Inventor maxes out credit cards to follow his dream
A passionate Aussie inventor has stretched his personal finances to the very limit to follow his dream.
Craig Hiron, 38 from Sydney, told the Sydney Morning Herald that he mortgaged a property, maxed out credit cards and borrowed $150,000 from a friend in order to create OTTO: a unique stove-top coffeemaker.
Mr Hiron’s idea was to create a brewing system that could deliver coffee similar to that made by cafe espresso machines. After scraping together enough funds, he consulted industrial design company Tiller
Design to help him develop a system that could harness enough pressure from a stove-top.
The invention has started to take off and a few hundred OTTOs have already been sold in Melbourne and Sydney. However, Mr Hiron’s efforts to finance the project have meant that he has been forced to partly live off his mother’s superannuation.
Rising interest rates have caused the cost of borrowing to rise considerably in the past year. This week, the consumer advocate group
Choice advised Aussies to compare credit cards after revealing that many customers are paying more than they expect in interest charges because of a range of hidden fees.
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