paid for it.
Anyone can get a "piece of the action" of any public corporation by buying shares of it. It'll cost you less than $10 in commission if you use one of the online brokers.
Many corporations will also sell employees stock at a discount (usually called an "employee stock purchase plan"). Or they may grant you some stock options.
Shares aren't really the same thing since they don't grant you royalties; they're really more like supplemental income.
IMO.
> That person is getting exorbitantly rich far out of proportion both to the effort you put in and to the risk they took in bringing you on.
Investors are always looking everywhere for deals like that, which means in reality they are pretty rare.
If you believe you are unfairly compensated for your efforts, you can:
1. quit and get a better deal elsewhere
2. negotiate for a better deal
3. borrow money from a bank/friends/relatives and exploit the opportunity yourself
4. join a workers' collective/cooperative/commune
All those are perfectly legal and possible in the US, and people do it all the time.
"ideas are like hemorrhoids, every asshole sooner or later gets some"
Let the potential buyer taste it without sharing the recipe, then negotiate the terms of sharing how to make it, plus your not disclosing it.
(I know some. In a restaurant they can tell you exactly where the kitchen staff put in the extra work to do things 'properly', and where the chef took a shortcut.)
Sounds like he parlayed the Bailey's idea into a career-spanning contract (or full-time gig, not sure which). That's far from a bad outcome.
Michael: And you finished off the whole bottle?
Lindsay Funke: I had to, it's vodka. It goes bad once it's opened.
Michael: I think that's another of mom's fibs, like "I'll sacrifice anything for my children"."If you don't drink your orange juice while it's fresh, it's no use."
Though the time frame is probably greater than casually sipping
https://cooking.stackexchange.com/questions/9420/why-doesnt-...
“Let’s try it,” I replied. Where Hugh was more likely to intellectualise and think through the appalling consequences of dropping cream into Ireland’s beloved whiskey, I was all for doing it there and then."
Now, I ain't no lawyer, but to me this sounds like Hugh invented it, no?
Love this. I too find Baileys disgusting, and in that position I would probably would never have launched it. What a big mistake that would have been!
Would be interesting to know more about this particular guy: did he come to like it eventually, or did he listen to somebody else, or did sales numbers in other parts of the world change his mind?
I clicked the link hoping for an apology for having invented Bailey's. At least now I have an explanation.
[1] Thick milkshake kind of stuff in the UK
> We were still struggling to find a name for our revolutionary new drink and there it was; above the door. Baileys. Was it really right in front of my face? It was certainly Anglo-Irish and in a flurry of post-rationalisation I managed to dredge up from my memory a dairy of that name in the Port Elizabeth of my youth in South Africa. This gave it a kind of relevance in my head.
> Another “Baileys moment” was the discovery of an attractive, traditional restaurant in Dublin called The Bailey. I could imagine our drink being enjoyed there a long time ago. It gave a gentle nudge of support to our off-the-wall idea.
> The headline mentioned R&A, golf’s governing body, and I instantly blurted “How about two initials? How do you like the sound of R&A Bailey? ... Yet as I thought about it after our conversation, a fantasy began to form in my mind. I could see them: R & A Bailey were two brothers, one a distiller and the other a dairy farmer. They had disliked each other for decades. Their father looked to bring them together...
He begins with "many drinks were named after the people who made them", and proceeds to follow up with works of complete fiction when creating the Baileys brand. Perhaps I'm a bit too left-brained to understand this creative work, but how does imagining something that didn't happen lend a gentle nudge of support to an idea?
http://www.modernmann.co.uk/new/2017/2/28/43-the-impossible-...
But if businesses are not willing to take on risks in the world of atoms/hardware, not just in the world of software, things stagnate. This is why the world of software moves so quickly and is much more exciting than the world of atoms in general. It's also why someone like Elon Musk is so remarkable - he is willing to take enormous risks in the world of atoms (Tesla, Solar City and especially SpaceX). Almost nobody is innovating like this in the western world at least, and of course Wall Street (or at least some parts) hate him for it. More examples of the lack of innovation in the world of atoms - sectors like construction have been really anti-innovation for a long time, at least until the proverbial wrecking ball in the form of software-powered bricklaying robots come along and disrupt everything. I was at a motor show recently, and I was struck by how unremarkable all the new models from the premium manufacturers are. A button that closes the boot lid automatically is not innovation, neither are interior panels that the customer can customise with their own design. Again, no wonder they are nervous about Tesla.
> but what led them to believing into the new drink - were they acting just on a hunch and feeling it tasted good?
Sometimes you just have to go with your gut. Focus groups and customer acceptance testing won't give you a full picture. There's a reason why by 'design by committee' and 'analysis paralysis' are considered negatives, not positives. 1970s Ireland was a totally different business climate to the quarter to quarter, Wall-Street driven thinking today which kills any long term horizons for taking on new ideas or projects. Having a clubby business environment where "everyone knew everyone" probably allowed for more breathing space to run with a new idea.
This reminds me of that quote from Monty Hall about it taking twenty years to become an overnight success. Great read.
Coffee usually needs sweetener + cream. The thick cream + sweetener + special taste + alcohol of Baileys make it a perfect for coffee.
It's the easiest, dumbest, best drink possible in a Canadian winter.
[0] https://www.ars.usda.gov/ARSUserFiles/80400525/Data/retn/ret...