Working Out the Idea (Part 2/3)

Updated: May 18, 2019

Not Letting Your Idea Breath

The old axiom is that genius is one percent inspiration and ninety-nine percent perspiration. It’s going to take some hard work to bring your idea to life. Good news is, you don’t have to do it alone.

People gravitate towards inspired people and good ideas. The best thing you can do is start sharing your idea with family and peers. This has several benefits:

● Others will hold you accountable for progress. They will ask you how your idea is

coming along, what the next steps are, etc.

● You will have a sounding board to help you think through the challenges you face. Great ideas can come from anywhere. Sometimes people not close to the problem see it clearer than you do.

● Sharing your idea with your peer network gives you the opportunity to leverage the network effect. The people you share with might know someone who has useful expertise or resources that you can get access to.

It’s Already Been Done

Many ideas die the moment they are thought up because you think, “That must already exist.” Then the next thought, “There is no way I am the first person to ever think of this.” You might very well be right. One hundred percent original ideas are extremely rare. However, true innovation is built upon the successes of others. Just because something already exists doesn’t mean that there aren’t ways it can be improved. There are several ways to improve similar ideas:

● Time Savings - Does your product improve the speed at which something is done?

● Money Savings - Is your product less expensive to manufacture?

● Better Outcomes - Does your innovation improve patient outcomes to a greater degree?

● Easier to Use - Is your product easy to use, thus leading to greater adoption, less medical errors, or improved training times?

Also, keep in mind that there is usually still room for another innovation in any product market category. Many people will dissuade you from chasing a mature market dominated by a couple of very large players. However, these are the markets that are ripe for disruption. Remember, just ten percent of a billion dollar market is a $100 million dollar product idea. Also, the longer the existing solutions have existed the greater the chance that a new innovation could disrupt the status quo.

Continue reading...

Finding the Idea (Part 1/3)

Brining the Idea to Life (Part 3/3)

Dan LaBelle

Creator of Firebrand

Dan has been leading marketing initiatives for companies of all sizes for over 20 years. He had deep product experience spanning software, medical device, biologics, and more. Until just recently he had been living in the Bay Area advising innovative, high-growth startups on go to market strategies, brand development, product marketing, and demand generation. He currently lives with his wife in Seattle, Washington.

Find him on LinkedIn

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© 2019 by Amelia Health Partners, LLC.