From Idea to Market
Suddenly there is a terrific idea. Then, the road from the note in a napkin to a successfully marketed product starts shaping. Then, the idea appears to be daunting.
The greatest idea, even the most amazing invention has no business value unless it results in a product or service that will be preferred by many customers and generate profit for the inventor. There are specific questions that need an answer.
Can idea be refined? We know what we have invented, but the initial idea can be improved while we are searching.
We hurry to place the product in the market. Do we know which market need we are going to cover? We must launch the product before anyone else. Have we planned the business operations? Do we know what competitors are doing? What we think is something brand new or works complementary to an existing business?
As we improve the original idea we have to care about our intellectual property’s protection, in case that it is indeed something new and unique. Who do we trust to talk about it? How much and what information we share?
Will we produce by own means or assign the production to another company? Is it better to sell our idea to someone else and not deal with it again? Product or service launching may require great effort and resources. Do we know how to do it? Can we do it?
Finally, can our amazing idea support a sustainable business? We must not underestimate starting cost, and time and customer acquisition time and cost. Feasibility study could provide the answers.
Last but not less: we are not afraid of asking questions and looking for explanations throughout that whole process. We talk to others like we were three years old.