How to turn a big idea into reality
How to turn ideas into reality?
There are plenty of interesting ideas in this world. What’s lacking is the people to put them into practice.
According to Forbes, an incredible 90% of startups fail. That’s very bad odds for people hoping to make it big time with the next Airbnb, Uber or Facebook.
What’s also scary is how many established companies are closing their doors. Big names like Dick Smith and children’s brand Pumpkin Patch have found that what was a great idea several years ago no longer has the power to draw in customers because of increased competition and changing customer expectations.
The solution to success is not just innovation, it’s also implementation and monetisation. From there, you have to innovate all over again. You also have to market, market, market, in order to make sure your name stays front and centre with the customers you want to have repeat business from.
It’s not an easy task!
Many entrepreneurs and even larger companies also don’t realise just how much is involved in the development of a new product. Even with Agile methodology that is currently used to get products to market in the shortest possible time, you still have to :
- Come up with a concept and figure out how it will be monetised or used to increase customer spending
- Do your market research to see if your idea is viable
- Develop plans and designs
- Put together a minimum viable product
- Test in house and with users
- Develop a sales and marketing strategy for launch and beyond
- Launch with publicity and media coverage
- Continue to promote and monetise your product
- Deliver new iterations for users to get excited about
And that’s not to mention dealing with all the extras! For online products, you have to implement digital security to protect your business and your users’ personal details. Legally, you have to take steps to copyright and protect your idea. Then there are possible cross-promotional partnerships to consider.
Plus… you have to have the right team, with people who can share your vision and do great work. They all have to be recruited and paid, and payment doesn’t come cheap, especially in the tech business!
When you lay it all out like that… it’s not surprising 90 percent of startups and so many new products, even from major companies, never get noticed on a large scale. The path to turn an idea into reality and then success is long, complicated and full of unexpected roadblocks.
At Lakeba, we’ve tried and tested the process, not just for launching products, but for monetising them, time and time again. We specialise in reviewing great ideas, picking them apart and showing our clients how to successfully deliver and promote them.
Our team has worked closely with major names such as Nestle and Westpac Bank, with large departments within the NSW Government and with institutions such as the University of Western Sydney. We have been able to show them how to develop, launch, promote and make money from technological innovations.
With a team of over 70 people based around the world, we are able to tap into resources that corporate companies, government departments and smaller businesses do not have access to. This means we can provide the ‘brains’ and well as the ‘braun’ to quickly and cleverly develop projects from idea to success.
Wishing you a Merry Christmas! To find out more about partnering with Lakeba to Conceive, Create and Commercialise your digital concept in 2017, visit www.lakeba.com.