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An idea may be worth$$$$$$$$$$$

There is a saying; “ideas are a dime a dozen.” I believe that saying as I encounter many people who have “an idea” that never sees the light of day. There are many reasons for this happening: don’t know where to start, don’t have the money to develop the idea, and don’t understand the components of running a business. I am sure that each of us has had an idea that could make an impact and make us wealthy but never developed it.

For those of you that have a great idea but don’t have the desire or the  resources to start and grow a business, there is another option that may help you see your idea come to life and at the same time create an income.

Stephen Key wrote a book, One Simple idea, in which he described intellectual property as the legal ownership, by a company or individual, of an intangible asset, a creation of the mind— an idea.

His concept is that you can legally protect your idea and then license it to another entity that has all the necessary business skills, resources and whatever else is needed to bring it to market. He went on to state that many corporate giants are always looking for new ideas to enhance current products or to add a new product to their existing offerings. He goes into great detail with examples on how to bring your idea to market through licensing.

Before you rush off to sell your idea or to find investors to help you develop your own idea  (many funding options exist today such as crowdfunding)  there is some market research required.

  • Who is my competition?
  • Are there other services/products like mine or similar to mine in the market ?
  • What makes my product different?
  • Who and how large is my market?
  • Who are my primary customers?
  • What are my potential sales?

This may sound like a lot of work, however, one should always validate the need for an idea.

I recommend the purchase of this book as it is not only educational but may also get you thinking about your own alternative ways to bring your idea to market.

You cannot win if you do not begin. The people who get ahead in the world are the ones who look for the circumstances they want, and if they can’t find them, they make them.         author unknown

Nick J. Petra CFP       www.strategicduck.com   nick@strategicduck.com  www.linkedin.com/in/supportingbusinesssuccess

 

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