 As we start moving through the recovery stages following the economic downturn, you will see an interesting mix of entrepreneurs emerge with new ideas and offerings in the marketplace or simply old ideas being revisited as assessed for their viability. Perhaps it’s those ideas that never got off the ground during the buoyant times that now have the potential to lift off and become successful. People every day around the world generate millions of bright ideas and make initial discoveries about new or improved products, services or processes. Generating ideas and being innovative are important contributors to success in business. However only a very small number of innovations end up making money for their creators. Some of the factors that contribute to the low success rate of commercially viable ideas and innovations include: - Lack of research and poorly planned development
- Little demand for the innovation
- Not technically feasible
- Unable to be produced at competitive prices
- Lack of suitable management skill to commercialise the innovation
Before investing your valuable resources, time and energy into your new idea, we have outlined some key questions you should consider when determining if your innovation is or can become a commercially feasibility opportunity: - Is there a Market for your product or idea?
- Is your product or idea technically viable?
- Is the business model behind your product or idea viable?
- Do you have the skills and knowledge to effectively manage the business model and commercialise your product or idea?
- Is your product or idea economically & financially Viable?
- What are your goals, strategies and objectives behind the commercialisation of the idea?
- What is your exit strategy behind commercialising your product or idea?
Should registered protection of your idea or innovation be required, contact IP Australia for information relating to patents, designs, trade mark registration and copyright. www.ipaustralia.gov.au When discussing your ideas with others it may be beneficial to put a confidentiality agreement in place to safeguard you against the exchange of information and provide some protection. For confidentiality templates, visit www.ipaustralia.gov.au or www.copyright.org.au At I&IBS we work one on one in a consultancy relationship with business owners and executives who have new ideas and innovations they would like to commercialise. We work with you to conduct a detailed assessment, link you with relevant contacts to help you get your idea off the ground and assist you with compiling a mini or detailed business plan with the aim of securing investment or funding. If you have a great idea you are interested in commercialising contact Illawarra’s award winning Small Business Management Specialist, Wendy Fogarty on 42 83221 to invest in a 2 x 2 hour consultation and mentoring appointment for only $650 incl GST in which we undertake a complete Business Viability Assessment with you in which you are given the report and action plan to make further decisions around viability and implement. Wendy is a Business Management Consultant specialising in Knowledge Management and Intellectual Property development. She has assisted many small businesses in the Illawarra with product commercialisation and business development who have gone on to win awards and become successful within their industry sector. The Business Viability Analysis Program is a a small investment to kick start your idea and ensure its viability before you pour further time and money into it. The information generated from this Program will also assist you with preparing a business plan or seeking investment. |
