There are business founders whose minds are overflowing with brilliant
ideas for new products. They seem to develop terrific new concepts
every single day of their lives. They are watchful, always inquiring,
perceptive and continually seeking (and often finding) the next big
thing. Their never-ending challenge is to pick a winner (only one!) out
of scores of possibilities, and run with it. On
the other hand, I listen to intelligent and aspiring entrepreneurs who
can’t concoct a single viable idea.
These great souls are bright and
earnest, but for some reasons, imaginative ideas escape. I look for circle of friends and I see both types of individuals. One is the
quintessential entrepreneur who has developed several companies and has
recently launched a new firm. The
other struggles to envision the next great product everyone worldwide
would want. From time to time, many people look for a method to
generating a great idea. I am happy to share the process for creating world-class ideas, in six easy steps:
1.
Infinite Ideas: Remarkable new product ideas are everywhere and there is
a limitless supply of concepts waiting to be commercialized, launched
and marketed. They are there to be seen and pursued by those who seek
them. In fact, ideas are available to everyone, worldwide, and at any
moment.
In some cases, an innovator in Israel, a developer in Lagos and a thinker in Palo
Alto will be enlightened at the same moment in time. Ideas
can be small and simple, or large and complex. A passion for a subject
may be the genesis of a compelling idea; derived from time enjoying a
cherished hobby. A new product may result from a tinkerer who sees an
opportunity to transpose an existing concept to a totally new context.
Or someone might envision blending two disparate disciplines into an
entirely new field of endeavor. Special
note: for entrepreneurs who have trouble generating ideas on their own,
they can come online or look to universities that have technology transfer offices.
Research universities have a wealth of ideas awaiting the arrival of
someone who can take the products to market. If an entrepreneur can
take a researched idea, validate it in the marketplace and license it
from the university, he or she can commercialize the product it as
though the idea were his own.
2.
Knowledge Ideas are generally developed from known facts; not from thin
air. Business builders who generate bold ideas possess a high level
of knowledge acquired by study, instruction and experience. Many high achievers have benefited from lessons learned from earlier educational
and prior career experiences that have become foundational underpinnings
of understanding. Ideas
are born by listening to customer needs and their perspective on new
concepts; from data gathered on products manufactured and sold; from
marketing research summaries; from the results gained from pilots of
programs, and by observing established procedures. For example, an
employee may see an opportunity to start his or her new business by
automating a labor intensive and costly business procedure, via a
software application that an entire industry may purchase.
3.
Connecting the Dots: In my opinion, genius or idea generation is an
epiphany that results from a person’s ability to mentally connect the
relationship between two or more different but related facts. When
joined together, they create a clear view of something novel which has
never been seen, developed or commercialized before. For example, 60
years ago my uncle H. Tracy Hall, a research chemist and university
professor, invented and commercialized man-made diamonds.
His idea
emerged as he noted several known facts;
a) Mother nature forms natural diamonds abundantly
b) via a chemical process,
c) intense pressure, and
d) significant heat.
e) All are powerfully focused to change the internal structure of carbon atoms.
From
these facts, he formulated an idea as he theorized that he could couple
a natural chemical process with a powerful physical device to
manufacture real diamonds by replicating the powers and actions within
the earth. He envisioned, in his mind, injecting a chemical catalyst
into a tiny chamber filled with carbon crystals that would endure
extremely high temperatures and enormous pressure.
Based
on his hypothesis he developed a design, purchased the materials, built
a press system and began to test his theory of producing synthetic
diamonds. Did it work? Absolutely. Now many years later, tons of
man made diamonds are sold for cutting, grinding and drilling worldwide,
every year.
4.
Test the Idea: Dr. Hall followed what is known as the scientific method.
In short, it’s a process that begins with an observation of a
situation; perhaps a problem or opportunity. The observer then asks
himself, what is happening and why. This leads to the gathering of
information followed by a thoughtful prediction that might explain the
matter.
The process continues with an experiment to test the
prediction, followed by the collection, analysis and interpretation of
data. The process concludes with a tested and viable solution. In sum, I believe all great ideas are ultimately proven to be successful via the scientific method of discovery.
5.
Timing of Ideas: Some innovative ideas will meet the needs of consumers
today; other concepts will be conceived now but are not anticipated nor
sought yet by shoppers. Consider Xerox Parc, which developed many of
the technologies we use today.
For example, scientists at the Parc
developed laser printers, personal workstations, Ethernet, fiber optics
and the graphical user interface. Its mission was to develop the
“office of the future.’ Most
of these now famous products were imagined more than thirty years ago
and came to market long after the initial idea was born.
6.
Good Idea? Remember an idea is worth nothing until it has been
commercialized and there are paying customers. Some ideas will be wildly
profitable; others will be a failed dream. Learn to eliminate the bad
ones quickly; don’t waste your time, energy and money. In the end,
remarkable ideas lead to compelling products purchased by vast markets
of enthusiastic buyers. The goal of any dreamer is to determine what
idea will ultimately be the best choice among several options.
In conclusion, please note the following general steps leading to great ideas. Know there are ideas with your name on them. Find them. Look and see problems and opportunities within your environment. They exist. Based upon knowledge, imagine solutions to what you find. Ideas are born. Be zealous and passionate about your ideas. They’re yours. Test your ideas. Will they work and will customers want to buy them? Is the market ready for your ideas? Now or later? Are you ready to create your new idea? I welcome your thoughts.