What do Jeremy Lin and tulips have in common? Mania.
In the 1600’s, a single tulip bulb was worth a small fortune. At the time, tulips were thought to be one of the most vibrant and colorful flowers you could acquire. Couple its beauty with the fact that it is difficult to produce new tulip bulbs and tulipmania was born. For seven years, the prices for tulips rose until it finally crashed. It’s a story often used to invoke economic bubbles, but really it was just one of the first consumer crazes.
The latest bout of tulipmania has nothing to do with tulips. Instead, it plays basketball for the Knicks. Linsanity has gripped the nation. Who knows how long people will be interested in the NBA’s latest and brightest star Jeremy Lin, but until his luster fades, there is money to be made. Where there is an opportunity, there are many entrepreneurs trying to cash in.
Here are some of the ways people are trying to cash in on Jeremy Lin’s rise to stardom.
Acquire and Then Sell Jeremy Lin’s Underwear
You can put away the signed basketball and trading cards. It’s 2012 and nothing says collectible memorabilia like a pair of boxer briefs. An “alleged” pair of Jeremy Lin’s underwear has been spotted in auction on eBay. The seller started the bidding at $1,000, but later took down the bid. No word on whether the sale will resume or is concluded. However, you can’t blame an opportunist for trying.
Jeremy Lin Trademarks
Entrepreneurs are so fast, Jeremy Lin doesn’t even own the rights to his own name. For $700, a Chinese company purchased Jeremy Lin as a trademark six months ago. That means any company looking to use Lin’s name is going to have to pay a fee to the trademark owner for those rights. It might not sound like much, but when you consider the fact that companies like Nike want to create a Jeremy Lin line of shoes, that trademark can mean serious money.
Speculate on Trading Cards
One of the most successful Jeremy Lin speculators was a man who bet big on trading card appreciation. Yair Rozmaryn made over $20,000 in profit when he decided to purchase a Jeremy Lin rookie card for $1,000. Yair believed that at $1,000, the card was undervalued and his gamble was correct. The card sold on eBay for over $21.000.
Where There is Mania, There is Opportunity
What’s the point? So long as there is Linmania, there will be easy ways to make money. People are obsessed with Jeremy Lin , but few people are seizing on the opportunity and delivering on those needs. You too can get in on the opportunities in the wake of mania.
For example, you can create a great Jeremy Lin t-shirt or mug design and sell it through CafePress. CafePress is an online store that sells products you design. You simply upload your vision and CafePress will sell it in their store and give you a portion of the profits when items sell.
Mere days after the world took note of Jeremy Lin and already there are 7 eBooks about him. One of the first was published within 72 hours. There’s a thirst from consumers to know more about the biography of Jeremy Lin. Perhaps there’s room for an 8th digital account of Lin’s life?
Finding a good opportunity is always challenging, it’s not everyday that you stumble across a pair of Lin’s underwear. However, if you can innovate an easy way to deliver to consumers without a large investment, you can make serious money.
Good luck Penny Hoarders!