This situation is becoming more common nowadays with the “boom” of start-ups and with the leading role played by software and technology in the elaboration and development of an innovative idea.
In my case, after having completed the course “Developing Innovative Ideas for Entrepreneurs” at the University of Maryland; I understand and see from another perspective many of the concerns and fears that we have when postulating a new idea. For example:
- Fear of plagiarism.
Many, if not all of us, are afraid that our idea will be stolen and developed by another person or company that does have the resources and possibilities that we do not have immediately to develop our idea. This fear is a very harmful taboo which prevents the evolution and development of a great number of innovative ideas. It reminds me of the old Costa Rican saying “ni pica leña, ni presta el hacha” (“neither chop wood nor lend the axe”).
Consider that when you have an innovative idea it is because you have a field knowledge, experience and/or the connections that are needed to give way to the project. In addition to this “know-how”, all ideas require a lot of dedication and effort that is not as simple as blowing and making bottles.
Any other person or company would probably have a hard time being able to plagiarize your vision and invest work into someone else’s idea.
- Tip
Beyond your conviction, sign and use legal non-disclosure and copyright preservation documents with the people and companies sharing your idea. The terms and conditions of these documents can be obtained on the Internet for free for your benefit this way you can put your invention safe and focus on bringing it to fruition.
- Will it be successful?
The process of developing business ideas is one of the most comprehensive and exciting challenges I know. The energy and eagerness with which people express their vision sparks an eagerness to achieve their personal and business goals like no other. Therefore, I recommend taking into account the following tips to make your idea a success.
- Industry
Research and analyze the life cycle and structure of the industry you are entering.
The current state of the life cycle focuses on determining where the industry you are entering is in its evolution: starting, growing, consolidated/steady, declining. Naturally, new companies get the most out of young industries with high demand or few suppliers. Consult statistical reports to give you an idea of the state of the industry.
Industry structure refers to the barriers and competitive dynamics of the industry:
Capital intensity.
Advertising intensity
Average company size => amount or level of competitive resources (money, employees, etc.)
Concentration => number of competitors
- Value
Explore and meet real market needs in a better way than the competition, and at a price that fits your business model. Study the competition and determine whether they fully meet that need, and whether it is much easier to solve a known problem or an unknown one. Potential customers help indicate an unsolved problem. By getting to know these leads better, you can intuitively enrich your idea and approach.
- In progress
Competitive advantage of your business idea
Business model and demand conditions
Outsourcing and partnerships
Strategic planning and business plan.
