Today, I received a LinkedIn message offering a 100€ Bluetooth speaker in exchange for sharing a high-scalability business idea. This prompted me to reflect on the true value of our ideas, particularly for those aspiring to be tech founders. Your ideas are priceless, and you must treat them as such.
Instead of giving away your concept for a mere 100€, consider developing or selling your idea for its true worth. Here’s how you can do it.
What is a Business Concept?
A business concept is more than just an idea; it’s an idea that has commercial potential. It typically revolves around a product or service that can be sold for profit. However, to truly capitalize on a business concept, it must be commercially viable.
Can You Sell Your Ideas or Business Concept?
Yes, you can sell your business concept, but it must have commercial validity. There is a misconception that ideas alone hold value. The reality is that business owners, who are inherently idea-oriented people, are typically exploding with ideas but don’t have the time to implement them. Therefore, ideas without proof of viability hold little appeal and subsequently little value. Here are steps to ensure your idea can be sold:
1. Protect Your Idea
Protect your idea and intellectual property with a patent, trademark, or other forms of intellectual property. This enables you to:
- 1) Disclose it safely,
- 2) Be recognized in law as its owner,
- 3) Profit from its commercial exploitation, and
- 4) Prevent or discourage its unauthorized use by others.
There are several forms of protection known as intellectual property rights (IPR). While patents tend to be of primary importance, other forms of IPR should also be considered. Don’t hesitate to consult an IP specialized lawyer for better advice.
If you are planning to sell your idea, most buyers are reluctant to pay for an unprotected idea that can be easily replicated.
2. Prove That It Works
Demonstrating that your idea works significantly increases its value. Many people are idea-driven but lack the time to execute them. If you can show that your idea is feasible and effective, you are more likely to attract buyers and sell it.
Here are a few steps that you should consider to effectively prove that your idea works:
- Create a Prototype or MVP (Minimum Viable Product): This doesn’t need to be a fully polished product; instead, it should be a functional version that highlights the core features and benefits of your concept.
- Conduct Market Research: Market research is essential in proving that there is a market for your idea. Beyond the target audience, analyse your competitor products and identify market gaps that your idea fills.
- Pilot Testing and User Feedback: By testing your concept in a real-world environment, you can gather user feedback, identify any issues, and make necessary improvements.
3. Make It Turn-Key
Buyers prefer turn-key solutions—concepts that require minimal effort to implement and start generating revenue. An idea that is abstract and lacks a clear plan or detailed execution strategy is less attractive.
Show potential buyers how your idea can generate revenue and achieve profitability. Include projections for costs, revenue, and profit margins, along with a timeline for achieving key milestones. A well-thought-out business plan can demonstrate that your idea is not only viable but also has a clear path to financial success.
How Can We Assist You?
At Advisory34, we understand the true value of innovative ideas and are dedicated to helping you realize their full potential. Our comprehensive support services are designed to assist you at every stage of turning your concept into a marketable business:
- Connect with Specialized Lawyers: to protect your ideas.
- Build a Business Plan and Financial Projections: essential for proving your idea’s viability.
- Advertise Your Concept on the Right Platforms: ensuring that your idea is presented professionally and attractively to maximize its appeal.
- Identify and Connect with the Right Investors: facilitating confidential disclosures and protecting your interests throughout the negotiation process.
By valuing your ideas and following these steps, you can ensure that your million-dollar app idea doesn’t get traded for mere pennies. Protect, prove, and polish your concepts to realize their full potential. Share this with your network to remind them of the true value of their ideas.
