Lisa Lloyd- Inventor & Millionaire
This article on “Creating Wealth” focuses on the entrepreneurial successes of yet another woman. In fact our millionaire entrepreneur in this article was inspired by another lady whose story also appears on this site, inventor & millionaire Tomima Edmark.
From TV Sales to Inventor
At the age of 22 Lisa Lloyd was working in sales at KOLD-TV in Tucson AZ. She had always aspired to be a speaker and sales were a natural extension of public speaking. While being a sales person for a TV station sounds glamorous, it was the early 1990s and Lisa was only raking in about $14,000 a year. In addition to her interest in public speaking, Lisa had always believed that she would ultimately end up in business, as an entrepreneur, as a form of wealth creation.
Inspired by another Lady Inventor
The light came on when one day she saw another young lady on TV, who had invented a simple hair product and became a millionaire in the process. Most likely it was Tomima Edmark and the Topsy Tail. Lisa was not only inspired, but instantly believed that she could do the same as the lady on TV.
Lisa also focused on a hair invention. She loved the French twist but it was always difficult to get it just right. A search for existing products to help with the French twist turned up nothing. Lisa immediately set about to invent her own product. After some experimenting she came up with a hair accessory that would soon be licensed to Scunci®- the French Twister. Along the way to her deal with Scunci® Lisa studied up on the patent process and the business agreement known in the world of invention as “licensing.”
Licensing as a way to make money
Lisa learned that licensing meant she would have to turn the product, and all of the rights that go along with it over to a company who would then handle the production, distribution, and marketing of the product. Lisa would receive royalties from sales of the product, without the worry and hassle of doing it all herself. Ultimately this turned out to be a good business decision for Lisa Lloyd as the French Twister has gone on to generate over $20 Million in global retail sales.
She would later tell “Dr. Phil” that licensing was the smartest business decision she ever made. Lisa did not stop there. She continued inventing and licensing a total of 7 products over 10 years for a combined $30 million in retail sales. Some of her other products included; Pop Tops- licensed to Goody Products, Soft Claws – Goody Products, Weave-N-Wave- Scunci, Bobbi Sticks- Scunci, C02 Sprayer- Visage Natural & Mona Lisa, and finally Treasure Chest Pets- www.mytcpets.com
From serial inventor-to business founder-to self-made millionaire
Lisa eventually founded Lloyd Marketing Group where she could combine all aspects of her business experience, consulting, speaking and working with other entrepreneurs. According to her website she “has spent nearly two decades as an author, motivational speaker and trainer/educator on the subjects of innovation and licensing as well as work/life balance. She has been a featured lecturer at Universities including the University of Arizona’s Eller School of Business and Entrepreneurship, Arizona State University’s College of Engineering, and the Arizona Intellectual Property Association’s continuing education program for patent and trademark attorneys.”
Ways to make money- Talking points
Lisa Lloyd proves once again that invention and product development- while never an easy or sure thing- is one way to create a millionaire income in a relatively fast period of time. Particularly when compared to working a job or career over 30 or so years. The first step is to believe that if someone else did it, “then I can do it too.” This was the exact mindset Lisa took on when she saw Tomima Edmark on TV selling the Topsy Tail.