Recent news that Dick Smith is offering a ONE MILLION dollar prize for anyone under the age of 30 who gets famous demonstrating that population growth is a threat to Australia and the World really got me thinking…
This is an amazing example of how entrepreneurs can leverage their money and time toward a cause. I quickly ran some numbers on this campaign, and this is how it looks:
Costs: $1,000,000 prize money + $100,000 for promotional documentary + say $10,000 for website and other publicity = $1,110,000
This means that he only has to sell 74,000 DVD’s assuming a $15 profit on each to break even. Considering this is a worldwide prize, 74,000 sales is not such an unrealistic number. All I can say is well done Dick! Change the world and pursue a passion without costing a cent… Now that’s Entrepreneurship.