So, you have a great product idea, it’s exciting, you see the value and believe it could change your company’s future or launch your next new business. This idea may be a brand new product solving a problem, or a better way to address a market need than the competitors out there today.
Knowing that not all business ideas make it, jumping into your new idea can be a significant risk, requiring you to commit substantial resources. However, it doesn’t have to be, and there are a few questions to focus on early to test your idea’s potential. (more…)
Commercialising your innovative ideas requires constant, large leaps forward. This requires great speed, to make sure that your market isn’t filled by your competition.
Yet speed is useless if you aren’t running in the right direction, that is – if you are not pursuing a promising enough market.
If you are too blinkered, you might miss out on blockbuster opportunities. On the other hand, if you spread the net too wide, you risk running yourself into the ground, with too many commitments and too few assets.
We are living in an exciting time… a time where technological changes are booming.
Digitalization, Artificial Intelligence, machine learning, 3D printing and the Internet of Things are just a few examples of these amazing technologies that are opening up a world of completely new opportunities.
However, in order to turn the technological possibilities into economic success, you need to identify the emerging market opportunities, and to carefully evaluate their future value, to make sure you are betting on a winning option.
So how do you evaluate whether your big business idea could be a gold mine, or a waste of time?