I’VE GOT AN IDEA – WHAT DO I DO?

We live in a digital world surrounded by intelligent devices, sensors and mini robots that make our life easier and take away the pain of repetitive and boring day to day tasks.It’s not surprising that our mind always looks for those areas where we can make our life even easier and more interesting. This means every now and then we have light bulb moment, bing!! Yes, if this can be done it will save so much time or make so many people happy. An idea is born.When an idea is born we get all excited but unfortunately most of us stop right there, soon a good idea becomes too hard followed by not so cool and then washes away from our memory.
For those who want to go a step further, here are few tips

1.  Market Research

Most of the time our idea is not unique, this means a product or service is already available in the market. The first thing we should do is to hit Google, see if somebody else had a similar idea, collect info from as many sources as possible and see if this idea is unique or at least not overcrowded with products and services.

2.  Validate the idea

If the idea has got legs and there is a market for it, then it is the time to find customers who will buy this product. This is called idea validation. This is the most important part of the puzzle, if not done correctly, it will cost you time and money down the track.

3.  Find resources/ a partner

Now is the time to get serious and do something about your idea, you need to find some time, some investment, most likely it will be your saving and if you are not a domain expert for your idea, find a partner or friend who can share the dream and complement your skillset.

4.  MVP (minimum viable product)

This is where a lot of first timers get it wrong, when building a product or service, they waste valuable time and resources on not so important things i.e. logos, colour scheme, letter head etc. The goal should be to get a usable product with less features out of the door as soon as possible and get market feedback.

5.  Be Patient and Be Realistic

The first few weeks and months will be hard, people who were excited before the idea was developed may not so excited anymore, it may seem like nobody wants the product or service. This is where one needs to be patient, collect market feedback and improve the product. Getting an idea to market is not that hard however, to make it successful requires long term commitment.

YZM Technologies is a Perth based Software Company specialising in building custom software, databases and mobile apps and helping small businesses achieve better results by optimising business processes.