I’m sure, after reading my last article Where do ideas and creativity come from? now you can easily grab your perfect idea which needs to turn into reality, so now in this article I will guide you in a very few quick steps to step up your upcoming innovative idea.

Create a Team:

Before doing anything else you need a team: “If you want to go fast go alone if you want to go far go together”

Form a team of innovator, project manager, accountant, PR & legal specialist, marketing expert, business developer, & customer services executive etc. etc.

  • Select only those players who believe in your idea
  • They must be highly passionate to work on your project
  • They must spend and share agreed amount of time; skill sets and contacts
  • They firmly believe to turn team idea into a reality
  • Watch closely as team players should support project and not to get support from this project
  • It is also important to have a mentor or an industry expert throughout the project from idea stage to reality

 UK’s Agile experts, said, “If you are going to fail, fail fast.” Mistakes happen. Things go wrong.

Market research before start working on your idea:

Prepare 3 to 4 slides presentation of your idea and it must not take more than 3 minutes to pitch your idea to others.

  • Use content in form of bullets just few words and not sentences
  • Use graphical representation / media as much as possible instead plain text
  • Find incubator or accelerator to guide team for making a strong business case

·      Identify problem

·      Innovative ways of solving this problem

·      Your Product market fit

·      How big is the market?

·      How scalable is your idea?

·      Applicability of your idea

·      Existing users or buyer behavior

·      How to attract users / buyers

·      Future trend and potential market growth in similar industry

·      Who and where are your key competitors ?

·      Knowing your supplier & partner

·      How quickly your idea can add value to the current buyers / user lifestyle

·      What would be the net cost of your product / service ?

·      What is the initial cost to design, develop, and test your idea and reach as MVP

·      What will be the marketing and operating cost to sell your initial idea in a first quarter?

·      What would be the potential revenue streams?

·      Potential earnings from your MVP

·      Minimum 3 years activity plan to roll out your idea after MVP

·      How to apply for patent and protect your idea

·      TRL (Technology readiness level)

·      Where are your investors? What are the types of your investors? When and how to reach them?

·      How would you survive during next 24 months, if in case you can’t generate revenues, keeping universal business rule in your mind that first year is the year of loss, second year is the year of stability and the third year and beyond is the year(s) of profit(s)

 

Let me conclude this topic as, “If you have really worked hard, with passion and smartness along with a perfect timing than you can easily turn your idea as next Unicorn.

Muhammad Farooq Rathod