Stage 1 – Idea Generation
Taking a product, service or an idea to market requires the careful consideration of several very important issues at each stage of the commercialisation roadmap.
The first step is to evaluate your idea, and assess its commercial potential using a set of criteria. This involves analysing specific risks associated with the opportunity development and determining whether it is worth continuing with the project.
Areas of consideration include:
- Idea generation and concept definition.
- Intellectual Property (IP).
- Freedom to operate
- Market assessment.
- Profit potential.
- Commercialisation Plan.
- Financing – self, family and friends
Questions to consider include:
- Do I have the rights to use the Intellectual Property (IP) underpinning the opportunity?
- Is the IP protected?
- Is there a known market for the opportunity?
- Is the industry I will be competing in growing, stable or stagnate?
- Is the opportunity subject to any laws, standards or regulations that may influence such things as production, ownership, distribution or operation of the product?
- Is anyone already operating in my products/ideas space? Who are my competitors?
- Does the opportunity have a competitive advantage over competing products already in the marketplace?
- How can I add value to the opportunity?
- Is there potential for additional opportunities to be created?
- Can I access the necessary skills, capabilities and resources to help me?
- What will the business model/commercial structure be for the venture?
- Can I make money out of the venture?
- Have I completed a commercialisation plan?
The following is a practicle guide to achieve this:
Set yourself some goals, actions and deliverables:
Goals – These should communicate the desired outcomes you are trying to achieve at this stage
- Identify ideas with greatest commercial potential.
- Understand the potential benefits of the idea.
- Understand the requirements of commercialising the idea, eg. Idea feasibility, proof of Concept, Concept Development, Validation, Commercial Launch and Growth.
- Determine how far along the commercialisation process you are.
Actions – What needs to be done to realise your goals
- Conduct market research to further develop your idea.
- Conduct market research to identify current/prior research, competition, market need(gap in the market).
- Conduct a market assessment to identify target markets, risks and barriers (including product life-cycle, economic conditions and growth trends).
- Evaluate commercial potential of the idea.
Deliverables – Outcomes of your actions
- Market Research reports.
- Market Assessment report.
- Commercialisation Plan.
- Idea Evaluation report.
Decision: Progress idea, further research or stop.
Below are some tips to help keep you on track:
- Tip in some of your own money and conduct some quality research to turn your good idea into a great one and to avoid ‘reinventing the wheel’.
- Let your idea evolve.
- Seek external professional advice where required.
- Evaluate your idea and assess its commercial potential.