You Have a Great Idea, Now What Do You Do?

Back in September, the Wall Street Journal had an interesting article on exploiting an idea, and we should have commented earlier, but here we are:

1. Do some internet market research on your idea: it’s free, and it could be quite illustrative about whether it’s a GOOD idea. In today’s marketplace, ideas work worldwide. You could also use a survey site, such as Survey Monkey, but that risks disclosing your idea to others somewhere.

2. Assuming that the idea goes from good to practical, who’s the target market? How big is it? What prices can you charge (this is hard to figure out if no one else is doing it, but can be guessed at, and err on the high side, since it’s easier to lower prices than raise them).

3. If you decide to go to market with the idea, rather than licensing someone else to do it, for royalty fees (usually 5-15%, depending on strength of the idea), how much money will it take? Do you have enough? Can you find partners or outside venture financing from somewhere? Is it likely, even with the worst case that you make more than the licensing fees?

4. Do you have any experience in getting an idea off the ground?

As you would expect, we detail all these items in courses A02, A03, A11, and A12. We also have a package deal: all four courses for $99, which is about 20% off. If you take all four courses, you’ll increase your chance of succeeding by about 80%: we guarantee it.

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