How to Turn Your Idea into a Successful Startup?

Every product in the market today started as an idea in some individual’s head at some point.

Be it a mobile device, or a software platform, a kitchen gadget, or a smartwatch, majority of items that you purchase came into existence through the process of invention.

idea into a startup

The journey from only a concept to a finished product can be long and rigorous one, and it is believed that those are brave enough to travel this road have to face various obstacles and setbacks.

But, if you are armed with ideal information and resources, you can put yourself on the path to bring your invention to the market.

What needs to be done?

Transforming your idea into a reality is actually more complicated than just providing design over to a manufacturer or developer and waiting for ROI to roll in.

Here are some of the basic steps you will require to take before your product hits the shelves:

Market Research

Before spending your precious time and money on crafting a product, you should have an idea if there are buyers for it.

Look what’s out there and analyze the competition. Until unless you have thought of an altogether new idea, it is highly likely products similar to yours already exist in the market.

Assess the competitors and see to whom they are selling this product. These insights will help you in defining your target market.

You can also think of various ways to stand ahead of your competitors.

Patent Research

It is perhaps one of the most important aspects to be kept in mind while converting your idea into a product.

Be smart and before you start designing the product you thought of, have a look around and see if your design infringes upon someone else’s copyright or intellectual property (IP).

You can check the U.S. Patent and Trademark Office (USPTO) website and check any patents on the products like the one you want to launch.

If you still have questions or want to be fully sure if your product is legal to make and sell, it is recommended to consult an attorney who specializes in patents and IP law.

Design a Prototype/Beta Version

Once you have identified your target market and ensured that your legal path is clear, it is time to start bringing your idea to reality.

An ideal prototype can be a basic drawing or diagram or can be as working, & professional product.

This is the point where you decide whether you want your product to be manufactured or licensed.

Having your product manufactured means you design and sell the product by yourself (this also includes paying a third party to design your product).

Getting your product licensed means you will sell another company the right to craft, sell, and use your product. This is done in exchange for a license fee and royalty payments.

Challenges

In the world of innovation, if you want to be successful, getting you timing right is the key.

Waiting too long to implement an idea might let someone else capitalize on a similar idea and acquired your niche already.

On the other hand, if your invention is the first of its kind, the probability of market being not ready is quite high.

You would have to fight an uphill battle to make an ideal place for your product.

According to Henry Helgeson, CEO and co-founder of Cayan, have faced this issue as a mobile payment technology company in 2011.

For other startups on the ‘too early’ side of innovation, Henry advised perseverance to stand ahead of the competitors.

Another major issue for inventors is finding out how to get their product in front of public.

This is the aspect that majorly no-one cares for in the beginning. Your idea might be superb, but without a guided marketing plan who will know about it?

Even Henry confessed that initially they were too much focused on the product and thought it will sell by itself.

Since entrepreneurs who are just starting out do not have massive budgets to promote their inventions, hence, most of the startups are doing the same blunder.

Lack of budget should not stand in your way. You can always look up to strong social media marketing plans that are both cost-effective and wide-reaching.

Tips

In this section, we are going to discuss some of the dos or advice for aspiring inventors and entrepreneurs.

Give time to research

Crafting a product needs a lot of initial research, patience, and resilience.

Before you even begin the process, ensure to have the time to invest in due-diligence research.

This is especially ideal if you are looking for patent protection for your idea.

Doing research into intellectual property and familiarizing with the process, will provide the entrepreneurs an upper edge they need to start a startup.

Test your product constantly

It is a known fact that no product is crafted perfectly in their first iterations. Almost every entrepreneur had to tweak their products and make some transformations along the way.

The best way to identify those changes is by testing your product with real customers.

Getting honest feedbacks from test groups as a way to validate your idea is a remarkable approach.

This validation process needs to be done on a constant basis.

If you are trying to do something, and the market tells you something else, there is something wrong with your strategy.

It is recommended to be on the field, talk to people, and be a part of industry conversations.

Work on your pitch

Before even finishing your product and start selling it, you should start talking it up to your friends and professional contacts.

A short, to-the-point, sales pitch, which includes a value statement, hook, statistics and allied data, your product’s USP and a call-to-action can really work for you.

Don’t do it alone!

There are multiple steps involved in the invention process and it can be over-exhausting to try and take care of everything by yourself.

It is recommended that inventors/entrepreneurs should seek out professional assistance so that you can be assured that particular aspects of the process are in capable hands.

Happiness is only real when shared.

Have an idea?

Build a team, research the market, take feedbacks, look for the target audience, and prepare a strong pitch.

Good Luck!

Is Technology Changing Us, or Are We Changing Technology?

Technology is the newest addition to the long, strong, surviving, instinctive, and hard-working race of humans.

In recent decades, the way technology has changed the way we think, speak, read, write, and project things, it says a lot.

Few of the experts believe that sooner or later technology will overtake humans by replacing them in jobs.

Technology

Other professionals say that it is humans who are driving technology and not the other way around.

This is an interesting conversation to have with like-minded people.

On one hand, there are people like us, who think that technology is aiding the brands to communicate with consumers.

And then, there are people who think that technology is only aiding businesses of specific sectors and not the entire business industry.

The Broader Perspective

A wider issue of the interplay between human behavior and technology is one ripe for a longer time-frame discussion.

It will be extremely naïve to say that technology is transforming the way that we, as humans are behaving.

People use this kind of oversimplified version to avoid the true understanding of the change that we are witnessing and living through.

It is a known fact that new technology and change in today’s environment is changing our behavior. Technology is making things easier, quicker and more innovative; still, the truth is way more complicated.

New technology is truly changing our behavior, but it also changes the way we used to react to older ones.

Let’s take the example of cinema. During the launch of cinema, it never echoed the end of theaters, but, it changed the way consumers used to perceive theaters.

New and innovative technology of cinema have ensured to transform our outlook and behavior of both cinema & theaters.

And with the introduction of much more advanced technology (live streaming of movies) in the global market, we are again re-evaluating all of these things again.

The important thing to understand here is that these drastic changes were driven by the change or a desire to change in human behavior.

Well, let’s see how that happens?

Some call it consciously driven; like we identify an issue that we expect technology to solve. Somehow, while doing so, we find out a problem, we have, but we didn’t know we had.

A need, which is driven by another requirement, makes a gap, which is being met by the technology we think but is actually met by our need at first place.

Directly or indirectly, we have to admit that technology transformation is actually driven by humanity –our needs and behaviors.

You must have guessed by now that the interplay of human and technology is very complex.

Human behavior integrated with our conscious & less conscious requirements lead us to new and innovative technologies. In return, these technologies will change the way we behave and interact as utilize them into our lives.

It will like oversimplifying a concept if we conclude that technology is transforming our lives indispensably.

No, it’s not!

This oversimplification is quite relevant because it depicts that we actually understand the complexity of what is happening in the technology sector.

Let’s talk about choices. A choice provides a power to us to make a selection among the alternatives and it is assumed that we understand the implication of others.

In 1950, it was not possible for us to choose a mobile phone as their existence was absent.

Likewise, we could not make choice between hydrogen cars as they fail to exist, yet.

Similarly, before the invention of a laptop/desktop, no one actually said that they require it because no one knew what it was.

In real, no choice in the real world is made with entire information.

This is true for everyone as if a business professional have entire information about any stock; he can be extremely rich within no time. But, this is far from reality.

Investments and policies are made on the available information and depend only on the best possible chance of generating more return.

Same goes with the values and principles we work on as they are also complex and sturdy in nature.

Arising from multiple sources (culture, parents, experiences, and self-realization), values can affect our lives professionally and personally.

Technology is playing a strong hand in transforming the way business professionals used to think about generating revenue.

The introduction of social media channels, the internet, hi-tech gadgets, tech-savvy population, and the likes have pushed the business professional in a world, which didn’t exist 10 years ago.

Let us see some other aspects and areas technology is involved in the transformation (Yes, we cannot simply assert that it is technology that is changing us):

It is after the invention of technology, that it became possible to telecommute, which has brought a remarkable transformation the way business professionals interact with each other.

The introduction of flexible schedules is owing to the leverage technology provides to professionals accomplishing numerous business objectives single-handedly.

Private sector especially has been on the boom because of the introduction of technology, making it feasible and convenient for the professionals to work in tandem with profit monetization.

Employees are working while they are traveling; managers handle a team of professionals residing in multiple countries; utilization of technology in the government sector to conform its competitiveness along; remote reporting relationships and similar have been possible only because of inclusion of technology.

We humans first create the space of requirement by building a technology that we ourselves didn’t think will be so useful.

Then technology looks toward us and keep that change in tandem with our requirement and we say it is technology that is transforming the way we live, and think.

Funny World!