I just read Marc Warnke on Entrepreneurism is not a Lottery Ticket. He nailed it right on the head. It is not a lottery ticket.
The analogy I use in explaining it to clients is that an idea is like a recipe for barbecue sauce. KC Masterpiece has no interest in your recipe…they have zillions of their own. BUT, if you take that recipe and build a business around it (e.g., catering, restaurant, bottling sauce for stores), THEN you have something that someone else would want to buy. [yes, there are exceptions to this rule, but in my experience it is generally true]
It reminds me of Guy Kawasaki’s post on “Defensibility” wherein he discusses his belief that startups overvalue the fact they have a patent application pending (or patents issued). While Matt/Doug/Me’s wrote a response to Guy’s Defensibility post (which he posted), Guy’s points are valid.
Ideas are not (typically) lottery tickets, patents are not (typically) the most valuable thing a company owns.