The first start of an innovative company is a brilliant idea. This may be an invention for a new product or a service are. Of course this is the first step towards a successful start-up. In practice has shown that most successful business ideas are developed by people who have the necessary relevant experience had been gained.
They knew the technology needs of the customer and the market enough to be a successful concept to work and bring to fruition. However, there are also examples of revolutionary concepts developed by absolute novices in the field. It is certainly fun and instructive to read about successful entrepreneurs and you flip to their success.
It is important from the outset the idea especially from the perspective of an investor to view. This means that you finally clear, concise and convincing must be able to identify the customers in any market will use your idea and how money is earned. Obviously, the technology also “works”, but do not make the mistake of giving the impression that you’re in love your technology, or worse: that you really are looking for a new grant for more research to do!
Develop a business idea
From the perspective of the investor is the great idea even how brilliant, nothing worth! Therefore it is necessary to invest the necessary time to bring the idea to become a fully developed business idea enshrined in a business model. A business plan will come later. In other words, stop dreaming because there must be a lot done!
Feasibility of the project
Do not start too complicated. Roughly the first test feasibility of the idea. Focus first on the product. How viable is it? How innovative is the technology and the product? Should any technology yet developed or is it a combination of existing technologies? The technology to protect? There are competing products on the market? What will your team look like? How much money do you need and what about you estimate the cost and selling price of your product?
In short, many questions will soon come to you. With this best answer is your idea gradually increasing detail in the feasibility and mapped. Do not be afraid of the idea with friends, experts and potential customers to discuss. It is often possible to develop your idea so abstract to reflect the idea that others will not easily “steal”. Moreover, they are often too busy with their own business to run behind your ideas.
This whole process should lead to a rough description of the business idea in the form of a business model that appeals to an investor. It is not an ad touting the product and it is not a technical description.
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