So, you’ve got a business idea. The question that you are now faced with is, “Now what do I do?” Actually, creating something from that idea can seem daunting and overwhelming. David Nevell, in an interview with Dale Beaumont, shares six steps of business advice that will help you see your idea turn into a reality. David Nevell is the founder of Inventors HQ Australia, a business established to provide solutions for inventors and investors to commercialise inventions, one of those being the the Skoona Moova.
What advice would you give to someone who has an idea for creating a product but simply doesn’t know what they should do next?
‘I have an idea but I don’t know what to do next‘ is a phrase I often hear. The process of commercialisation that I have developed has six stages and provides a clear path to follow for anyone wishing to develop an idea into a product. These six stages are:
- Qualifying Assessment and Start Plan – determines whether the invention has sufficient potential to warrant further investment and identifies a starting position.
- Search and Prove – involves developing the idea to a prototype stage in order to prove that it works.
- Build and Protect – requires the act of developing the invention to a protected, pre-manufacture ‘product-ready’ stage.
- Attract Funding – by this stage the invention should be ready to attract initial investment.
- Prepare for Market – a company should be established and the product should be prepared for market.Go to Market – enter the market with a finished product.
This process and the activities within each stage have been developed over the last five years of commercialising inventions, and while it is well structured it does allow flexibility as every invention is different and requires a slightly different approach. I recommend this process be followed by anyone wishing to turn their idea into a new business. Our company is well positioned to assist in the creation and implementation of commercialising products through direct project management or mentoring.
For more of this interview and new business ideas advice check out “Secrets of Small Business Owners Exposed!“