Business

How William Erbey’s ideas become reality

Published

4 years ago

September 22, 2020

How the entrepreneur, philanthropist and inventor Bill Erbey applies his philosophy to machines and medicine.

It’s rare to meet a serial entrepreneur who founded six multibillion-dollar publicly-listed companies, who applies mathematical and statistical concepts to his business projects. When questioned about their success, others choose happenstance over conspiracy; for William Erbey, it’s the application of math and statistics each time.

“For the last 50 years I have applied those concepts to my businesses wherever possible-my goal is to devise products that provide greater value to the customer, that can be produced at a lower cost, so I can compete on price if need be,” said Bill. In his case those projects almost always involved a technological solution grounded in math and statistics.

Bill has invented a patent-pending control system for generators and electric motors. In simple terms, it reduces the heat generated by half, and increases the engine’s efficiency by about 8%. The Kira motor technology will radically enhance the modern electric motor by increasing its driving range, which will significantly increase electric vehicles mass adoption.

A recent investment close to Bill’s heart is in the futuristic area of medical devices, and more specifically, in the medical technology associated with kidney failure.

“Of course, there’s obviously math and analytics involved here, but not the same type. What are the three biggest medical spends? – Kidney, cancer and cardiac. Do you realise that medical treatment involving kidneys in the United States will represent a $1.4 trillion spend by 2030, so it’s a massive issue”, he said in a recent RealVision interview.

What interested Bill specifically was John Erbey’s idea, changing the whole way of thinking about how one deals with kidney problems.

In essence most of today’s solutions are all about pushing fluid through the kidney, or “renal preload”. “Today, we try and put more fluid through the system, and we use drugs as well”.

For Bill it was the way the fledgling company is looking at the whole issue from outside the box. “The reason I invested in the company, besides him being my nephew” he smiled “was the fact that his solution was so elegant. “Why didn’t anybody think of looking at the problem in that way before? Why do you push fluid through the kidney-why wouldn’t you pull fluid through it instead? It is a very elegant and simple solution to a major problem”.

According to the Strataca Systems’ official website, the company believes ‘expensive medical problems require effective solutions’. Few problems are as large or as expensive as acute decompensated heart failure, which leads over 1 million hospital admissions in the USA each year. The primary reason for hospitalisation is congestion-fluid overload-which leads to shortness of breath’. Since the kidneys are responsible for fluid management, as renal function is compromised, the morbidity, mortality and costs for these patients rise. The company is developing patented technology to improve urine output and decrease congestion.

The problem that is being addressed is hugely significant in numbers alone; between eight and 10% of the world’s population suffers from cardiorenal syndrome-that is, kidney failure. In real terms that’s 12 Americans dying each day.

What separates Bill from many investors, is that he really is interested in the minute detail of how the product or service works. He’s a man who really cares about making people’s lives better – it’s his key to success. He wanted to know exactly how the medical device worked and what was the thought behind it. And he’s therefore able to explain the details.

“By pushing liquid through the kidney, you put more pressure on it-the kidney itself is in a semirigid sack, so it actually starts deteriorating the kidney function. So it was interesting when my nephew explained to me exactly how they deal with the problem today. It was like my understanding of the Internet”. Today, the cure for this ‘congestion’, rather like the cure for the increased Internet congestion, is again trying to push more stuff through the system. The kidney pushes back and basically nothing happens. John spent four months thinking about why nobody had ever thought about the problem in his way. So what he does is use negative pressure to pull the urine out of the kidney. It’s already through the animal testing stage and is now going through human testing”.

And like his other projects combining investment with innovation, machinery, conservation, Internet streaming, Bill believes that this will ultimately help people to not have to go on dialysis.

“It’s a horrible thing and certainly significantly truncates one’s life expectancy. As I said it’s a $1.4 trillion market which is amazing. And that figure represents the US alone. Globally it’s probably closer to $3 trillion. So it’s a massive market, and he has a very strong patented protection around the idea”.

It’s no wonder that they call Bill Erbey a Renaissance man; looking at his myriad of inventions and investments, he certainly seems to exemplify the expression “the man with the Midas touch”. Watch this space.

Business

Transform Your Expertise into a Profitable Online Coaching Business with Jon Penberthy

Published

3 weeks ago

November 3, 2024

Matthew Wiles

Transforming your expertise into a successful coaching business requires a strategic approach to monetizing your knowledge, with a strong emphasis on client satisfaction and adaptability to their evolving needs. By prioritizing these factors, you can build a coaching practice that flourishes, provides long-term value to your clients, and supports sustained growth for your business.

The potential for this growth is underscored by the global online coaching market, which was valued at $3.2 billion in 2022 and is projected to reach $11.7 billion by 2032, reflecting a compound annual growth rate (CAGR) of 14% from 2023 to 2032.

Jon Penberthy, founder of AdClients and a leader in online coaching, highlights the significance of the knowledge economy in today’s marketplace. He notes, “The knowledge economy is now worth over half a trillion dollars a year. That means every year, people like you and me are paying others—not for physical products, but for the exchange of knowledge.” This shift presents a compelling opportunity for those willing to leverage their expertise in this evolving market.

Penberthy’s philosophy emphasizes the power of positive thinking and challenges traditional views on credentialism and rigid professional roles. He asserts, “Nowadays you only need to be one step ahead of someone else for them to be willing to hand back some money to learn from you.” His success as a how-to coach exemplifies this approach, showing that with the right mindset, anyone can turn their knowledge into a flourishing business.

Essential Steps to Starting Your Online Business

At the heart of any business plan is the decision about what type of product you will provide in the online marketplace. Jon Penberthy explores various possibilities, from relationship counseling to pet care, ultimately settling on a widely sought-after internet offering: personal health and fitness.

“Let’s say you do not have a personal trainer certificate, but you have figured out a specific nutrition and exercise regime that works,” he states. “There are people out there who want to look how you look and are willing to pay you for your knowledge … the opportunities are endless – you just have to ask yourself what you know that is a little bit more than those around you. That’s the starting point for your own training program.”

The next step involves packaging your training for an online audience, and Penberthy recommends creating a series of recorded videos as an effective approach. This leads to the question of how much to cover in the initial video and the order of presentation.

He suggests finding friends and family who are interested in your topic and willing to learn more. By selecting a few volunteers and teaching them over several weeks for free, while taking diligent notes on what works and what doesn’t, the teaching process will gradually reveal itself.

Build a Sales Funnel

Regardless of how your business attracts customers, potential buyers often follow a similar path, asking common questions and taking comparable steps when deciding whether to make a purchase. A sales funnel is an effective way to visualize this journey, offering valuable insights into the customer experience. It helps you see the sales process through their perspective while also serving as a practical training tool for your sales team.

Penberthy highlights the importance of this approach, “A sales funnel helps transition potential customers from being strangers to ready-to-buy clients,” he explains. By breaking the process into a series of steps, the sales funnel gradually informs and engages potential customers, guiding them toward a purchase decision without overwhelming them with information.

Attracting Attention—The ‘Eyeball’ Factor

Once you’ve understood the initial steps for setting up your online coaching or course, the next challenge is attracting people to your funnel, often referred to as the “eyeball” factor. “Bringing traffic to your site involves content creation and deciding between organic (unpaid) traffic through various social media channels or, if your budget allows, paid traffic,” Penberthy explains.

Penberthy explains that with organic traffic, individuals will be active on social media, creating content designed to build an audience interested in their topic. He adds that if one can invest some funds, paid advertising—especially on YouTube—can be an excellent starting point, as it delivers instant traffic compared to the uncertain outcomes of organic posts.

Once the advertising strategy is established, the next step is to continually refine and enhance the course, making it more concise, message-rich, and easier for potential customers to understand what is being offered.

He emphasizes that this process isn’t just about feeling good about one’s work; it’s about boosting conversions. The more effective the campaign, the more referrals satisfied customers will provide when recommending the program. A stronger program also allows for higher pricing for the services offered.

After refining your online advertising strategies and advancing your course or coaching development, the next step is to scale up. Penberthy suggests that this may initially involve what he refers to as “the pop-up offer” or one-on-one coaching, enabling you to start selling your course in 48 hours or less.

He notes that this phase requires a significant investment of time but is crucial for growing your business with clients who will not only pay for your expertise but also recommend your courses to a broader audience. However, he emphasizes the need to leverage your time effectively, as there are only so many hours in a day.

The key to success in online courses lies in combining “low-ticket” (mass appeal) content with “high-ticket” one-on-one training. “I take the stand-alone low-ticket coaching and wrap it around the one-on-ones to create the concept of “high-ticket” group coaching, which is a limited-subscriber webinar-based training pitched at high-end clients who are willing to pay a premium to overcome their seeming lack of success in the online marketplace,” Penberthy says.

By implementing this strategy, he adds, you can not only maximize your time in the business space and free up energy for friends and family but also potentially increase your monthly income to four or five figures, ultimately leading to an annual income of six to seven figures.

Jon Penberthy’s insights provide a clear roadmap, emphasizing the importance of understanding your audience, leveraging effective marketing strategies, and continually refining your offerings. By combining low-ticket and high-ticket training approaches, you can maximize your reach while delivering exceptional value to your clients.

As you embark on this path, remember that your knowledge and passion can not only lead to financial success but also empower others to achieve their goals. Embrace the opportunities ahead, and watch as you build a thriving coaching business that makes a lasting impact.